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HomeMy WebLinkAbout1233 { ~ 5. That he will permit. commit. or sufter ~no waste. impairm~nt. or detecio~ation ot said property or any part thereof; and in the event o[ the failure of the mortgagor to keep the buildings on said premises e~d those tobe erected on said premises. or improvements thereon. in good repair. the mortgagee may make such reQai~s as in its discretio~ it may deem ~ecessa~y for the pcoper preservation thereof, and the full amount o[ each and every such payment shall be immediatefy due and payable. and shall be secured by the lie~ of this mortgage. 6. That he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's tees. and costs of abstracts of title, incurred oc paid at a~y time by the mortgagee .because of the failure on the part of the mortgagor promptly and Eully to perfocm the agreements and covenants of said'pcomissory note a~d this mort- gage. and said costs. charges. and expenses shall be immediately due and payable and shaU be secured by the lien of this mortgage. 7. That he will keep the improvements ~ow existi~g or hereaEter erected on the mortgaged propedy. insured as may be requiced from time to time by the matgagee against loss by fire and other hazards. casualties, a~d contin- gencies in such amounts and for such periods as may be requiced by mortgagee. and aill pay promptly. when due. any premiums on such insurance for payment of which provision has not been made hereinbeEore. All insurance shall be carcied i~ companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in Eavor of and in Eorm acceptable tothe mortgegee. ln' event of loss he will give immediate notice by mail to mortgagee. and moctgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authaized and directed to make payment for such loss directly to mortgagee instead of to matgaga~ end mortgagee jointly, and the insura~ce pro- ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebted~ess hereby secured or to the restoration oc repair oE the propedy damaged. In event of forecl~ure d this modgage or other transfe~ of title to the mortgaged prope~ty in extinguishment af the indebtedness secured hereby. all right. title. and interest of the mortgaga in and to any insurance policies then in force shail pess to the purchaser a gcantee. 8. That the mortgagee may~ at any time pe~di~g a suit upon this mortgage, apply to the court havi~g jurisdic- tion thereof for the appointment of a receiver. and such couct shall focthwith appoint a receiver of the premises covered hereby all and singular. iacluding all and singular the income, profits. issues, and revenues from whatever source decived. each and every of which. it being expressly understood, is hereby modgaged as if specifically set fodh and described in the gcanting and habendum clauses hereof. and such receiver shall h~ve ~?11 the broad and effective functions and powers in anywise entr~~sted by a_cowt to a receiver. and such 8ppoii~tment shall be made by such coud as an admitted equity and a matter of absolute cight to said mortgagee. and without refecence to the adequacy or inadequacy of the value of the Rroperty mortgaged or to the solvency or insolvency of said modgagor or the defendents, and thet such rents~ profits. income. issues, and revenues j~Ii~ll be appli~II by s~afi receiver according to the lien of this modgage and the practice of snch coud. 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 moathly rental for the pcemises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the taelve moathly install- ments payable in the then curtent 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 (al in the event of any breach of this mortgage or default on the pad of the mortgagor. or (6~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, o~ (c) 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 oc any such event. the said aggregate sum mentioned in said note then remaining 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 matgagee. as fully and com- pletely as if all of the said sums of money wece originall} stipulated to be paid on such day. anything in said ; note or in this modgage 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 nwneys secured hereby 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 costs, expenses.and allow- ances. In case of partial foreclosure of this mortgage, the modgaged 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 sach case the provisions of this paragraph mey again be availed of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance. transfer, a change of ownership of the premi~es. 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 oc agceements contained herein, or in said note, then the mortgagee may perform the samg, and all expenditu~es (including reasonable attarney's fees) mede by the modgagee 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 modgagor 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 a demandaddressed to the owner of record of the mortgaged premises, or directed to the said oarner at the last address ectually furnished to the modgagee. or directed to said awner at said mortgaged premises, and mailed by the United~States mails, shall be sufficieat~=notice and demand in any ' case arising under this instcument and required by the provisions hereof or by law. 14. The mortgagor fnrther covenants that should this matgage and the note secured hereby not be eligible foc insucance under the Netional Housing qet within 30 dSyB from tbe da4F henof (1~ritteo. ~t~temeat of any officer of the Depadment of Housing and Urben Development or authorized agent of the Secietary of Hous- ing and Urban Developmeat .dated subsequent to~ the 30 clays time from the date of this mortgage, declining to insure said n`ote and this mortgage, being deem~d coaclusive 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 payable. The covenants herein contained shall bind, end the benefits and advantages shall inure to, the respective heirs, executors, administratas, successors, and assigns af the parties hereto. Whenever used, the singuler num- ber shal! include the plural, the plural the singular, and the nse.of ~a+y_ gender shall:inelude all genders. 800K~~ ~~u~ ~ - - - - _