Loading...
HomeMy WebLinkAbout1231 S. That he ~vill permil, commit, or su[Eet AQ ~vp~ sle, icgp~~F ~+1 t~t, ot deterioration of said propetty or any part thcreoi; and in the e~•ent of the (t~il~ue of the motlgagor to keep the buildings on said premises and ihose tobe e~ected on said premises, ot improvements the~eon, in good repair, the mohgagee may make such repairs as in its discretion it may deem necessar~~ fo~ the proper preservation thereot, and the tull amount o! each and every such payment shall be immrdiately due and psiyc~ble, and sht~ll be secured by the lien o( thi.s mortg~ge. 6 That he will pay all and singula~ the costs, charges, and expenses, including ~easonable lawyer's fees, and rosts of abstracls of title, incurred oc paid at any time by the mortgagee .because of the (ailure on the part ot the murtgagor promptly and Fully to petform the agreements and covenants of said ~promissory note and this mort- gage, and said costs, charges, a~d expenses shall be emmediatefy due and payable and shall be secured by the tien of this mo~tgagc. 7. That he will kecp the impro~•ements nove existing or he~ea[tet erected on the mottgaged property, insured as may be cequired from time to time b~~ the mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may~ be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payme~t of khich provision has not bee~ made hereinbefore. All insurance shall be carcied ~n companies appro~•ed by mortgagee and the policies and renewals thereof shalt be held by mort- gugee and have attached thereto loss payable clauses in Eavor of and in form acceptable lo the mortgagee. In e~~ent of lu~s he Kill gi~•e immediate notice by msil to mortgagee, and mortgagee may make proof of loss if not made promptl}• by mortgagor, and each insurance company concerned is hereby authorized and directed to make pa~•ment foc such loss directly to mo~tgagee instead o( to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the ~estoration ot repaic of the property damaged. ln e~~ent of foreclosure o[ this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secuted hereby, all ~ight, title, and interest of the mortgagoc 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 jurisdic- tion thereof tor the appointment oE a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, protits, issues. and revenues from whatever source deri~•ed, 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 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 mwtgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues, and ~evenues shal! be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any defenlt on the part of the m~rtgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the a~tual amount of the annual taxes. assessments, water rates, and ~nsurance premiums for such year not covered by the aforesaid monthly payments. 9. That (u> >n the event of any breach of ihis mortgage or default an the pad of the mortgagor, or (b~ i~ the e~•ent that an}• of 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 - th~s moctgage, are not duly, promptly, and fully perEormed; then in either or any such event, the said aggregate i sum mentioned in said note then remain~ng unpaid, with interest accrued to that time, and all moneys secured~ hereb~•, shall become due and payable fotthwith, oc thereafter, at the option of said mortgagee. as fulty and com- i pletely as if all of the said sums of 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 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 i matured prior to its institution. The rt?ortgagee may foreclose this mortgage. as to the amount so declared due and pay~able, and the said premises shali be sold to satisfy and pay the same together with costs, expenses,and ailow- ~ ance's. In case of partial foreclosure of this mortgage, the modgaged premises shal! 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 mortgagee. ? 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or > change of ownership of the premises. ~ 11 _ That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a wai~•er 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 atl expenditu~es (including reasonable attorney's Eees) made by the ~ mortgagee in so doing shali draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and without demand by the mortgagoc to the mortgagee, and, together with interest and costs accruing ° thereon, shall be secured b~• this mortgage. m ~ 13. that the mailing of a written notice a demandaddressed to the owner of 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 mails, shall be sufficient notice and demand in eny „ case arising under this instrument and required by the provisions hereo( ot by law. ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not Fie eligible - for insurance under the National Housing Act within ~ Q~YS ftom the date hereof (written statement of anp o[Eicer of the Department of Housing and Urban Deve~loQment or authorized agent of the Secretary of Hous- _ ing and Urban Development dated subsequent to~ the W1Y$ time from the date of this mortgage, = declining to insure said note and this morlgage, 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~able. ~ The covenants herein contained shal! bind, and the benefits and advantages shall inure to, the respective = heirs, executors, administrators, successors, 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 shal! include all genders. ::F„ . ~ F ~ Yi5 r~ ~s g~i~i ~ ~ 4. _