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HomeMy WebLinkAbout1082 5. That he will pe~mit. commit, or suEEer no Maste. impoirqeat. a dete~ioration of said pcopeety or any pact thereot; and in 1he eveot ot the faiiure o~ the matgago~ to keep the buildin~s on said premises and those tobe e~ected oe said premises. or improvements theceon~ ie eood repoic~ the matga~ese may make anch repoirs as in !ts discretion it awy deem necessary Ea the pcoper preservation the~ea[. and the tull emount oE each and evecy such payment shalt be immediately due and payable. end shatl be secured by the lien oE tbis mo~tgage. 6. That he will pey all o~d singular the costs~ charges. and expe~sea. including reasonable lawye~'s fees. . and costs of abstracts rf title. incuned or peid at any time by the a~atgagee because ot the feilure on the pert of the mo~tgagoc promptly and fully to pe~fam thc agreements and covenaets of said'pcomissocy note and this moct- gage. and said costs. charges. and expenses shall be immediately due at~d peyable and shall be secured by the lien ot this moctgage. 7. That he will keep the improvements aow existing or heceaftec erected on the mortg,nged pcoperty. insured as may be requiced fcom time to time by the mortgagee against loss by fire and other hasards. casualties. and co~tin- gencies in such amouats and foc such periods as may be required by moctgagee, and ~rill p~y promptly. when due. any premiums on such i~surance for paymeat of which pcovision hes not been made heceinbefore. Al! insurance shatl be canied ie companies approved by mortgagee aed the policies. and renewals theceof shall be held by mat- gagee and have attached ther~to loss payable clauses in favor of a~ in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make pcoof of loss if not made promptly by matgagor. artd each insucance company concerned is hereby authorised and directed to make payment foc snch loss directly to mortgagee instead of to matgago~ and matgage~ jointly. and the insurance pro- ceeds, or any part theeeof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration oc repair of the pcoperty damaged. In event of foreclosuce aE this mortgage oc other tcansfer of title to the enortgaged propedy in exti~guishment of the indebtedness secured hereby~ all right, title. and intecest of the mortgagor in and to any insurance policies then in fo~ce shall pass to the purchaser a grantee. 8. That the matgagee may, at any time pending a suit upon this moctgage, apply to the coud having jurisdic- tion thereaf for the appointment of a receiver, and such court shall fodhwith eppoint a receiver of the premises covered hereby all and singular, including all and singular the income. profits. issues, and revenues fmm whatever source derived. esch and every of which, it being expcessly undecstood. is hereby moctgaged as if specifically set fodh and described in the granting and habeedum clauses hereof. and such receiver shell have all the broad and 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 refere~ce to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of seid moctgagoc or the defendents, and that such rents. profits. income, issues. and revenues shall be applied by such receiver according to the lien of this moctgage and the practice of such coud. In the eveat of any default on the pad of the mortgagor hereunder. the mortgag~ agrees to pay to the n?octgagee oa demand as a reasa~able monthly rental for • the premises an amount at least eqpivalent to one-tvvelfth (I/12) of the eggcegate of the twelve moathly 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 afocesaid monthly peyments. 9. That (o) in the event of any breach of this modgage or default on the part of the moRgagor~ or (b) in the event that any of §aiQ spms of aprrew rein referred to be not promptly and fully paid without demand or notice, or {~1 in the event that each~and' e~?e~y~ stipulations. agreea~ats. conditions, and covenants of said note and ' this mortgage, are not duly. Qromptlyy,and fully performed; then in either or any such event, the seid aggregate sum mentioned in said note then remain ng unpaid. with interest accrued to that time. and all moneys secured hereby. shall become due and pay~ble forthwith, o~ thereaker, at the option of said mortgagee. as fully end com- ~ pletely as if all oE the said sums of . money wece originally stipulated to be paid on such day, anything in said ' note or in this modgage to the contrery natwithstending; and thereupon or thereafter, at the option of said ~atga- I gee, without notice or demand~` suit ot iaw ~ in eqaity. may be prosecuted as if all moneys secured hereby had ~ matured prior to its institution. ifhe inodg,agee may foceclose this mortgage, as to the amount so declared due and ~ payable, and the said premises shall be sold to setisfy and pay tbe same together with costs. expenses,and allovr- j aeces. In case of pertial faeclosure of this mortgage, the mortgaged premises shall be sold subject to the con= ~ tinuing lien of this modgage for the amount of the debt not then due and unpaid. In such case the provisions of this peragraph may again be avaited of thereafter from time to time by the matgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of eny conveyance. tcansfer, or change of opvnership of the premises. 11. That no weiver oE any covenant herein or of the obligation secured hereby shatl at any time thereafter be held to be a waiver of the tera~s hered or of the n4te secured hereby: 12. That if the mortgsga default in any oE the covenants or agceements contaiaed herein, or in said note, then the mortgagee may pedorm the samg, and all expenditutes (including reasonable attaaey's fees) made by the mortgagee in so doing shall draw interest at ihe rate set. fath in the note secured hereby, end shall be repayable immediately and withoat demand by the mortgaga to the mortgegee~ and, together arith interest and costs accruing thereon, shatl be secured by this modgage. ~ 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 mortgegee, or directed to said awner 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 pcovisioas heceaf or by law. ~ 14. The mortgagor further covenants that shonld this matgege and the note secured hereby not be eligible for insurance under the National Honsiag Act within ~~Y$ from tbe date hereof (written statea~ent ~ of any officer of the Department oE Housing and Urbaa Development or authorized agent af the Secretary of Hous- ~ ing and Ucban Development dated subsequent to~ the ~~jY~ time from the date oE this modgege. ~ dec~~q~'to insure said not4.$od~hls ~no~trylge.~~ing~deemed-coaclusive-proof d-sttck)nsligibility), d~t mortga- gee oc the holder af tbe note may, at its option, declace all sums secured hereby immediatety due and payable. The covenants herein contained shall bind, aed the benefits sad advanteges shall inure to, the cespective heirs, executors, administtatocs. successors, and assigns d the paittrs hereto. Whenever used, the singular num• . ber shall include the plural. the plural the singular, and the use of any gendec shall include all genders. ~ ~ . ~ ~ ~i89 ~107~ ~ _S ~a-s `,h ~ - - 4 ~ £ , ~~R. ~~'~~`.~'~.~'~..~-r~=~`x_z'-"',..,~_~~ _ ~~s `~*~5~ ~'s~..