The URL can be used to link to this page

Home My WebLink About2737 \ ~ v~ ~ ~ , . +''~'?~f r t,r. j S. That he will pe~mit. commit. or sutfe~ eo weste~ imPeirment. a deteciaetion of said pwpeKy or any pa~t thereof; and io the event ot the failure of the mo~tgagor to keep the buildines on said premises and thu~e tobe e~ected on said premises. or improvements thereoo. ie good cepair. the mortgagee may nwke such repei~s as in its discretion it awy deem necesspry fo~ the proper presecvation the~eof~ and the fuli amount o[ each and every such payment shall be immediately due and payable. and shall be secured by the lien of this mortgage. 6. ThAt he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's tees. w~d costs of abst~acts of title, incurred or paid at any time bythe matga~ee beceuse oE the feilure on the pert of the mortgagor promptly and Eully to perfam the agreements a~d coveaants of said'promissory note and this mort- gage. acrd said costs. charges. and expenses shall be ima~ediately due and peyable a~d shall be secured by the lien d this mortgage. 7. That he will keep the improvements now existing or heceafter erected oa the moctgeged pcopecty. insured as may be requiced Irom tia~e to time by the moctgagee against lo~s by fice and other hasards, casualties. and contin- gencies in such anwunts and for such periods as may be required by matgagee, ead will pay pwmptly. when due. any premiums oa such insurance for peyment of which provision has not beea made heceinbefore. All insura~ce shell be carried in companies appcoved by mortgegee and the policies and renewals thereof shall be held by mwt- gagee and have attached thereto loss peyable clauses in favo~ of and in form acceptable to the modgagee. 1n event of loss he will give immediate notice by mail to mortgagee. and moctgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorized and d'uected to make ~ payment for such loss directly to moKgagee instead of to mo~tgagor and matgagee jointly. and the insurance pro- ceeds. or any part theceof~ awy be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration a cepair of the propedy daaiaged. In event of foceclosure of this modgage or other transfer of title to the mortgaged ptopedy in extinguishment of the indebtedness secured hereby, ~all right. title, and interest of the mortgaga :n and to any insurance policies then in force shall pess to the purchaser oc grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thered fo~ the appointment ot a receiver. end sucb court shall forthwith appoint a receiver of the pcemises covered beceby all aad siagulat, includiag all and singular the income. profits. issues, and revenues from whatever source derived. each and every of which. it beiag expressly undetstood. is hereby mottgaged as if specifically set fodh and described in the grenting and habendum clauses hereof~ and such receiver shall have all the broad and efEective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such coud as an admitted equity and a matter of absolute right to said matgagee, and aithout reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents~ and that such rents, proEits, income, issues, and revenues shall be applied by such receiver according to the lien of this matgage and the practice of such court. In the eveat of any default on the part of the modgagor hereunder, the moctgagoc agrees to pay to the mortgagee on demand as a reasoaable moathly rental fo~ the premises an amount at least eqqivalent to one-twelfth (1/12) oE the aggregate of the twelve moathly instell- ments payable in the then curreat year plas the actnal amount of t6e annual taxes, assessments, water rates, and insurance premiums ~oc.s~ch ye~tt ~ot coveted by the aforesaid monthly peymeats. 9. That (01 in the ei~nt oE~ eny ~~i~of this mortgage or defeult o~ the ped of tbe mortg,agor, or (b) in the event that any of said sums oE mone r~herein referred to be not- promptly and fully peid without demand or aotice, or (~J in the event tha[ each and every ~1'~ie"~t'ipulations, agreemeats, coaditia-~s, and covenants of said note and this mortgage. are not dply, promptt~?, and fully perforrt~ed; then in either or aay such eveat. the said aggcegate ~ sum mentioned in said dote then,r~mai~ing unpeid, with interest accrued to that time. and all moneys secured hereby. shall become due and poqable fOrthwith. oc theresfter, at the option of said matgegee. as fully and com- pletely as if atl of the said sums~ of money wece origiaally stipulated to be pa~ on such day, enything in said note ar in this modgege to the cpntracy ngtwithstandiag; and ther~upon or t6ecesfter, st the option of seid mortga- gee. without notice or demand,: s~1it.`at;l~pr.~or in equity. may be prosecuted as if all moaeys secured hereby had matured prior to its institation. Tbe mortg~gee may foreclose this mortgage, as to the amount so dcclared due aad '1 payable, and the said premises shall be sold to satisfy aad pay the same together with costs, espenses,and allow- ! ances. In case of partial forecloenre of this mortgage. the matgaged premises shall be sold snbject to the con- ~ tinuing lien of t6is mortgege for the amount af the debt aot then due and anpaid, In such case the provisions oE E this p~ragraph may agsia be availed of thereaker from time to time by the matgagee. ~ 10. That the mortgaga will give imaiediate notice by mail to the mortgagee of any conveyance. transfer. or " ~ change of o~vners6ip of the premises. ~ 11. That no waiver of any coveaant herein or of the obligatiou secnred hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note_ secured bereby: 12. That if the mortgagor default in any of the cove~ants o~ agreements contained bereia, or in eaid note, then the mortgagee may pedorm the samg, and all expendit~es (inclading reasonable attaney's fees) ~nade by the mortgagee in so doing shall draw interest at the rate set forth in the aote secured hereby. aad shall be cepayable immediately end aithout-demand by the mortgega to the mortgagee, and. to~ether with interest end costs accruing thereon, shall be secured by this modgage. - 13. that.the mailing of a written notice or demandaddressed to tbe rnaner of record of the mortgaged premises, or directed to t6e said awner at the last address actually furnished to the matgagee, or directed to said oovner at said mortgag~ed pcemises, and mailed by the United States mails, shall be sufEicient notice and demaad in ~ny ' case acising under this instcument and required by tbe provisioa~ hereoE or by law. . ~ 14. The mortgagor fnrther covenants that shonW this matgage and tl~e aote secnred hereby Aot be eligible for insarance uader the Natiaaal Nousiag Act.within ~ QAY$ from the date heceof (written statement ~ of any officer af the Depadment of Housing and Urban Developmeat or e~hociscd sgent of the Seccetary of Hous- ~ ing and Urban Development dated sub~equent to~ tbe ~~YS time from the date af this matgage, declining to insure said nde and this martgage, being deemPd coaclusfve proof d such ineligibility), tbe mortga= gee a the holder of tbe note may, at its option. declare all sums secured'i~eceby immediately due and poyable. ~ The coveaants herein contained shall bind, and tbe beuefits aad advs.ateges shall iaure to, the cespective heics, executors, administretors, successvrs. aad assigns uf tbe p~rties hereto. Whenever usEd, the singular num- ber shall inclnde tha:plural, the plural the singular. and the use of aay 6ender shall include all gendera. ~ _ ' ~ ~ . ~ ~11{I11~~ ~ ,._~'r~; _.,_v~ . , . _ r _