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HomeMy WebLinkAbout2299 S. That he will permit. cummit. or su[[er no weste, impai~ment. oc deterio~etion ot said propeny or any part thereot; and in the event ot the tailure of the mortgagor to keep the bcildings oo said premises and thase tobe erected on said premises, o~ improvements tP~in ~~1~ the mortgagee may make such ~epeirs.as in its discretion it a~y deem ~ecesse~y fo~ thet t p aervat o[, end the [ull amouet of each and every such payment shall be immediately due and peyeble, and shell be secured by the tien of this mortgage. 6. That he wiU pay all and siagular the ceets. charges~ and expenses, Including reasonadle lewyer's fees. and costs of abatracts of title, incu~ced o~ peid at eny time bythe mortgagee.because ot the failuce onri~r~part of the mortgagor promptly e~d fuUy to perEam the ag~eements end covenants of said'promissory note end this mort-- gage, and said costs. charges, a~d expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. - 7. That he witl keep the improvements now existing or heceafter erected on the mortgaged prope~ty. insured as mey be required fcom time to time by the mortgagee egainst loss by fire and other hezards. casualties, and conti~- gencies in such amounts and tor such periods as may be required by mortgagee. and will pay promptly. when due, any premiums on such insurance for paymeM of which pcovision has not beeo made hereinbefoce. All i~surance shall be carried in companies approved by mo~tgagee and the policies and renewels tfiereof shall be held by roat- gagee and have attached thereto loss payable clauses in favor oE and in fam acceptable to the mortgagee. In event of loss he will give immediete notice by mail to mottgegee, 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 payme~t for such loss directly to modgagee instead of to matgagoc and moctgagee jointly. and the insurance pro- ceeds, or aay pad thereof. may be applied by mortgagee at its option eithe~ to the reduction of the indebtedness hereby secured or to the restoration or cepair of the propedy damaged. In event of foreclosure of this modgage a othec transfer of title to the modgaged propecty in extinguishment of the indebtedness secured hereby~ all right. title. and inte~est of the mortgagoc in and to any insurance policies then in force shall pess to the purchaser or ~ grantee. 8. That the moctgagee may, at any time pending a suit upon this matgage. apply to the court having jurisdic- tion thereof foc the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singulat. includiag all and singular the income. profits. issues, and revenues fro w tever source derived, each and every of which, it being expressly understood. is hereby mortgaged as if spec ca ly. set forth and described iri the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court ~to a receiver, and such appointment shall be made by sucfi coud as an admitted equity and a matter of absolute right to said mortgagee. and without reEerence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or inso~Yd~y Of said mortgagor or the defendents. and that such rents, profits. income. issues. and revenues shall be applied by such receiver accocding to the lien of this modgage and the practice of sach coud. In the event of any default on pad of the mortgagor hereunder, the modgagor agrees to pay to the modgagee on deman~as a-teas~le :~o~~y rental for the premises an amount at least eqpivalent to one-tvvelfth (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, assessaent~, aiafei rates. and insurance premiums for such year not covered by the aforesaid monthly peyments. • 9. That (a) in the event of any breach of this modgage oc d~fault on the pad of the modg~got, oc~y•in the event that any of said sums of money herein referred to be not promptly and fully paid withoat demend or notice, or (~1 in the event that each and every the stipulations. agreements, coaditions, and covenants of said note and this mortgage, are not duly. promptly. and fully performed; then in either or any such event. the said aggcegate ~ sum mentioned in said note then remaining unpaid. with interest sccrued to that time. and a11 moneys secured hereby. shall become due and payable focthwith. or thereaker. at the option of said mottgagee~ as fully and com- ; pletely as if all of the said sums of money were originally stipulated to be paid on such day, anyihing in said # note or in this modgage 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 ~ ~ matured pcia to its institution. The mortg,egee may foreclose this mortgage~ as to the amount so declared due and ; i payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case of partisl Eoreclosure of this mortgage, the mortgaged pcemises shall be sold subject to the con- ~ tinuing lien of this mortgage Ea the amount o[ 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 matgagee. ~ 10. That the mortgagor will give immediate notice by mail to the modg,agee of any conveyance, transfer, or change of ownership of the premises. - 11. That no waiver of any covenant herein or of the obligation secuced hereby shall at any time thereafter be heid to be a waivec of the terms hered or of the note secured hereby.~ 12. That if the mortgagor default in any of the covenants or agceements contained herein, or in said iiote, tben the mortgagee may perform the same, and all expendit~es (including reasonable attaney's fees) made by the mortgagee ia so doing shall dravr interest at th~ rate set forth io the note secured hereby, and shall be re yable immediately and without demand by the mortgagoc to the mortgagee, and. together with interest and cost~ruing ~ thereon, shall be secared hy this mortgage. 13. that the mailing~oE a written notice a demandaddressed to the owner of record of the mortgaged premises. or directed to the said oar~r at the last address actually furnished to the matgagee, or directed to said owner at said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case a•ising under this instrument and requiced by the provisions hereof or by law. ~ 14. The mortgagor further coveaaats that shoald this moctgage and the note secured hereby aot be eligible for insurance under.the Natiaoal Housing Act within from tbe date•hereof (~vritten statement of any officer ot the DepartmeM of Housing and Urbaa Development or authorised agent of tl~e Secretary of Hous- ing and Urban Qevelopr~ent dated subsequent to the ~~Y~ time fcou~ ;H?e date of this mortgage. ~ u~ _ ~ declining to insuce said nate and this mortgage, being deemed conclusive proof oE such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums.secured hereby immediately due and pay~ble. The covenants herein conteined ahall bind, and tbe benefits and advaatages shall inure to, the respective heics, executocs, administrators, success«s, and assig~s d the padies hereto. Whenevec used, the singular num- ber shall include the plural, the plural tbe singular, and the use of eny gender shall include all genders. ~1g8 ~~295 ~ ~ ~ ~fiy Y'~~~ " ~ .