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HomeMy WebLinkAbout1574 ~ . , . . , ~ ~ 5. That he will ~rmit, commit, or suffer no waste, impairnient, this mortgage and the practice of such court. In the event of any ~~r ~ieteriuration of said property or an} part ~hereof; and in the default on the part of the Mortgagor hereunder, the Mortgagor ~•~rnt of ihe failure of the Mortgagor to keep the buildings on said agrees to pay to the Mortgaga on demand as a rea~onabk monthly G,r~mises and th~ to be erct;ted on said premises, or improvements rcntal for the premisa an amount at ltast equivalent to one-twdith ~I,e~eun, i~ goocf repair, the Mortgagee may make such repairs as (t/12) of the aggregate of tho twelve monthly installnxnts payabk u, disc:reuon it may deem necessary for the proper preservation in the then current year plus the actual amount of the annual taza, !hereof, an~ the full amount of each and every such payment shall assessments, water rata, and insurance premiums for such year not t~~ ~mmediately ~ue and pa~able, and shall be secured by the lien covered by the aforesaid monthly payments. uf this Mortgage. 10. That lal in the event of any breach of this mortgage or 6. That he will ~a~ all and 1ingular the cost~, charges, and ex default on the part of the Mortgagor, or (b) in the event that any ;~n.es, mclu~iing reasunable lawyer's fe~es, anii costs of abstracts of of said sums of money herein referred to be not prompdy and fully u~{e. ~ncurred or paid at an~ timA by~ the Mortgagee because of the paid without demand or not~ce, or Ic1 in the event that each and i;+.ilure un the part of the Mortgagor promptly and fully to perform every of the stipulations, agraments, conditions, and covenants of thz agreements and co~•enan~s of said promissory note and this said note and this mortgage, ate not duly, promptty, and fully per- n~~~ngage, and ~id ants, charges. and e??penses shall be immediate formed, then in either or any such tvent, Ihe said aggregatt sum ~ i~ .iue and pa~able and shall be secured hy the lien of this mentioned in said note then remaining unpaid, with interest ac- :nnrtgage. crued ro that time, and all moneys secured hereby, shall become i due and pap~able iorthwith, or thereafter, at the apticn of said That he will keep the impro~~ements now existing cu Mortgagee, as fully and compfetely as if all af the said sums of h~ reafter erected on the mortg•aged propert~~ insured as may be re money were originally stipulated to be paid on such day, anything ~;~.~r~d from time to time by the Mtortgagee against loss by lire and in said note or in this mortgage to the contrary notwithstanding; ~ ~~ther hacards. casualties, and contingencies, in such amounts and and thereupon or thereafter, at the optan of said Mortgagee, ; l~~r ~uch peri~~~ a~ may be reyuired by~ Mortgag~e, ac~d will pay without notice or demand, suit at law or in equiry, may be pro- G~r~~mptl~, when due, an~~ premiums on such insurance for payment secuted as if all moneys secured hereby had matured prior to its in- ~~f which pro~~ision has not been made hereinbefore. All insurance stitution. The Mortgagee may foreclose this mortgage, as [o the ~hall he carried in com~nies appro~~ed by Mortgagee and the amount so declared due and payabk, and the said premises shall be I ~v,liciec and renewals thereof shal! be held by Mortgagee and ha~~e sold to satisfy and pay the same together with oosts, expenses, and ~ ,r~,~~hed thereto lo;s pa~able clauses in favor of and in form accep allowances_ In case of partial foreclosure of this mortgage, the ~ ~.~ti~e to ~he !~tortgagee. In event of loss he will gi~~e imrrzediate mortgaged premises shall be sold subject to the continuing lien of ~ rwi~r~ h~ mail to Mortgagee. and hlortgagee may make proof of this mortgage for the amount of the debt not then due and unpaid. 