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HomeMy WebLinkAbout0309 5. That he will permit, commit, or suffec n~ waste, impair~Rt~ ot dete~ioration of said propc~ty or an}~ p~+rt ~ 1 thereof; and in the event ot the failure of the mortgagor to keep ihe buildings on said premises and those tobe ; erected on said premises, or impro~•ements theceoo, in good repau. the mortgagee may make such repaErs as in its discretion it may deem necessary for the propet preservation thereof, and the full amounl at each and every such payment shall be immediately due and pa~~able, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the cwcts, charges, and expenses, including reasonable lawyer's [ees, ~ and c~sts ot abstracts ot title, incurred or paid at any time bythe mottgagee.because of ihe failure on the pa~t of the moitgagor promptiy and fully to petform the agreements and covenants oF said ~pramissoty note and this mort- gage, and said costs, charges, and expenses shall ~e immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mo~tgaged property, insured as may be required from time to time bY the mwtgagee against loss by (ire and othec hazards, casuatties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and wiU pay promptly, when due, t any preminms on such insurance tor payment of which ptovision has not been made heceinbefore. All insucance 4 shall be carcied in companies app~o~~ed by mortgagee and the policies a~d renewals thereof shall be held by moct- gagee and ha~•e attached thereto loss payable clauses in favor of and in form arceptable to the mortgagee. tn event o[ loss he will give immediate notice by mail to mortgagee, and rnortgagee may make proof of loss if not ~ made p~omptlp by~ mortgagor, and each insurance company concerned is hereby authorized and directed to make ~ payment t~r such loss directly to mortgagee instead of to mortgagot and moctgagee jointly, and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction o[ the indebtedness ~ hereby secured or the cestoration a repair oi the ptoperty damaged. ln event of [oreclosnre o[ this mortgage or ' other transfer of :itl~~ to the mortgaged property in extinguishment af the indebtedness secured hereby, all right, ~ title, and intecest of the mortgaga in and to any insurartce policies then in force shall pass to the purchase~ or ~ gra nt ee _ 8. That the mortgagee may, at any time pending a suit upon this mortgage, epply to the court having jurisdic- tion thereof for the appointment oi a receiver, and such court shali forthwitt~ appoint a receiver of the premeses ; covered hereby all and singular. including all and singular the income, profits, issues, and revenues from whatevet source derived, each and every of which, it being expressly understood. is heceby modgaged as if specifically set forth and described in the granting and habendum clauses hereof, an~ such receiver shall haye, all the broad and effecti~•e functions and powers in anywise entrusted by a court to a receiver, and such appoiet~nertt shall be made by such court as an admitted equity and a matter of abso:ute right to said martgagee, and without teference to the adequacy or inadequacy oE the value ~f the property motigaged or to the solventy or'iasolvency 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 ot 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 (1112) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~nsu~ance premiums for such year not covered by the aforesaid monthly payments. 9. That f„~ in the event of any breach of t6is mortgage or detault on the part of the mortgagor, or (1.) in the e~•ent that any of said sums of money herein referred to be noi promptly and fully paid without demand or notice, i or t in the event 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 atl moneys secured hereby, shall become due and payabte forthwith, or thereafter. at the option of said mortgagee, as fully and com- ~ 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 thereafter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if aIl moneys secured hereby had matured prior to its institution. The mortgagee may focectose 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 costs, expenses,and allow- ' ances. In case of partial foreclosure 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 ptovisions 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 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 he~eof or of the note secured hereby. ` 12. That if the mortgagor default in any of the covenants or agreements contained herein, ot in said note, then ~ the mortgagee may per[orm the same, and al! expenditu~es (including reasonable aftaney's fees) made by the i ' mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable { ~ immediately and without demand by the mottgagor to the mortgagee, and, together with interest and costs accruing ' thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record oi the mortgaged premises, ~ or directed to the said owner at the last address actuaUy furnished to the mortgagee, or directed to said owner at ' said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any ~ case arising under this instrument and requiced by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mortf~a ~e and the note secured hereby not be eligible ~ for insurance under the National Housing Act within 3~ LJR~J fcom the date hereof (written statement of any officer of the Department of Housing and Urban Development or authoriZed agent of the Secretary of Hous- ing and Urban Development dated snbsequent to~ the jt~4yq time from the date of this mortgage, declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- gee w 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 assigns d the parties hereto. Whenever used, the singular num- bec shati include the plural, the plural the singalar, and the use of any gendei shall include all genders. ~ ~ ~ ~ ~ 8~199 ~ 308 - ~