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HomeMy WebLinkAbout0265 5. 'fhal he will pe~mit. commit. or sulEc~ ao ~raste. iwp~ment; « deteriaation ot said pcopeny or aoy pan theceof; end in the event of the tailute oP~ t1i~ tnortgagot ~to 1u:ep the buildings oo said premises and tha6e tobe erected on said pcemises. oc impcovements4theteo~, in good repair. the matgagee may m~ke such repei~s as in its disccetion it m~y deem necessacy for tbe pcape~ presenration thereof. and the tull amount of each and every such peyment shall be imm~diately due and peyabte. and shall be secu~d by the liea of this mortgage. 6. That he will p~y all and si~gular the costs. charges. and expenses. including reasonable lawye~'s fees. and costs of abstracts ot title. incurred or paid at any time by the matgagee because o[ the failure on the pert oE the mortgagoc pcomptly a~d fully to perform the agceements aod covenants of said ~pcomissory note and this mort- gage, and said costs. charges. and expenses shall be ima~ediately due and payable and shall be secured by the lien d this mortgage. 7. That he will keep the impwvements noa existing or hereafter erected on the mortgaged pcoperty. insured as mey be required from time to time by the modgagee against loss by fire and other hasards~ casualties. and contin- ge~cies in such amounts and for such periods as may be required by mortgagee. and arill pay promptly, when dae. any premiu~s on" such insurance for payment of ~vhich provision has aot beee made heceinbefae. All insurance shall be canied in companies approved by mortgagee and the policies ar~d renewals thereof shall be held by mort- gagee and ha~e attached thereto loss payable clauses i~ fevor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptty by mortgagor, and each insurance company concemed is hereby authocized and directed to.make payment for such loss directly to mortgagee instead ot to mortgagar and mortgagee jointly. and the insurance p~o- ceeds. or aay part thereof. may be applied by matgagee at its option eithec to the reduction of the indebtedness hereby secured or to the restoration ot repair of the property damaged. In event o[ foreclosure of this modgage or other transfer of title to the mortgaged propedy i~ extinguishment of the indebtedness secured hereby. all right. title, and interest of the mo~tgaga in ~nd to any insurance policies then_in force shall pass to the purchaser or gcantee. 8. That the mortgagee may, at any time per~ding a suit upo~ this mortgage. apply to the court having jurisdic- tion thereof fa the appointment of a receiver. and such coud shall fodhwith appoint a receiver of'the premises covered hereby all and singalar. including all aad singular the income. ptofits, issues. and cevenues from whatever ~source derived, each and every of which. it being expressly understood. is hereby mortgaged as if specifically set fodh and described in the granting aod habendum clauses hereof, a~d such teceiver shall have all the broad and effective functions and powers in anywise entrusted by a court~to a rereiver, and such appointment shall be made by such coud as an admitted equity and a matter of absolute tight to said matgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgagor or the defendents. and that such rents, profits, income,-issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of snch cou~t. In the event of any default on the pad of the modgagor hereunder, the mortgagor agrees to pay to the martgagee oa demand as a reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggcegate o~. the ~~relve(monthly install- ments payable in the then current year plus the actual amount of the annual taxes, aste.~s''sments. water rates. and insurance premiums for such yeac not covered b~r the afocesaid monthly peyments. 9. That (o) in the event of any breach of this modgage or default on the part of the mortgagor, or (6) in the event that any ot said sums of money herein referred to be not promptly and fully paid ~rithout demand or.notice. or -(c) in the event that each and every the st'ipulations, agreemeats, conditions. and covenants of said note and this modgage, are not duly. promptly. and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time, and all moneys secured hereby. shall become due and payable forthwith. or thereafter._ at the option of said mortgagee, as fully and com- . pletely as if all of the said sums of money were otiginally stipulated to be paid on such day. anything in said note oc in this modgage to the contrary notWithstanding; and thereupon or t6ereafter. at the option of said mortga- _ gee. vvithout notice or demand. suit at law or in equity. may be ptosecuted as if all moneys secured hereby had matured prior to ~its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said pcemises shall be sold to satisfy and pay the same together with costs, expenses.and allow- ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the con- tinuing lien of this mortgage fa the amount of t6e debt not then due and unpaid. In such case the provisions of this peragraph may again be availed of thereafter from time to time by the mortgagee. - 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance. transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein a of the obligation secured hereby shall at any time thereafter be held to bs a waiver of the terms hereof or of the note secured hereby: 12. That if tfie matgaga default in any of the covenants or egceements contained herein. oc in said note. then the mortgagee may perform the same. and all expenditu~es (including reasonable attoaney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immedietely and withoat demand by the mortgaga to the modgagee. and. togethec with interest aad eosts accruing thereon. shalt be secured by this modgage. . ~ 13. that the mailing of e written notice or demandaddressed to the owner of record of the mortgaged premises. or directed to the said owner at the last address actually furnished to the modgagee, or directed to said oavner at said mortgaged prea~ises, atd a~ailed by the United States mails, shall be sufficient notice and demand in any' case atising under this utstrument aad required by the pcovisions hereof ot by law. 14. The mortgagor further coveaants that should this mortgage end the note secnred hereby oot be eligible for insurance uader the Natioaal Housing Act within from the date hereof (writtea statement ~ of any officer d the Department of Housing and Urban Development or authorized agent af the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the 30 (~YS time from the date of this modgage, declining to insure said note and this mortgage, being deem•~d canclusive proof of such iaeligibility). the modga- gee or the holder d the note may, at its option, declare all sums secured hereby immediately due and paysble. The covenants herein contained shall bind, and the beaefits and advantages shall inure to, the respective heirs. executors, administrators. successors, and assigns af the padies hereto. Nfhenever used. the singulat num- bec shall inclode the plural, the plucal the singular. and the use of any gender shall include all genders. dDOK~~ p~ ~ - - ~ _=~w _ -