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HomeMy WebLinkAbout1208 5. Tfiat he wil! peraait, commit. or suffet no waste. impoirmeat, cx deteri«ation oi said property or aey pocl thereof; and in lhe eveat o( the failuce ot the morigaga to keep the buildings on said premises and those tobe erected on said pcemises, or improveMent~ the~eoo, in good repai~. the Moetgagee may enake auch cepairs as in its discretion it awy deem necessary for the pcoper presecvatioe thered. •rtd the full amouM oE esch and every such payment shall be ima~ediately due o~d p~yebte. and shall be secured by the llen of this a+ortgage. ~ 6. That be will pay a11 and siagufar the costs, charges. end expenses, utcluding reaaonable lawye~'s Eees, and costs oE abstracts of title, iac~rred oc paid at any time by the anatgagee because of the iaiture on the p~ct of the mwtgagoc proinptly a~ (ully to perfam the agreea~eMs aad covenants of said 'pcomissory note ac~d this mort gage, and said coat~. chargea. a~ad expeases shall be ima~ediately due pnd poyable and sfiall be secu~ed by the lie~ ot this mortgage. 7. That he will keeg the imp~ovemeats no~w existing o~ heeeafter erected on the morigaged p~operty. insured as enoy be cequired from time to time by the mottgagee against losa by fire and othe~ hez~rds. casualties. and contin- gepcies in such amounts and foc such pcriods as may be required by matgagee. and wilt pay p~omptly. when due, any prenuums on such insurance for paya~ent of which proviaioa has not beea made hereiebeface. All insurancc shal! be caccied in co~upanits ~ppcovtd by moctgagee and the policies and renewals thertof shall be held by mort- gagee a~d hevt attached the~eto loss payoble clauses in tavor oi and in fam eeceptable to the mortgpgee. in eveat of loss !~e vrill give immediate notice by rtwil to matgagee, and mortga~ee may maloe pcoof of loss if not made promptly bY ~~6sBa~ and each insurance company concemed is hereby authorized and d'uected to e~a~e peyment for such loes ditectly to mortgagee instead of to mortgagoc and a~ortgagee jointIy. aad the ieuunnce pro- ceeds, o~ any part theceof, may be applied by matgagee at its option either to the rednction of tha indebtadness hereby secured or to the restoration a repair d tAe prapedy damaged. In event of f«ecloauce af this modgage or other transfer af title to the modgaged propedy in extinguishmeat of the indebtedness secured hereby, al! right. title. and interest of the mortgaga~ in and to any inanrence policies then in force shall poss to t6e purcbeser or grentee. 8. 'Chat the mortgagee mey, at eny time pendiag a suit upon this matgage, apply to the cowt having jwisdi~- tion thereof for the appointment of a caceiver. and snch court shall fortbaith appoint a receiver of the p~emises covered hereby all at~d siagular, including all and singuler the ie~come. profits, issues, and reveaues from whateve~ source derived. each snd every of whicfi. it being expeessly understood. is hereby ioatgaged as if specifically set fonh and described in the granting and hat~endum clauses heceoE. and such seceiver shpll have alI the brood and efEective functions and po~vers in anywise entrusted by a court to e receiver. aad such appointmeat shell be ~nade hy such court as an edmitted equity and a matter of ebsolute right to seid mortgagee, aud without referenre to the adeqaacy ac inadequacy oi the valae oi the propeKy mortgsged or to the solvency or insolvency ot seid moctg,agor or the defeedents. and that such rtnts. pcefits, income. issues, ond reveaues abalt be applied by sach receivec according to the lien of this mortgage and the practice of such coud. Io the evertt of any default on the pad of the modgegor hereuader, the moctgegoc sgcees to pay to the mortgagee on demand as a~easonable montbly rental for the p~mises an amount at least eq~ivalent to oae-twelEth (1/12) of the aggreg,ate oE the taelve monthly inatall- ments payable in the then cucceat year ptus ~he actual amount of the annual taxes. assessments. water rates, aad insurance preminras for such year not covered by the aforrsaid monthly Qaymeets. 