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HomeMy WebLinkAbout0439 5. That he vvill permit, commit, or su(fet ho v?aste, p~y~cment, or deterioration ot said propetty or any part thereof; and in the event of the lailure o[ the mo~tgago~ to keep the buildings on said premises and those tobe erected on said premises, or impto~~ements thereon, in good repair, the mortgagee may make ~uch ~epai~s as in its discretion it may deem necessary for the proper preservation thereof, and the full amount o[ each and eve~y such ; payment shall be immediately due and pa~~able, and shall be secured b~~ the lien of this mo~tgage. ; 6 That he will pay all end singular the costs, charges, and expenses, including ceasonable lawyer's fees, _ and costs of abstracts of title, incurred a paid at any time by the mortgagee .because of the failure on the part ot i the mortgagor promptly and fully to perform the agreements and covenants of said ~promissury note and this mort- i gage, and said costs, charges, and expenses shall be immediately due and pa~~able and shall be secured by the ~ lien o[ this mottgage. , i. That he v?il1 keep the imptovements now existing or herea[ter erected on the mortgaged property, insured as may be required irom time to time b~• the mortgagee against loss b} fire and othe~ hazards, casualties, and contin- 7 gencies in such amounts aad for such periods as map be required by mvrtgagee, and will pay promptly, when dae, a~y~ premiums on such insurance Eor payment of which provision has not been made hereinbefore. All insu~ance shall be carried in companies approved by mortgagee and the policies t~nd renewals thereof shail be held by mort- gagee and ha~•e attached thereto loss pa~•abie clauses in favor of and in focm accepiable to the mortgagee. In e~•ent of loss he will gi~•e immediate notice by mail to mortgagee, and mottgagee may make proof of loss if not made promptlt~ b~~ mortgagor, and each insurance company concerned is hereby authorized and directed to make pa~~ment for such loss directly to mortgagee instead of to mo~tgagor and mortgagee jointly, and the insurence pro- ceeds, or any~ part thereot, may be applied bp mortgagee at its option either to the reduction of the indebtedness hereb~• secured or to the restorati~n or repair oE the property damaged. In event o[ foreclosure of this mortgage or other transfer of title to the mortgaged propertp in extinguishment of 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 ar grantee. 8. That the moctgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall forthwith appoint a ~eceiver of the premises covered hecebS atl and singular, including all and singular the income, profits, issues~ and revenues from whatever ~soarce derived, each and every of which, it being expressly understood, is hereby mo~tgaged as if specifically set focth and described in the granting and 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 court as an admrtted equity and a matter of absolute right to said mortgagee, and without reference to the " adequacy or inadequacy of the value of the property morigaged or to the solvency or insolvency of said mortgagor ~ or the defendents, and that such rents, profits, income, issues, and,cev,egues shall be applied by such receiver ~ according to the lien of this mortgage and the practice of such court. In the event of art~ dgfe0lt on the part of the mortgagor hereander, the mottgagor agrees to pay to the mortgagee on demand as a reasonable monthl~~ rental for the premises an amount at least equivalent to one-twelfth (1,~12) of the eggcegate of the'tweive monthly install- ments pa~•able in the then current year plus the actual amount of the annual taxes, assessa~ents, water rates, and ensurance premiums for such year not covered by the aforesaid monthly peyments_ 9. Z'hat 1 in the event of any breach of this mortgage or default on the part of the mortgagor, or r6/ in the e~~ent that an~~ of said sums of money herein referred to be not promptly and fully paid without demand or notice, or J: : in the e~~ent that each and every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and fully per[ormed; 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, shall become due and payable fathwith, or thereafter, at the option of said mortgagee, as fully a~d com- ~ ~ pletel~• as iF all o! the said sums oE money were originally stipulated to be paid on such day, anything in said note ar in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ; 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 dLclared due and ~ payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allorx- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- E tinuin lien of this mort a e for the amount of the debt not then due and un aid. In such case the rovisions of ~ g g B P P ~ this paragraph may again be availed of thereaEter from time to time by the mortgagee. ~ 10. That the mortgagoc will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. ~ 11. 'fhat no waiver of any covenant herein or of the obligation 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 mortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditutes (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set focth 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 by th~s mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of recotd of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the modgagee, or directed to saidawner at ~ said mortgaged premises, and mailed by the United States mails, shatl be suEficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act witfiin trom the date hereof (written statement of an}~ officer of the Department ot Housing and Urban Develo ment or authoriaed agent of the Secretary of Nous- ~ ~ng and Urban Development dated subsequent to~ the time from the date of this mortgage, ~ declining to insur.e 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 pa}eble. - The covenants herein contained shall bind, and the benetits and advantages shall inure to, the respective heirs, executors, administratops successors, and essigns of the parties hereto. 1A'henever used, the singular num- ber shall include the plural, the~ the singulac, and the use of any gendec shali include ail genders. Y ~ ' [ ~ '.:f y3 go~ i9i 438 :t _ . . . , _ .