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HomeMy WebLinkAbout2311 5. That he will pe~mit. commit, or sufte~ no waste. impairment. oc deterioration of seid pmpedy or any part the~eo[; and in the event of the failure of- t4e ~~o~tg~go~,t~~ the buildings o~ said premises and those tobe e~ected on said premises, o~ improvemants thetebn, in gbdd ir~ the mortgagee may make such cepeirs as in its discretion it may deem necessary foc the proper pcesenration thereot. a~d the full amou~t of each aed every such payment shall be immediately due a~d peyable. and shall be secured by the lien oE this mortgage. 6. That he will pay all e~d si~gulac the costs. charges. and expenses. including reasonabie lewyer's fees, end costs of ebsiracts of title, incurred or peid et any time by the mortgagee beceuse of the feilure on the pert cf the mortgagor promptly end (ully to perfam the agreements and covena~ts of said'promissory note and this mort- gage, and said costs. charges. and expenses shall be immediately due ond peyable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements ~ow existing or hereafter erected on the mortgaged property. insuced as mey be cequired fmm time to time by the moctgagee against loss by fice and other hezards. casualties. and contin- gencies in such emounts and for such periods as may be required by mortgagee. and will pay promptly. when due. any premiums on such iosurance for payment of which provision has not been mede herei~before: All i~surance shall be caRied in companies approved by mortgagee and the policies and renewals theceof shall be held by moct- gagee and have attached tbereto loss payable clauses in Eavor of and in form acceptable to the mortgagee. ln 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 dir~cted to make payment for such loss dicectly to mortgagee instead of to mortgagor a~d matgagee jointly. and the insurance pro- ceeds. or any part thereoE, may be applied by mo~igagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of` the property damaged. In event oE foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. ' title. and interest of the mortgaga in and to any insurance policies then in force shall pass to the purcheser or grantee. - - - . 8. That the mortgagee may. st any time pending a suit upon this mortgage. apply to the court heving jurisdic- tio~ thereaf foc the appointment of a receivec. a~d. such coud shall forthwith appoint a receiver of the premises covered hereby all aad 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 modgaged as if specifically set forth and described in the granting and habendum clauses hereof, a~d such receiver shall have all the broed and effective functia?s and powers in anywise entrusted by a court to a receiver. a~d such appointment shell be made by such coun as an admitted equity and a matter of absolute right to said mort~agee. atd vx~thout reference to the adequacy or inadequacy of the value of the property mortgeged or to the solveneb? oc~inso~~ncy of said modgagor or the defendents, and that such rents. profits. income, issues. and cevenues .shall be applied by such receiver according to the lien of this modgage and the practice of such court. ln tl~e event ~~t~y dgfe ~;on the part of the mortgagot hereunder. the mortgagor agrees to pay to the mortgagee on t~eownd `as ~;r~k~aiqb~i~•~nonthly rentel for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate oE the twelve moathly install- ments payable in the then current year plus the actual amount of the annuel taxes. assessm n'~s water rates, and insurance premiams for such year not covered by the aforesaid monthly p~ye~ents. - 9. That (a) in the event of any breach of this mortgage or default oa the part of the tnattgagor. or (b) in the event that any of said sums of money herein referred to be not pcomptly and f~lly paid withont demand or notice. or (c) 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 eggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secuced hereby, shall become due end payable forthwith. a 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 thereafter, 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 modgagee may foreclose this moctgege, as to the amount so declared due and ; payable, and the seid premises shall be sold, to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosuce 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 dne and unpaid. In such case the pcovisions of ~ this paragraph may again be availed of thereafter from time to time by the matgagee. 10. That the modgagor will- give immediate notice by mail to the modg,agee of aay coaveyance, transfer, oc change of awnership 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 a~greetnents contained herein. or in said note, then the mortgagee may perform the samg, and all expenditutes (including reasonable attorney's Eees) made by the mortgagee in so doing shal! draw interest- at the rate set fath in the note secured heceby, and shall be repayable immediately and ~aithout demand by the mortgagor to the mortgagee, and. together with intecest and costs accruing thereon, shall be secured.by this modgage. 13. that the mailing of a written notice a demand addressed to the owner of record of the mortgeged pcemises, or directed to the said owner at the last edd~ess actually furnished to the modgagee, or directed to said awaer at said mortgaged pcemises, and mailed by the United States mails, shall be snfficient notice and demand in any case azising under this instrument and required by the provisions hereof or by law. 14. The modgagor further covenants that shonld this moct age and tl~e note secured hereby not be eligible for insurance under the Natioaal Housing Act within ~~Y~ . from the date hereof (written statement of any ofEicer of the Department of Honsing and Urban Devel ment or authaized egent of the Secretary of Hous- ~ ing and Urban Developmeat dated subsequent to~ the ~~Y$ time from the dete of this mortgage, declining to insure said note and this mortgage, being deem~d canclusive proof d such ineligibility), the modga- ~ gee or the holder vE the note may. at its option, declare all sums secured beceby immediately due end payable. The covenants herein contained shall bind, and the benefits aad odvaateges shall iaure to. the respective heirs, executors, administrators, successors, and assig~s d the padies hereto. Whenever used, the singular num- ber shall include the plural. the plural the singular, and the use of any ge~er shall include all gendecs. . ~c~t~$ - ~ ~ ~ ° ~ ~ _