HomeMy WebLinkAbout0537 S. That he will permit, commit, or suffer no v?aste, impairment, or deterioration of said property or any part
thereoE; and in the event ot the tailure of the mortgagor to keep ~the buildi~gs on said Fremises and those tobe
etected on said p~emises, or improvements thereon, in good ~epai~, tt~ mortgagee may make such repairs as in its
discretion it may deem necessary for the proper preservation thereo[, and the futl amount of each and every such
payment shall be immediately due and payaule, and shall be secured by the lien o[ this mortgage.
6. That he will pay all and singular the costs, charges, and expenses, including ~easonable lawyer's fees,
and costs of abstracts of title, incurred or paid at any time bythe mortgagee.because ot the failure on the part ot
the mortgagor pt~mptly and fully to perEorm the ag~eemenis and covenants of said ~promissory note and this mort-
gage, and said costs, charges, and expenses shall be immediatety due and payable and shall be secured by the
lien of this mortgage.
7. That he will keep the impro~•ements now existing or hereafter erected on the mortgaged property, insured as
map be required from time to time b~~ the mortgagee against loss by fire and oth~r hazards, casualties, and contin-
gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due,
any premiums on such insurance for payment o( which provision has not been n::~de hereinbefore. All insurance
shali be carried in companies approved by mortgagee and the policies and'renewals thereof shal! be held by mort-
gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In
e~~ent ot luss 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 concerned is hereb~ authorized and directed to make
pa~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro-
ceeds, or any part thereof, ma~ be applied by mortgagee at its option either to the :eduction of the indebtedness
hereby secured or to the restoration or repai~ of the property damaged. In event of foreclosure of this mortgage or
other transfer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right,
title, and interest ot the mortgagor in and to any insurance policies then in force 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 thFreof for the appointment oE a receiver, and such court shall forthwith appoint a receiver of the premises
covered hereby all and singular, including all and singular the ~ncome, profits, issues, and revenues from whatever
source derived, each and every of which, it being expressly understood, is hereby mortgaged as if.spe~ifically set
forth aiid described in the granting and habendum clauses hereo4, and such receivet shal! have all the broad and
effeeti~~e functions and powecs in anywise e~trusted by a court to a receiver, and such appointment shall be made
by such court as an admitted equity and a matter of abs~lute right to said mortgagee, and without reference to the
adequacp or inadequacy of the vatue of the property mortgaged or to the solvency or ip~~olv~p~y of sa;,~ ~ortgagor
or the defendents, and that such rents, profits, income, issues, and reven~yes<s,bell bQ?ap~l~ied bysucw receiver
according to the lien of this mortgage and the practice of such couK_ In the event of any default on the part of the
mortgagor hereunder, the mortgaRor agrees to pay to the mortgagee on demand as a reasmable monthly rental for
the premises an amount at least equi~•alent to one-twelEth (1 ~'12) of the aggregate of the twelve monthly install-
ments payable in the then current year plus the actual amount of the annual taxes, ass~ssme~tts, water rates, and
insurance premiums for such year not covered bp the aforesaid monthly paymen~s. ~ , ~
9. That (01 in the event of any breach of this mortgage or deEault on the pad of the mortgagor, or (h) in the
event that any o[ said sums of money herein referred to be not promptly and fully paid without demand oc notice,
or in the event that each and every the stipulations, agreements, conditions. and covenants of said note and
this mortgage, are not duly, promptly, and fully pertormed; then in either or any such event, the said aggregate
sum mentioned in said note then remai~ing 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 originally stipulated to be paid on such day, anything in said
note or in this mortgage to the contrary notwithstanding; and thereupon or therea[ter, 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 prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
' payable, 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-
tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of
E this paragraph may again be availed of theceafter from time to time by the mortgagee.
~ 10. That the mortgag~}~ 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 or of the obligation secured hereby shall at any time thereafter be
~ heid to be a waiver of the terms hereof or of the note secured hereby.
12_ That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then
~ the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the
~ mortgagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be tepayable
~mmediately and without demand by the mortgagor to the mortgagee, and, togethec with interest and costs accruing
~ thereon, shall be secured by this mortgage.
~ I3. that the mailing ot a written notice or demandaddresse~ 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 saidowner at
` said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any
~ case arising under this instrument and required by the provisions hereof or by law.
~ 14. The mortgagor Eurther covenants that should this mortg~ge and the note secured hereby not be eligible
z for insurance under the National Housing Act within ~~YS from ihe date hereof (written statement
_ of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous-
~ ing and Urban Development dated subsequent to the ~ time from the date of this modgage,
fi~ declining to insure said note and this mortgage, being dee~~c"oa~usive proof of such ineligibility), the mottga-
~ gee or the holder of the note may, at its option, declare all sums secured heceby immediately due and pa~eble.
The covenants herein contained shatl bind. and the benefits and advantages shall inure to, the respective
~ heirs, executors, administrators, successocs, and assigns of the parties hereto. whenever used, the singular nurr.-
ber shall include the plural, the plural the singular, and the use of any gender shall include all genders.
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