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HomeMy WebLinkAbout1580 ~ ~ 4. That he wiil pay all taxes, assessmeats. water ~ates~ ond other governmental or municipal charges, fines, i or impositions, for which provision has not bee~ made hereinbefoce, and in detault thereof the mortgagee may pay the same; and that he will promptly deliver the otficial receipts there[or to the mortgagee. 5. That he will permit. commit. or sufter no waste. impairment, or deterioration of said property or any part thereof; and in the event of the feilure of the mortgagor to keep the buildings on said premises and those tobe erected on said pcemises, or improvements thereon, in good repair, the modgagee may make such repeirs as i~ its ~ discretion it mey deem necessary for the proper preservation thereof, and the full amount of each and every such ; payment shall be immediately due and peyable, and shall be secured by the lien of this mortgage. ' 6. That he will pay all and singular the costs, charges,- end expenses, including reasonable lawyet's Eees, end costs of abstracts of title, incurted or paid at any time bythe mortgagee because of the failure on the pert of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien oE this mortgage. 7. Thet he will keep the improvemeats now existing or hereafter erected on the mortgaged prope~ty. insured as may be required from time to time by the mwtgagee egainst loss by fire and other hazards. cesualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and wilt pay promptly. when due. any premiums on such insurance for peyment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- ~ gagee 3a~ have attached theceto loss payable clauses in favoc of and in form acceptable to the mortgagee. In event oE loss he will give immediate notice by meil to mortgagee, and mortgagee mey make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment foc such loss directig to mortgagee instead o[ to mortgagor and mortgagee jointly. 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 secured or to the restoration or repair of the property damaged. In event of foreclosure ot this mongage or othe~ transfer of title to the mortgaged property in extinguishment of the. indebtedness secuced hereby, all right, title, and interest o[ the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the moctgagee may, at any time pending a suit upon this mortgage, apply to the court heving jurisdic- tion thereof for the appointment of a receiver, and such court shall fodhwith appoint a receiver of the premises covered hereby all and singular, includi~g ell and singular the income, proiits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth end described in the granting aad 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 refecence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver 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 mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate oE 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 aforesaid monthly payments. 9. That (a / in the event of any breach of this modgage or default on the pad of the modgagor. 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~J in the event that each and every the stipulations, agreements, conditions, and covenants oE said note and ; this mortgage, are not duly, promptly, and fully 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 opt'con-~of_said mortgagee. as fully and com- i pletely as if all of the said sums of money were originally stipulaTed to be paid on such day, anything in said f note oc in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ~ ~ 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 ~ 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 oE this mortgage for the amount of the debt not then due and unpaid. In such case the provisions oE ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shal! 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 oE the covenants or agreements contained herein. or in said note, then the mortgagee may perform the same, and all expenditures (including reasonable attorney'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 repayable immediately and without demand by the mortgaga 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 of the mortgaged premises, ~ ~ or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at ~ ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any " case arising under this instrument and required by the provisions hereof or by law. ~ ~ 14. ,The modgagor further covenants that should this mortgage and the note secured hereby not be eligible ; ~ for insurance qnder the National Housing Act within 30 days from the date hereof (written stetement : ~ of any officer of the Depa~tment of Housing and Urban Development or authorized agent oE the Secretary of Hous- ' { ing and Urban Development dated subsequent to the 30 days time from the date of this mortgage, i ~ declining to insure said note and this mo~tgage, being deem•ad conclusive proof of such ineligibility), the mortga- ~ » gee or the holdec aE the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ ~ The covenants herein contained shall bind. and the benefits and advantages shall inure to, the respective ~ ~ heirs, executors, administrators, successors, and assigns o[ the pa~ties fiereto. Whenever used, the singular num- ~ ~ ber shall include the plural, the plurel the singular, and the use of eny gender shall include all genders. ~ ' I ~ ~ ~ ~Y aooK 195 P~1578 _ ~ _ , - ~ ~