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HomeMy WebLinkAbout1811 ~ 5. That he will pe~mit, commit, or sufte~ no wast~~, impairment, or deterioration ot said property or any p~rt thercof; and in the event o[ the (nilure ot the ~oc~gagor 4o kqep the buildings on said premises and those tobe erected on said premises, or improvements th~~@an~in goa~ repelc; the mortgagee may make such repairs as in its disc~etion it may deem necessary fot the pcope~ preservetioe thereof. and the (ull amount ot each and every such ~ payment shall be immediately due and pay~uble, and shail be secured by the lien ot this mortgege. ~ 6. That he will pay all and singular the catits, cha~ges, and expenses, including reasonable lawyer's tees, ~ and cost~ ot abstracts ot title, incurred or paid at any time by the mortgagee .because o( the failu~e on the pert of the mo~tgagor promptly and [ully fo perform the agreements and covenents of said ~promissory note and this mort- gHge, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien o[ this mortKage. i. That he will keep the impro~•ements now existing ot herea(ler erected on the mortgaged propetty, insured as mny be required from time to time by the moctgagee against loss by fire and other hazards, casualties, and contin- gencies i~ such amounts and for such peciods as may be required by mortgagee, and will pay promptly, when due, :~n~~ premiums oo such insurance fot payment of which pro~~ision has not been made hereinbefore. All insuta~ce shall be carried in comp~nies appro~~ed b~~ mortgagee and the policies and renewels thereo[ shaU be held by mort- gagee and ha~•e attached thereto loss payable clauses in favor oE and in farm acceptable to the mortgagee. ln e~•ent of loss he will give immediate notice by mail to mortgagee, and mortga~ee may make proo[ of loss if not ma~r promptl~~ b~~ mo~tgagor, and each insurance company concerned is hereby authorized and directed to make p:iyment fot such loss directly to mortgagee instead o( to murtgagor and mortgagee jointly, and the insurance pro- ceeds, or any p:+~t thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness ~ hereb~• secured or to the restoration or repair of the property damaged. !n event of focectosure of this mortgage or other transfer ot title to the mortgaged property in extinguishment oE the indebtedness secured hereby, ali right, title, and intere~t of the mortgagor in and to anp insurance policies then in torce shall pass to the purchaser or grantee. i 8. That the mo~tgagee may, at any time pending a suit upon this mortgage, apply td tf~e eourt having jurisdic- ~ tion theceof for the appointment ot a receiver, and such court shali forthwith appoint a receiver o( the premises ! covered hereb~ al! and singular, including all and singular the income, profits, issues; and revenues from whatever ~ source derived, each and every of which, it being expressiy understood, is hereby moctgaged as if specifically set forth and described in the granting and habendum clauses heteof, and such receiver shall have all the broad and effecti~~e function~ and powers in anpwise entrusted by a court to a receiver, and such appointment shall be made b~• such court as a~ admitted equity and a matter ot absolute right to said mortgagee, and without reference to the a~equac~• or inadequacy of the value of the property mottgaged or to the solvency or insolvency of said mottgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver accocding to the lien of this mortgage and the practice of such court. In the event of any default on the pad of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand es a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthlyinstall- ments pa~~able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered bp the aforesaid monthiy payments. 9. That t in the event of any breach of this mortgage or default on the part of the mortgagor, or fbl in the e~~ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or ~ in the e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and thi~ mortgage, are not duly, promptly, and fully per[ormed; 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 hereb}•, shall become due and papable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletel~• as if all of the said sums of money were originaliy stipulated to be paid on such day, anything in said i note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option af said mortga- ~ gee, w itho~t 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 f pa}~able, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ~ ances. In case of ~attial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ; fi tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ ~ 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 s ~ change of ownership of the premises_ ~ 11 . That no waiver of any covenant herein or o[ the obligation secured hereby shall at any time thereafter be heid to be a waiver of the terms hereof or of the note secured hereby. = 12_ That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditu~es (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 immediateiy and v?ithout demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of cecord of the mortgaged premises, ~ or directed to the said owner at the last address actualfy furnished to the mortgagee, or directed to saidownet at ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demartd in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for ~nsurance under the National Housing Act within Erom the date hereof (written statement € of an}~ of(icer of the Department o[ Nousing and Urban Development ot authoriaed agent of the Secretary oE Hous- ~ ~ ~ng and Urban Development dated subsequent to~ the ~ ~aY~ time from the date of this modgage, ~ dectining to insure said note and this mortgage, being deem•_d conc usive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare a!1 sums secured heceby immediately due and payable. ~ z 7'he co~~enants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ he:rs, (XECUIOtS, administraiors, successors, and assigns of the parties hereto. Whenever used, the singulac num- ~ t,er sha;l ,ncl~de the plural, the plural the singular, and the use of any gender shali include ell genders. ~ ~ ~ ~ i ~ ~ ~ ~ . ~ R O ~ ~ ~~i~ ~1~ _ ~ - _ _ _ - . .