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HomeMy WebLinkAbout1167 ~ ; . _ ~ That he v?•~11 }+e•~m~t, c.~mmN, .x sut(rt eo waste, impa~tment, w dMrt~~xat~on ~~t .:+~d pru{K~rl~• u~ an~• part thcn o(, ++nd in the ~~~rnt the (AIIUfP the m.~rtgaKot to icrep thP bwld~ngr tia~d ptcm~ses und thusc totx eraY•ted ~~n ca~d ptem?~ec, or ~mpro~emNnts then.u~, ~n good rrpau, the moNgagc~e rtu~~• make ~u~•h ~e~itsc us in ~ts d~scretwn ~t may deem ~ecesse~y for the proper preser~~atton the~euf, and the tull amount c~t rach and every ~urh ~ pa~~meni shall be ~mmed~ately due and pa~~able, and shall be secu~cd b~• the l~ee ot th~s martgaKe. t 6 That he w•~11 pay all a~d ~~ngular the custs, cherges, end expeoses, includ~ng reasonable lawye~'s tee~, ~ a aod rusts of abstracts ot title. incucred or peid at any time b~~ the mottgagee because ot the (ailure o~ the patt o( ' the murtgag.~t promptl~~ and full~• 1o per[orm the ag~erments and covenants of satd pramissory note a~d this mort- ; gage, and said costs, charges, end expenses shall be immed~ately due and peyable and shall be secured by the i lien of this m.xtgage. ~ Thal he will keep the impro~•ements nov? existing or hereaEter erected ~n the mortgaged ptoperty. insuced as ~ ma~• be required from time to time by the mo~tgagee egeinst tass bp fire and othe~ hazards, casualties, and contin- ~ gencies in such amounts a~d tor such periods as ma~~ be required by mottgagee, and wrill pey promptly, when due, any p~emiums on such insurance for payment oi which provision hes not been made hereinbefore. All insurance shall be carried in companies appro~~ed by mortgagee and the policies end renewels thereof shall be hetd by mort- gagee and ha~•e attached thereto loss peyable clauses in favor of and in form acceptable to the mortgagee. ln ~ e~•ent of lo~s he v?i11 gi~•e immed~ate notice by meil to mortgagee, and moctgagee muy make proof ot loss if not ~ made promptly by mortgagor, and each insurance company concerned is hereby authocized and directed to make pa~•ment for~such loss directly to mongagee instead o[ to mortgagor and mortgegee jointly. end the insurance pro- ceeds, oi eny part thereof, may be applied by mottgagee at its option either to the reduction of the indebtedness ! hereby secured or to the resto~ation or repair o[ the prope~ty damaged. In event of foreclosure of tkis mortgage oc ; other transfer o[ title to the mo~tgaged property in extinguishment oE the indebtedness secured hereby, all right, 4 title, and intetest of the mortgago~ in and to any insurance policies then in force shall pess to the purchaser or grantee. _ 8. That the matgagee may, et any time pending a suit upon this moctgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such cou~t shall forthwith appoint a receiver o[ the premises covered hereby all and singular, includi~g all and singular the income. profits, issues, and revenues ftom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciEically set ; forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and ~ effecti~•e fu~ctions and powers in an~•wise 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 refecence to the adequac~• or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents; profits, income. issues. end revenues shall be epplied by such receiver accocding to the lien of this mortgage and the pcactice of such coud. ln the event of any default on the part of the mortgagor hereunder, the moctgagoc agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqNivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments pa~able in the then current year plus the actual amount of•the annual taxes, assessments, wate~ rates, a~d ~nsuranre premiums for such year not covered by the aforesaid monthly payments. 9. That t~? in the e~~ent o at~y breacfi'o! this ~sortgage or default on the part of the mortgagot, or (b) in the e~•ent that an~• of said sums ~tnbney herein reEetted~fo be not promptly and fully paid without demand or notice, ~ or r~~ in tbe event that each and every the stipulations. agreements. conditions. artd covenants of said note and this mortgage, are not duly, pe~anptly, and [ully pettormed; then in either or a~y such event, the said aggregete sum mentioned in said note then remeining unpeid, with intecest accrued to that time. and all moneys secured bereb~•, shali become due and payeble forthwith. o~ thereafter, at the option of said mortgagee. as fully and com- pletely as if all oi the said sums of maney arere originally stipulated to be paid on such day, anything in said note .x in this modgage to the contrary notwithstand}ng; and thereupon ot thereafter. at the option of said matga- i gee, without notice or demand, suit at law.ot in equity. may be prosecuted as if all moneys secured hereby had ~ matured prior to its institution. The moctgagee 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 mo~gage, the mortgaged premises shall be sold subject to the con- E tinuing lien of this mortgage for the amount of the debt not then due a~d unpaid. In soch case the provisions of ; this paragraph may again be availed of thereafter Erom time to time by the mortgagee. F 10_ That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer. oc £ ~ change of ovrnership of the premises_ t 11. "fhat no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ g held to be a v~aiver of the terms hereof or of the note secured hereby. ~ ~ 12. That iE the mortgagor default in any of the co~enants or agreements contained herein, or in said notQ, then ~ d the mortgagee may perform the same, and all expendituces (including reasonable attacney's fees) made by the ` ~ mortgagee in so doing shell draw interest at the rate set fath in the note secured hereby, and shall be repayable s immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing ~ thereon, shall 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 furnished to the modgagee, or directed to said awner at _ ~ said mortg,~ged premises, and mailed by the United States mai{s, shall be sufticient notice and demaad in any i ~ case arising under this instrument and requiced by the provisions hereof oc,by law. ~ ~ l4. The mortgagor furt~ r,~covenants lhat shouEd~this mortgege and the note secured hereby not be eligible ~ toc ~nsurance undec the l~atiab~l Housing Act within ~~Y5 from the date hereof (written statement ~ of any otficer of the Department of Housing and Urban Development or ~thorized agent of the Secretary of Hous- ueg and Urban Developmeqt d~ted subsequent to~ the ~~Y$ time from the date of this modgage, 5 declin}n6 to ~ncure said note and this mortgege, being deem?d coaclusive proof of such- ineligibility), the mortga- ~ gee or the holder d 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, successas, and assigns d the pa~ties 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. ` ~ ~ ~ ~ e~ , f r ~ ~ ~ ~ ~ ~ ~~1b9 PACE1i6~ a - ~ ~ ~ ~ ~ ~ ' ~ _ 5, .~_,~.W.Ys_. x_~_ _ , .