The URL can be used to link to this page

Home My WebLink About2863 t . , ; • • - . ' ` ~ ~ S. That he will pe~mit, commit, cx su(tet no waste, impNitment, ot cleter~oration ot said p~opetty ot any pa~t the~rot; and i~ ihe event of the failute of the mottgagot to keep the buildings on seid premises and those tobe erec.ted oo said premises. ot imp~ovements thereon, in good ~epait. ths mottgegee may m~ke surh ~epeirs as i~ its discretion it may deem necessa~y for the proper prese~vation thereot. and the tull amount of each and every such peyment shall be immecliately due aod payable. end shall be secured by the lien ot this ~nortgege. . 6. That he will pey all and singular the costs. charges, and expenses. iecluding ceasooable lAwyec's [ees, a~d costs of abstracts ot titte, incutred or paid at eny time by the mortgagee because of the tailure on the pe~t ot thc murtgagor pcomptly aod Iulty to pe~form the ag~eements at~d eovenants of said'promissory note and thia mort- gege, aod said costs. charges, a~d expenses shall be immedietely due and peyable and shall be secu~ed by the lien of this mortgage. ~ 7. Thet he will keep the improvements now existiag or herealter erected oe the mortgaged prope~ty. insured as m~y be required iwm time to time by the mortgagee ageinst loss by tire emf othe~ hazards. casualties. and contin- gencies in such amounts a~d for such petiods as may be requi~ed by moctgagee. end will pay pcomptly. whee due, any p~emiua~ oo such insurence for peymtnt of which pwvision has not bee~ made heceinbefore. All insucance shall be carcied in companies approved by mortgagee and the policies ~nd ~enewals theceof shall be held by mat- gagee and have attached thereto loss payeble clauses in iavor of and in [orm accaptable to the mortgegee. In eveot of loss he will give immediate notice by mail to mortgagee. and moctgagee mey make pcoof of loss if not made promptly by moctgagor. and each irtsucance company cor~cerned is hereby autho~ized and directed to make payment for surh foss di~ectly to mortgagee i~stead oE to mortgagor and mortgpgee jointly~ and the insurance pro- ceeds. oc any part thereof~ may be applied by mo~tgagee at its option either to the reduction of the iodeMedness he~eby secured or to the restoration or repgir of the property dams~ged. ln event o[ foreclosure o[ thia mortgage w other transfer of title to the modgaged propeny fn extinguishment ot the indebtedness secured heceby. all right. title, aod interest of the mortgagor in and to any insurence policies then in force shaU pess to the purchaser or g~entee. 8. That the moKgagee may. ~t eny time pending a suit upon this rt~ortgage. apply to the couct havi~g jurisdic- tion thereof Eor the eppointment oE e receiver. end such court shall forthwith appoint e receiver of the premises covered heceby all and singula~, including all and singuler the income. profits. issues. and revenues from whatever source derived, each and evecy of which. it being expcessly understood~ is hereby mortgaged as iE specifically set Eoeth and desccibed in the grenting and habe~dum clauses hereof. and such receiver sheli heve all the broed end effective functions end powers in anywise entrusted by e court to a receiver, and such appointment ahall be made by such coun as an admitted equity and a matter of absolute right to seid mo~tgagee. and without refe~ence to the adequacy or inadequacy of the value of the prope~ty moctgaged or to the solvency a iosolvertcy oE said moctgagor oc the defendents, and that such rents, profits. income, issues. and revenues shall be epptied by such receiver accocding to the lien of this mortgage and the practice of such court. ln the event oE any defeult on the pe~t of the modgagor hereu~der, the moctgagoc agrees to pey to the mortgegee on demand as a reasonable monthly rental Eor the premises an amount at least equivalent to one-twelfth (1/12) of the eggregate oE the twelve monthly install- ments payable in the then current yrear plus the actual emount of the annual taxes, assessments, v~rater rates, end insurance premiums Eor such year not covered by the aforesaid monthly peyments. 9. That (o! in the ev~nt of;any_b~eacM of this modgage or defeult on the pert of the mortgagor, or (b) in the ~ eve~t that any of said sums of inoney`her~ih referred to be not promptly and fully peid without demand or notice. or in the event tbat each and evc~ey ti~ st'ipulations. agreements. conditions, and covenants of said note end this mortgage, ace not duly. promptly. apd Eully performed; then in either or any snch event. the seid eggcegate sum mentioned in said nate then cemeining unpaid, with interest accrued to thet time. end all moneys secured hereby, shall become due and payable focthwith. or thereafter. at the option of said matgagee. as fully and com- pletely as if all of the said sum~ of money were originally stipulated to be paid on such day. anything in said note a in this mortgage to the contrary notwithstsnding; and thereupon or thereaEter. at the option oE said mortge- _ gee. withont notice or demand. suit at la~v at in equity; may be prosecuted as iE all moneys secured hereby had F inatured pcior to its institution. The mo~tgagee may foceclose this mortgage. as to the amount so declared due and ! payable. and the said premises shall be sold to satisfy and pay the same together with costs, e:pe~ses.and ellow- pa g g the mortgeged premises shall be sold subject to the con- i ances. In case of. rtial foreclosure of this mort a e. ~ t tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may agaia be aveiled of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the moKgegee oE any conveyence. transfer, or change of oarnership of the premises. ' ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shell at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may'perform the same, and all expenditates (including reasonable attaney's fees) made by the mortgagee in so doing shall dcaw interest at the rate set forth in the note secured hereby~ and shall be repayeble immediately and wit6a~t demand by the modgaga to the modgegee. and. together with interest and costs accruing thereon, shall be secured by this mottgage. 13. that the mailing of a written notice a demendaddressed to the owner of record of the mortgaged premises, ~ or directed to the said o~vvcer at the last address ectually furnished to the mortgagee, or directed to said o~vner at said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in eny case arising under this instcument and cequiced by the pcovisions hereot or by laa• 14. The matgagor further covenants that should this moctgage and the n~e secured hereby not be eligible Eor insurance under the National Housiag Act within ~~Y, Erom tbe date beceaf -(v?rittea statement _ of any ofiicer af the Depltt~eat of Housing and Utben Development or authocized agent af the Secretary of Hous- ~ ing and Urban Revelopment dated subsequent to~ the ~~Y$ time from the date of this mortgage. declining to iasure said note and this mortgage, being deem~d coaclusive proof of snch ineligibility~,. the mortga- gee or the holder d'the note may, at its option, dec[are all sums secured hereby immediately due and payable. The covenants hecein contained shall bind, and the benefits and advantages shell inure to, the respective heirs, executors, administrators. successors, and assigns d the padies hereto. Whenever used, the singuler num- ber shail include the plural, the plural the singular, and the use of at~y gender shall include all genders. ~188 ~~E2858 _ ~ ~ V:~ , ` - - ~ 3-~~~~ ~ _