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HomeMy WebLinkAbout0568 ~ ~ . S. That he will peimit, comm~t, or sutte~ no waste, impairment. ot detetiocation ot sa~d ptopetiy o~ any parl thereof; and in the e~~eot of the [ailure o[•(he ~ort~jgor ~0 1~ap t~e buildings on sa~d premises and those tobe e~ected on said premises, or imExovements thereoA; i~ good reppl~, ~tl~e mortgegee may meke such repairs as in its discretio~ it may deem necessary for the prope~ prese~vation thereof, and the full amount o[ each a~d every such payme~?t shall be immediately due and pay~able, and shall be secured by the lien of this mo~tgage. _ 6. That he will pay ail and singular the costs. char~es, and expenses. including ceasonable lawyer's (ees. a~d costs of abstracts of title, incurred or paid at any time by the mottgagee .because o[ the tailure on the pert of ' the mortgagor promptly and fully to perform the ag~eements and covenants of said'promissory note and this mo~t- , gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien ot this mortgage. ~ 7. That he will keep the improvements now existing or herea(ter erected qn the modgaged property. insured as ~ map be required f~om time to time b~ the mortgagee against loss by fite and other hazards. cesualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due, any premiums o~ such insuraoce for payment of which p~ovision has not bee~ made hereinbeEoce. All insurance shall be carried in companies approved by mortgagee and the policies and renewals the~eof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in Eorm acceptable to the mortgagee. ln event o[ 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 ir~surance company concerned is hereby authorized and directed to make papment foc such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and th~ insurance pro- 4 ceeds. or any part thereof. a?ay be applied by mortgagee at its option either to the reduction of the indebtedness { hereby secured or to the restoration or cepair of the propedy damaged. In event of foreclosuie of this mortgage or ~ other transfer of title to 1he modgaged prope~ty in extinguishment of the indebtedness secured hereby. all right, ~ title, and interest of 1he mortgagoc in and to any insurance policies then in force shall pass to the purchaser or ; grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion the~eof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singular. including ali and singular the income, profits, issoes. and revenues from whatever source derived, each a~ every of which, it being expressly understood. is heteby mortgeged es if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad a~ul effective functions and powecs in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity artd a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value oE 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 such receiver according to the lien of this modgage and the practice of sach coud. In the event of any default on the part of the mortgagor hereunder, the martgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- meots payable in the then CurFent year plus the actual amount of the annual taxes. assessments, water cates, and insurance premiums for such y"ear not~COVered by the aforesaid monthly payments. 9. That (a1 in the event of any breach 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 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 pecformed; then in either ot any such event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that tia~e. and ail moneys secured hereby, shall become due and payable forthwith, a thereaftec. 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 or in this modgage to~the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- ~ gee, without notice or demand, suit at law or in equity. may be prasecuted as if all moneys secured hereby had 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 sold to satisfy and pay the same together with costs, expenses.and allow- ances. In case of partial foreclosure oE this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amoant of the debt not thea due and unpaid. ln snch 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 mortgagee of any conveyance. transfer, or ~ change of ownership of the premises. ~ 11 _ That no waiver of any covenant herein or of the obligation secuced 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 mortgegor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, and all expenditutes (including reasonable attocney's fees) made by the mortgagee in so doing shall 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, tugether with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demand addressed to the ownet of record af the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidavner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and required by the ptovisions hereof or by law. ' ~ 14. The mortgagor further covenants that should this mortga e and the note secured hereby not be eligible } ~ for insurance under the Nationa! Housing Act within ~~Y~ from tbe date here~ (written statement ~ of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Deyelopment dated subsequent to the ~YS time from the date of this modgage. ; ' declining to iclsure' said note snd this mortgage, being dee~ sonclusive proof of such ineligibility). the modga- ~ gee or the holder at the note may, at its option, declare all sums secured hereby ia?mediately due and payable. ~ ~ The covenants herein contained shall bind, and the benefits and advanta es shsll inure to, the res tive ~ g P~ ~ heirs, executors, administrators, successocs, and assigns af the parties 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. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ' i ~ R ~ ~ PooN 189 ~ 567 z ~ . _ _ . . ~ . . _ _ . ` ~ _ ~~m°-~~~._.__~~_. ..~rz --4 . , _