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HomeMy WebLinkAbout0554 , ~ , S. That he will per~nit, commit, o~ sutfer no waste, imFaitm~nt, or deterioration of said property o~ any part the~eof; and in the event of the failure of th~ nlottgagoc to keep the buildings o~ said premises and those tobe erected on said premises, or improvements thereon, in good repair, the mortgagee may make such ~epairs as i~ its disc~etion it may deem necessar~~ for the proper preservation thereof, and the full amount of each and every such ' payment shall be immediately due and ps~yable, and shall be secured by the lien of this mortgage. ~ 6. That he will pay all and singulac the costs, charges, and expenses, i~cluding reasonable lawye~'s Eees, ~ and costs ot abstracts of title, incucced or paid at any time bythe mortgagee.because of the failure on the part of the mortgago~ p~omptly and fully to perform the agreements and covenants of said ~promissory note a~d this mort- i gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the ' i lien of this mortgage. 7. That he will iceep the improvements now existing or hereafter ecected on the mongaged prope~ty, i~sured as ; may be required from time to time by the mortgagee against loss by fi~e and other hazards. casualties, and contin- gencies in such amounts and [or such periods as may be required by mo~tgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not bee~ made hereinbeEore. All insurance shall be carried in companies approved by mortgagee and the policies end renewals ihereof shall be held by mort- gagee and have attached thereto loss payabie clauses in fa~oc of and in form acceptable to the mortgagee. In e~~ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof ot loss if not made promptly by morlgagor, and each insurance company concerned is hereby authorized and directed to make ~ payment for such loss direcUy to mortgagee instead of to mortgagoc and mortgagee jointiy. and the insurance pro- ~ ceeds, or any part thereot, may be applied by mortgagee at its option either to the reduction of the indebtedness ~ hereby secured or to the restoration or repair of the propedy damaged. In event ot foreclosure ot this mortgage or other t~ansfer of title to the mortgaged property in extinguishment of the indebtedness secure~d hereby. all right, title, and interest oE the mortgaga in and to any insurance policies then in focce shall pass to the purchaser a grantee. 8. That the moctgagee may. at any time pending a suit upon this matgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud sha13 forthwith appoint a receiver of the pcemises covered hereby all and singular, including all and singular the incoroe, profits, issues. and revenues from whatevec ~ source derived, each and every of which, it being expcessly understood, is hereby moetgaged as if specifically set ' forth and described in the granting and habendum clauses hereof, and such receiver shall have atl 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 admitted equity and a matter of absolute right to said mottgagee. and without reference to the adequacy or inadequacy of the value of the pro~t~ty.~ort~ ~;o4,to ~ solvency or insolvency of said mortgagor or the defendents, and that such rents, protits. ~ncome, i$sues!anA~~venues shall be applied by such receiver according to the lien of this mortgage and the practice of sach ~.10..the event of any default on the part of the mortgagor he~eunder, the ~rortgagor agrees to pay to the modgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (lllZ) of the aggregete of the twetve monthly install- ments payable in the then current year plus the actual amount.'of the annual taxes, assessments, water rates, and insurance premiums [or such year not covered by the aforesaid monthl'~r peyments. 9. That 1 in the event of any breach of this mortgage or default on the part of the mortgagor. or (b) in the ( event that any oE said sums of money herein referred to be not promptly and fully paid without demand or notice. ~ or ~ 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 aggregete sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereby, shall become due and payable forthwith, or thereafter. at the option of said mortgagee. as Eully and com- I pletely as if all of the said sums of money were originally stipulated to be Qaid on such day. anything in said ~ note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- 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 amount so declared d~e 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 shall 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 availed of thereafter from time to time by the modgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership oE the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shell at any time thereafter be held to be a waiver of the terms hereo[ or of the note secured heceby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, w in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repaysble immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner ot record ot the mortgaged premises, ; or directed to the said owner at the Iast address actually furnished to the modgagee, or directed to saidaavner 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 requirea. by the provisions hereof or by law. 14. The mortgagor further covenants that should this mortgage and the note secuted heceby not be eligible for insurance under the National Housing Act within from the date hereof (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 Developmen4 dated subsequent to~ the• ~~YS time from the date of this {nodgage, ~ declining to insure said note and this mottgage, beiag deem~, conclusive proof o[ such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediatety due and payable. ~ the res tive The covenants herein Qontained shall bind, and the benefits end advantages shall inure to, pec ~ heirs, executors, administrators, successots, and assigns of the parties hereto. Whenever used, the singular num- ~ ber shall ~nclude the plural, the plural the singular, and the use of any gender shall include all genders. ; ~ ~ : ~ ; ~ - 1 =;e ± s r~ i ~ 4oQ~ 19i 553 ~ ~~t. ~ ~ , : Yi ~ ~ . . 4 ~ _ ' ' _ . „ ~ -~,i 5~..- ~ n "f4~~'_~~C^.