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HomeMy WebLinkAbout0176 S. That he will permit, commit, or sutfer no waste, impairment, or deterioratio~ o[ said property oc any part thereot; and in the event of the tailure of lhe mortgago~ to keep the buildings on said premises end those tobe erected on said p~emises, or imp~ovements therem. in'good rep~ir, tlie mortgagee may make surh repairs us in its discretion it may deem necessary fot the proper preservatinn thereot. and the tull amou~t ot each a~d every such ~ payment shall be immediately due and payable, and shail be secured by the lien ot this mortgage. ~ 6. That he will pay ell and singular the costs, cha~ges, and expenses, including reasonable lawye~'s tees, x and costs of abstracts of title, incurred oc paid at any time by the mortgagee .because of the failure on the part of ~ the mortgagor promptly a~d fully to perfo~m the agreeme~ts and covenants of said'promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged propetty, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casualties. and contin- gencies in surh amounts and for such periods as may be cequired by mortgagee. and will pay promptly. when due, any premiums on such insurance for payment of which provision has ~ot been made hereinbefore. All insurance shall be carried in companies approved by mortgagee a~d the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to 1he mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company cor~cerned is hereby authorized and directed to make payment for such loss directly tQ mortgagee i~stead of to mortgago~ and mortgagee jointly. and the insurance pro- ce~ds, or any part thereof. may•be applied by mortgagee at its option eithe~ to the reduction of the indebtedness hereby secured or to the restoration oc repair o[ the propedy damaged. In event of foreclosure oE this mortgage or other transfer of titie to the mortgaged property i~ extinguishment of the indebtedness secured hereby. all right, title. and interest of the mortgagor in and to any insurance policies then in force shall pess to the purchaser or grantee. 8. That the modgagee may, at any time pending a suit upon this moctgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such couct shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income, profits. issues. and revenues from whatever source derived, each and every of which. it being expressly understood. is hereby modgaged as if specifically set forth and described in the granting 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 apFoipfinen~ s}~all be made by such court as an admitted equity and a matter of absolute right to said mortgagee. and without refecence to the adequacy or inadequacy of the value of the propeRy mortgaged or to the solve~cy or insolvency of said mortgagor or the defendents, and that such rents, profits, income. issues. and revenues shall be applied by such receiver according to the lien of this mbrtgage and the practice of such coud. In the evenf*of eny default or~the ~rt of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable month~y rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve motrthlqinstall- ments payable in the then current year plus the actual amount of the annual taxes. assessments, aatet rates, and insurance premiums for such year not covered by the aforesaid monthly payments. • 9. That (a1 in the event of any breach of this mortgage or default on the pad of the moitgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (~1 in the event that each and every the st'ipulations, agreements. conditions. and covenants of said note and - this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accraed to that time. and all moneys secured hereby. shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note a ii? this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the eption of said mortga- gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured hereby had 'r matured priar to its institution. The moctgagee may foreclose this modgage, 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. expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the can- ~ 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 again be availed of thereafter from time to time by the modgagee. ~ 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance. transfer, or ~ change of ownership of the premises. . ~ 11. That no waiver of any covenant herein or of the obligation secured heceby shall at any time thereafter be ~ held to be a waiver of the terms hereof or oi the note secured hereby.~ ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein. or in said note, then ~ the mortgagee may perform the same, and all expenditutes (including reasonable attorney's f~es) r~ade by the mortgagee in so doing shali draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the modgagee, and. together with interest and costs accruing thereon, shall be secuced by this mortgage. ~ 13. that the mailing of a written notice a demand addressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in an} ~ case arising under this instrument and required by the provisions hereof oc by law. ~ 14. The mortgagor further covenants that shonld this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~~YS from the date heieof (written statement of any officer of the Department of Honsing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Uevelopment dated subsequent to~ the 3O Qj~Y$ time from the date of this mortgage, ' declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), t6e mortga- ~ gee or the holder d the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrator`s, successocs, and assigns of the padies hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ . ~ . ~ - - ~ ~ . ~ ~sgg ~ 1~ - ~ ~ ~ . _ $ ~ ~_~~x . _ ~ . _e - ~