The URL can be used to link to this page

Home My WebLink About0775 s .y i That he w~ll perm~t, cummU, or suft~t ~o waste, impaitmeet, ot detetto~at~on of sA~d proprtty or any part thereof; and ~n the e~•eot o( ihe ta~lure af the mo~tgugor to keep the bu~ld~ngs on sa~d premises and those lobe erected oo sa~d prem~~e~, or impro~•ements the~eon, in good repait, the mo~tgagee may make such repairs as in its discretion it may deem nrcessa~y fot the propet pcesen~ation the~eof, and the full amount a( each and every such peyment shall be ~mmed~ately due and pa~able, and shall be secured by the lien o( this mortgage. ' 6 That he will pay all and singular the casts, charges, and expenses, includ~ng ~easonable lawyer's (ees, ; and costs of abstracts of title, incurred or paid at any time bythe mortgagee.because o[ the (ailure on the pert of ; the nortgagor promptly and fully to perform the egreements and covenants of said promissory note aod /his mort- gage, and said costs, charges, and expenses shall be immediately due and peyable a~d shall be securc~f by the lien o( this mdngege. 7. That he will keep the improvements now existi~g or herea[ter ecected on the mo~tgaged property. insured as ; may be required from time to time by the mortgagee egainst loss by fire and other hazards. casualties, and contin- gencies in such amounts and for such periods as may be required b~~ mortgagee, and will pay promptly, when due, any premiurt~s on such insurance for peyment of which provision has not been made hereinbefore. All insurance ; shall be carried in companies approved by mortgagee and the policies e~d renewals thereof shall be held by mort- 4 gagee and have attached thereto lass payable clauses in favor of and in focm acceptabie to the moctgagee. In 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 insurance compaay concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee joi~tly. and the insurance pro- + ceeds, or any part thereof, may be applied by moctgagee at its option either to the reduction oi the indebtedness he~eby secured or to the restoration or repair of the propecty damaged. In event of foceclosure of this mo~tgage or other transfer of title to the mortgaged property in extinguishment oi the indebtedness secured hereby, all right. title, and interest of the mortgagor in and to any insurance policies tken in force shall pass to the purchaser oc grantee. 8. That the matgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment d a receiver, and such eourt 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 exptessly understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver sh411 have $11 the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made a by such court as an admitEed equity and a matter of absolute right to said mortga~ce,, and wi4hoyt_refereqce to the ' adequacy or inadequacy of the value of the property mortgaged or to the solvency a=9nsOlven~y oE ~Ortgagor or the defendents, and 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 court. ln the event oE any default on'the- par~E of the mortgagor hereunder, the mottgagor agrees to pay to the mortgagee on dema~d as a reasonable monthly rental for . the premises an amount at leas~'~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 rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (al in the event of any breach o[ this mortgage or default on the pad of the mortgagor, or (h) in the eeent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or i in the event that each and every the stipulations, 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 accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as Eully 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 mortgage to the contrary notwithstanding; and thereupon or therea[tec, 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 a 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- i ances_ In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mwtgage for the amount of the debt not then due and unpaid. In such case the provisions of f this paragraph may again be availed of thereafter from time to time by the mortgagee. ' l0. 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 weiver of any covenant herein or of the obligation secuced hereby shall at any time thereafter be ; hetd to be a waiver of the terms hereof or oE the note secured hereby. ~ - ~ 12- That if the mortgagor default in any of tfie covenants or agceements contained 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, aad, together with interest and costs accruing ~ thereon, shail be secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually fwnished to the modgagee, or directed to said owner 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 provisions hereof or by law. ~ 14. The mortgagor further covenants that should tbic mortgage and the note secured hereby not be eligible ~ for insurance under the Nation~l-Housing Act within ~~YS from t6e dete hereof (written statement ~ of any otficer of the Depactment of Housing and Urban Deve opment or authorized agent of the Secretary o[ Hous- ing and Urban Development dated subsequent to~ the 30 QAY$ time from the date ot this mortgage, i declining to insure said note and this mc,rtgage, being deem?d conclusive proof of such ineligibility), the mortga- ~ gee or the holder of 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, administratocs, successors, and assigns of the parties hereto. Whenever used, the singular num- f ber sha11 include the plural, the plural the singular, and the use of any gender shall include al! genders. ~ . ~ t ' ~ ~ ~ ~ ~ ~ ~ ~ ~ 189 ~ 773 - _ : , : : = _ ~ ~"~%5~~~~~-~"~-~~=`:~c. . , _ 'c„' _