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HomeMy WebLinkAbout1472 S. That he w~ll permU, cummit, ur suf(er no waste. i~ppai~mept~_ot deterioration oE sa~d properly or an~• p.+rt thc•reuf; .+nd in the e~•ent o[ the [ailure of the motig8got to keep_ tl~e ~tijldings un said premises an~ thuse tobe errcted on said p~emises, o~ ~mprovements thereun, in goc~d repair, the mortgagee may make such repairs as in its discretion it ma~• deem necessa~~• for tfie proper prese~vation thereot, and the full amount of each and ever~~ such p<+~~mrnt shall be emmecfi:~tely due and pa~~able. ~+nd shalt be secured b~~ the lien of th~s mo~tgage. G That he w~ill all and singula~ the costs, charges, and expenses, including reasonable lawyer's [ees, a~d cotit~ of abstracts ot title, incu~red o~ paid at any time b~~the mortgagee.because ot Ihe failure on the part of ~ the murtg~~gur promptlp and [uUy to per[orm the agreements and covenants of said promissory note and th~s mort- g~+ge, and s~id costs, charges, and expenses shali be immediatel~~ due and pa~~able and shall be secured by the lien o( this mortK~ge. 7. That he w~ill keep the improvements now~ existing or hereafter erected on the mortgaged property, insured as m<+y be requi~ed Erom time to time by the mortgagee agdinst loss by tire and other haza~ds, casualties, and contin- gencies in such amounts and for such periods as may be required by r.iortgagee, und w~ll pay prompUy, when due. an~~ prem~ums on such insurance (or payment of which provision has not been made hereinbefo~e. All insurance shall be carried in companies app~oved by moctgagee and the policies and renewals thereof shall be held by mort- gagee and ha~•e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~•ent o[ loss he will gi~•e immediate notice by mail to morigagee, and mortgagee may make proof of toss if not made prumptly b}~ mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss di~ectly to mortgagee instead o[ to ~nortgagoc and mortgagee jo~ntly, and the insurance pro- ceeds, or~any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedaess hereby secured or to the restoration or ~epair of the property damaged. In event ot foreclosure of this mortgage or other transfer oE title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insu~ance policies then in force 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 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, inctnding all and singular tli@`income,;profits, issues, and revenues from whatever source derived, each and every ot which, it being expressly understood, is hereby mortgaged as it speci[ically set forth and described in the granting and habendum clauses hereof, and such receiver shall have alt the broad and effecti~•e functions and powers in anywise entrusted by a cou:t 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 adequac~~ or inadequac~~ of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the detendents, 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 court. In the event of any default on the part oE the mortgagor hereunder, the mortgagor ag~ees to pay to the mortgagee on de:nand as a reasonable monthly rentat for the premises an amount at least equivalent to one-twelfth (1/12) of the aggcegate of the twelve monthlyinstall- ments pdS~able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~nsurance premiums fot such year not covereci by the aforesaid monthly payments. 9. That ~ in the event of any breach of this mortgage or default on the part of the mortgagor, or (b/ in the e~•ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or ~ in 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 pertormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, aod all moneys secured hereb}~, shall become due and payable torthwith, or thereafter, at the option ot 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 matga- 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 pa}•able, and the said premises shall be sold, to satisfy and pay the same together with costs, expenses,and allov~- ances. In case of partial foreclosure of this morigage, 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 thi~ paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagot 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 hereof or of the note secured hereby_ 12. That if the mortgagor default in any of the covenants or agreements contained herein, o~ in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the mortgagee in so doing shali draw interest at the rate set forth in the note secured hereby, and shall be repayable immediatel~~ and without demand by the mortgagor 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 of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at sa~d mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in eny case arising under this inytrument and required by the provisions hereof or by law. I4. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~ ~A~ [rom the date hereof (written statement uf an~• officer of the Departr::ent of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and L'rban Development dated subsequent to the ~7 ~Ay~ time from the date of this mortgage, declining !o insure said note and this mortgage, being deem~~d conclusive proot of such ineligibility), the mortga- ~ee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payabie. The covenants herein contained shall bied, and the benefits 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. ~ . ~~99 ~147~ ~ ~ _ z. , _ - _ .