The URL can be used to link to this page

Home My WebLink About2802 ; 5. That he will rmit. commit, or sutt~r o w st inpe t, or de~erio~ation ot said p~openy or any part thereof; and in the event ot the failure Ot.th~~tgagor t1..kN~the buildings o~ s~id premises and those tobe e~ected on said premises. or improveme~ls thereon. io good ~epai~. the mottgegee may meke such repeirs ea in its discretion it may deem necessary to~ the proper pMSecvation the~eaf. and the tuli amourtt of each aod every such poymeot shall be ianmediately due and peyeble, a~d shall be secured by the lien of this mortgage. 6. That he will pey a!1 and singular the costs. charges. and expenses, including reasonable tewyer's fees. a~d costs of abstracts of title. incuned oc paid at eny time bythe mortgagee beceuse of the failure on the pect o[ the mongagor pcomptly and [ully to perfam the egreeme~ts and covenants of seid 'promissory note and this mort- gage. and said costs. charges, and expe~ses shall be immediately due end peyeble and shall be secuced by the lien of this martgage. ~ 7. That he will keep the improvements now existing a he~eafter e~ected on the modgaged prope~ty. insured as may be cequired frow time to time by the mortgagee ageinst loss by [ice and other hasacds. casualties. a~d contin- gencies in such amounts aed for such periods as may be required by mortgagee. and will pey promptly. when due. any premiu~as on such irtsurance for peyment of which pcovision has not been made hereinbefoce. All insuca~ce shaU be canied in companies approved by matg,egee and the policies end renewals theceof shall be held by mart- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. ln event of loss he will give immediate notice by mail to matgagee. and mortgagee may make proof of loss iE not made promptly by matgagor. and each insurance company co~cemed is heceby authorisecl and directed to make peyment for such loss directly to mortgagee instead of to moctgagoc and mottgagee joiatly. and the iasurance pro- ceeds. or any part thereof. eaay be applied by mortg~gee at its option either to the reductio~ oE the ic~debtedness hereby secu~ed or to the restoratioa or repeir ot the pcopedy damaged. in event of foceclosure oE this mortgage oc other transfer of title to the moctgaged property in extinguishment of the indebtedness secuced hereby. all right. title. aad ietecest of the mortgagor in and to any insurance policies then in force shall pess to the purchaser or grantee. ' 8. That the mortgagee a~ay. at any time pendiag a suit upon this moctgage, apply to the court having jurisdic- tio~ thereof foc the appointment of a receivec, and such court shall forthwith appoint e ceceiver of the premises coveced hereby all aad siagulac~ includiag all and singular t6e income, proEits. issues. and revenues from whatever source de~ived. each aad eve~y of which. it being expcessly understc+od. is hereby mortgaged as if ~~ci(~11y tet forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broed and effective fuactio~s and powers in anywise entrusted by a court to a receiver, and sach appointment shall be made by such couct as aa admitted equity and a matter of absolute right to seid mortgagee. and without tefe~~to tbe ~ r adequacy or inadequacy of the value of the propedy mortgaged or to the solvency oc insolv~'ticy }f•seid , ~go~ oc the defendents. a~d that sitch rents, pra[its. income. issues. and revenues sball be applied by such receive~ accocding to the lien of this mo~tgage and tl~e practice oE such court. In the eve~t of any default on the pod oE~tYie modgagoc hereunder. the mortgaga agcees to pay to the mortgagee on demend as a reasonable moathiy reat~l fot the premises an amount et least eq~ivalent to one-tweUth (1/12) of the eggregate of the twelv~ mouthly iastalh ments payable in the then current year plus the actual amount of the annoal taxes. assessments. ~r~tec rates,. aad insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (a1 in the event of-any bceach of this mortgage or default on the part of the modgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully peid aithoat demand or notice. or (~1 in the eve~t that each and every the stipulations~ agceeme~ts. conditions, and covenents of said note end this mortgage. are not duly. promptly. and fully performed; then in either or aay such event, the said agg~egate sum meatioaed in said aote thea cemeining uopaid. with iaterest accrued .to that time. and all dwneys secured hereby. shall become due and payable forthwith, oc thereaher, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money vrece originally stipulated to be peid on such day. anything in said note oc in this mo~tgage to the contrary notwithstandi~g; and thereupon o~ theceafter. at the option d said muctge- _ i gee. without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had f matured p~ior to its institution. Tbe mo~tgagee may foceclose this matgage. as to the. emount so dectared due and j payable. and the said premises sh~ll be sold to satisfy aad pay the same together witb costs. e:penses,and allew- ances. In case of pertial foreclosure ot this matgage. the moctg,eged pcemises shall be sold subject to the con- tiauing liea of this matgege for the' amount d ti~e debt not then dne and unpaid. In such case the provisions of this peragraph may again be avaikd of thereafter from Cime to time by the mortgagee. 10. That the matg,~gac will give immediate ~otice by meil to the mortgagee oE eny conveyance, transfer, or ctwnge of oaners6ip d the premises. 11. That ao vnaiver of any coveaaat hereia oc of the obligation secnred hereby shall at any time thereafter be held to be a waiver of the terms hered or of the note secured heceby. 12. That if the matgagar default in any of the covrnants oc agreements coatained l~erein. or in said note, then the mortg,agee may pedo~m the samg, and all e:pendit~ces (including reasonable atto~aey's fees) mede by the mortgegee ia so doiag shall draw interest at the rate set fath in the note secured heceby. and shall be repayable immediately aad without demaad by the matgagor to the mortgagee~ and. together with intecest and costs accruing thereoa, sl~all be secured by this modgage. ~ 13. that the mailing d a writteR notice ac demand addressed to the owner oE record of thr moctgaged premises. or dicected to the said owaer at. the last address actually furnished to the matgagee; or dicected to seid awner at said mortgaged pieeises. aad nwiled by tbe United States a~ails, shall be snfficient notice and demaod in any case acisiag wzder this iastrumept aad cequired by the provisioas hereof or by law. ~ 14. The mortgagor further covenaats that should this gagr and d~e note secured bereby not be eligible for iasuraace under the Natia~a! Ha~sing Act within ,w QA~ from t6e date hered (arritten statement ~ d any officer d tLe Depactmeat of Housing and Ucban Developmeat a authorized agent oE tbe Secretary of Hous- ing and Urban Qevelopmeat dated subsequeat to~ the ~SQ Q,AY$ time from the date of this moctgage. ~ declining to inaure said ade aad tbis •matg,age. being deem~d coaclusive pcoof af ruch ineligi6ility), tl~e mortga- ~ gee or the holder af tbe note may. at its option. declare all sums secuced heceby immediatety due and p~yoble. ~ The coveoaots heceia coatained s6a11 bind. and the beaefits and advaptaees shall inure to, the respective heirs. e:ecutas. administrat«s, successas. and assigns aE the parties hereto. Whenever used, the singular num- ber shail incl~de the plurat, the plaral the singular. and the use oE aay gender shall include all genders. ~ . ~188 ~2?9? ~ - - - ~~~~~t ~ _ . -