Loading...
HomeMy WebLinkAbout1729 1 . ~ ,.,a S. That he will permit, cammit, or suf(e~ no waste, impairment, or deterioration of said proprrty~ or uny part thereui; and in the eaent ot the [ai:ure of the mortgagor to keep 1he buildings on said premises and those tobe e~erted on said premises, ut impro~~emenis thereon, in good repair, lhe mo~tKagee may make such repairs ~is in its disrretion it may deem necc:ssar~~ to~ the prope~ preservation thereo(, and the fuU amount pt each and every such paymcnt shall be immcd~ately due and pa~~able. and shall be secu~ed bp the lien of Ihis mortgage. fi That he ~ill pay all and singular the costs, charges, a~d expenses, including reasonable lawyer's fees, and cost~ ot abstracts uf title, incurred or paid at any time bythe mortgagee.because oE the fa~lure on the part of the murtgagor promptl~~ and (ull~~ to perform the agreements and covenants o[ said promissory note and this mort- gaKe, and said costs, ch.~rges, und expensES shali be immediately due and pd~~able and shall be secu~ed b}• the lien uf this mortg.ige. 7. That he ~ill keep the impro~•ements now• existing or hereafter ecected on the mortgaged property, insu~ed as may be required irom time to time b~• the mortgagee against loss by fire and othe~ hazards, casualties, and contin- gencies in such amounts and for such periods as may be ~equired by mortgagee, and will pay prompUy, when due. any premiums o~ such insurance tor payment of which provision has not been made hereinbetore. All insurance shall be c-arried in companies appro~•ed b~• mortgagee and the policies and renewals theceof shall be held by mort- gagee and ha~•e attached thereto loss payable clauses in favor of and in form acceptabte to the mortgagee. ln e~~ent of loss he will gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss it not made prompti}• b~• morigagor, and each insurance compan~• concerned is hereby authorized and directed to make ~yment tor ~uch loss directly to mortgagee instead of to mortgagor and morigagee jointly, and the insurance pro- ceeds, or any part thereof, may be apptied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. ln event of foreclosure o[ this mortgage or ott~er transfer uf title to the mortgaged property i~ extinguishment o[ the indebtedness secured hereby, atl right, title, and interest ot the mortgagor 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 mottgage, apply to the court having jurisJic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises 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 understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•e functions and powers in an~•wise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mort~agee, and,w~tbqµ`,re~~ence to the adequacy or inadequ~~cy of the value of the property mortgaged or to the solvene~ or'.insdlvency.o~ id mortgagor or the defendents, and that such rents, proiits, income, issues, and revenues shall be apptied ~ such receiver ~+ccording to the lien of this mortgage and the practice of such court. In the event of any defau~lt on the part of the mortgagor he~eunder, the mortgagDr agrees to pay to the mortgagee on demand as a reasonable moAthly rental for the premises an amount at least equi~alent to one-twel[th (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, assessments, vater rates, and insurance premiums for such year not covered by the a[oresaid monthly payments. 9. That i~.~ in the e~~ent of any breach of this mortgage or default on the part of the mortgagor, or fh! in the event that an~~ oE said sums of money herein referred to be not pcomptly and fully paid without demand or notice. or I~• ~ 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 remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shal! become due and payable forthwith, or thereafter, at the option of said mwtgagee, as fully and com- pletely as if all of the said sums oE money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereatter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as it all moneys secured herebl had i matured prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so declared due and payable, and the said premises shall be sold, to satisfy and pay the same together with costs, expenses,and allow- ; ances. In case of partial foreclosure of this mortgage, the mortgaged premises shail be sold subject to the con- ~ tinuing lien 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 avaiied of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor wili give immediate notice b~ mail to the mortgagee of any conveyance, transfer, or 3 change of ownership of the premises. 11. That no waiver-o[ any covenant herein or of the obiigation secured hereby shall at an~~ time thereafter be ~ held to be a a~aiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagar default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the ~ mortgagee in so doing shail draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and without demand by-the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured bl~ th~s mortgage. ~ 13. that the mailing of a written notice oc demandaddressed to the owner oE record of the mortgaged premises, " or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at said mortgaged premises, and mailed by the United States :nails, shall be sufficient notice and demand in any ~ rase arising under this instrument and required by the provisions hereot or by law. ~ ~ 14. The mortgagor further covenants that should this m a e and the note secured hereb~ not be eligible for insurance under the National Housing Act within ~~YS from the date hereof (written statement of an~• ofticer of the Department of Housing and Urban Development or authorized agent af the Secretary of Nous- - ing and Urban Development dated subsequent to~ the ~l~hitty 1~8y~ time from the date of this modgage, - declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeb?e. ~ The covenants herein contained shall bind, and the beneEits and advantages shall inure to, the respective ' heirs, executors, administcators, successors, and assigns of the parties hereto_ N'henever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders_ ;3 4y.~ yn~' 'z U R ~ aooK~90 l~r ~ ~ ~ ~ ~ ~ - ~ ~ 4. _ _ . - _ - _ _ ~