The URL can be used to link to this page

Home My WebLink About2061 wt ' ' ,,...t,,~ ~ ' ' r •l' 5. That he will pe~mit. commit, or su(te~ no waate~ impaireaent, or deterioration ot said ptopeny or any part thereof; a~d in the eveet of the tailure ot the mortgago~ to keep the buildi~gs on said premises pod thos~ tobe erected o~ said premises, or improvements thereon, in good rep~ir. the mo~tga~ee mey ~rwkr such ~e{wi~s as in itc discretion it n~ay deem necessary for the prope~ presenration thereoi. and the tull amaunt of each and every such peyment shall be immediately due and payable, and shall be secuced by the lien ot this mortgage. 6. That he will pay all and singuler the costs. charges. end expenses, incleding reasonable lawyer's tees, and costs of abstrects of title, incurred o~ peid ai any time by the mortgagee because of the failure on the part of the mo~tgegot promptly and fully to pettorm the egreements and covenants of said 'promissocy note end this mort- gage. and said costs. charges, and expenses shall be immediately due and peyable aad shall be szcured by the lien o[ this matgage. 7. That he will keep the improvements now existing or herealter erected on the modgaged property. insured as may be required from time to time by the moctgagee against loss by fi~e and other hazards. ca~uatties. and contin- gencies in such amounts and Eor such periods as may be required by moctgagee. and will pay promptly. when due, any premiums on such insurance for payment of which provision has not been made heceinbefore. Alt insucence . shall be carried in companies approved by moctgagee and the policies and renewals thereof shail be held by mort- gagee and have attached thereto loss payable ctauses in favor Qf and in form acceptable to the mortgagee. In event of loss he wiU give immediate notice by mail to matgagee. and mortgagee mey make proof oE loss if not made promptly by mortgagor, and each insucance company concerned is heceby authorized a~d directed to make payme~t for such loss di~ectly to moctgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds. or a~y part thereof. 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 propedy damaged. In event of foreclosure o[ this moctgage or other transfer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby. all right. title. and interest ~ the mortgaga in and to any insurance policies then in force shall pass to the purchase~ or gcantee. . - 8. That the mortgagee ~nay, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof foc the appointment of a receiver. and such caud shall fotthwith appoint a receiver of the pcemises covered hereby all and singular. including all and singular the income. profits. issues. and revenues from whatever source derived, each and every of which. it being expressly unde~stood. is hereby mortgaged as if specifically set fodh and described in the granti~g and habendum clauses hereof. and such receiy~r sho11 liav~ alt the broad and effective functions and powers in anywise entrusted by a cowt to a receiver, and such appointment shal! be made by such court as an admitted equity and a matter of absolute right to said moctgagee. and without,reference to the adequacy or inadequacy of the value of_the pro~erty mortgaged or to the solvency or irisolvency ~oE said mortgagor or the defendents, and that such rents. profits. income. issues. end tevenues shall be epplied by such receiver according to the lien of this mortgage and the practice of seich coud. In the event of any default'on the pad of the mortgagor heceunder. the matgagar agcees to pay to the mwtgagee on demand as a reasonable ~sonthly rental for the premises an amount at least eqt~ivalent to one-tweUth (1/12) of the aggregate d the twelve monthly i~stall- ' ments peyable in the then current year plus the actual amount of the annual taxes. assessn~ents. water rates, and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (a1 in the event of any breach of this mortgage or default on the part oE the mortgagor. or (6) in the event that any of said sums of money herein referred to be not promptly end 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 mortgage, are not duly. promptly, and fu[ly performed; then in either or aay such event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that tiine. and all moneys secured hereby. shall become due and payable forthwith, or thereafter, at the option of said moctgagee. as fully and com- pletely as if all of the said sums of money were originally stipulated to be peid on such day, anything in said note or in this mortgage to the contrary notwithstanding; end thereupon or thereafter, at the option oE said matga- j 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 modgagee may foreclose this mortgage, as to the emount so declared due and ~ payable, and the said premises shall be sold to satisfy and pay the same toget6er with costs. expenses,and allow- ~ ances. In case of pertial forectosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount oE the debt not then due end unpaid. In snch case the provisions of ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, or change of ownership of the premises. - ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any ti~e thereafter be ~ held to be a waiver of the terms hereaf or of the note secured hereby. 12. That if the mortgagor defanlt in any of the covenants oc agreements contained hetei~, or in said note, then the mortgagee may pedorm the same. and all expenditutes (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set farth in the note secured hereby, and shall be repayable immediately artd without demand by the mortgagor to the modgagee. and. together with intetest and casts accruing ihereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of recocd of the mortgaged premises, ' or directed to the said owner at the last address actuaUy furnished to the modgagee. or directed to saidawner at said mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ' case arising under this instrument and required by the provisions hereo[ oc by law. 14. The mortgagor further covenants that shonld this moctgage end the note secured hereby not be eligible ~ for insurance under the National Housing Act within from the dete heteof (written statement ' of any o[ficer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the time Erom the date of this modgage. P declining to insure said note and this mortgage, being deemed conclusive pr~of of such ineligibility), the moctga- gee or the hotder of the note may. at its option. declare all sums secured hereby immediately due and peSeble. ~ The covenants herein conteined shal! bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns oE the parties hereto. Whenever used, the singular num- ~ ber shall include the piural, the Plural the singular, and the use of any gendet shall include all genders. ~ ~ ~ ~ ,y ~ ~ ~ ~ ~ ~ ~ ; ~ ~ ~ -r ~ . _ ~ ~-<.F ~ ~'~~~..~~r~.~~s .e~~ ~ . _ ~