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HomeMy WebLinkAbout1110 P , ~ ''•1 : ; ' . i 5. That he will permit, cummit, ot sutfet no waste, impairme~t, oc deterioration of said pcoperly ot any part thc•mof; z~nd in the event of the (Ail~~re of the mortgagor to keep the buildings on said premises and ihose tobe erected on said premises, o~ improvements the~eon, in good repai~, the mactgagee may make such ~epeirs as in its disc•retion it mey deem nec~ssa~y for the prope~ preser~~ation the~eot, and the (ull amount o[ each end every such ~ payment shall be immediately due and payable, and shall be secuced by the lien ot this mortgage. ~ 6. Th:it he will p~+y alt and si~gular the costs, charges, and expenses, including reasooaGle iawyrr's iees, and costs of abstracts of titte, incurred or paid at any time bythe mortgagee.berause of the tailure on the part of the mortgagur promptlp and fuily to perform the ag~eements and cevenants of said'pc~missory nole and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of th~s murtg~~ge. 7. That he will keep the impro~•ements now existing or hereafter erected on the mortgaged property, insuted as ma~~ be cequired [rom time to time b~ the mortgc+gee against loss by fire and other hazards, casualties, and contin- gencies in such <~mounts and for surh periods us may be required by mottgagee, and will pay promptly, vehen due, ~ an~~ premiums on such insurance (or payment of which provision has not been made hereinbefore. All insurance sh~ll be carried in companies approved by mortgagee and the policie~ and renewals thereof shali be held by mo~t- 4 g~gee and ha~•e attached thereto loss payable clauses in favor o( and in form acceptable to the mortgagee. ]n ~ e~•ent oi loss he witl gi~~e immediate notice by mail to mortgagee, and mottgagee mey make proof of loss it not ~ made promptly by mortgugor, and each insurance compsiny concerned is fiereby authorized and directed to make W~~•ment for such loss directly to mortgagee instead of to moctgagoc and mortgagee jointly, and the insurance pro- ~ ceeds, o~ any part thereof, may be applied by mortgagee at its option either to the reduction ot the iadebtedness ; hereby secured ar to the restoration oc repair of the property damaged. ln event of foreclosure of this mortgage or i other transfer of title to the mottgaged property in extinguishment o[ the indebtedness secured hereby, atl ~ight, ~ title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or S gra nt ee . 8. That the mortgagee may, at any time pending a suit upon this moctgage, appiy to the court having jurisdic- tion thereof [or the appointment o[ a receiver, and such court shall Eorthwith appoint a receiver of the premises co~~ered heceby all and singuiar. including all and singular the i~come, profits, issues, and revenues from whatever ~ource derived, each ancf every of which, it being expressly understood, is hereby mortgaged as if specifically set [orth and described in the granting and habendum clauses hereof, and such receivet shall have all the broad and effecti~•e [unctions and powers in anywise entrusted by a court to a receiver, and such appou?iment shaU be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and wit6out re[erence to the ; adequacy or inadequacy of the value of the property mortgaged or to the sotvency or insolvency of said mortgagor i or the defendents, and that such rents, profits, income, issues, and revenues shall be appljed by such receiver ? according to the lien of this mortgage and the practice of such court. ln the event of any defau~t on the patt oE the mortgagor he~eunder, the matgagor ag~ees to pay to the mortgagee on demand as a teasonable monthly rentai for the premises an amount at least equivalent to one-twelfth (1112) of the aggregate oE the twelve monthly install- ments pa~•able in the then current year plus the actual amount of the annual taxes. assessments, water rates, aad insurance premiums tor such year not covered by the aforesaid monthly payments. . 9. That i in the event of any breach of this mortgage or default on the part ot the mortgagor, or (6/ in the e~•ent that any of said sums of money herein referred to be not promptly and fully paid without deinand or notice, or ~ in the e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and th~s mortgage, are not ~uly, promptly, and tully performed; 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 all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletel~~ as if all of the said sums of money were originally 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, 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 mortgage, as to the amount so declared due and Pa~•able, and the said premises shall be sold to satisfy and pay the same together with costs. expenses,and allow- ~ ances. [n case of partial foreclosure of this mortgage, the mortgaged ptemises 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 provisions oi ~ i thic paragraph may again be availed of•thereaEter Erom time to time by the mortgagee. • } ~ 10. That the mortgagor will give immediate noti~c ~;.a;: :o ihe i~iurigagee of any conveyance, transfer, or t change of ownership of the prem~ses. , ~ 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 hereof or of the note secured hereby. 12. That i( the mortgagor default in any of the covenants or agreements contained herein. or in seid note, then ~ the mortgagee may perform the same, and all expenditujes (including reasonable attorney's fees) made by the k ~ mortgagee in so doing shall draw interest at the rate set (ath in the note secured hereby, and shall be repayable ~ ~mmediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing { i thereon, shall be secured by th~s mortgage. 13. that the nailing o( a written notice or demandaddressed to the owner ot record of the mottgaged premises, ~ ~ or d~rected to the said owner at the last address actually furnished to the mortgagee, or directed to saidawner at ~ sa~d mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case atising~.~nder this instrument and required by the provisions hereof or by lew. ~ ~ 14. The m~irtgagor further covenants that should this mortgage and the note secured hereby not be eligible i u for insurance under the ~iational Housing Act within ~~YS from the date hereof (written statement j uf an~• officer of the Department,of Housing and Urban Develapment or authocized agent of the Secretary of Nous- > ~ ing and Urban Development dated subsequent to~ the 30 DAYS time from the datc of this mortgage, ~ declinina to insure said note and this mortgage, being deem~~d conclusive proot ot such ineligibility), the mottga- ° gee or the holder of the note may, at its option, declare all sums ~ecuted hereby immediately due and payable. ~ The covenants herein contain~d shall bind, and the bene[its and dvantages shall inure to, the iespective ~ he~rs, executors, adm~n~strators, successors, and assigns of tlie parties h~reto. Whenever used, the singular num- ~ ~ ber shal! ~nclude the plural, the ptu~al the singular, and the use of eny ~ender shall include all genders. ; ~ ; t ~ e ~ ~ . 'i . , ~ ~ ig~ ~ii08 ~ ~ _ ' i 3 i e i .