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HomeMy WebLinkAbout0698 ; ~ ~ ~ . l~y. . i .1 ~ ' ~ E . Y- 5. That he will permit, commit, o~ su(fer no waste, impaitment, or deterioration of said property or any part ~ ihereof; a~d in the eve~t of the [ailute of the mortgagot to keep the buildi~gs on said premises and those lobe erected on said premises. or improvements the~eon, i~ good repait, the mottgagee may make such repairs as i~ its discretio~ it mey deem necessary tor the proper preservation thereof, end the tull amount oE each and every such payment shall be immediately due and payable. and shell be secured by the lien of this mortgage. 6. That he wiil pay all and si~gular the costs. charges. and expenses. including reasonable lawyer's [ees, and costs oE ebstrects of title, incurred ot paid at any time bythe mortgagee.beeause of the failure on the part ot the mortgagor ptomptly and tully to perform the agceements and cove~ants of said 'promissory note end this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien o[ this mortgage. 7. That he will keep the improveme~ts now existing oc hereafter erected on the mortgaged property. insured as may be required from time to time by the mottgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and [or such peciods as may be required by mottgagee, and Will pay promptly. when due, any premiums on such insurance for peyment of which provision has not been made hereinbefoce. All i~surance shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. ln e~ent oE loss he will give immediete notice by mail to moctgagee. and mortgagee may make pcoof of loss it not made promptly by mwtgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectly to mortgagee instead of to mortgegor and mortgagee jointly. and the insura~ce pro- ceeds, or a~y part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoratiot~ ot cepair of the ptoperty damaged. In event of foreclosure oE this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest o[ the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of e receiver, and such court shall forthwith appoint a receiver of the pcemises coveced hereby all and singular, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being exp~essly understood, is hereby mot! gaged as if~9pecifically set [orth and described in the granting and habendum clauses hereof, and such receiver sh~ll 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 seid mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solven~~l ot insolvenCy of said mortgagor or the defendents, and that such rents, profits, income, issues. and tevenues shall be applied by'sdCh r~ceiver . according to the lien of this modgage and the practice of such court. In the event of any deEault on the part of the mortgagor hereunder, the mortgagor agrees to pay to the modgagee on demand as e reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate of the twelve awnthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments~ vuater rates. and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (01 in the event of any breach of this mortgage or default on the pad of the mortgagor, or (61 in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or I in the event that each and every the st'ipulations. agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and fully performed; 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 hereby, shall become due and payable forthwith, or thereafter. at the option of said mortgagee. as fully end com- pletely as if all of the said sums of money were originally stipulated to be paid on such dey, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured hereby had ! matured prior to its institution. The mortgagee may foreclose this mortgege, as to the amount so declared due end ~ payable, and the said premises shall be sold to satisfy and pay the same together ~vith 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 Eor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may agein be availed of thereafter from time to time by the mortgagee. ~ 10. That the moctgagor will give immediate notice by mail to the mortgagee of any conveyence, transfer. or ~ change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shalt at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby.' 12. That if the mortgagor default in any of the covenants or agreements co~teined herein~ ot in said note, then the mortgagee may perform the same, and all expenditutes (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repeyable ~mmediately and without demand by the mortgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actuatly furnished to the modgagee, or directed to said avner et ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any . ~ case arising under this instrument and cequired by the pcovisions hereof, q~ by law. . • ~ l4. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligibie for insurance under the Nationel Housing Act within ~~YS ftom the date hereof (written statement ; of any officer of the Depactment of Housing and Urban Development or authorized a~gent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ~ pA~/~ time Erom the d~ of this mortgege, ~ declining to insure said note and this mortgage. being deem•~d conclusive proof of such ineligibility). the mortge- ~ gee or the holder uf the note may, at its option, declare all sums secured hereby immediately due and peyable. The covenants herein contained shall bind, and the benetits and advantages shalt inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. 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