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HomeMy WebLinkAbout0950 , That he u•ill permit, cumm~t, a$uf(et no waste, impAument, or detetioration of said property or an~~ p,~rt ~ thrreof, and in the e~~ent at the failure os tht morigagqr. to }teep the buildings on sa~d prem~ses and those tobc e~ected on said premises, or impro~~ements thereon, in good repai~, the mortgagee may make such repaus a~ in ~t~ d~scret~on it may deem necessar~~ for the prope~ preser~•ation thereof, and the full amount ot each and ever~• such payment shall be ~mmediately due and pat•able, and shall be secured b~~ the lie~ of thi~ mortgage. 6 That he w•ill pa~• al! and s~ngular the cacts, charges, and expenses, inciuding reasonable ldw~•er's fees, and costs of ab~tracts of title. ~ncurred er paid at any time bythe mortgagee.because ot the fa~lure on the part af the mort~,,gor ptomptl~• and fully to perform the a~reements and co~•enants of said promiscorp note and this mort- gage, and said rosts, charges, and expe~ses shall be immediatelp due and pa~~able and shall be cecurc~cl b~~ the iirr~ ui [nis rnuriKeKr. 7. That he w•ill keep the impro~•ements noK~ existing or hereafter erected on the mortgaged property, insured as ma~• be required irom time to t~me bt~ the m.xtgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required bp mortgagee, and Mill pay promptly, whe~ due, ;,n~• premium.s on such ~nsurance for p:iyment oE v?hich pro~•~sion has not been made hereinbefore. Al! m~uranre shall be carried in companies appro~•ed b~~ mortgagee and the policies and renewals thereof shall de held b~ mort- ~agee and ha~•e attached thereto loss payable clauses in favor of and in focm acceptable to the moctgagee. ln ~ e~~ent of lo~s he w•ill gi~•e immediate notice by mail to mortgagee, and mortga~ee may make proof of loss if not ~ made promptl~• by mortgagor, and each iasurance company concerned is hereby authorized and directed to make ' pa~•ment for such loss directl~~ to mortgagee instead of to mortgagor and mortgagee joinily, and the insurance pro- ~ ceeds, or am~ part thereof, may be applied by mortgagee at its option either to the reduct~on of the indebtedness hereb~~ secured or to the restoration or repai~ of the propertp damaged. ln event of foreclosvre of th~s mortgage or other transfer of title to the mortgaged property in eYtinguishment o( the indebtedness secured hereby, all ~ight. title, and interest of the martgagor in and to an}• insurance policies then in force shall pass to the purchaser or ~ra nt ee . . 8. That the mortgagee may, at an}~ time pending a suit upon this mortgage, apply to the court ha~•ing jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the prem~ses co~~ered he~eb~• all aRd singular, including all and singular the income, profits, issues, and revenues fr~m whatever ~ource deri~~ed, each and every of which, it being exPresslp understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and s~ch receiver shall ha~~e all the broad and effecti~•e functions and powers in an~~•ise entrusted by a court to a,receiver, and such appointment shall be made ~ b~• such court as an admitted equity and a matter of absolute right to said mqrtgAgee, and without reference to the adeauac~• or inadequac}• of the value of the property mortga~ed or to the soivency or insolvenc~~ of said mortgagor or the defendents, and that such rents, profits, income; issues; and reventies shall be applied b~• such receiver ~ccording 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 equivalent to one-twelfth (1!12) of the aggcegate of the tw~lve monthly install- ~ ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~ insurance premiums tor such year not covered b}• the aforesaid monthly payments. ~ ihat !~.r ~n the e~~ent of any breach of th~s mortgage or deiault on the part of the mortgagor, or rh~ in the ¢ e~~ent that an~~ of said sums of mone~~ herein referred to be not promptly and fully paid without demand or notice, } ; or in the e~•ent that each and eeery the stipulations, agreements, conditions. and covenants of said note and ~ ~ thi~ mortgage, are not dul}~, promptly, and full~~ performed; then in either or any such event, the said aggregate 4 sum mentioned in seid note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereby~, shall become due and payable forthx ith, or thereatter, at the option ot said mortgagee, as fully and com- j pletel~• as it 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 mortga- ? ; gee, w~ithout 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 shail be sold. to satisfy and Fa~~ the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sotd 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 aeailed of thereafter Erom time to time by the mortgagee. ~ 10. That the mortgagor will gi~•e immediate notice by mai! to the mortgagee of an}• conveyance, transfer, or change oi 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 wai~~er of the terms hereof or oi the note secured hereby. ~ 12. That if the mortgagor default in an}• of the co~~enants or agreements.contained herein, or in said note, then the mortgagee ma~• perform the same, and all expenditu~es (including reasonable attocney's fees) made by the ~ mortgagee in so ~3oing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediatel}~ and without demand b}~ the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured b}• th~s mortgage. ~ 13. that ihe mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, or d~rected to the said owner at the last address actuallp furnished to the mortgagee, or directed to saidowner at ~ said mortgaged premises, and mailed by the United States maifs, shall be sutficient notice and demand in any .f ~ case arising under this instrument and required b~ the provisions hereof or by law. ~ ~ l4. The mortgagor further covenants that should this mortga e and the note secured hereby not be eligible ~ for insurance under the National Housing Act wiihin ~ ~i+~ from the date hereof (written statement = uf any ofiicer of the Depactment of Housing and U~ban Development ot authorized agent of the Secretary of Hous- _ ~ng and Urban De~•elopment dated subsequent to the y~ time from the date of this mortgage, declining to insure said note and this mortgage, being deem•~d conc usive proot of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secuted hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shatl inure to, the respective heirs, executors, administrators, successors, and assigns ot the parties hereto_ 11'henever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders_ 4= v?•5 ~ $ • 4; ~ i~a so~ 198 ~ 949 - . ~ _ _ : . - _ _ - - - ~-~z _ , s _ .