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HomeMy WebLinkAbout1940 _ ; S. That hN wiU pe~mil, cummit. or su[ter no was[e~ impaitm pt. ar detecioratio~ o( said ptopeny or any ppd ; theceet; and io the event of the Eailure et the ~nottgegoc to keep'tl+~ buildings on said p~emises s~cr! those tobe erected on said premises, or improvements theceo~, in good ~epei~. the mortga~l~e may make such repairs as in its discretion it may deem ne~ces.sary for the proper preservation the~eot, and the tull amounl ot each and every such payme~t shall be immediate~y due a~d pa~~ble, and sfiall be secuced by the lie~ of this mo~tgage. 6. .'~'hat he Mrill pay all and singular the costs. charges, and expenses, including teasonable lawyec's [ees, a~d costs of abstracts ot title, incur~ed ~ paid al any time bythe mwtgagee.because oI the (ailure oa the part of the mo~tgagor Rromptty and [uity to perfam the ag~eement: and covenants of said'promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payab!e and shall be secured by the lien o( this mortgs~ge. 7. That he will lceep the improvements now existing or herea[te~ erected o~ the mortgaged property. insured as . may be required from time Io time by the mortgagee against loss by ii~e and other hazards. casuafties. a~d contin- gen.:ies in such amounts and (o~ such peria.'s as may be required by mortgagee. and wifl pay promptly, when due. any premiums o~ such insurance tor payment of which pcovision has ~ot been made hereinbe[ore. All insurance shall be car~ied in companies approved by mo~tgagee and the policies and renewals tlsereaf shall be held by mort- ~ gagee and have attached thereto loss payabte clauses in favor ~of aod in form acceptable to the moctgagee. In e~ent o[ lats he will gi~e immediate notice by mai) to mortgagee. a~d mortgagee may make proof ot loss i[ not made pr~mptly by mortgaga, and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectiy to moctgagee instead of to mortgagor and moctgagee jointly. and the insura~ce pro- coeds, or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness heceby secured or to the restoration rx repeir of the propedy damaged. In event ot foreclosure of this mortgage w other transfer of title to the morigaged property i~ extinguishment of the indebtedness secured heceby. all tight, title, aod interest of the moctgagoc in and to any insurance policies then in force shall pass to the purchaser ot grantee. 8. That the moctgagee may. at any time pending a suit upon this moctgage. appiy to the court having juris~ic- tion ihereof for the appointment of e rrceiver, and such court shaU forthwith appoint a receiver ot tne premises covered he~eby all and singular, including all and singular the ineome, profits, issues. and cev nues fcom whatever source derived, each and evecy of which, it being expressly uaderstood, is hereby m~dgaged a~ iE specifically set forth and described in the granting and habertdum clauses hereof, and suCh ceceiver shall have all the broad and efEectice functions and powecs in anywise entrusted by a court to a receiver. and such appoi~tment shall be made b~ such couK as an admitted equity and a matter of absolute right to said modgagee, and withoul reference to the adequacy or inadequacy of the value of the property r3ortgaged or to the solvency or insolvency of said mactgagor or the defendents, and thal such rents, profits, incoane~ issues. and revenues shall be applied by such receivet arcocding to the lien of this mortgage and the pcactice of such court. In the event of any default on the part of the modgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasoaable monthly rental for the premises an amount at least eq4ivalent ta one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year_plus the actual amount of the annual taxes, assessments. water rates, and insurance premiums for such year not covered by the afocesaid monthly payments. 9. That (u J in the event of any breach of this mortgage or default o~ the pa~t of the mortgagor, or (61 in the event that anl of said sums of money herein referred to be not promptly and fully paid without demand or notice. or in the event that each and every the stipulations. agreements. conditions. and covenants of said note and this moctgage, are not duly, promptly, and fully pecformed; the~ in eithet or any such event, the said aggregate sum mentioned in said note then remaining unpaid. aith interest accroed to that time. and all moaeys secured herebp, shalt berome due and payabte Iorthwith. or the~eafter, at the option of said mtirtgagee, as fully and com- pletely as if all of the said suins of money were origiaally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- gee, aithout notice or demand. suit at law or i~ equity. may be prosecuted as if atl moneys secured hereby had matuced prior to its institution. The modgagee may foreclose this mcxigage. as to the amoant so declared due and payable, and the said premises sh~ll be sold to satisEy and pay the same together with costs. expenses,and allow- ances. In case of partial foreclosure of this matgage, the mortgaged premises shall be sold subject to the con- tinuing Iien of this mortgage for the aR~ount of the debt not then due and unpaid. In such rase the provisions of this paragraph may again be avaited of thereaEter from time to time by the mortgagee. 10_ That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, trRnsfec, ur change of ownership of the premises. 11 _ That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hered or of the note secured hereby. 12. That if the mortgagor default in any of the covenants a agreements contained herein, or in said note, then the mortgagee may perform the same, and ali expenditutes (including teasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in t'~e note secured hereby, and shall be repayable immediately and without demand by the mortgaga to the modgagPe, and. together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a writte~ notice a demand addressed to the owner of record of t}+e rs:ortgaged premises, or directed to the said owner at the last address 2etually furnished to the mertgegee, or directed to said cnvner at said modgaged pcem3ses, and meiled by the United States ~nails, shali be sufficient notice and demand in any case arising under this instrument and required by the provisivns hereof or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the Natioual Housing Act within Q'~ ~ irom the date hereof (aritten statement of any otticer of the Depa~tment ot Housing a~d Urbart Developaaen~or authorized agent of the Secretary of Nous- ing and Urban Development dated subsequent to~ the L time from the date cf this mortgage, declining to insure said note as~d this mortgage, being deear~d~c7iai.~ive prooi of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured bereby immediately due and payeble. The cove~ants herein contained shall bind, and the benefits and advantages shall inure to, the rcspective heirs, executors, administcators, successas, and assigns d the parties hereto. Nihenever used, the singuler num- ber sha!! i~ciude the plural, the plura: the singular, and the use of any gender shall include all ge~ders. ' ~ - a~193 1938 _ - - _