0 ~t~,. i( not made promptly by 111ortgagor, and each insurance com In such case the pro~•i~ions of this paragraph may again be avaikd ~ F~an~ cuncerned is hereby authoriied and directed to make payment of thereafter from time ro time by the Mortgaga. ~ '~~r ,uch loss directly to the Mortgagee instead of t~~ the Mortgagor E an,i the Mortgagee jo~ntly. and the insurance proceeds, or any part 11. That he will give immediate notice by maii to the Mort- ~hereof, ma~~ be applied bp the Mortgagee at its option, either to gagee of any comeyance, transfer, or change of ownership of the :F~ reduction of the indebtedness hereby secured or to the restora premises. ~ ~;~u7 or repair of the property damaged. In event of foreclosure of : :h;~ niortgage and other transfer of title to the mortgaged property 12. Tha[ no waiver of any covenant herein or of the obligation ~ ;n eitinguishment of the indebtedne~.s secured hereby, all right, tiUe secured hereby shall at any t6me thereafter be held to be a waiver ~ ~r:~l interest of the Mortgagor in and to any insurance palicies then of the terms hereof or of the note secured hereby. ~ ;n f~frce shall pass to the purchaser or grantee. 13. That if the Mortgagor default in any of the oovenants or ~ 8. That if the premises, or any part thereof, be condemned agreements contained herein, or in said note, than the Mortgaga ~ ~,r~~ier any poHer of eminent domain, or acyuired for a public use, may perform the same, and all expendiwres (including teasanabk ~ ;I~e damages, p~a:eeds, and in consideration for such acquisition, to attorney's fees) made by the Morcgagee in so doing shall draw in- ~he extent of the full amc,unt of indebtedness upon this Mortgage, terest at the rate set forth in the note secured hereby, and shall tx :~~,~i ~he Note secured hereby remaining unpaid, are hereby assigned repay~able immediately and without demand by the Mortgagor to ~ the Mortgagor to the Mortgagee and shall be paid forthwith to ~he Mortgagee, and, together with interest and costs aocruing € ;hc tilortgagee to be a~plied by it on account of the indebtedness thereon, shall be secured by this mortgage. ~ ~e~ured hereby, whether due or not. ~ 14. That the mailing of a written notice or demand addressed ~That the Mortgagee map, at any time pending a suit u~n to the owner of record of the mortgaged premises, or directed to ;l;i, mortgage. appiy to the rourt ha~~ing junsciiction thereof for the the said owner at the last address actually fumished to the Mort• .~;-~wfritment of a recei~er. and such court shall forthwith appoint a gagee, or direcred to said owner at said mortgaged premises, and ~ ;:ceiver of the premises covered hereby all and singular, including mailed by the Unired States mails, shall be sufficient notice and de- .311 ~nd singular the income, prolits, issues, and revenues from mand in any case arising under this instrument and required by the ~,ti hate~•er source derived, each and every of which, it being express provisions hereof or by law. ' i~ undertooci, is hereby morEgaged as if spec;ificaliy set forth and _ie:~rit~d in the granting and habendum cl~uses hereof, and such 15. The Mortgagor further covenants that should this mortgage ' r«ei~er tihall have all the broad and effective functions and power and the note secured hereby not be eligibk for insurance under the : a~y w ise entrusted by a court to a receiver, and such appoint Nalional Housing Act within eigl~t months from the date bereof ~ ~it shall be made by such court as an admitted eyuity and a (writtea siatement of any oflioa of the Dep~rtma~t of Hen~sit~ and y n~a[,er of absolu~e right to said Mortgagee, and without reference Urban Devdopment or authorizod agextt of the Sa:retry of Hotning ~ ~o th~ adequacy or inadequacy of the value of the property mort- and Urban Development datod subsequwt W the eght mootbs' time ~ kaged or to the solvency or insoh•rncy of said Mortgagor or the from tho date of this mortgage, dediniag to iasute said note and tbe ~ defendants, and thac such rents, profits, income, issua, and mortgage, being damed conclusive proof of such ineGgibility), the re~enues shall be applied by such receiver according to the lien of Mortgagee or the holder of the note may~ at its option, declare aU Page 3 of 4 HU0.f2110M•1 gooK 671 P~~E 399 BooK 675 PAGE1574 _ - - - ~ ~ ~ ` .