Loading...
HomeMy WebLinkAbout2665 ~ , ( +r ~~~Rl~ S. That he will pcrmit. commit. or sutte~ no waste. impoirment. or dete~iordion ot said ptopetty or ~oy part thereoE; a~d in the event ot the failu~e o( the mortgegot to keep the buildin~a on soid premises ond those tobe ecected on said premises. or imp~ovements thereon, in good mpoi~, the mottgagee nwy nwke such repeirs as in its discretion it awy deem necessary for the proper presecvation theteaE. ond the lull amount ot e~ch and every such paymeot shell be immediately due arn.' payabte, and shall be secuced by the liea of this moctgagr. 6. That he will pay all eod siogula~ the casta. char~es, and expense~. includiog reasoneble lawyer's tees. and costs ot abstracts ot title. incurred o~ paid at any tien~ by the mortgagee beceuse of tht Eailure on the pert ot the mortgega promplly and fully to perform the agrcements and covenants of said 'promisso~y note and this mort- ~ege. aod sajd coats. cha~ges, and expenses shall be immediately due end peyable and shall be secuced by the ~ lien of this moctgege. 7. That he will keep the improvements now existing oc hereafter erected on the mortgaged propedy. insuced as may be ~equiced fcom time to time by the mortgagee ageinst loss by fire and other hazards. casualties. and contin- gencies in such amounts end for such periods as may be required by mattgagee. and will poy promptly. when due~ any premiua~s on such insurance for payment oE which provision has not been made heceinbetoce. All insurance shall be canied in compenies appcoved by martgagee and the policies and renewals theceof shell be held by mat- gagee and have attached thereto loss peyable clauses in favor of and in form acceptable to the mortgagee. ln event of loss he will give immediate notice by mail to mortg,agee. and mortgagee may meke proof o[ loss if not made promptly by matgagor. and each insorance company concemed is hereby authorized end directed to make payment fa such loss directly to mottgagee instead ot to matgagoc end oatgagee jointly. and the insurance pro- ceeds. or any pad theceof. may be applied 6y matgagee at its option either to the reduction of the indebtedness hereby secured or to the cesto~ation ar repair of the ptopedy demaged. ln event of foreclosure of this mortgage oc other transfer of tltle to the mo~tgaged pcopedy in extinguishment of the indebtedness secured hereby, all right, title, and interest of the moctgaga in and to any insurance policies then in force shall pass to the purchaser or grentee. 8. That the mortgagee may. at any time pending a suit upon this mortgege. apply to _the court having jurisdic- tion thereof fa the appointa~ent of a receiver, and such court shalt fodhwith appoint e receiver of the premises covered hereby all and singular, includiag all and singular the income, profits, issues~ and revenues from whatever source derived, each and every of which. it being expcessly understood. is hereby mo~tgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and . effective functions and powecs 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 mortgagee. and without reference to the adequacy or inadequacy of the value of the propedy moctgaged ot to the solvency or insolvency of.said mortgagor or the defendents, and that such rents, protits. i~come. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practi~e of such coud. ln the event of any default on the part of the modgagor hereunder. the matgaga agcees to pay to the matgagee on demand as a reasonable monthly rental for the premises an amount af least equivale~t to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the ennual taxes. assessments. water rates, and insurance preroiums for such year not covered by the afocesaid monthly peyments. 9. That (a) in the event of any bceach of this modgage or default on the pad of the modgagor, or (6) in the event tha~ ~y~o~ s~id gymm~,oEp~ ey herein referred to be not promptly and fully paid without demand or notice, or (~1 in the'evQnt thet'~aili~~every the stipulations~ agreemeats, coaditions. and covenants of said note and this mortgege, are not dyly,.~p~ly. and fully performed; then in either or any such eveM. the said agg~egate sum mentioned in .said note tbea remaining unpaid. with ioterest accrued to tbat time. aud all moneys secured hereby. shall become due~pnd 'payable focthwith. a thereafter, at the option of said moctgagee. as fully and com- pletely as if. all of the said: sums of money were originally stipulated to be paid a~ such day. anything in said note or in this modgage to the'confrary notwithstending; and thereupon or theresfter. at the option of said matga- gee. without notice or de~qan~,.suit at law or in equity. may be prosecuted as if all aroneys secured hereby had matured prior to its iastltutioA. 1'1ie mortgagee a~ay foreclose this mortgage, as to the amonnt so declared due and - payable, snd the said premises shall be sold to satisfy and pey the same together with costs. expeases.and allow- ances. In case of pertial foreclosure of this moctgage. the moctgaged premises shall be sold subject to the con- tinuing lien of this mortgage Eor the amount d the debt not then dne and unpaid. In snch case the provisions of ~ this ra ra pe g ph may agaia be availed of theceafter from time to time by the mortgagee. ~ 10. That the mortg~gor will give ima~ediate notice by mail to the modg,agee of aAy coaveyance, transfer. ar ~ change of owaership oE the premises. - 11. That no waiver of any covenant herein or of the obligation secnred hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note secuced hereby: _ 12_ That if the mortgagar default in any of the covenants or egieements contaiped herein. a in said note, then the mortgagee may perfocm the samg, and all e:penditutes (incladirtg reasonable attocney's fees) made by tbe mortgagee in so doing shall draw interest et the rate set forth in the note secured hereby, end shall be repeyable immediately and without demand by the mortgega to the mortgagee,.and. together with interest and costs accruing thereoa, shall be secured by tbis modgage. : 13. that the mailing of a written notice or demandeddressed to the owner of record of the matgaged premises, or directed to tl~e said owner at the last address actualiy furnished to the moctgagee. or directed to seid awner at ~ said mortgaged_ pzemises, and mailed by the United $tates mails, shall be sufficient notice and demand in any case arising under this instcument ond required by the pcovisions hereof or by law. 14. 'The moctgagor further coveaaats tbat should this mort ge ond tbe note secured heceby not be eligible ~ for insurance under the Natioaal Housing Act within from the date hereof (written stetement ~ of any officer of the Departmeat of Housing and Urban Development or authorised agent of the Secretary of Hous- ~ ing and llrban Development dated subsequent to~ tbe time fmm the date oE this mortgage. declining to insure said nde and this mortg,ege, being deem~d caaclusive pcoof af such iaeligibility), tbe mortga- ~ gee or the holder af the note may, at its option, decIere all sums secnred hereby immediately due and payable. ~ The covenants herein centeiaed shall bind, and the benefits and odvanta~es shall inure to, tbe cespective heirs, executas, admiaistrators, successas, and assip,~?s af the partiea hereto. Whenever used, the singular num- ber shalt include the plucal, the plural the singulac, and the use of any gender shell include all genders. ~ ~ ~ 188 ?~?660 ~ _ ~ :_.M~ . _ _ _ _ ; ~ ~3~~>~ ~