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HomeMy WebLinkAbout0662 t f 4~`C1 ~ ' ~ . ~ r"' ' S. That he will permit, commit, ot sufter no waste, impairment, or deterioration ot said pcopetty or any pari t thereot; and in the event o( the failure ot the mortgago~ to keep the build~ngs on said premises and those tode erected on seid premises, or improvements theteon, in good repair, the mottgegee may make such ~epai~s as in its discretion it may deem necessary for the proper preservation the~eof, end the tull emount of each and every such payment shall be immediately due and payable, and shall be secuted by the lien of this mortgege. 6. That he will pey all and siogulac the costs, charges. and expenses. including reesohable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure o~ the pert of the moctgagoc promptly and fully to pe~fam the egreements end covenants of said ~promisswy note end t6is mort- gage, end said costs. charges, end expenses shall be immediately due and peyable and shall be secuced by the lie~ oE this mortgage. 7. Thet he will keep the improvements now existing or hereafter erected on the mortgeged pcope~ty. insured as may be ~equiced fcom time to time by the moctgagee against loss by fire and othet hazards, casualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due. aay premiums on such insurance for payme~t of which provision hes not been made hereinbefote. All insurance shall be carried in compar?ies approved by mortgagee a~d the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor 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 ~ot made promptly by mortgagor. and each insurance compaay cor~cemed is hereby authorized and directed to make payme~t for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds. or eny part theceof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of.title to the mortgaged property in 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 mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall fodhwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. profits. issues. and revenues from whatevec source derived, each and every of which. it being expressly understood. is hereby moKgaged as if speciEically set forth and described in the granting and habendum clauses hereof. and such ceceivet shall I~ave all the broad a~ effective functions 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 reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said moctgagor or the defendents, end that such rents. profits. income. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice'of such cond. In the event of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twel[th (1/I2) of the aggregate of the twelve monthly install- ments payable in the theq curreat ye~r ~jus the actual amount of the annual taxes, assessments. water rates, and insurance premiums for such y~ar not~covei~ a~ the aforesaid monthly payments. 9. That in the event of any breach of this mortgage or default on the pad of the modgagor. or (6) in the ~ event that any of said sums of money hereiri re~ferred to be not promptly and fully paid without demand or notice, or {~1 in the event that each and every the stipulations, agreements. conditions, and covenants of said note and this mortgage, are not duly. promptly. and fu~ly perforrned; then in either or any such 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 mortgagee~ as fully and com- pletely as if all of the said sums of ~poaqy were originally stipulated to be paid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or theceafter, at the option of said moctga- gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had matured prior to its institution. The modgagee 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 of this mortgage, the modgaged premises shsll be sold subject to the con- i tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In su•h case the provisions of ~ this peragraph may again be availed of thereafter from time to time by the modgagee. E 10. That the mortgagor will give immediate notice by mail to the mortgegee of any conveyance, transEer. or r change of awnership 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 iE the mortgagor default in any of the covenants oc agreements contaiaed herein. or in said note, then the mortgagee may perform the same, and all expenditutes (including reasonable attorney'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, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. _ 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the moctgagee. or directed to saida~vner at ~ said modgaged pcemises. and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within from the date heteof (written statement - of any officer of the Department of Nousing and Urban Development or author'ued agent of the Secretary oE Hous- , ' ~ ing and Urban Development dated subsequent to the time from the date of this mortgage, ~ deeWttng to insute said not~ an~! this mortgage, b,eing deenM~l?conclosive proof d siech ineligibility);•N1e mortga- ~ gee or the holder of the note may, at its option, decIare all sums secured hereby immedietety due and payeble. ~ The covenants herein contained shall bind, and the benefits and edvantages shall inure to. the respective ~ heirs, executorS, adminyshators, successors, and assigps of the pad~lies 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. ~ ~ ~ ~ ~ ~ - ~ s ~ s i ~ ' ~ } ~ eoo~r~89 ~ ss~ ? , _ . -aw ~ t ~",r: ~ ,°'..c=s s - ~ ~ ~ _ ~ 'a _.r_-c _ . _ _ .