The URL can be used to link to this page

Home My WebLink About2427 i S. That he will permit, commit. or sutfe~ no w~ste, impai~ment. or dete~ioration of seid propetty or any pa~t thereoi; and in the event oI the [ailqtp vf Rht-~aot{~~ p the bujldings on said pcemises ~ad tbose tobe erected on said p~emises. or impcoveAe~lts~h~`e6on. in~~ ~ir. the mortgagee may nwke such cepai~s as in its disccetion it may deem necessary fa tbs proper prosen+ation thereof~ and the full amount of each and every such payment shall be immediately due and poyAbte. aed shall be secured by the fien of this moctgage. 6. That he wil! pay all and singular the costs. char~es. and expe~ses. including ceasonable lawyer's fees. a~d costs of abatracts of title. incuned or paid at any time by the mortgaeee beceuse of the failuce on the port of the moctgegor promptly and Eully to pe~form the agceemeets and coveaants of said '~xomissory note and this mort- gage. ~nd said co$ts. charges. and expenses shall be immediately due~ and peyable and shaU be secured by the lien d this mortgage. . 7. That he will keep the impcovements nov~s existing or heeeafter erected on the mortg,sged p~opetty. insuced as may be required from time to time by the mortgegee against loss by tire end other hazards. casualties. and contin- ge~cies in such amounts and for such periods as may be required by matgagee. aad ~rill pey praaptly. when due~ any premiums on such insurance for payment of which provision has not beea mede hereinbefore. All insurance shall be cerried in companies approved by moctgagee and the policies end renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favo~ of and in form acceptable tothe mortg,sgee. In event of loss he will give immediate notice by mail to mortgagee, and mortgegee may make proof of toss if not made promptly by matgagor. and each insnrence company concerned is hereby authaized and directed to make payment for such loss directly to mortgagee instead of to matgaga and matg,egee jointly, and the iosuraece pro- ceeds. oc aay part ttiereof, mey be applied by mortgagee at Its option either to the rtduction of the iadebted~ess hereby secured or to the restoration a repair of the property demaged. ln event of foreclosure d this mortgage oc other transfer oE title to the mortgeged property in extiaguishment of the indebtedness secured hereby~ al! right. title.. and interest of the mortgaga in and to any insurance policies then in face shall pess to tlie puccheser or gtantee. - 8. That the mortgagee may. at any tiaie pe~ding e suit upon this mortgage. epply to the court having jurisdic- tion thereof for the appoiatmeat of a receiver. and such cwrt shall forthwith appoint a ceceiver of the premises covered hereby all and singular. including all and singular the i~come, profits. issues. and revenues from whetever source derived, each and every of which, it being expressly onderRtood. is hereby moctgaged as if specifically set forth and described in the grenting and habendum clauses hereaf~ and such receiver shall hav~ all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and auFb ~y~ibtnent shall be made by such court as an admitted equity and a matter of absolute right to said mortga~, and without refere~e to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolveacy of said mortgagoc or the defendents. aad that such rents, profits, income, issues. aad reveaaes Bdsll ,0e;~p~~ such receiver according to the lien of lhis tnortgage and the pcsctice of such caut. In the e'veht of ahy de[~~lf on the pad of the modgagor hereunder. the matgegoc agrees to pey to the mortgagee on demand as a reaso~bk~-eavethly rental for the premises an amount at least equivaleat to one-twelfth (1/12) of tl~e egp,~egate of the twslve monthly install- ments payable in the then current year plos the actual amount of the annual taxea."assessments. aeter rates,.end . insurance premiums for such year not covered by the aforesaid monthly peyments. . 9. That (o) in the event of any bceach of this modgage or default an the part of the modgagor. or (6) in the eve~t that any of said sums of money herein referred to be not promptly and fnlly paid without demaad or notice, or (c) in the event that each and every the stipulations~ agreetceats, conditions, and covenaats of said aote and this mortgage. are not duly. promptly, and fully performed; then in either or any snch event, t6e said aggregate sum mentioned in said note then remaining unpaid, with i~terest accrued to that time, and all moneys secured hereby. shall become due and payable forthwith. c,~ thereafter, at the optioa of said moctgagee. as fully aad com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything ia seid note oc in this modgage to tl~e contrary notwithstanding; and thereupon oc thereafter. at the optioa af said mactga- gee. without notice or demand. suit at law or in equity. may be prosecuted as if all awceys secured hereby had matured prior to its iastitution. The modgagee may foreclose this martgage, as to the emonnt so declared due and payable. and the said premises shall be sold to satisfy and pey the same togetl~er with costs. expeases,aad alloar- ances. In case of pertial faeclo~ure of this mortgage, the nwrtg,aged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amnuat of the debt not then due aud unpald. In such csse the provisions of k this peragraph may again be availed of thereafter ~rom time to time by the matgagee. 10. That the aartgagoc will give immediate notice by mail to the mortg,agee of any conveyance, transfer. oc ~ change of oovnership of the premises. . ~ 11. That no waiver of any covenant hereia or of the obligation secured hereby shall at eny time thereafter be held to be a waivec of the terms hered or of the note secured hereby: ~ 12. That it the mortgag« default in any of the covenants oc ag~eements coatained herein~ or ia said note, then the modg,agee may perform the samg, and all expendit~ces (incinding reasonable attaraey's fees) made hy the mortgagee in so doing shall draw interest at the rate set fatb in the aote secured heceby, and shall be repeyable immediately and arithout demand by the moctgagor to the modgagee, and~ together with iaterest and costs accruiag ~ thereoa, shall be secured by this mortgage. ~ . 13. that the mailing of a writtea notice a demandaddressed to the owner of recocd of the matgaged premises~ ~ or dicected to the sald owaer at the last address actually furnished to the mortgagee. or directed to saidavner at said modgaged pumises, and mailed by the Un~ted States mails, shall be sufficient aotice and demand in anq ~ case acising nndec this iastcument and required by the provisio~s heceaf or by law. 14. The mortgagor further coveaants that shonld this mpt a e and the note secnred hereby not be eligibk ~ ~ for insurance under tbe Netiooel Housing Act within ~Q Q~~~ fcora tbe date hereaf (~vritten statement E of any officer of the Department of Housing and Urban Development or e~hocized ageat af tbe Secretary of Houa- ~ ing and Urban UevGlopwent date~ subsequent to~ the ~~Y$ time from tbe date cf this mortg~ge, ~ declining to insure said' aote and this ~ mortgage, ~beiag deemPd coaclusive proof d such ineligibility), We mortga- ~ gee or the holder d t6e note mey, at its option, declare all sums secured hereby immedietely due aad poyoble. ~ The coveaants herein coateided shall biud, and tbe benefits aad advaata~s shall inure to, the rcspective n heiis, executas, administratocs, successas, ard assigns d the padies hereto. Whenevec used, the singulqr nam- ~ ber shall include the plural, the plural the singular, and the use of any gcnder shall include all gendecs. ~ ~ ~ ~ ' . ~ ~ ~ ~i88 ~2~3 ~ . . r ~ ~ - I _ _ . . " _ K' ~ ~