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HomeMy WebLinkAbout1824 i ; ~ • ~ ~ y,r_t 5. That he W~ill, permit, commit, or suiter no waste, impai~ment. ~or deteriorat~on ot said pcoperty or an~• part ~ thereof; and in the e~~ent of the failure ot the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or impro~~emeMs thereon, in good repai~. the mortgagee ma~• make such repairs as in its i discretion it may deem necessary for ihe proper presen~ation thereof, and the tull amount of each and every such i payment shall be immediately~ due and pa~•able, and shal! be secured by the lien of this mortgage. ~ h That he w?11 pa~~ ail and singular the casts, charges, and expenses, including reasonable law~~er's tees, s and cost~ of abstrarts ot title, ~ncu~red or paid at any time bl~the mortgagee.because o[ the failure on the part of ~ the mortgagor promptly and [ully to perform the agreements and covena~ts of said pramissory note and this mort- , ga~e, and said costs, cha~ges, and expenses shall be immediately due and payable and shail be secured by the lien of this mortg~ge. 7. That he wi11 keep the impro~•ements now existing or hereafter erected on the mortgaged property, insu~ed as ~ may be required fcom time to time b~~ the mortgagee against loss by fire and other hazards, casualties, and contin- genc~es in such amounts and for such periods as map be requi~ed by matgagee, and will pay promptly, when due, any prem~ums on such ~nsurance fo~ pa~~ment of which pro~~ision has not been made hereinbefore. All i~surance shall be carried in companies appro~•ed by moctgagee and the policies and renewals thereot shall be held by mort- k gagee and ha~~e attached thereto loss payable clauses in fa~•or 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 proof of loss if not ~ made promptl~• b~• mortgagor, and each insurance company concerned is hereby authorized and directed to make ~ pa~•ment foc such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof, map be applied by mortgagee at its option either to the reduction of the indebtedness t hereby secured or to the restoration or repair of the property damaged. In e~•ent of foreclosore o[ this mortgage or other transter of title to the mortgaged property in extinguishment of the indebtedness secuced hereby, all right. title, and interest of the mortgagcx in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mo:tgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever ~ource deri~~ed, each and every of which, it being expressly understood, is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses hereo[, and such receiver shall have all the broad and 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 equity and a matter of absolute righ~,to said mortgagee, and without reference to the ade~uac~~ or inadequacy of the,value of the propecty mortgaged or to the~solvency oc insolvency of said mortgagor ~ or the defendents, and that such rents; profits. incCme, i~sues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coutt. ln the event of a~y default on the pact of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental Eor the premises an amount at least equivalent to one-twelfth (1!12) of the aggregete 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 ; ~nsurance prer.iiums for such year not covered by the aforesaid monthly payments. 9. 'That i~~, in the e~~ent of any breach of this mortgage or default on the part of the mortgagor, or (R) in the ' e~•ent that anl~ of said sums of money herein refecred tu be not promptly and Eully paid without demand or notice, ~ s or r, ~ in the e~~ent that each and ever}~ the stipulations, agreements, conditions. and covenants of said note and ~ s th~s mortgage, are not duly, promptly, and fuli}~ performed; then in either or any such event, the said aggregate : d sum mentioned in said note then renaining unpaid, with interest accrued to that time, and all moneys secured ~ hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- ~ pietel~• as if all of the said sums of money were originally stipulated to be paid on such day, anything in said . note ar in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mo~tga- ~ gee, uithout 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 shall be sold. to satisfy and pay the same together with costs, expenses,and allow- ~ _ ances. In case of partial foreclosure of this martgage, 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 martgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or " change of ownership of the premises. ~ r 11. That no wai~•er of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a w•aiver of the terms hereof or of the note secuced hereby. ' 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ ~y the mortgagee may perform the same, and all expenditur,es (including reasonable attaney's fees) made by the ' ~ mortgagee in ~o doing shall draW interest at the rate set focth 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 by th~s mortgage. ° 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, }i or directed to the said owner at the last address actuaily furnished to the mortgagee, or directed to said owner at - said mortgaged premises, and mailed by the United States mails, shall be suffici~nt notice and demand in any case arising under this instrument an~ required by the provisions hereof or by law. I4. The mortgagor further covenants that should this modgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~ ppyg from the date hereof (written statement ~ 'ew of an~• otficer ot the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ~ng and U:ban Deyelopment dated subsequent to the time from the date of this mortgage, declining to insure said note and this mortgage, being deem~~d conctusive proof of such ineligibility), the mortga- ~ r"^ 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 benefiis and advantages shall inure to, the respective ~ = heirs, executors, administrators, successors, and assigns 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. - - i . 4 ao~198 ~18?2 ~ ao~ 198 ~ 1254 - ; _ , ~ ~ . : _ : ~ _ _ _ ~