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HomeMy WebLinkAbout0735 l ' S. That he will pe~mit, commit. or auff~ ~raste. irtipa~enl, or deterioration of said propetty or any part- thereof; e~d in the event of the iailiue of th~ortgagor tD' keep the buildings on said premises end those tobe erected on said premises, or ~mprovements thereon, in good repai~, the mortgagee may make such repeirs as in its disc~etion it may deem necessary for the propet preservation thereof. end the tull amount of each and eve~y such payment shall be immediately due and payabte, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges, and expenses, including reasonable lawyer's fees. a~d costs of ebstcacts of title, incurred or paid at any time bythe mortgagee.because of the Eailure on the pect ot the mortgagor promptly and (ully to pecfotm the agreements and coveneots of said ~promissoiy note and this mort- gage, and said costs, charges, and expenses shall be immediately due at~d peyable and shall be secured by the lien oi this mortgage. 7. That he will keep the improvemenis now existing or hereafter erected on the moctgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards. casualties. and contin-_ gencies in such amounts a~d for such periods as may be required by mortgagee, and will pay promptly. when due. any premiums on such insurance for peyment of which provision has not been made hereinbefore. All insucance shall be carried in companies approved by moctgagee and the policies and renewals thereof shell be held by mat- gagee and have attached thereto loss payabte clauses in favor of and in form acceptable to the mongagee. In event of loss he will give immediate notice by mail to mortgagee, and moctQagee may make proof of loss if not made promptl~~ by mortgagor, and each insurance company concerned is hereby authorized and directed to make pa~~ment for such loss directly to mortgagee instead of to mortgagor and mcxtgagee jointty. and the-insurance pro- ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secu~ed or to the restoration or repair o( the property damaged. In event ot foreclosure of this mortgage or other trans[er o[ title to the moctgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagar in anci to any insurance policies then in force shall pass to the purchaser a grantee. - 8. That the modgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof foc the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the incomer proE~its, igsues, and revenues from whatever source derived, each and every of which, it being expressly understb~d, id hereby modgaged as if specifically set forth and described in the grant~ng and habendum clauses hereoE. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a'conct to a receivgrr and such appointment shall be made by such court as an admitted equity and a matter of absolute right to`said ~qo~tg~gee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said_ mortgagor or the defendents, and that such rents, proEits, income, issues. and revenues ~s~ll be applied by such rece.Jw' eL,_ according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagoc agrees to pay to the mortgagee on demand as a ceasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggcegate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, essessments. water rates, a~d ~nsurance premiums for such year not covered by the aforesaid monthly payments. 9. That ~ in the event of any breach of this modgage or default can the pa~t of the mortgagor. or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand~r notice. or r~! in the event that each and every the stipulations. agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and fully periormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and ell moneys secured hereby, shail become due and payable forthwith, ~ thereafter, at the option of said mortgagee, as fully and com- ptetely as if all o[ the said sums of money were originally stipulated to be paid on such day, anything in said note oc in this mortgage to the contrary notwithstanding; and thereupon or tfiereafter, at the optian of said moctga- gee, without notice or demand, suit at law ot in equity, may be prosecuted as if all moneys secured hereby had ~ mature8 prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so declared due and j 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. In such case the ptovisions of this paragraph may again be availed of therea[ter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by maii to the morfgagee of any conveyance, transfer, or change of ownership of the premises. 11. That no ~caiver oE any covenant herein or oE the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note secured hereby. 12. That if the mortgagor default in any of the ~ovenants a agreements contained 6ecein. or in said note, then the mortgagee may perform the same, and all expenditutes (inclading reasonable ettorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be cepayable immediately and without demand by the_modgagor to the mortgagee, and, together with interest and costs accruing thereon, shal! be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of record oE the mortgaged premises. or directed to the said owner at the last address actually furnished to the modgagee, or directed to said o~rner at said mortgaged premises, and mailed by the United States mails, sfiall be sufEicient notice and demand in eny csse arising under this instrument and requiced by the provisions hereof oc by law. 14. The mortgagor further covenants that should this modgage and the note secured hereby not be eligible ~ for insurance under the Netional Housing Act within ~ Q~YS from the date hereof (written statement ~ ot any officer of the Department of Housing and Urban Developmen~~oi authorized. egent of the Secretery of Hous- ~ ~ ing and Urban Development dated subsequent to~ the time from the dete of this mortgage, ~ ~ declining to insure said note and this mortgage, being deem~~d conc usive prooi of such ineligibility). the mortge- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due end peyeble. The covenants herein contained shell bind. and the benetits end adva~teges shall lnure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singulat num- ber shall include thP pl~ral, ihe plura! the singular, and the use of any gender shall inctude all genders. . ~0~195 n~ .?~3 ~