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HomeMy WebLinkAbout1299 . • • . . S. That he witl permit, commit, or suilet np w~ s~ ~i~wyment, or deterioralion o[ said pcoprtty o~ any pa~t thereof; and in the event of the taihttt of~t~~o~fga~pr,~1d: {c~ep the buildings on said pcemises and those tobe e~ected on said premises. or improvertle~ts hereon, in good ~epair, the mottgegee may make such repai~s as in its disc~etion it may deem necessa~y tor the p~oper preservetioe the~eof. and the (ull amount of each and eve~y such payment shall be immedietely due aod peyable, and shall be secured by the lie~ oE this mortgage. 6. That he will pey all and singuler the co~ts, charees. a~d expenses, including reasoneble lawyer's Eees. and costs of abstrarts of title, i~cutred ot paid at any time by the mortgagee .because of the Eailure on the part oE the mortgagor p~omptly and tully to pertorm the egreements ard covenants of said 'promissory note and this mort- ' gage, and said costs, charges, and expenses shal) be immediately due and peyable and shell be secured by the lien of this mortgage. 7. That he will keep the improvements now existing oc hereafter ecected on the mortgaged property, insured as ; may be requiced from time to time by the mortgagee egai~st loss by [ire and other haaards. casualties. and contin- ~ gencies in such amounts and tor such periods as may De required by mottgagee. and will pay promptly. when due, any premiums on such insurance for payme~t of ahich provision has not been made hereinbefore. All insuraoce ' shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by moct- gagee and have attached theceto loss payable clauses ~in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate ~otice by mail to mortgagee, and mortgagee mey make proof of loss i! not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment fcx such loss directly to mortgagee instead of to mortgagoc and matgagee joietly. and the insurance pro- ceeds. or any part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoretion or repair of the property damaged. In event of foreclosure of this modgage or other transfer of title to the modgaged property in extinguishment of the irdebtedness secured hereby. all right, title. and interest of the mortgagoc in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the coart having jurisdic- tion thereof foc the appointa~ent of a receiver. and such court shali forthwith appoint e receiver of the premises covered hereby all and singulat, including all and singular the income, profits. issues, and revenues from whatever source derived, each and every of which. it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting a~d habendum clauses hereof, and such receiver shall 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 coud as an admitted equity and a matter of absolute right to said tdoctgag~ee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency oc insolvency of. said mortgagor or the defendents, and that such rents, profits, income, issues. and revenues shall be applied by such ceceiver accocding to the lien of this moctgage and the practice of such coud, In the event of any default on the pact of the mortgagor heceunder, the mortgagor agrees to pay to the mortgagee on demand as a reasoitable monthly rental for the premises an amount at least equivalent to one-twelEth (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, assessmettts, water rates, and insurance premiums Eor such year not covered by the aforesaid monthly payments. 9. That (01 in the event of any breach of this mortgage or defautt on the part of the mortgagor, or (6~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or in the event that each and every the st'ipulations, agreements, conditions. and covenants of said note and this martgage, 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 1 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 money were originally stipulated to be paid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- 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 mortgagee may foreclose this mortgage, as to the amount so declared due and payable, a~d the said premises shall be solc( to satisfy and pay the same together with costs. expenses,and allow- ; ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- E tinuing tien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ ; this paragraph may again be availed of thereafter from time to time by the modgagee. ~ ~ 10. That the modgagor will give immediate notice by mail to the roortgagee of any conveyance, transfer, or € change of ownership of the premises. ~ ; 11. That no waiver of any covenant hecein or of the obligation secured hereby shall at any time thereafter be E held to be a waiver of the terms hereo[ or of the note secured hereby.' ~ ~ 12. That if the modgagor default in any of the cavenants or agreeroents contained herein, or in said note, then ~ the mortgagee may perform the sae~e, and all expenditutes (including reasonable ettorney's fees) made by the ~ moctgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable ~ imnediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this modgage. ' 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, s. or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at x said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any 4 case arising under this instrument and required by the provisions hereof or by law. ~ ~ 14. The a?ortgagor further coveaants that should this maR age and the note secured hereby not be eligible for insurance under the National Housing Act within 30 QA~$ from the date hereof (arritten statement ~ of any officer af the Department of Housing and Urban Development or authociued agent of the Secretary of Hous- ing and Urban Develqpment dated subsequent to~ the 3Q ~Y5 time from the date of this modgage, ~ declining to insure said note and this mortgage. being deem?d catclusive proof of such ineligibility), the mortga- gee or the holder af the note may, at its option, declare all sums secured hereby immedietely due and paSeble. ~ The covenants herein contained shaU bind, and the benefits and advantages shall inure to. the respective ~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shell include all genders. ~ ~ ~ ~ ~ ~ ~i~,9 : ~ - ~ ~ ~ } ~ ' ' ~ ~~~~~~^~r~=~ .