Loading...
HomeMy WebLinkAbout1311 5. '~'het he wiU pe~mit. commit, or su(tet no waste. impairme~t, ot deterioration oE said propetty or any part thereof; a~d in the event ot the [eilure ot the mortgagor to keep the buildings on said premises and tho~e tobe . e~ected on said premises. or improvements thereoo. in good repair. Ihe mortgegee may make such repeirs as in its disc~etion it may deem necessa~y Eor the p~oppt ~resetvitip~f th~te~i .~d the [ull amount of each and every such payment shall be immediately due and payable~,a~d kh~illbe secdred by the lien of this mortgage. 6. That he will pey ell and singular !he costs. charges, and expenses. including reasooeble lawyer's tees, and costs ot abstracts of title, i~curred or paid at any time bythe mortgagee because of the failure on the part ot the mortgagoc promptly and [ully to pertccm the agreements and coveoants of said'promisso~y nde and this mort- gage, and said costs, charges, a~ expenses shall be immedietely due and payable and shall be secured by the lien of this mortgage. ~7. That he will keep the improvements now existing w herea[ter ecected on the modgaged property. insured as mey be required from time to time by the matgagee against loss by fire and other hasards. casualties. and cor~tin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due. any premiu~ns on such insurance for peyment of which pcovision has not been made hereinbefore. All inswance shall be canied in companies approved by mortgagee and the policies and renewals theceof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in fo~m acceptable to the modgagee. In . eve~t of loss he wiil give immediate notice by mail to moctgegee. and mortgagee may make proof of toss if not made promptly by moctgagor, artd each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgaga and matgagee jointly. and the insura~ce pio- ceeds. or any pad thereof. may be applied by mortgagee at its option either to the reduction of the indebted~ess hereby secured or to the restoration a repair of the propedy damaged. In event of foreclosure of this mortgege or other transfer of title to the mortgaged property in extinguishment oE the indebtedness secured hereby. all right. title, and interest of the mortgagac in and to any insurance policies then in force shall pass to the purchaser ot grantee. 8. That the mottgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereaf for the appointment oE a. receiver. and such coart shall fodhwith appoint a receiver of the premises covered heceby all and singular. including all and singular the income. profits. issues. and revenues from whatever source derived. each and every of which. it being expcessly understood. is hereby moirtgaged as if specifically set forth and described in the granti~g and habendum clauses heceof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and such appoiatment shall be made by such coud as an admitted equity and a matter of absolute right to said mortga~ee; aad w~thout reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, pro[its, income. issues. and reveRnes shall be ppplied ay such receiver according to the lien of this modgage and the practice of such coud. In the event of any def~ulNon the pad of the modgagor hereunder, the mortgagor agcees to pay to the mortgagee o~ demand as a reasonable moathly rental for the premises an amount at least eq~ivalent to one-twelfth (1/t~2j of the aggregate of the t~re7ve 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 peyments. 9. That (a) in the event of any breach of this mortgage or default on the pad of the modgagor, or (b) in the event that any of said sums of money herein referred to be ~ot pcomptly and fully paid without demand or notice. or (~1 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 r~emaining unpaid. with interest accrned to that time, and all moneys secured 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 ~ nate or in this modgage to the contrary notwithstanding; and thereupon o[ thereafter, at the option of said mo[tga- ~ gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had i matured prior to its institution. The modgagee may foreclose this matgage, as to the amount so declared due and ~ payable, and the said premises shall be sold to satisfy end 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- ~ tinuing lien of this mortgage for the amount of the debt not then due artd unpaid. In such case the provisions of this paragraph may agai~ be availed oE thereafter from time to time by the modgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance. transfer. or change oE ownership of the premises. lt . That no waiver of any covenant hereie or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hereof or of ihe note secured hereby. ' 12. That if the mortgagor default in any of the covenants a agceements contained herein, or in said note, then the mortgagee may perform the samg, 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 nate secured hereby, and shall be repayable immediately and without demand by the modgagor to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgege. 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 aavner at said modgaged premises, and meiled by the United States mails, shall be sufEicient notice and demand in any ~ - case arising under this instrument and required by the provisians hereof or by law. . 14. The modgagor further covenants that should this ~ moctgage and the note secured hereby not be eligible Eor insurance under the National Housing Act within ,30 ~Y$ from tbe date hereof (written statement of any o[ficer of the Department of Housing and Urba~ Development or authorized agent of the Secretary of Hous- ~ ing and Ucban Development dated subsequent to~ the, 3Q (~Y$ time from the date of this modgage, ~ declining to insure said note and this mortgage, being deem?d canclusive proof of sach ineligibi[ity), the mortga- gee a the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shell bind, and the benefits and advantages shall innre to, the respective j heirs, executors, administrators, successas, and essigns af the padies hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular. end the use of any gender shall include all genders. ~ ~ ~ ~ ~ ~1~ ~i~ ~ ~ ~ . ~ ~ . . ~~r - ~~~~~R ~