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HomeMy WebLinkAbout2364 ~ . - 4. Thr.t he will pay all taxas, assessments, Mrater ratcs, and othe~ govecamental oc municipel cbacges. fines. or impositions. fo~ ~rhich provision hes not been made he~einbef«e. and ie default theceoE the moctgagee roay pay the same; and thet he will p~omptly deliver the ofEtcinl receipts thecefa to the uottgag~e. 5. That he will permit. eeHnmit. o~ suffet no waste. impaica~ent. or deterio~ation of said pcoperty o~ any pa~t thereof; and in the event of the failu~e of the mo~tgagor to keep the buildi~gs on said p~emises and those tobe erected on said premises, or improvements thereon. in good repair, the matgagee a?ay make such repeics as in its discretio~ it may deem necessary tor the p~oper presecvatioa theceof. and the full amouat of each and eve~y such payment shell De immediately due and peyable. a~d shall be secured by the lien of this modgage. 6_ That he will pey atl and singular the costs. charges. aod expenses. including reasoneble lawyei's fees. and costs of abstrects of title. incuned or paid at any time by the mortgaqee because of the failure o~ the pert of the mortgagoc promptly and fully to perEam the agreements and covenants of said promissory note and this mort- gage, aad said costs. charges. and expeases shall be immediately due and peyeble and s' all be secured by the lien oE this mortgage. 7. Tt?at he will keep the improvements ~ow existing or hereafter erected on the mo~tgaged prope~ty, insured as may be cequired fcom time to time by the moctgagee against loss by fice and other h~erds, casualties. and conti~- gencies in such amounts ar~d for such periods as may be cequired by mortgagee. and will pay promptly. w6en due. any premiu~ns on such insurance [or payment of which provisio~ has not been made herei~befoce. All insurance ~ shall be car~ied i~ companies approved by matgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favoc of and in tocm acceptable to the mortgagee. ln e~ent of loss he will give immediate notice by mail to martgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authaized and directed to make payment for such loss dicectly to mortgagee instead of to mortgagar and mortgagee jointly. and the insurance pco- ceeds, or any part tfiereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration ~r repair 6f the propedy daa~aged. In event of foreclosure of this mo~tgage or other transfer of title to the mortgaged property in e:tinguishment of the i~debtedness secured Mereby. all right, ~ title. and interest of the mortgaga in and to any insurance policies then in force-shall p~ss to the pucchaser or ? gcantee. 8. That the modgagee may. at any time pending a suit upon this mortgage. apply to the couct having jurisdic- tion thereof for tl~e appointme~t of a receiver. and such court shall fodhwith appoint a receiver of the pcemises covered hereby all and singuler. including atl and singular the income. profits. issues, and revenues from whatever ~ source derived. esch and every o! arhich. it being expressly undecstood. is hereby mortgaged as if specifically set ~ forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and ; effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the 3 adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of cP4d modgagor 1 or the defendents. and that such rents, pra its, income, issues, and revenues shall be applied by such receiver according to the lien pf this,mo~~4e_and the practice of sach court. In the event of any deEault on the part of the mortgagor hereunder, the mactgagor a~r'~s; bjpey to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then cunent year piu~-the actual amount of the annual taxes, assessments. water rates, and insurance pcemiums for such year not covered by the aforesaid monthly paymeats_ 9. That (a) in the event of any bceach of this mortgage or default on the part of the modgagor. or.(6) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand oc notice. ~ or {cJ in the eve~t that each and every the stipulations, agreements, conditions, and covenants of said note and i this mortgage. are not duly. promptly, and fully perfora~ed; then in either oc any such event. the said aggregate ~ ' sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ I~ hereby, shall 6ecome due and payable forthwith. or thereafter, at the option of said mortgagee. as fully and com- ~ pletely as if all of d~e said sums of money vvere originally stipulated to be paid on such day, anything in said ' note oc in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said martga- gee. without notice or demand, suit at law w in equity, may be prosecuted as if atl moneys secured hereby had matured pria to its institution. The mortgagee may foreclose this mortgage. as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs. expenses.and allow- ~ ances. In case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the con- - tinuing lien of this mortgage for the amount of the debt not then due and unpaid. !n such case the provisions of this pacagcaph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the moctgagor will give immediate notice hy mail to the modgagee of any conveyance, transfer, or change of ownersaip of the premises. 11. That no waiv~r of any covenarit hecein 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 moctgaga default in any of the covenants or agreements conteined herein, or in said note, then the mortgagee a?ay perform the same, and all expenditures (including reasonable attorney's [ees) made by the t mortgagee in so doing shall draw interest at the rate set forth in the note secnred heceby, a~ shatl be repayable 3 immediately and without demand by the moctgago~ to the modgagee, and, together With interest and costs accruing ; thereon, shell be secured by this mortgage. ~ 13. that the mailing of a writtea notice a demandaddressed to the owner of record of the mortgaged premises, or directed to the said owaer at t!~e last address actually furnished to the matgagee, or directed to said oovner at said modgaged premises, and maited by the United States mails, shall be sufiicient notice and demand in any case arising under this instrument and required by the provisions hereof or by laar. ld. The mortgagor further covenants that should this mort age and the note secured he~eby not be eligible for insurance under the Nationat Housing Act ~vithin ~Y,~ [rom the d~te hereo~-(written statement of eny officer d the Depertment of Housing and Urban Devel or authorized agent of the Seccetary of Hous- ing end Urban Development dated subsequent to the time from the date of this mortgage, decli~~ing to insure said note and this mortgage. being deem?d conclusive proof uf such ineligibility), the modga- gee or the holder d the note may, at its option, declare all sums secured bereby immediately due and payeble. ' The covenants 6erein contained shall bind, and the benefits and advantages shall inure to, th~e respcctive heirs. executors, administrators, successas, and assigns af the padies hereto. Whenevec used, the singular num- ber shall inclode the plural, the plural the singular, and the use oE any gender shall•incl~de afl genders. , so~ 193 . -