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HomeMy WebLinkAbout0165 5. That he will permit, commit, or suEfer no waste. impairment, or deterioraiion of said propert~~ or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected an said premises, or improvements thereon. in good repair, the mortgagee may make such ~epairs as in its discretion it may deem necessary for the p~oper preservation thereof, and the tull amount of each and every such payme~t shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges. and expenses, including reasonable lawyer's tees. and costs of abstracts of title, incurred or paid at any timc bythe moctgagee.because of the failure on'the pert of the mortgagor promptly and fully to perform the agreemeats and covenants of said ~promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payabl~ a~d shall be secured •by the lien of this mortgage. That he will keep the improvements now existing oc hereafter erected~on the mortgaged property. insured as may be required [rom time to time by the mortgagee against loss by tire and other hazard~. casualties. and contin- gencies i~ such amounts and for such periods as may be required by moctgagee. and will pay promptly. whe~ due-. any premiums on such insurance for payment of which provisio~ has not been made hereinbefore. All inswance shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by mort- g.agee and have attached the~eto loss payable clauses in favor 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 promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or a~y part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfe~ of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title, and interest of 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 thereaf for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all 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 specifically set forth and described in the granting and habendum clauses hereof, and such receiver sha11 Iwve all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said m~~ag~e, ~d without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solb~?ncy pr ir~olveniC~?- QE~said mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be appli~ by such receiver according to the lien of this mortgage and the practice of such court. In the event of any defBQfto~rli~e part of the mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as a reasonabl~•monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggcegate of the tvUElv,e monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments; water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. ~ 9. 'Ffiat (ul in the event of any breach of this modgege_or default o~ the part of the mortgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (~1 in the event that each and every the st'ipulations. agreements. conditions, and covenants of said note and this mortgage, 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, shail become due and payable forthwith, or thereafter, at the option of said matgagee. 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 a 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 eguity. 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 . i payable. and the said premises shall be solc~ to satisfy and pay the same together with costs, expenses,and allow- ; ances. In case of partial foreclosure of this mortgage~ the mortgaged pcemises shell 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 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 or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby.~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, a in said note, then the mortgagee may perform the same. and all expenditu~es (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fotth 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 this moctgage. ' 13. that the mailing of a written notice or demandaddressed to the owner of record of the modgaged premises, or directed to the said owner at the last address actually furnished to the modgagee, or dicected to saidorvner 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 requiced by the provisions hereof or by lew. 14. The mortgagor fiuther covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~y j~ys fcom the date hereof (written statement ~ of any officer of the Department of Housing and Urban Devefopment or authorized agent of the Secretary of Hous- ing and Urban Development dated ~subsequent to~ the time from the date of this modgage, declining to insure said note and this mortgage, being dee~on-c~iisive proof of such ineligibility). the modga- gee or the holder of the note may, at its option. declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits~ end advantages shall inure to, tbe respective heirs. executors, administrators, successors, and essigns of the padies 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. a~i~8 ~ ~~i a~ _ ~ _ - ~ - ~ .