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HomeMy WebLinkAbout0996 ~ ! ~ ~ , ; t . . , ~ ~ ~ ' . ~ , ~ 5. That he wiil permit, mmmit, or~suffer no waste, impairment, the practice of such court. In ihe event of any default on the part or deterioration of said property or any part thereof; and in the of the Mortgagor hereunder, the Mortgagor agrees to pay to the e~~ent of the failure of the Mortgagor to keep the huildings on said Mortgagee on demand as a reasonat~le monthly rental for the premises ar.d those to be erected on said premises, or improveme~ts premises an amount at least equivatont to one•twelfth (1112) oi the thereon, in good repair, the Mortgagee may make such repairs as aggregate of th~ twelvc monthly installments payabte in the then in its discretion it ~nay deem necessary for the proper preservation current year plus the actual amount of the annual taxes, thereof, and the full amount of each and every such payment shall assessments, water rates, and insurance premiums for such year not be immediately due and payable, and shall be secured by the lien covered by the aforesaid monthly payments. of this I~4ortgagee. 10. That (a) in the event of any breach of th6s mortgage or ~ 6. That he will pay all and singular the costs, charges, and ex- default on the part of the Mortgagor, or 1b) in the event that any penses, induding reasonable lawyer's fees, and costs of abstracts of of said sums of money herein referred to be not promptly and fuUy title, incurred or paid at any time by the Mortgagee because of the paid without demand or notice, or (c) in the event that each and failure on the part of the Mortgagor promptly and fully to perform every the stipulations, agreements, conditions, and covenants of the agreements and covenants of sa:d promissory note and this said note and this mortgage, are n~t duly, promptly, and fully per- mortgage, and said costs, charg~.;, and expenses shaH l~ immediate- formed; then in either or any such event, the said aggregate sum ly due and payable and shall be secured by the lien of this mentioned in said e~ote then remaining unpaid, with interest ac- mortgage. crued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said 7. That he wiU keep the improvements now existing or Mortgagee, as fully and completely as if all of the said sums of hereafrer erected on the mortgaged property insured as may be re- money were originally stipulated to be paid on such day, anything quired from time to time by the Mortgagee against loss by fire and in said note or in this mortgage to the contrary notwithstanding; other hazards, cas~alties, and contingencies, in such amounts and and thereupon or thereafter, at the option of said Mortgagee, for such periods as may be required by iv[ortgagee, and will pay without notice or demand, suit 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 not been made her2inbefore. All insurance stitution. Tt-~e Mortgagee 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 renewals thereof shall be held by Mortgagee and have sold to satisfy and pay the same together with costs, expenses, and attached thereto loss payable clauses in favor of and in form accep- allowances. In case of partial foreclosure of this mortgage, the tabfe to the Mortgagee. In event of toss he will give immediate mortgaged premises shall 't>e sold subject to the continuing lien of notice by mail to Mortgagee, and Mortgagee may make proof of this mortgage for the amount of the dsbt not then due and unpaid. loss if not made promptly by Mortgag~r, and each insurance com- In such case the provisions of this paragraph may again be availed pany concemed is hereby authorized and directed to make payment of thereafter from time to time by the Mortgagee. for such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee jointly, and the insu~ance proceeds, or any part 11. That he will give immediate notice by mail to the hlort- thereof, may be applied by the Mortgagee at its option, either to gagee of any c~nveyance, trans!'er, or change of ownership oi the ~ the reduction of the indebtedness hereby secured or to the restora• premises. tion or repair of the property damaged. In event of foreclosure of this rnortgage and other transfer of title to the mortgaged property 12. That no waiver of any covenant herein or of the obligation in extinguishment of~the indebtedness secured hereby, all right, tide secured hereby shall at any time thereafter be held to be a waiver E and interest of the Mortgagor in and ro any insurance policies then of the terms hereof or of the note secured hereby. ~ ` in force shall pass to the purchaser or grantee. ~ ~ E 13. That if the hiortgagor default in any of the covenants or ~ 8. That if the premises, or any part thereof, be condemned agreements contained herein, or in said note, than the Mortgagee ~ 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 ronsideration for such acquisition, to attorney's fees) made by the Mortgagee in so doing shall draw in- ~ the extent of the full amount of indebtedneas upon this Mortgage, terest at the rate set forth in the note secured hereby, and shall be and the Note secured hereby remaining unpaid, are hereby assigned repayable immediately and without demand by the Mortgagor to F by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgagee, and, together with interest and costs accruing a ~ the Mort~gee to be applied by it on account of the indebtedness thereon, shall be secured by this mortgage. ~ secured hereby, whether due or not. ; 14. That the mailing of a written notice or demand addressed 9. That the Mortgagee may, at any time pending a suit u~n to ihe owner of record of the morigaged premises, or directed to f this mortgage, apply to the court having jurisdiction thereof (or the the said owner at the last address actually furnishe~ to the Mort- appointment of a receiver, and such coun shall forthwith appoint a gagee, or directed to said owner at said mortgaged premises, and receiver of the premises covered hereby al! and singular, including mailed by the United States mails, shall be sufficient notice and de- ~ all and singular the income, profits, issues, and revenues from mand 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. ly understood, is hereby mortgaged as if specifically set forth and i ~ described in the granting and habendum clauses hereof, and such 15. The Mortgagor furt~er covenants that should this mortgage ~ receiver shall have aU the broad and effective functions and powers and the note secured hereby not be eligible for insurance under the in anywise entrusted by a court to a receiver, and such appoint• National Housing Act within nine ty ciays ment shall be made by such court as an admitted equity and a from the date (written statement of any officer of the De~?artment matter of absolute right to sai~ Mortgagee, and without reference of Housing and Urb~n Development or authorized agent of the to the adequacy or inadequacy of the value of the property mort- Secretary of Housing and Urban Development date substquent to gaged or the solvency of said Mortgagor or the dPfendants, and the ninety days' time from the date of this that such rents, profits, income, issues, and revenues shall be ap- mortgage, declining to insure said note and this mortgage, being plied by such receiver according to the lien of this mortgage and deemed conclusive proof of such i~~elegibility), the Mortgagee or Page 3 of 4 ~ - ~ BUOK 5~~ PACE ~ ~ F ,.Y,"3 Z . . ...i _ - . . _ . . . _ . . . . . . . . . - _ ~:...y s' . - .1` . ~ _ . . - ~ . . • ~ : ~ . . . - ~ m~.x: _ '