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HomeMy WebLinkAbout0948 5. That he will permit, commit, or sutfer no waste, impairme~t, or detecioratio~ ot said propetty or any pen thereaf; and in 1he event of the failuce ot 1he moctgago~ to keep the buildings on said premisea and those tobe erecttd on said premises. or impro~ements thereon, io good repair, the mortRegae may make such repeirs as in its disccetion it may deem necessa:y tor the proper preservation thereu(, and the (uii amount of each and every sucl? payment shall be immedietely due and payabte, a~d shall be secured by !he lien ot this mortgage. 6. That he will pay all and singular the costs. cherges, and expenses. including reasonable lawye~'s fees, and costs af abstracts of litle~ inc~rred or paid a! any time by the mortgagee because o[ the failure on the part of the mortgagor promptly and fully to pe~focm the agreements and covenents of said promisso~y note and this mort gege, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by thc~ lien of this mortgage. 7. That he wiU keep the ia~provements now existing or heceafter ecected on lhe moctgaged property. insured a~ mav be required from time to time by the mortgegee against loss by fice and other hazerds, casualties, and cont~n geocies in such amounts and foc such periods as aiay be required by mortgegee, and will pay pcomptly, when due. any premiums on such insuraace tor peyment of which provision has not been made heceinbefore. All insurancr shal! be carried in companies approved by_mortgegee and the policies and renewals thereof shall be hetd by mort- gagee and have attached thereto loss payeble cteuses in favoc of and in form accepteble to the mortgagee. in event of loss he will give immediate notice by mail to matgagee, and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authorized a~d directed to mak~ payment f<x such loss dicectly to mortgagee instead of to morigagor and mortgagee jointly, and the insurence pro ceeds, or any part thereof. roay be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propertV demaged. In event of foreclosure of this mortgage o: other trans[ec of title to the mortgaged property in extinguishment of the indebtedness secured heceby, all right. title. and interest oE the mortgaga in and to any insurance policies then in [orce shall pass to the purchaser o: grentee. 8. T'hat the mortgagee may~ et any time pending a suit upon this mortgage, apply to the court having jurisdic tion thereof for the appointment o! a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby ail and singulac, including all and singular the income, profits, issues. and revenues from whateve~ source derived. each and every of which, it being expeess[y under~f~. is hereby mortgage~ as if spe~ifically s~i forth and desc~Ibed in ths gra~ti~g and fia~endum clauses l~ereof, and such receiver shall have atl the broad an~ effective Eunctions and powers in anywiae entrusted by e court to a receiver, end sach appointment shell be madf by such court as an admitted equity and e matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy o[ the value of the prope~ty mortgaged or to the solvency or i~solverr~y oi said mortgaga or the defendents, and that such rents, profits, income, issues, aed revenues shalt be applied by such receiver according to the lien of this mortgage and the prectice of such coud. In the eveni of any detauit on the patt of thc mortgagor hereunder, the mortgagot agrees to pay to the mo~tgagee on demand as a reasonabte monthly rental fo~ the premises an amount at least equivalent to one-twelEth (1/12) of the aggregate of the twelve monthly insta':1- mertts payable in the then cunent year plus the actuel amosu~t of the a~inual taxes, assessments. water rates, and _ insucance pre:ninms for such year not covered by the aforesaid monthly payments. 9. That (o/ in the event of any bteach of this mortgage or default o~ the pert of the mortgagor, ot (61 in the event that any ot said sums of money herein re(erred to be not promptly and [ully paid without demartd or notice. or (c) in the event that each and every the stipulations. agreements. conditions. and covenants of said note and this moctgege, are not duly, promptly, and fully pertormed; then in either or any such event, the said aggregate ' sum mentioned in said note then remaining tutpaid, wiih intetest accrued to thet time. and ail moneys secured ; hereby, shall become dae and peyable [orthwith, oc thereaker, at the option of said mortgegee~ as Eully and com- t pletely es if all of the said sums of money were originally stipulated to be paid on such day, anything in said r note a in this mortga~e to the con?rary notwithstanding; and thereupon or thereafter, at the optioo of said matga- ~ gee, aithout notice or demand, suit et law or in equity, mey be prosecuted as ~f ell moneys secured hereby had ° matured prim to its i~stitution. The mortgagee may foreclose this mortgage. as to the amount so dectared due and ~ payable, and the said premises shall be sold to satisfy and pay the same togcthe~ with costs, expenses,and allow- ances. In case oE Partial foreclosure of this mortgage, the mortg,aged p~emises sha11 be sold s~ibject to the con- ~ t~nuing lien of this mortgage fa the amount of the debt not then due and unpaid_ In such case the ptovisions of this peragraph may ogain be availed of thereafter [rom time to time by the mortgagee. 10_ Thet the mortgagoc will give immediate notice by meil to the mortgagee of any conveyance, transfer, a change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at en_y time thereafter be held to be a waiver of tfie terms hereof or of the note secured hereby. 12_ That if the mortgagor defauit in any of the covenants or egreeme~ts coniained hecein, or in said note. then :he moKgagee may perform the same, and all expendit~es (including reasonable attorney's fecs) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable ° immediately and ~4ithout demand by the mortgagoc to the mortgagee, and, together with interest end costs accruing ~ thereon, shall be secured by th~s toortgage. 13. thet the mailing of a written notice a demendaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner et the last addtess actualty futnished to the mort a e, ot directed to seido~vnec at ~ S ~ said mortgaged premises, end mailed by the United States mails, shall be sufficient notice and demand in eny ~a case arising under this instrument a~sd requited by the pcovisions hereof or by law. 14. The mortgagor further covenants that shouid this mort& e end the note secured hereby not be eligible for insurence u~der the Natiasal Housing Act within ~~T~ from the dale hereof (written statement y:. of any oEficec of tbe Department of Housing and Urban Devel opment oc authorized agent o[ the Secretary of Hous- `"j`= in and Urban Develo ment dated subs ~ B p equent to the 30 DAYS • time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deem~d conclusive pcoof of such ineligibility), the moctga- gee or the holdet af the note mey, at its option. declare all sums secured hereby immedietely due and payeble. ~ The covenants hecein contained shall bind, and the beneEits and advantages shall inure to, the respective heirs, executors, administretors, successors, and assigns of the perties heteto. Whenever used, the singulac num- ~ ber shell include the plu~el, the lural the sin lar end the use of an end ~ P B~+ , y g er shall ~nclude all genders. ~ ~~z ~~~K 187 ~ ~48 - -v~ 3- : ~ . ~ a ,'~-V .d,"~ ~ ~+a.. +d ~...v.- . . _ . _ .