HomeMy WebLinkAbout0358 , That he will permit, cummit, or su(fei no waste, impairment, uc deterioration of said propetty or any part
thereot; and in the e~~ent of the failure of the mortgagor to keep the buildings on said premises and those tobe
erc•cted on said premises, or impro~~ements thereon, in good repair, the mortgagee may make such repairs as in its
discretion it may deem necessary for the proper preservation thereof, and the (ull amount o( each and eve~~~ such
payment shall be immedi:~tely due and payable, and shall be secured by the lien of this mortgage.
6. That he will pay all and singular the ca~ts, charges, and expenses, including reasonable lawyer's fees,
and costs of abstracts of title, incurred or paid at any time bythe mortgagee.because oi the failure on the part of
the mortgagor promptl~~ and full~• to perform the agreements and covenants of said promissory note and this mort-
ga~e, and said costs, charges, and expenses shall be immediatel~ due and payable and shatl be secured by the
lien of this mortgage.
7. That he Kill keep the improvements now~ existing or hereafter erected on the mortgaged property, insured as
may be required from time to time b}~ the mortgagee against loss by fire and other hazards, casualties, and contin-
gencies in such amounts and tor such periods as may be required by mortgagee, and will pay promptly, when due,
;~ny premiums on such insurance for payment of which provision has ~ot been made hereinbefere. All insu~ance
shall be carriea in companies approved by mortgagee and the pulicies and renewals thereof shall be held by mort-
~agee and ha~~e attached thereto toss payab!e clauses in (avor of and in form acceptable to the mortgagee. ln
e~•ent o( loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not
made promptl~~ by mortgagor, and each insurance company concemed is hereby a~thorized and directed to make
~~~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro-
ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction oi the indebiedness
hereby secured or to the restoration or rrpair of the property damaged. In event of foreclosure o[ this mortgage or
other transfer of title to the mortgaged property in extinguishment o[ the indebtedness secured hereby, all right,
titie, and interesl of the mortgagor in and to an~~ insurance policies then in [orce shall pass to the purchaser or
grantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic-
tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises
covered hereb}~ ali and singular, including ail and singular the income, profits, issues, and revenues from whatever
source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciEically set
forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and
effecti~~e functions and powers in an~•wise entrusted by a court to a receivet; and such appaiqtment shatl be made
b}• such court as an admitted equity and a matter ot absolute right to said mortgagee,~antJ, wi~hotit reference to the
adequac~• or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor
or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver
~+ccording to the lien of this mortgage and the practice of such coud•. In•the ev o y dgf~ul pn the part of the
mortgagor hereunder, the mortgagor agrees to pay to the mortgage~ oh dfemAnd~a~ a~sodable~~iionthly rental for
the pre~ises an amount at least equivatent to one-twelfth (1!12) of the aggregate of the twelve monthlyinstall-
ments payable in the then current year plus the actual amount of the annual ta:es, assessments, water rates, and
insurance premiums for such yeac not covered by the aforesaid monthly payments.
9. That 1 in the event of any breach of this mortgage or default op the part of t~e mortgagor, or (6/ in the
e~•ent that an}- oi said sums ot money herein referred to be not promp[ty an~t flAly psld without'demand or notice,
or in the e~~ent that each and every the stipulations, agreements, conditions, and covenants of said note and
this mortgage, are not dul}•, 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, shail become due and payable torthwith, or thereafter, at the option of said moctgagee, as fully and com-
pletel~• as if all of the said sums of money were originally stipulated to be paid on such day, anything in said
note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga-
gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had
j matured prior to its insiitution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
~ pa~~able, and the said premises 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 mortgaged premises shall be sold subject to the con-
i tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such cas~ the provisions of
~ this paragraph may again be availed of thereatter 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 th~ premises.
~ ll . That no waiver of any covenant herein or ot the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereo[ or of the note secured hereby.
12. That if the mortgagor default in any of thP covenants or agreements contained herein, or in said note, then
the mortgagee may perform the same, and all expendituces (including reasonable attorney'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 and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing
thereon, shall be secured by th~s mortgage.
13. that the mailing of a written notice or demandadd~essed to the owner of record ot the mortgaged premises,
or directed to the said owner at the last address actually [urnished to the mortgagee, or directed to said owner at
~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any
~ case aris~ng under this instrument and required by the provisions hereof oc by Isw.
14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible
~ for insurance under the National Nousing Act within y8ye from the dete hereof (written statement
ot an~~ officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous-
r° ing and Urban Development dated subsequent to~ the !i~p yayS time from the date oE this mortgage,
~ declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga-
~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pa}eble.
~ The cove~ants herein contained shall bind, and the benefits and advantages shall inure to, the respective
heirs, executors, :~dministrators, successors, and assigns of the parties hereto. Whenever used, the singular num-
ber shall include the plural, the plural the singular, and the use of any gender shall include all genders.
BOOK ~S 1 P~6f