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HomeMy WebLinkAbout0401 S. Th~t he will permit,-cummit, o~ suffer no waste, impairment, ~ur deterioration ot said property oc any p.~rt the~rc ut; .~nd ~n the e~~ent ot the [ailure of the martgagar to keep`tAe buildings on said premisES and those tobe erected on said premises, or impro~~ements thereon, in good repair, the mortgagee ma~• make such repairs us i~ its discretion it may deem necessary for the proper preser~~at~on thereot, and the full amount of each and e~•ery such pa~•ment shal! be ~mmeciiately due and payable, and shall be secured by the lieo of this mortgage. 6 Tha~t he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of absiracts of title, incurred or paid at any time b~•the mortgagee because of the failure on the part of the mortgagor p~omptly and fuliy to perform the agreements and covenants o[ said p~omissory note and this mort- ..a :.i cec .~1.-~ o o.~.~ v~ancoc ci~~ll 1~sa en.nniii~lolu ~1~~o nYi rua~r.{~In nd cl»11 Fu. c<..-...d1 F. ~l~n e,~'r',=^. . _ , . .•a.._ . _ .r _ . . . _ ~ ~ . _ _ . j . lien of this mortgage. 7. That he W ill keep the impro~~ements now existing or hereaher erected on the morigaged property, insured as ma~~ be required from time to time b~• the mortgagee against loss bp fire and other hazards, casualties, and contin- gencies in such amou~~ts and fo~ such periods as may be required by mort~agee, and will paV Qromptly, when due. an~~ premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shalt be carried in ~ompanies appro~~ed b~~ mortgagee and the potic~es and renewals thereof sha11 be held by mort- gugee and ha~~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~~ent of loss he will gi~~e immediate notice by mail to mortgagee, and mortgagee may make proo[ of loss i[ not rr,ade promptlp by mortgagor, and each insurance cumpany cortcerned is hereby authorized and directed to make pa~~ment for such loss directly to mortgagee instead oE to mortgagor and mo~tgagee 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 heceby secured or to the restoration or repair of the property damaged. In e~~ent of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured he~eby, all right, iitle, and interest o! the mortgagor in and to an~• insurance policies then in force shall pass to the purchaser or ~rantee. S. That Ihe morigagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdi~- tion thereof for the appointment oE a recei~~er, and such court shall forthwith appoint a receiver of the premises covered hereby atl and singular, including all and singular the income, profits, issues, and revenues from whatever ~ource derived, each and ever}• of which, it being expressly understood, is hereby mortgaged~es iE specificaliy set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad a~d effecti~~e functions and powers in an}~wise entrusted by a court to a receiver, and such appointment shall be made b~~ such court as an admitted equit~• and a matter of absolute right to said mortgagee, and without re[erence to the adequac~~ 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 ot such court. ln 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 equivalent to one-twelfth (1!12) of the aggregat~ of the tw,elve monthlyinstall- ments payable in the then curcent year plus the actual amount of the annual taxes, assessments, water rates, and ~ncnronro nrPminmc fnr en~h vPar nnt ~„vP.sNi h~~ thP aFnrvcai~i mnnfhiv navmPnfc ' , . . . . ~ - f " _ _ . „ . . , _ j ~ _ . . . . _ . . _ " _ _ _ ' 3 _ . . . . . . . . . . . _ . . ~ 9. That /u I in the e~~ent of any breach of this mortgage or default on the part of the mortgagor, or (A ? in the ; e~~ent that an~~. of said sums of money herein referred to be not promptly and fully paid without demand or notice, or ; in the event that each and every the stipulations, agreements, conditions. and covenants of said note and j this mortgage, are not dul~•, promptly, and Eully 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 g hereby, shall become due and payable forthwith, or thereafter, at the option o[ said mortgagee, as [ully and com- g pletely 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 therea[ter, at the option of said mortga- gee, without notice or ~emand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had _ matured priar to its institution. The mortgagee may foreclose this moctgage, 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- g ances. In case of partial [oreciosure 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 provisions of ~ this paragraph may again be availed of thereaEtei from time to time by the mortgagee. ~ 10. That the mortgagor will gire immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownersfiip of the premises. 11. That no waiver ot any covenant herein or o[ 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 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 draK interest at the rate set forth in the note secured hereby, and shall be repayable immediatel}• and w•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 wcitten notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually [urnished to the mortgagee, or directed to saidowner at said mortgaged pcemises, and mailed by the United States mails, shall be su[ficient notice and demand in any case arising under this instrument and required by the provisions hereoi or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~ D~~ from the date hereof (written statement of an}• officer of the Department of Housing and Urban Dev~~ry,~p[,Qr authorized agent of the Secretary of Hous- ~;s ing and Urban Development dated subsequent to~ the UATl time from the date ot this mortgage, declining to insure said note and this mortgage, being deem•~d conclusive proof o[ such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pa}able. The covenants herein contained shall bind, and the benefits and advantages shall inure Lo, the respective } = heirs, executors, administrators, successors, and assigns of the parties hereto. W'henever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. _ ~ - ; i i gooK Z98 P~ 40 1 ~T:Y . ~ ~ ~ . . . ~ f... . . . . . . . . ' : . . _ . . _ .