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HomeMy WebLinkAbout0720 S. That he will permit, cummtt, or su([er no waste, imp~+~rment,.Or deterioration of said prepert~~ ur :~n~• purl ~ thereoi; and in the e~~ent o( the failare of the mortgagor to kerp the buildings on said premis~~s and those tobe rrrcted on said premises, or imp~~~~~ements thereun, in good repair, the mortgagee me~y make such rep:+irs as m ~ts discretion ~t ma~~ deem necessary for the proper prese~vat~on thereoi, :~nd Ihe fuU amount of each and e~~ery such payment shall be ~mmed~ately due and pa~•able, and shaU be secu~ed b~• the lien of tnis murtgage. 6 That he will pay all and singular the catts, chacges, and expenses, including ~easunubie lawyer's tee~. ~nd costs of absiracts o[ title, incurred or paid at any time bythe mo~tgageQ.because o[ the failure on the ~art ot the mortgago~ promptl~~ and full~~ to perform the agreements and covenants of said promissor~~ note and this mort- eaee. ~+nd said co~ts, charees. and expenses shall be immediately due and pa~~able and ~hall be secured b~~ the Iten of tfiis mortg~+ge. 7. That he will keep the impro~~ements noH existing or herea[ter erected on the mortgaged properry, insured as may be ~equired trom time to t~me b~• the mortgagee against loss b~~ t~re and other hazards, ca~ualt~es, and cont~n- gencies in such amounts and tor such periods as may be ~equired by mortgagee, and w~ll pay prumptly, when due, dn~• premiums on such insurance for pa~~meat of which provision has not been made hereinbefore. Ail ~nsurance shall be carried in companies approved by mortgagee and the Policies and renewals the~eof shall be held by mort- ~ gagee and ha~~e attached thereto loss pa~~able clauses in favor of and in form acceptable to the mortgagee. ln ; e~•ent ot loss he w•ill gi~•e immediate ootice by mail to mo~tgagee, and mortgagee may make proo( of loss if not raade promptly b~• mortgagor, and each insurance company concerned is hereby authorized and directed to make ~,~•ment for such loss directly to mortgagee instead of to mortgagor and moctgagee jointly, and the insurance pro- ceeds, or any part the~eof, may he applied b~~ mortgagee at its option either to.the ~eduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. event oi foreclosi~re of this mortgage or other trans[er oi title to the mo~tgaged property in extinguishment of the indebtedness secured hereby, a12 right, title, and interest of the mortgagot in and to any insurance policies then in [orce shall pass to the purchaser or grantee. - 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court heving juci~dic- tion thereof for the appointment of a recei~~er, and such court shall forthwith appoint a receiver of the premises ; co~•ered hereby all and singular, including all and singular the income, profits, issues, and revenues f~om whatever ; source derived, each and e~er~~ of which, it being expcessly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall haa~e all the broad and effecti~•e Eunctions and powers in an~~wise 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 reference to the ~ adequacy or inadequacy of the ~~alue of the propert}~ mortgaged or to the solvency-a insolvency of said mortgagor ~ o~ the defehdents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ; ~~ccording to the lien of this mortgage and the practice of such coud. In the event o[ any default on the part of the ~ mort~agor 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 aggregate of the twelve monthly install- ~ ments pa5~able ~n 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 I~~ t in the event of any breach of this mortgage or default on the part of the mortgagor, or in the e~~eni that any oi said sums ot money herein referred to be not promptly and fully paid without demand or notice, ur ~ in the e~~ent that each and every the stipulations, agreements, conditions. and covenants of 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, shali become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- E pletei~~ as if all of the said sums o€ money were originally stipulated to be paid on such day, anyEhing in said j note or 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 ~ ~ payabie, and the said premises shall be sold, to satisfy and pay the same together with costs, expenses.and allow- j ~ ances_ In case of partial foreclosure of this mortgage, the modgaged psemises 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 thereafter from time to time by the mortgagee. ~ ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, .ransfer, or ~ ; change of ownership of the premises. ' 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 if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and al1 expenditu~es (including reasonable attorney's fees) made b}• the ; mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and w~thout demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by th~s mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ ur directed to the said owner at the last address actuaUy furoished to the mortgagee, or directed to saidowner at _ tiaid mortgaged premises, and mailed by the United States mails, shall be sufficier.t notice and demand in any n case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor [urther covenants that should this mort a e and the note secured hereby not be eligible - tor insurance under the National Nousing Act within ~~~S Erom the date hereof (written statement uf an~• officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Ue~•elopment dated subsequent to~ the ~nd~~ time Erom the date oE this mortgage. _ declining to insure said note and this mortgagz, being dee~ sive prooE of such ineligibility), the mortga- gee or the holder of the note may, at its option, deciare all sums secured hereby immediately due and payebfe. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ; heirs, executors, administrators, successas, and assigns of the parties hereto. K'henever used, the singular num- _ ber Shall include the plural, the plural the singular, and the use of any gender shall include all genders. - ~:s. _s 9;~~ ~~-M1,~,'r:: Y'~ Yi' ~ C:, - ~ 198 ~ 719 =.'•a; r f''1 " - . . . . : ,