Loading...
HomeMy WebLinkAbout1922 ` ~T ( 5. That he will pe~mit. commit. oc svfE~t ~1p~wiste~ im~ii~ . o~ dete~ior~tion of said p~opedy or any pact thereof; a~d in the event of the feilure of the mortgagor to kecp the bulldings on seid premises and those tobe erected on said premises. o~ improvemeets theceo~. in good repair~ the matgagee may make such ~epoits as in its discretio~ it may deem necessory for the proper preservation thereot, pnd the full emount of each and every such ~ paymeM shall be immediately due and peyable. and shall be secu~ed by the lien of this moctgage. 6. That he wiU pey all and singuler the casts. checges. and expenses. including ceasonable lewyer's [ees. and cosis of ebstracts of title, incurred oc paid at aey time bythe mortgagee because of the tailuce on the pert of the mortgagor promptly and fully to perEam the agreements and cove~ants of said 'promissory note and this mort- gage, and said costs. charges. and expenses shalt be immedietely due and peyable and shall be secured by tfie lien of this mortgege. . ~ 7. That he will keep the imp~ovements now existing or heceafter erected on the mortgaged pcopedy. i~sured as may be cequired from time to time by the mortgagee against loss by fire and other hazerds. casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee. and ~vill pey promptly. when due. any premiums on such insurence for payment of which provision has not been made hereinbefae. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mart- gagee and have attached thereto loss payeble clauses in favor of and in form acceptable to the modgagee. In event of loss he wilt give immediate notice by mail to moctgagee. and moctgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authorized and d'uected to meke payment for such loss directly to modgagee instead of to moctgagor and matgagee jointly~ a~d the insura~ce prw ceeds. or any part theceof. may be applied by matgagee at its option either to the rednetion of the indebtedness hereby secured or to the restoration or cepair of the property damaged. In event of foceclosure oE this mongage oc . other tra~sEer of title to the mortgaged propedy in extinguishment of the indebtedness secured I~ereby. all right. title. and interest~of the mortgaga in and to any insurance policies then in face shall pess to the purchaser or grantee. 8. That the matgagee may, at any time pending a suit upon this mortgage. apply to the couct having jurisdic- tion thereaf for the appointment of a ceceivec. and such coud 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 bei~g expressly understood, is hereby mortgaged as if speciEicaily set forth and described in the granting and habendum clauses hereof. end such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a ceceiver. and such appointment shall be. made by such coud as an admitted equity and a matter absolute right to said mottgegee, and arithout ceference to the adequacy or inadequacy of -the value of the pcopert~^lo~ag~ o=~o the solvency or insolvency of said mortgagor or the defendents. aad that such rents, profits, income. tss s; a~t pues shall~be spplied by such receiver according to the lien of this mortgage a~d the prsctice of such court. ~~Ne event of any default on the ped of the mortgagor hereunder, the mortgagor agrees to pay to the isoct~ae "'OR~d~and as a reasonable mont6ly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate of the twelve moathly install- ments peyabte in the then current year plus the actual amount oE. ~he aru~ual taxes, assessments. water rates. and insurance premiums for such year not covered by the afocesaid montW~f peyments. 9. That (a) in the event of any breach of this mortgege or defeult on the part of the mortgagor, or (6~ in the event that any of said sums of money herein referred tq be ~ot: promptly and fully paid without demand or notice. or (~1 in the event that each and every the stipulat`ions, agreeenents. conditions. and covenents of said note and this mortgage, ace not duly, promptly, and fully performed; then in either or any such event. the.said eggregate sum mentioced in said ~ote then remaining unpaid. with interest accrued to that time. and all moaeys secureu hereby, shall become due and payable forthwith. a thereaher. at the option of said matgagee. as fully and com- ' pletely as if all of the said snms of money vvere originally stipulated to be paid on snch day. anything in said ` note or in this modgage to the contrary notwithstanding; and thereupoa a t6ereafter, at tbe option of said matga- E gee. withont notice or demand, suit at law or in equity, may be pcosecuted as if all moneys secured hereby had ; matured prior to its institution. The modgagee may foreclose this mo~tgege. as to the amount so declared due and ( payable, and the said pcemises ~shall be sold to setisfy a~d pay the seme together with costs, eYpenses.and sllow- ~ ances. In case of partial foreclosure of this matgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the aawunt af the debt not then due and unpaid. In such case the provisions of ~ this p~tagraph may again be availed of theteefter from time to time by the moctgagee. 10. That the modgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, or change of ownership af the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shell at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby.' ' 12. That if the moctgagor default in any ~ the covenants or ag~eeraents contained herein, oc in said not:. then the mortgagee may pedorm the samg, and all expenditutes (including reasonable 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 and without demand by the mortgagor to the mortgagee, and, together aith interest and costs accruing thereon, shall be secuced by this mortgage. ~ 13. that the mailing of a written notice a demandaddressed to the mivner of record of the mortgaged premises, or directed to the said owner at the last address actually fucnished to the mortgagee, or dlrected to said aivner at said mortgaged premises, and meiled by the United States mails. shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof a by law. 14. The mortgagor further coveaants tbat should this matgage and the note secuced hereby aot be eligible for insurance under the Natioaal Housing Act ~rithin ~ from the dete hereof (wcitten statemeat ~ of any officer of the Department of Housing and Ucban ~ m~e~i~or a~horized egent ef_tbe Secretary oE Hous- ing end Ucban Development dated subsequent to~ the ~ j~} s time Erom the date oE this moctgage, declining to insure said note and this mortgage, being deemed coaciusive pcoof d sach ineligibitity), the mortga- gee or the hoWer d the note may, at its option. declare all sums secured bereby immediately dne-and payoble. ~ T6e covenants herein contained shall bind, and the benefits and advanteges shall Inure ta, tbe respective ~ heirs, executors, administrators, successacs, and essigns d the parties hereto. 9Yhenever used, the singular num- ber shall include the plural, the plural the singular, a~d the use of any gender shall include all genders. ~ goox188 r~cE191~ . - _ - - _ ~~k~~~ 4~`~'._.E.•~.~..'t`..z ~ K ~ ~