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HomeMy WebLinkAbout0264 i + ~ S That he will pe~mit, commit, or sut(et no waste, impairment, or deteriocetion o( said p~operty o~ any part thereof; and in the event of the tailure ot the mortgagot to keep the buildings o~ said premises a~1 those tobe erected on seid premises, o~ improvements thereon, in good ~epair, the mo~lgegee may make such repairs as in its discretion it may deem necessaty for the p~opet presecvation the~eot, end the [ull amount oE each and every surh payment shall be immediately due end pey~abte, and shall be secured by the lien of this mortgage. ~i. That he will ps~y all and singula~ the costs, charges, and expenses, includi~g reasonable lawyer's fees, and costs ot abstracts ot title, incurred oc paid at any time bythe mortgagee because oi the faiiure o~ the parl oi the mortgagor promptly and fully to pe~form the agreements and covenants of said'pcomissory note and this mart- gage, and said costs. charges, and expenses shall be immediately due and peyable and sh~ll be secured by the lien of this mortgage. 7. That he will keep the impcovements now existing or hereafter erected on the mortgeged propeny. insured as may be required from time to time by the mwtgagee against loss by fire and other hazacds. casualties, and contin- gencies in such amounls and for such periods as may be required by mortgagee, and will pay promptly. when due. any premiums on such insucance for peyment of which provision has not been made hereinbe[ore. A!1 insurance shall be carried in compenies approved by mortgagee and the policies end renewals theceof shall be held by mat- gagee and have attached thereto loss payable clauses in fevor of and in form acceptable to the 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 mortgagoc. and each insurance company concerned is hereby authorized and directed to make payment for sucli loss directly to modgagee i~stead of to matgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereof. may be applied by mat~egee at its option either to the reduction of the indebtedness hereby secuced or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the itxfebtedness secured hereby. all right, title, and interest of the mortgago~ in and to any insurance policies then in force shall pess to the purchaser or grantee. 8. That the mortgagee mey, et any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the eppointment of a receiver. and such court shall forthwith appoint a receiver of the pcemises 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 expcessly undetstood, is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective Eunctions and powers 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 ~eference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents. and that such cents, profits. income. issues, and revenues shall be applied by snch receiver according to the lien of this mortgage and thet practice Df'sucb'co~. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortg9~ oa demand as a reasonable monthly rental for the prerrises an amount at least equivalent 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 annual taxes, assessments, water cates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this mortgage or .default on the pad of the mortgagor, or (b~ in the event that eny of said sums of money herein referred to be not promptly and fully paid without demand or notice, or in the event that each and every the st'ipulations~ agreements. conditions. and covenants of said note and this modgage, a~re not duly, promptly, a~d fully performed; then in either or any snch event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith. or 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 on such day, anything in said _ note or in this mo~tgage to the contrary notwithstanding; and theceupon or thereafter, at the option of said mortga- gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured hereby had l matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and - ~ payable, and the said premises shall be solc( to satisfy and pay the same together with costs, expenses,and allow- f ances. In case of partial foreclasure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ 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 mortgagee. 10. That the mortgagor veill give immediate notice by mail to the mortgegee of any conveyance. transfer, or change of ownersNip of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of 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 expendittues (inclading reasonable attorney's fees) made by the mortgagee in so ~3oing shall draw interest at the rate set fath in the note secuced hereby, and shall be repayable immediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing thereon. shall be secuced by this mortgage. ' - 13. that the mailing of a written notice oc 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 modgagee, or directed to said avvner at s ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ! ~ case arising unde~ this instrument and required by the provisions hereof or by law. 14. The mortgagor further covenants that should this modgage and the note secured hereby not be eligible ~ for insurance under the Aiational Housing Act vvithin from the date hereof (written statement - of any officer of the Department o( Housing and Urban DevelopmeeC or authorized agent of the Secretary of Hous- i s} ing and Urban Development dated subsequent to~ the 30 QAY$ time from the date of this mortgage, ~ ~ ~ declining to insure said note and this mortgage, being deem?d coc~clusive proof of such ineligibility), the mo~tga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective - ~ heirs, executors, administrators, success~s, and assigns of the parties hereto. Whenever used, the singuler num- ~ ber shall include the plural, the plural the singutar, and the use of any gender shall include all genders. ~ • ~ ~ ~ ~ ao~~189 Pa~E 264 ~s - _ _ _ - . - _h ~2 . w~_ _ . ' . . . . . . . ~ , . _ . . . . x w . ~y~ ~~.~,..t'" ~.'4 "y`*. . ~~as _ .x.^~aa±~e-~j'k'~.'"~.+~._"~*.,fi'.~r_.~`~- ~ ~ ~a7x`~~ ,