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HomeMy WebLinkAbout1695 ~O~k 15 PACE245 ~ T. lllCI[ COUHn. 'LA. aader (b) of puqraph 2 ~I~ ahall not be lUfIci-.t to 11Y.r=d nDt., tax. aDd UJ-Mlmeata aDd mauru::..rnmiuma, u the cue ID&7 be, when the I&IIM Mcome due and payable. then the ~rtpaor ' pay to the mortppe ary amount ~'U7 to ... up the "ieDq, OD or before the date when pqmeIlt of auc:h P"OWld !'eIlta, tuea, ..1-V-_ta. or iDaaraDce prtmfuma ahall be due. If at at time the mortcaaor &hall tender to the mortppe in ~ with the provwou of the note MCUred hereby, full paymet of u.. enUre indebtedneu repftMDted tMreby, the IDOl'tppe ahall, in com- J)utina the UDOUDt of auch indebteclneu. endit to the account of the mortpaor all ~enta made under the proviaiona of ~ of PAJ"lIaI'Aph 2 IMreof which the mOJtaqee hu not become obhptecl to pay to the Federal H~ ml_\oJlel' ud ~ balanee remainiq iD tile lunda accumulated under the prov18iona of (b) of aaid paraaraph 2. If there aIiall be a default under any of the proviaiona "f thl. mortpge, re- aultbw in a public sale of the prem_ eovered hereby, or if the mort.paee acquil'N the PI'Operty other- wiae after default, the ~ ahAJl apply, at the time of the commencement. of luch proceedings or at the time the property ia QtherwlH r.cquirecl, the balance then rema1niDJ in the funda accumulated under (5) of parqraph 2 p~i~ U a credit aplnat the amount of princIpal then remaining unpaid under said note and IIiall properly 'ut any paymenta which mall have been made under (a) of said paragraph. .&. That he will pay all tax., .....~enta, water ratee, and other governmental or municipal charaes, ftn., or impoaitiona, for which prov18ion baa not been made hereinbefore, and in default thereofthe mort- PPt.~ pay the aame; and that he will promptly deliver the oftleial receipts therefor to the rr.ortgagee. 6. That he will permit. commit. or suffer no wute, impairment. or deterioration of IBid property or any part thereof; and in the event of the failure of the mortaaaor to keep the buildings on sai<i premises and thoee to be erected on uid premiaea. or improvementa tliereon. in &ood repair, the mortgagee may make luch repairs as in ita discretion it may deem neceuary for the proper preservation thereof, and the full amount of each and every auch payment shall be immediately due and payable, and shall be secured by the lien of thia mortcqe. 6. That he .will pay all and sin((Ular the costa, chaJ'l'E8, and expenaea, includin8' reasonable lawyer's fees, and COtIts of abstracts of title, incurred or paid at any time by the mortg-.ee becau:;e ~f the failure on the part of the L'ort((&((Or promptly and fully to perfomfthe agreements and covenants of said prom- iaaory note and th18 mort~e, and said coets, ch8l1r-, and expenaea shall be immediately due and pay- able and aha11 be secured by the lien of this mortpp. 7. That he will keep the improvements now existiq or hereafter erected on the mortgaged property, insured .. may be required from time to time by the mortgagee against Iou by fire and other hazards, caaualties, and contingencies in such Qrnounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policiea and renewals thereof shall be held by mortgagee and have attached thereto 1081 payable clauaea in favor of and in form acceptable to the mortgagee. In enot of 1081 he will give immediate notk~~ mail to mortgagee, and mortgagee may make proof of 1081 if not made promptly by mortgagor. and insurance company concerned is hereby authorized and directed to make payment for such Iou direetly to mortgagee instead of to mortgagor and mortplee jointly, and the insurance proceeds, or any parf; thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of forecl08ure of this mortpa'e or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force aha1l pua to the purchaser or grantee. 3. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, iuu., and revenues from whatever source derived, each and every of which, it being expreuly under- stood, 18 hereby mortpged as if lpecifica1ly set forth and described in the granting and habendum clauses hereof, and luch receiver aha1l have all the broad and effective functiona and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court aa an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants. and that such rents, profits, income, iaaues, and revenues shaH be applied by such receiver according to the lien of th18 mortgage and the practice of such court. In the event of any default on the }J8rt of the mortgagor hereunder, the mortgagor agrees to pay to the mortgawee on demand aa a reason- able monthly rental for the premises an amount at least equivalent to One-twelfth B12) of the aggregate of the twelve monthly installments payable in the then'current year plus the actual amount of the annual tax~l assessments, water rates, and insurance premiums for such year not covered by the aforesaid monUlly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 2~. 2;\! '''. from the date hereof (written statement of any ofticer of the Federal Housing Admin18tratton or authorized agent of the Federal Housing Commiuioner dated subsequent to the ~ ') '"':f" v,.... time from the date of this mortgace, declining to inaure said note and th18 mortgage, l>etng <Yeemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. 10. That (a) in the event of any breach of thia mortgage or default on the part of the mortgagor, or (b) in the event that any of IBid sums of money herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions, and covenanta of IBid note and th18 mortpp, are not duly, promptly, and fully performed; then in either or any such event, the IBid aggregate sum mentioned in IBid note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, mall become due and payable forthwith. or thereafter, at the option of IBid mortppe, u fully and completely 88 if all of the said sums of money were originally stipulated to be paid on IUch day, anything in said note or in thil mortgage to the contrary notwithstanding; and tbereupon or thereafter, at the option of ..i~ rportg8((ee, without notice or demand. suit at law or in equity, may be prosecuted .. if all moneys secured hereby had matured prior to its insti- tution. The mol'tgqee may foreclose this morta.e, as to the amount 80 declared due and payable, and the said premiaeashall be aold to utisfy and pay the same together -.yith cos~, expenses, ~nd allowances. In cue of part161 foreclosure of this mortgage, Ute mort.ired premIses shall be aold subject to the con- tinuina lien of this morlpge for the amount of the debt neft then due and unpaid. In such case the pro- viliona of this par&gl'aph may .again be availed of thereB;fter from time to time bf the mortgagee. 11. That the mortppr willslve munediate notice by mail to the mortaaaee of any conveyance, transfer, or change of ownership of the prem~ 12. That no waiver of any covenant herein or of the obligation secured her~. s~1 at any time t~creafter be held to be a waiver of the te~s h~reot or of the note ascured 4~by. . ~.