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HomeMy WebLinkAbout0866 S. That he will pe~mit, commit, or sutfe~ no waste. impairment, or deterio~ation of said prope~ty or 4ny pect ttiereof; and in the event o[ the Eailu~e of the mortgagoc to keeP the buildings o~ said premises and those tobe erected on said prcmises, ot impcovements theceon, in good repair, the moctgagee may make such rcpaira as In its discretion it mey deem necessacy for the proper preservation theceot. and the fu11 amount o[ each and every such payment shall be immediately due ocd payable. and shall be secured by thr lien of this eatgage. 6. That ha will pay all and singular the coets. cherges. and expenses. iacluding reosonabie lawyer's fees, and costs of abstracts of title. inc~rced a paid at any time by the mortgegee because o[ the Eaiture on the part ot the mortgagoc promptly and fuqy to pecEam the agreemeats aad covea4nta of said ~promissory note and thia mort- gege. and said costs. charges. and expenses shall be immediately due peyable end shall be secured by the lien of this mortgage. 7. 'fhet he will keep the improvements now existing or he~eaftec ecected oa the mortgaged property, inaured as mey be required from time to time by the matgagee agsinst loss by fire and othe~ haze~da, casualtits, and contin- gencies ia such amounts and foc such periods as may be ctquired by mortgsgee. and will psy pcomptly. rvhcn due, any premiu~os on such insurance for peyment of which pcoviaion has not been made hereiabefore. All insurance shall be cartied in companies app:oved by moctgagee end the policies a~d renewals thcreot shall be held by mat- gagee and heve attached thereto loss peyable clauses in fava of and in fam acceptable to the mat~gte. In event of loss he will give immediate notice by meil to matgagee, and mortgagee may ~oak~ pcooE of loss it not made promptly by mortgagor. ant~ each insurance company concemed is hereby authorized and d'uected to aaake peyment f~r such loss diceetly to mortgagee instead of to mortgag~x aad ooctgngee jointly. and tbe insurance pso- ceeds, ot any pad theteof. may be applied by matgagee at its option either to the rednction of the iadebtedness heceby secured orto the restoration a repair of the property damaged. In event of foceclosute af this mortgage or othet transfer of title to the modgaged propedy in extinguisAment ot the indebted~ess secuced heceby, aIl right, title. and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. T'hat the mortgagee ~aay, at eny time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereaf for the appointment of a raceivet. and such court shall focthwith appoint a ceceives of the premises covered bereby atl and singular. includiag all ond siogular the income, profits, issues, and revenues from whatevei ' source derived, each and evecy of vohich, it being expaessly unde~tood. is hereby matgoged as if specifically set forth and described in the granting and habendum cisuses fiereof. and such receiver shall have a!1 the broad and eifective functions and pc~vvers in anywise entrusted by a court to a receivet, and such appointmeat shall be made by such court as an admitted equity and e matter of absolute ~ight to said mortgaget. aad without refecence to the adequacy oc inadequacy of the value of the propedy mortgeged or to the solvency ot insolvency of ssid mortgagoi or the defendents, and that snch rents, prdits, income. issues. and revenoes shelt be spplied by snch receives according to the lien of this moctgage and tbe practice of such cw~t. Io the event of any defautt on the part of the ~odgagor hereunder. the matgegot agrees to p~y to the mwtgagee on demand as e ceasonable monthly rental for the premises an amount at least equivalent to one-fwelfth (1/12) of the aggregate oE the twelve monthly instell- ments peyable in the then curreat year plus the actual amount of the aru~ual taxes, assessments. ~reter rates. and insurance preminms fot such year not covered by the aforesaid monthly payments. 9. That (al in the event of aey breach of this mortgage oc detault on the patt of the mortgegor, or (b1 in the event that any of said sums oi money herein referred to be not proe~ptly and fully paid without demand oc notice, or (c) in the event that each end every the stipulations. agreements, coaditioa~s, and coveaants of said note and ' this mortgage. are ad duly. ptomptly, and fnlly pecioro~ed; Wen in either or any such event, the said egg~egste ~ sum mentioaed in said note then remeining unpaid, with interest accrued to that time. aad ell moneys secuced i hereby. shall become due and payoble focthwith, or tbereaker, at the option of said mottgagee~ as fully and com- ` plelely as if all o# the said sums of money wete originally stipalated to be paid on such dey~ anytbiag in said ~ note oc in this modga~e to the contrary notwithstanding; and thereupon oc thereaftet. at the option of said mortge- gee, without notice or demand, suit et law or in equity, may be prosec~~ted as }f atl moneys secured hereby had matured prior to its institution. The mortgpgee may foreclose this mortgage. as to the amouat so declared due and peyable. and the said premises shall be solc( to satisfy and pay the same together vrith coets, expenses,and allow- ances. in case of partial foreclosure oE this mortgage, the mortg,aged premises shatl be sold subject to the con- tinuing lien of this matgsge foc the amount of the debt not then due and unpaid. In such cese the provisions of this paragraph may egain be availed o[ thereafter [rom time to time by the mortgagee. ~ 10_ Thet the mortgegoc vrilt give unmediate notice by mail to ihe mortgagee of any conveyance, transEer, a change of awnership oi the premises. 11. That no weiver of any covenant hetein or of the obligatio~ secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby: 12. That if the mortgaga detault in any of the covenanta or agceements contained hetein, oc in said note, then the mortgagee may perform the samg, and all expenditutes (iucluding reasonable atto~ney's fces} made by the modgagee in so doing shall draw interest at the rate set forth in ihe note secne~ed hereby, and sha21 be repeyable ~ immediately a~d aithout demand by ihe pooctgagor to tbe mortgagee, and, together witb iaterest s~ costs accruing thereon, shsll be secured by this modgage. ~ 13. that the maiting of a written notice a demend addressed to the onner of recocd of the matgaged premises. ~ os directed to the said ovvner at the last address actually fnrnished to the mortgagee, a directed to saidownec at said mortgaged pcemiaes, end mailed by the United States mails, shall be sufficient notlce aad demond in eny ~ ~ase atising under this instrument and required by the provisions heteof or by law. 14. The modgagor further covenants that s6ouid this mort~~e and the rtote secaced hereby not be eligible ~ fa insurence under the Natiunal Housing Act within ~~T, f~om the date hereaf (aritten statement of any ofticec of the Depadment of Housing and Urbaa Development oc authorized agent at the Secretary of Hous- ing and Urban Development dated subsequent to the ~~Y;j. time from the date oE this mortgage, ~ declinirtg to insure eaid nde and this mortgage, beiag deem•~d conclcuive proof aE sach ineligibility), ihe inortge a~~ gee or the holder d the~ note may, at its option, declaro all sums secured hereby inmedistely due and peyable. The c~venanta hecein contained shall bind, end the benefits Q~ sdvantages shall iaure to, the respective heirs, executors, odrninistrators, successors, ~nd asaig,~s of the paKies haeto. A'henever used, the sin~ular num- y~. ~ ber ahalt include the plural, the plural the singulst, end the nse of any gendec shall include all ~enders. ~ ~ ~ ° a 1~U ~63 BOOK . - ~ , - ; ~ , ~ _ ti~ _Y , ~ .