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HomeMy WebLinkAbout2375 , ~ ~ • . Y . ~ ~ 5. That ht w•iil permit, commit, or suffer no waste, impairment, without reference to the adequacy or inadequac}• of the value of .~r deterioration of said property or any part thereof; and in the the property mortgaged or to the soh~ency or insoh~ency of said e~ ent of the failure of the 1~1ortgagor to keep the buildings on Mortgagor or the defendants, znd that such rents, profits, in- .aid ~remises 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. ,uch repairs as in its discretion it may deem ne~:essary for the In the e~~ent of any default on the part of the Mortgagor proper preser~•ation thereof, and the full amount of each and hereunder, the Mortgagor agrees to pay to the Mortgagee on de- r~ ery such payment shall be immediately due and pa~~able, and mand as a reasonable monthly rental for the premises an amount .hall be secureci by the tien of this Mortgage. at least equivalent to one-twelfth (Vt2) of the aggregate of the twelve monthly installments payable in the then current, year plus 6. That he will pay all and singular the costs, charges, and ex- the actual amount of the annual taxes, assessments, water rates, nenses, 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 the Mortgagee because of aforesaid monthlp payments. che failure on the part of the Mor~gagor promptly and fully to , erform [he agreements and covenants of said promissory note 10. That (a) in the event of any breach of this mortgage or and this mortgage, ard 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 prompily and ehis mortgage. fully paid without demand or notice, or (c) in the event that each and every of the stipulations, agreements, condit;ons, and 7. That he will keep the improvements now existing or hereafter covenants of said note and this mortgage, are not duly, promptly, ~ erected on the mortgaged property insured as may be required and fully performed; then irt either or any such event, the said ag- from sime to time by the Mortgagee against loss by fire and other gregate sum mentioned in said note then remaining unpaid, with ' nazards, casualties, and contingencies in such amounts and for interest accrued to that time, and all moneys secured hereby, shall ~ ~uch nods as ma be re uired b Mort a ee, and will a become due and a able forthwith, or thereafter, at the o t~on of i Pe Y q Y BB PY PY P~ ~ ~romptly, w•hen due, any premiums on such insurance for pay- said ~tortgagee, 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 originally stipulated to be paid on such day, E ;urance shall be carried in companies approved by Mortgagee and anything in said note or in this mortgage to the contrary not- ~ the policies and renewals thereof shall be held by Mortgagee and withstanding; and thereupon or thereafter, at the option of said € ha~~e attached thereto loss payable clauses in favor of and in form t~1ortgagee, without notice or demand, suit at law or in equity, ~ acceptable to the Mortgagee. Ir+ event of loss he will give im- may be prosecuted as if all moneys secured hereby had matured mediate notice by mail to Mortgagee, and I~lortgagee may make prior to its institution. The Mortgagee may foreclose this mort- ~ proof of loss if not made promptly by I~9ortgagor, and each in- gage, as to the amount so declared due and payable, and the said t :urance compan~• concerned is hereby authorized and ~irected to premises shall be sold to satisfy and pay the same together with make payment for such loss directly to the Mortgagee instead of costs, expenses, and allowances. In case of partial foreclosure of ~ eo the Mortgagor and the Mortgagee jointly, and the insurance this mortgage, the mortgaged premises shall be sold subject to the f proceeds, or any part thereof, may be applied by the Mortgagee continving lien oC this mortgage for the amount of the debt not ~ ar its option, either to the reduction of the indebtedness hereby then due and unpaid. In such case the provisions of this secured or to the restoration or repair of the property damaged. ~+aragraph may again be availed of thereafter from time to time r ln event of foreclosure of this mortgage and other transfer of title by the Mortgagee. i to !he mortgaged property in extinguishment of the indebtedness ; ~~cured hereby, all right, title, and in[erest of the Mortgagor in 11. That he will give immediate notice by mail to the Mortgagee ~ ansi to any insurance poticies then in force snall pass to the pur- of any con~~eyance, transfer, or change of ownership of the a chaser or grantee. premises. ~ 8. That if the premises, or any part thereof, be condemned 12. That no waiver af any covenant herein or of the obligation ~ under any pow~er of eminent domain, or acquired for a public use, secured hereby shall at any time thereafter be held to be a wa~~~er ~ the damages, proceeds, and in consideration for such acquisition, of the terms hereof or of !he note secured hereby. ~ to the extent of the full amount of indebtedness upon this Mort- ~ gage, and the Note secured hereby remaining unpaid, are hereby 13. That if the Mortgagor default in any of the covenants or t assigned by the Mortgagor to the Martgagee and ,ha11 be paid agreements contained herein, or in said note, then the Mortgagee forthwith to the Mortgagee !o be applied hy it on account of the map 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 Mortgagee may, at any time pending a suit upor~ repayable immediately and without demand by the Mortgagor to this mortgage, apply to the court ha~ing jurisdiction thereof for the hlortgagee, and, together with interest and costs accruing [he appointment of a receiver, and such court shall forthwith ap- thereon, shall be secured by this mortgage. point a receio•er of the premises covered hereby al! and singular, including all and singular the income, profits, issues, and revenues 14. ?hat the mailing of a written notice or demand addressed to ~ from whatever source derived, each and every of which, it being the owner of record of the mortgaged premises, or directed to the F expressly understood, is hereby mortgaged as if specifically set said owner at the iast address actually furnished to the Mortgagee, ~ forth and drscribed in the granting and habendum clauses hereof, or directed to said owner at said mongaged premises, and mailed ' and such receiver shall have all the broad and effecti~•e 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- - such appointrrsent shall be made by such court as an admitted ~isions hereof or by law. - equity and a matter of absolute righi to said Mortgagee, and O R w~^ ~ ~7c~ BOQK v ~ PAGE 7 1 J Page 3 of 4 ~ R ~',ffn~~~ HUD-921tOM-1 BOOK " ~ - ~_A _,4 T ~ _u ~ ~