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HomeMy WebLinkAbout0688 ~ ~ ~ S. Thai hr will permit, cummit, ot autfet ~0"~~ste. im~ita~et, ot deterioration of tiaid pcopetty or bny pert thereot; and. in the even! ot the tailu~e ot the mortgagor to keep the buildings on said premises and those tobe ; e~ected oo said premisea. or impiovements thereon. in good repair. the moNgagee may rtwke such repeirs us In its ~ disccetion it may deem necessacy fo~ the proper preservat~on the~eot, and the tull amount ot each and eve~y such payment shell be immediately due end peyeble, and shall be secured by the lie~ oi this mo~tgage. 6. That he will pay ali and singular the costs, cha~ges, and expenses, including reasooable lewye~'s [ees, a~d costs of abstracts of title, incurred or ~?aid at any time by the mortgagee .because o[ the feilure oo the pert ot the mortgagoc promptly and fully to pecfam the agreeme~ts and covenants of said'promissory note and this mort- gage, and said costs, cherges, and expenses shall be immediately due and peyable and shell be secured by the tien of this mo~igege. 7. That he wili keep the improvemeMs now existing oc hereafter erected on the mortgaged prope?ty, insured as mey be requiced from time to time by the matgagee against loss by fice and other haze~ds. casualties. and contin- gencies in such amcwnts and for such periods as may be required by matgagee. and will pay promptly. when due. s~ny premiums on such insurance fo~ payment of which provision has not been made hereinbefore. All insurance shall be.carcied in companies appcoved by mortgagee and the policies end renewals thereoE shall be held by mort- gagee and have attached thereto loss payable clauses in favw ot end 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 it not made promptly by mortgagor, and each insurance company concer~ed is hereby authwized end directed to make payme~t for such loss dicectly to mortgagee inatead of to mortgagoc and mortgagee jointly. a~d the insurance pro- ceeds, or any pact theceoE. may be appiied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resto~ation or repair of the propedy ~,amaged. ln event of foreclosure of this mortgage or other transfec of title to the modgaged property in extinguishment of the indebtedness secured hereby. all right, title. and interest of the mortgagar in and to any insurance policies then in force shall pass to the purchaser a gcantee. ~ 8. That the mottgagee mey~ at any time pending a suit upoa this mortgage~ apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall fodhwith appoint a receiver of the _premises coveced hereby all at~d singular. includiag all and singular the income. profits, issues. and revenues from whatever source derived. each end every of which, it being expressly understood, is hereby mottgaged as if speciEicaUy set forth and described in the granting and habendum clauses hereof. and such receivec shall bave all the broad and . effective functions and powe~s in anywise e~trusted by a court to a receiver, and such appointment shall be made by s~ch court as an admitted equitv and a matter of absolute right to said modgagee. and without reterence to the adequacy or inadequacy of the value oE the property mortgaged or to the solvency oc insolvency of said mortgagor ~ or the defendents, and that such rents. ~xofits. income. issues, and revenues .shell be applied by such receiver ' according to the lien of this mortgage and the practice of such court. In the event of aey de~aplt on the part oi the moctgagor hereunder, the matgagoc agrees to pay.to the mortgagee on demand as a~tasona le rtionthly rental for the premises an amount at least eqpivalent to one-twelEth (1/12) of the aggreg,ate of the twelve monthiy install- ments payable in the then cunent year plus the actual amount of the annual taxes, assesaments. water rates. and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (aj in the event of any breach of this mortgage or default on the part of the mortgagor, or (b/ in the event that any of said sums of money herein referred to be not promptly and fully paid arithout demand or notice, or ~ in the event that each and every the st'ipulations, agceements, conditions, and covenants of said note and this mortgage, are nd 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 eccrued to that time, e~ all moneys secured hereby, shall become due end payable forthwith, a thereafter. at the option of said mortgagee, as Eully aed com- ~ pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note a in this modgage to the contrary notwithstanding; aad ~hereupon or thereafter. at the option of said matga- ' ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had € ~ matured prioc to its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisty a~ pay the same together with costs, expenses,and allow- ances. In case of partial faeclosure of this mortgage. the mortgaged pcemises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereaEter from ti~e 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. ~ i 11. That no waiver of any covenant herein or o[ the obligatio~ secuced hereby shall at any time thereafte~ be - held to be a waiver of the terms hered or of the note secured hereby. 12. That if the matgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, and all ~expendituTes (including ceasonable attaney'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 . immediately amd without demand by the mortgagor to the martgagee, and, together aith interest and costs accruing thereon, shall be secured by this mortgage. - 13. that the meiling of a written notice oc demandaddressed to the owner of record_of the mortgaged premises. ~ or directed to the said avner at the last address actually furnished to the modgsgee, or directed to said owner at ~ said modgaged premises, and mailed by the United States maits, shall be sufficient notice and demand in any : case arising under this instrument end required by the provisioas hereof or by la~r. ' ~ ~j 14. The mortgagoc fncther covenants that should this mortgage and the note secured hereby not be eligibte ~ ~ for insurance under the Netional Housing Act within 30 Q~~ from the date hereoE (aritten statement oi any oificer oE the Depactment of Housing and Urban Developmeat or authocized agent of the Secretary of Hous- ~ - ing and Urbaa Development dated subsequent to~ the jQ QAY$ time Erom the date of this mortgage, ~ declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- ~ gee or the holder d the note may, at its option. declare all sums secured hereby immediately due and peyable. The covenanta herein contained shall bind, and the benetits and advantagea shall inure to. the respective heirs, executas, administratots, successas, and assigns of the parties hereto. Whenever used, the singular num- ~ ber shetl include the plural, the plural the singular. and the use of any gender shall include alt genders. 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