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HomeMy WebLinkAbout0921 ; , ~ S. That he will pe~mit, commit, or suffer no 1v~tt. impairntieM' ~or deterioration of said property or any pa~t the~eot; and in the ~vent ot the [ail~ue of the mortgagor to keep the buildings o~ said premises aad those tobe erected on said p~emises. or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary Eo~ the pcoper preservation the~eof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien oE this mortgage. 6. That he wil! pay all and singular the costs, chacges, and expenses, including reasonable lawyer's tees, i and co~ts of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part ot i the mortgagor promptly and (ully to perform the agceements and covenants of said'promissory note and this mo~t- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien oE this morigage. 7. That he will keep the improvements now existi~g or hereafter erected o~ the mortgaged property. insured as may be required from time to time by the matgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mo~tgagee, and will pay promptly, when due, any premiums on such insurance for paymeat of which provision has not been made hereinbefo~e. All insurance ; shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- ~ gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make pcoof of loss if not ~ made promptly by mortgagor, and each insurance company concerned is heceby authorized and directed to make payment for such loss.directly to mortgagee instead of to mortgagor and matgagee }ointly, 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 or repair of the property damaged. In event of foreclosure of this mortgage or ~ other transfer o( title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest o[ the moctgagor 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 mortgage, apply to the court having jurisdic- tion thereof for the appointment o[ a receive~, and such court shall forthwith appoint a re~eiver ef the premises covered hereby all and singular. including all and singular the income. profits. issues.~and revenuesfrom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set fonh and described in the granting and habendum clauses hereof, and such receiver shatl 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 admitted equity and a matter of absolute right to said mor~gegee, and ~ritbo~t• refenence to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency•of 3~id mortgagor or the defendents, and that such rents. profits, income, issues, and revenues shall be applied ~yr. s~lch receiver according to the lien of this mortgage and the practice of sach coutt. In the event of any default on the pad of the mortgagor hereunder, the mottgagw agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to on~-twelfth (1/12) of the aggreg,ate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annua! taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That in the event of any breach af this mortgage or default on the part of the modgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully peid without demand or notice, or (~1 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 fuUy 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, shall become due and payable forthwith, or thereafter, at the option oE said moctgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in said ! note a in this modgage to the contrary notwithsianding; and thereupon or thereafter. at the option of said matga- ~ i gee, without notice or demand, suit at law or in equity. may be prosecuted es if all moneys secuced hereby had ~ 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 oE partial foreclosure oE this mortgage, the mo~tgaged premises shali 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 o[ ~ this paragraph may again be availed of thereafter fr~m time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownersfiip oE the premises_ ~ ~ I1. That no waiver of any co~enant herein or of the obligation secured hereby shall at any time thereafter be ` ~ held to be a waiver of the terms hereo[ or of the note secured hereby. 12. That i[ the mortgagor default in any of the covena:~ts or agreements contained herein, or in said note. then ~ the mortgagee may perform the same, and all expenditutes (including reasonable attaney's fees) made by the ~ mortgagee in so doing shall draw intecest 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, shalt be secured by this mortgage. e 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, r a or directed to the said owner at the last address actually furnished to the mo?tgagee, or directed to saidowner at ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and'demand in any ~ case arising under this instcument and required by the provisions aer~of-or. by law. ~ 14. The mortgagor further covenants that should this mott a~ ge, and the note secured hereby not be eligible ~ for insurance undec the Natiotiat ~Housing Act within 30 ~T5 from the date hereof (written statement ~ = of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Ucban Development dated subsequent to~ the ~~YS time from the date of this modgage, - declining to insure ~aid note ana 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 payeble. ~ The covenants herein cantained shall bind, and the benetits and advantages shall inure to. the respective 't heirs, executors, administrators, successors. and assigns oE the parties hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ; ' ~Y 1 k' ~ . ~''2' ~~;.-J- . . . . ~a--~_< < . ~5,.