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HomeMy WebLinkAbout0983 , ~ ~ I 5. That he wili permit, commit, or sut~er no waste, impairment, the practice of such court. In the eve~t of any defauit on the parl or dele~ioration of said propcrty or any part thereof; anei in the of the Mortgagor hereundcr, the Mortgagor agrecs to pay to the cvent of thc failurc ot ~he Mortgagor lo kccp the buildings on said Mortgagee on demand as a rcasonable monthly rental for the premises and thosc to be erectcd ~n said premises, or improvcments premises an amount at Ieast cquivalent to one-twzlfth (1/12? o'f the thereon, in good repair, the Mortgagee may mak~ such repairs as aggregate ot lhe twclve monthly installments payablc in thc then in its discretion it may deem necessa;y for the proper preservation current year plus the actual amounl of the annual taxcs, thereof, and the full amount of each aiid every such payment shall a.csessments, water rates, and insurance premiums for such y~ar not be immediately due and payable, and shall be secured by the lien covered by the aforesaid monthly payments. o( this F~tortgagce. 10. That (a) in the event of any brcac~i of this mortgage or 6. That he will pay all and singular the costs, chargcs, and ex• default on the part of the Mortgagor, or ~b) in the event that any penses, including reasonable lawyer's fees, and costs of at>stracts of of said sums of money herein referred to be not prompdy and futty title, incurred or paid at any time by the Mortgagee because of the paid withou! demand or notice, or (c) in the event that each and failure on the part ot !he Morigagor prompdy and fully to perform every the stipulations, agrer.ments, conditions, and covenants of tlic agreements and covcnants o! said promissQry note and this ~aid notc and this mor~gage, arc not duly, prornptly, and fully per- mortgage, and said custs, charges, and expenses shall be immediate- formed; then in either or any such event, the said aggregate sum I Iy due and payable and shall be secured by thc lien of this mentioned in said note then remaining unpaid, with interest ac- ; mortgage. crued to that time, an~i all moneys secured hereby, shall become ~ ~ due and payable forthwith, or thereaftcr, at the option of said ~ 7, That he will keep thc improvements now existing or Mortgagce, as fully and completely as if a!I of the said sums of ~ hereafeer erected on the mortgaged property insured as may be re- moncy were originally stipulated to Ge paid on such day, anything quircd irom time to timc by thc Mortgagcc against loss by tirc and in said notc or in this mortgagc to thc contrary notwithstanding; other hazards, casualties, and contingencies, in such amounts and and ~hereupon or thereafter, at ~he option of said Mortgagee, for such periods as may be rcquired by Mortgagee, and will pay withoul notice or demand, sui! at law or in equity, may be pro- ~ promptly, when due, any premiums on such insurance for payment secuted as if all moneys secured hereby had matured prior to its in- of which provision has ?ot been made hereinbefore. All insurance stitution. The M~rtgagee may foreclose this mortgage, as to the . shall be carried in companies approved by Mortgagee and the amount so declared due and payable, and the said premises shall be policies and renewats thereof shall bc hetd by Mortgagee and have sold to satisfy anil pay the same togcther with costs, cxpenses, and ~ aitached thereto loss payable clauses in favor of and in (orm accep- allowances. In case of parlial foreclosure of this mortgage, the table to the Mortgagee. In event of loss he wiil give immediate mortgaged premises shall be sold subject to the continuing lien of notice by mail to Mor;gagee, and Morlgagee may make proof of this mortgage for the amount of the debt not then due and unpaid. loss if no[ made promptly by Mortgagor, aad cach insurance com• in such case thc provisions o( this paragraph may again be availed pany concerned is hereby authorized and directed to make payment of thcrcaf~er from timc to timc by the Mortgagce. for such lass directly to the Mortgagee instead of to the hiortgagor and the Mortgagee jointly, and the insurance proceeds, or any part I1. That he will give immediate notice by mail to the Mort• - thereof, may be applied by the Mortgagee al its option, either to gagec ot any conveyance, transfer, or change of ownership of the the reduction of the indebtedness hereby secured or ro the restora- premises. tion or repair of the property damaged. !n event of forcclosure of this mortgage and other transfer of title to the mortgaged propcrty 12. That no waivcr of any covcnant hercin or of thc obiigation in extinguishment of the indebtedness secured hereby, a!I ri~ht, title secured hereby shall at any time thcrea(ter be held to be a wai~~er and interest of the Mortgagor in and to any insurance policies then of the terms hereof or of the note secured hereby. in force shall pass to the purchaser or grantee. 13. That if thc Mortgagor dcfault in any of ihc covcnanls or 8. That if the premiscs, or any part thereof, bc condcmned agrcements contained herein, ~r in said note, than the Mortgagce under any power of eminent domain, or acquired for a public use, may perform the same, and all expenditures (including reasonable the damages, proceeds, and in consideratipn for such acquisition, lo at~orney's tees? made by the Mortgagee in so doing shall draw in~ ~ thc extent of thc futl amount of indebtedncss upon this 1l~tortgage, terest at the rate set forth in thc notc secured hereby, and shall be and the Notc secured hcreby remaining unpaid, arc heteby a.~.signed repayable imrrsediatcly and without demand by thc Mortgagor ro ~ by the Mortgagor to the Mc~rlgagee and shall be paid forthwith to the A4ortgagee, and, rogether with interest and costs accruing the Mortgagce to be applied by it on accounl of the indebtedness thereon, shatl be secured by this mortgage. I. sccurcd hcrcby, whcthcr duc or not. 14. • That thc mailing of a writlcn notice or dcmand addressccf 9. That the Mortgagee may, at any timc pending a suit upon to the owner of record of the mortgaged prcmises. or dirccled to this mortgage, apply to the court having jurisdiction thereof for the the said owner at the lasl address actually furnished to the hfort- ~ appointmcnt of a reccivcr, and such court shall forthwith appoint a gagcc, or dircctcd to said owncr at said mor~gaged prcmiscs, and i receiver of lhe premises covered hereby all and singular, including mailed by the United States mails, shall be su(ficient notice and de- } all and singular the income, profits, issues, and revenues from n~and in any case arising under this instrument and required by the ; whatever source derived, each and every of which, it being express- provisions hereof or by law. ° ty understood, is hereby mortgaged as if specifically set torth and [5. The Mortgagor further covenants that should this rnor- F describe.d in ihe granting and habendum clauses hereof, and such ~b~ge and the note secured hercby no~ be eligible for insurance receiver shafl have all the broad and e(fective functions and powers i~~~~er the National Housing Act within 90 in anywise entrusted by a court to a receiver, and such appoint- ~ays I'rom the date (written slatement of any officer of !he Depart- ment shall be made by such caurt as an admitted equity and a ; matter of absolute right to said Mortgagee, and withoul reference mcnt of Housing and Urban Dcvclopmcnt or authorized agcnt of to the adequacy or inadequacy of the value of the property mort- lhc Secrctary of Housing and Urban Dcvetopmcnt datc subscqucnt ~ gaged or the solvency of said Mortgagor or the defendants, and ~o 90 - days' timc frorn the datc of ttiis ~ that such rents, profies, income, issues, and revenves shal! be ap- ~»or~gagc, dcc;lining (c insure said notc and this marl~agc, bcing ~ plied by such receiver according lo the lien of this mortgage and ~leemed conclusive proot of such ineligibility), the Mortgagee or • : Page 3 of 4 ~ ~ 8Q0!( ~1~ PAGE ~$2 ` ~ ~