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HomeMy WebLinkAbout0874 . 1 . ~ ~ . ~ , - 3. That he will permit, commit, or suffer no waste, impairmenr, without reference to t~e adequacy or ipadequacy of the value of or deterioration of said property or any part thereof; and in the the propeny mortgaged or to the solvency or insolvency of said e~•ent of the failure of the Mortgagor to keep the buildings on Mortgagor or the defendants, and that such rents, profits, in- said premises and those to be erected on said premises, or im- come, issues, and revenues shall be applied by such receiver accor- pro~~ements thereon, in good repair. the Mortgagee may make ding to the lien of this mortgage and the practice of such court. such repairs as in its discretion it may deem necessary for the In the event of any default on the part of the Mortgagor ~roper preservation thereof, and the full amount of each and hereunder, the Mortgagor agrees to pay to the Mortgagee on de- e~ery such payment shall be immediately due and payable, and mand as a reazonable monthly rental for the premises an amount .hail be secured by the lien of this Mortgage. at least equivalent to onc-twelfth (1/12) of the aggregate of the twelve monthly installments payable in the then current, year pius 6. That he wiil pay all and singular the costs, charges, and ex- the actual amount of the annual taxes, assessments, wate: rates. penses, including reasonable lawyer's fees, and costs of abstracts and insurance premiums for such year not covered by the of title, incurred or paid at any time by tfie Mortgagee because of aforesaid monthly payments. the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note l0. That (a) in the event of any breach of this mortgage or and this mortgage, and said costs, charges, and expenses shall be default on the part of the Mortgagor, or (b) in the event that any immediately due and payable and shall be secured by the lien of of said sums of money herein referred to be not promptly and this mortgage. fully paid without demand or notice, or (c) in the event that each and every of the stipulations, agreements, conditions, and 7. That he w~ill keep the improvements now existing or hereafter covenants of said note and this mortgage, are not duly, promptly, erected on the mortgage~ property insured as may be required and fully performed; then in either or any such event, the said ag- from time to time by the Mortgagee against loss by fire and other gregate sum mentioned in said note then remaining unpaid, with hazards, casualties, and contingencies in such amounts and for interest accrued to that time, and all moneys secured hereby, shall such periods as may be required by Mortgagee, and will pay become due and payable forthwith, or thereafter, at the option of promptly, when due, any premiums on such insurance for pay- said Mortgagee, as fully and completely as if all of the said sums ! ment of which provision has not been made hereinbefore. All in- of money were originalty stipulated to be paid on such day, ! surance shall be carried in companies approved by Mortgagee and anything in said note or in this mortgage to the contrary not- j the policies and renewals thereof shall be held by Mortgagee and w~thstanding; and thereupon or thereafter, at the option of said ! ha~~e attached thereto loss payable clauses in favor of and in form Mortgagee, without notice or demand, suit at law or in equity, ! acceptable to the Mortgagee. In event of loss he wilt give im- may be prosecuted as if all moneys secured hereby had matured i mediate notice by mail to Mortgagee, and Mortgagee may make prior to its institution. The Mortgagee may foreclose this mort- f proof of loss if not made promptly by Mortgagor, and each in- gage, as to the amount so declared due and payable, and the said ; surance company concerned is hereby authorized and directed to premises shall be sold to satisfy and pay the same together with make payrr~ent for such loss directly to the Mortgagee instead of costs, expenses, and allowances. ln case of panial foreclosure of E ca the Mortgagor and the Mortgagee jointly, and the insurance this mortgage, the mortgaged premises shall be sold subject to the ~ ~roceeds, or any part thereof, may be applied by the Mortgagee continuing lien of this mortgage for the amount of the debt not ~ at its option, either to the reduction of the indebtedness hereby then due and unpaid. In such case the provisions of this ~ecured or to the restoration or repair of the property damaged. paragraph may again be availed of thereafter from time to time tn event of foreclosure of this mortgage and other transfer of title by the Mortgagee. ~ co the mortgaged property in extinguishment of the indebtedness ` ~ecured hereby, all right, title, and interest of the Mortgagor in il. That he w~ill give immediare notice by mail to the Mortgagee ~ and to any insurance pQlicies then in force shall pass to the pur- of any conveyance, transfer, or change of ownership of the ~ chaser or grantee. premises. ~ 8. That if the premises, or any~ part thereof, be condemned 12. That no waiver of any covenant herein or of the obligation ~ under any power of eminent domain, or acquired for a public use, secured hereby shali at any time thereafter be held to be a waiver ~ ~he damages, procez.-Js, and in consideration for such acquisition, of the terms hereof or of the note secured hereby. ~ co the extent of the full amount of indebtedness upon this Mort- uage, and the Note secured hereby remaining unpaid, are hereby 13. That if the Niortgagor deCauit in any af the covenants or ~ assigned by the Mortgagor to the Mortgagee and shall be paid agreements contained herein, or in said note, then the Mortgagee forthwith to :he Mortgagee to be applied by it on account of the may perform the same, and all expenditures (including reasonable indebtedness secured hereby, whether due or not. attorney's fees) made by the Mortgagee in so doing shall draw in- ~ terest at the rate set forth in the note secured hereby, and shall be 9. That the hlortgagee may, at any time pending a suit upon repayable irnmediately and without demand by the Mortgagor to [his mortgage, apply to the court having jurisdiction thereof for the Mortgagee, and, together with interest and costs accruing the appointment of a receiver, and such court shall forthwith ap- thereon, shall be secured by this mortgage. point a receiver of the premises covered hereby all and singular, i including all and singular the income, profits, issues, and revenues 14. That the mailing of a written notice or demand addressed to ~ from ~+•hatever source derived, each and every of which, it being the owner of :ecord of the mortgaged premises, or directed to the ; e~pressly understood, is hereby mortgaged as if specifically set said owner at the last address actually furnished to the Mortgagee, ~ forth and described in the granting and habendum clauses hereof, or directed to said owner at said mortgaged premises, and mailed ~ and such receiver shall have all the broad and effective functions by the United States mails, shall be sufficient notice and demand ~ and powers in anywise entrusted by a court to a receiver, and in any case arising under this instrument and required by the pro- ~uch appointment shall be made by such court as an admitted visions hereof or by law. ~ equity and a matter of absolute right to said Mortgagee, and > s , Page 3 of 4 ~ R HUD-92110M-1 i OYUT~~~ r~.~'f ~ ~ ~ ~ - r~`~'~^"~2µ?';~`~^~j-~~~~~~. ~ . .a~_ %~..y. ~..p_,