9. That (ol in the event of sny breach af t6is mortgage or default on the ped oE the moztg,agoc. or (61 in the event that any of said sums of money herein refe~red to be not promptly and fully peid without demand or notice, oc (c) iti the eve~ that eac6 and every the st'ipulationa, egceeenents, conditions. and coveaants oi said note and this matgage. a~e nd duly, promptty. a~d fully pecf~med; then in either or any auch event, the said aggr~gate sum mentioned in seid aote then remaining unpaid. witb iMesest accrued to that time. and all maieys secured hereby, shail becorn~ doe and peyable forthwith. oc ther~aker, at tbe option of said awttgogee. as fnlly and coa~- ~ pletely ss if all ai the said sums of money wete originally stipulated to be paid on such day, anytbing in said ; note a in this ~nortga4e to the contrary notv:ithstanding; and thereupon or ihereafter, at tht option uf said matge- ; gee. aithout notice or demand, suit at law or in equity. may be prosecuted as ~t stt moneys secured t~reby haa ~ matured prior to its institution. Tf~e mortgagee may focecIose this mortgage. as to the amount so declared due and ~ peyable. and the seid premises shall be aold to sstisfy s~nd pay the same together with costs, eapenses,and ailaw- ances. In case o[ pectial foreclosure ot th'ss matg,age, the mortg,agrd premises shall be sold sabjeet to the con- ~ tinuing 2ien of this mortgage for the amount af tbe debt not thea due aad unpaid. In such cese the provisions af this peragraph may ageat be aveiled o[ thereafter from time to time by the mortgagee. ~ 10. 'That the moctgagoc Will give immediate notice by mail to the moctgagee of any conveyance, transfer, or change of awnetsbip oi the premises. 11. That no waives of any covensnt heiein or of the obligatioa aecured hereby shall at any time thereafter be held to be o waiver of the tem~s hered or of the note secuced heceby: 12. T6at if the mortgagor default in any of the covenanta o: agreements contained herein. or in said note, then ~ :he mortgegee may perform the seme, and all expendit~ues (iacluding reasonable attaoey's fees} made by t6e modgagee in so doing shall draw interest at the rate set forth ia thc note secnred hereby, and shall be repeyable immediately and aithout demand by the mortgago~ to the mottgagee. and, together witb interest and costs accruing thereon, shall be secured by th~s mortgage. " 13. tlwt the mailing of a written notice a demand addressed to the owner oE recocd of the mortgaged premises. or dinected to the said oavner at the laet eddress actuatly furnished to the mortgagee, a directed to seidawae~ at said mortgraged pcemises, snd nwiled by the Uaited States mails, shell be svfficient aotice and demwnd iri eny case atisiag under this iastruanent and required by the pcovisions heceot oc by taw. S 14. The mortgagor further covenaats that shvuW this e~ottg~ a~d the note secared hereby not be efig~ble ~ E~ insutance nnder t~~ Netianal Honsing Act withio ~~T, ftom the date hereof (wcitten stateoent ~ of any officer of the Depadment of Housing ead Urban Development oc authaised agent d the Secretary of Hous- ~ ing and tirban Development dated subsequent to tbe 30 ~Y, • time fcoai the date d this mortg~age, declining to insurr said nde aad this aartgage, being deenr~d conclnsive pcoof d sucb ineligibilityr), the rnoctga- ~ gee or the holder d the ~otz may, at its optioa, declare elI sums secused hereby iamediately due and payable. ~ The covrnants herein contained shall bind, ead tbe benefits and advantages sball inure to, tbe respective ~ heirs, executas, odministrators, successocs, and assigns d tbe perties bereto. Whenever used, the singulor nwn- ~ ber shell iaclude ihs plaral, the pfnral the singular, and the use of any gender shpll include all geoders. ~ ~ i ~ r~ ~ ~ 600K~89 PAGE~2Vi~ ~ ~ ~ ~ ~ ~ ~..~3~,... ~ ~ ~ _ , .