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HomeMy WebLinkAbout0980 That he W~U pcrmit._ cummit, or suf[er no was~e, impairment;`or deterioration o( said propetty or ~n~• part thereuf; and in the e~•ent of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or impro~~ements thereon, in good repair, the mortgagee m.~p make such iepairs as in its d~scretion it may deem necessary for the proper presen~ation thereof, and the full amount o! earh and e~•e~y such pa~•ment shall be immediately due and pa~~able, and shall be secured b~~ the lien oi thi~ mo?tg~ge. 6. That he k~ill pa~~ all and singular the costs, charges, and expenses, including reasonable law~•er's fees, and costs of abstracts of title, incurred or paid at any time b}• the mortgagee because of t~e failure on the part of the murtgagor p~omptl~~ and full}• to perform ihe agreements and covenants of said ~promissory note and th~s mort- gage, and said costs, charges, and expenses shall be immediatel~• due and Qavable and shall be cerurPCi h.~ the lien of this mortgage. ~ ~ 7. That he wilt keep the improvements now existing o~ hereafter ecected on the mortgaged property, insu~ed as ma~~ be required from time to time b~• the mortgagee against loss b~~ fire and other hazards, casuatties, and contin- gencies in such amounts and tor such periods as ma~~ be required bp mo~tgagee, and will pay promptl~~, when due, am• premiums on such insurance io~ payment of which Pro~~ision has not been made hereinbefore. All insurance shall be carried in compan~es appro~~ed b~~ mortgagee and the policies and reneKals ihereof shall be held by mort- g~gee and ha~•e attached thereto loss payable clauses in favo~ oi and in form acceptable to the mortgagee. In e~ent of loss he w•ill give immediate notice b~• mail to mortgagee, and mortgagee may make proof of loss if not made promptly b~• mortgagor, and each insurance compan~~ concerned is hereby authorized and directed to make p:i~•ment for such loss directly to mortgagee instead oE to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part theceof, 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. ln event of foreclosu~e of this mortgage or other transter of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pe~ding a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment ot a ~eceiver, and such court chall forthwith appoint a receiver of the premises co~•ered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever ~ource derived, each and every of which, it being expressl~~ understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereot, and. such receiver shall have all the broad and eftecti~•e functions and powers in anywise entrusted by a court to a receivei, and such appointment shall be made ' b~• such court as an admitted equity and a matter of ab$olute right to said mortgagee, and without reference to the ~ adequac}• or inadequac}~ of the value of the propedy mortgagea 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 o[ 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 aggregate of the twelve monthly install- ~ 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 by the aforesaid monthly payments. ? 9_ That ~ in the e~~ent of any breach of this mortgage or deEauit on the part of the mortgagor, or f~~l in the e~•ent that an}~ of said sums of mone}• herein referred to be not promptly and fully paid without demand or notice, ~~r ~~n the e~~ent that each and e~~ery the stipulations, agreements, conditions. and covenants of said note and } this mortgage, are not dul~•, promptly, and fully performed; then in either or any such event, the said aggregate i sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured i hereb~•, shall become due and pa}•able forthwith, or thereafter, at the option of said mortgagee, as Eully and com- i pletelt• 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 ihereafter, at the option of said mortga- ~ E gee, uithout notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured heceby 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 cosis, expenses,and allow- ances. ln case of partial Eoreclosure 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 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 ow~nership of the premises. ' lj.a That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be hetd to be a Kai~•er 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 ma_y perform the same, and all expenditu~es (including reasonable attorney's fees) made by the y 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 b~• the mortgagor to the mortgagee, and, together with interest a~d costs accruing ~ thereon, shall be secured by this mortgage. - ~ - 13. that the ma~ling of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the ]ast address actually furnished to the mortgagee, or directed to saidowner 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 mortgagor further covenants that should this mortgage and the note secured hereby not be eligibie ? for insurance under the National Housing Act within ~ ~A~ from the date hereof (written statement _ of an~~ oEficer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- : ing and Urban Development dated subsequent to~ the [j~~ time from the date oE this mortgage, - declining tn insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- gee or the holder of 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 assigas of the parties hereto. Whenever used, the singular num- " ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ s ~ . ` BOR"uK 19~ P~~E 979 ~ . . E~..__ _ . .s t - ' ~ r . . . . . . . . _ . ~ , .