Loading...
HomeMy WebLinkAbout1299 ~ . S. Th:it he will permil, commit, or suffe~ no waste, impairment, or detetiotation of said ptopetty o~ any part thr~eo[; and in the cvent of the failure ut thc mortgugor to kecp the buildings on said premises and those tobe emcted c~n suid premises, o~ improvrments thereon, in good repair, the mortgagee mt~y make such repairs as in its discretion it may deem ~ecessa~y for the ptoper preservation thereo[, t~nd the (ull amount of each and every such p~yment sfiall be immedi:+tely due and payable, and shall be secured by the lien ot this mortgage. 6. Th:it he Nill pay all end singula~ the costs, charges, and expenses, including ~easonable lawye~'s [ees, und cost~ of Abstr~~cts af title, incur~ed ur paid at any time bythe mortgagee.because o( the failure on the part ot the murtg~+got p~omptly and fully to perform the ag~eements and covenants of said promissory note and this mort- gage, and said costs, ch:irges, and expenses shall be immediately due and payable :~nd shall be srcured by the lic~n ot th~s mortgage. 7. Thut he veill keep thc improvements now existing or he~eatter erected on the mortgaged p~operty, i~sured as may be required from time to time by the mortgagee against loss by fire and other hazards, casuaities, and contin- gencies in such amounis and for such periods as may~ be required by~ mortgagee, and will pay promptly, when due, :in~~ premiums on such insurance tor pa~meM of which provision hes not been made he~einbetore. All insurance chall be cer~ied in comp~+nies approved by mo~tgagee and the policiec and renewals thereot shall be held by mort- gdgee and ha~~e aUached thereto toss payable clauses in favor ot and in form acceptable to the mortgagee. In e~•cnt of loss he will gire immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ~ made promptl~~ by moctgagor, and each insurance company conce~ned is hereby a~thorized and directed to make p:+~•ment [or such loss directly to mortgagee instead of to mortgagoc and mortgagee jointly. a~d the insurance pro- ceeds, or any part thereo(, may be epplied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or tepair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title. and interest of the mo~tgagot in and to any insurance policies then in force shall pass to the purrhase~ or gcantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- t~on thereof (or the appoi~tment of a receiver, and such court shall forthwith appoint a receivet of the premises co~~ered hereby all and singular, including all and singular the inzome, profits, issues, and revenues from whatever saurce derived, each and every o( which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting end habendum clauses hereof, and such receiver shall have all the broad and ef[ecti~•e functions and powe~s in anywise entrusted by a court to a receiver, and such a pointment shall be made b~• such court as an admitled equity and a matter of absolute right to said mot'tgpgee~, a~~dd! Erence to the adequac~• or inadequacy of the valae of the property mortgaged or to the solvency oi insolveacy of said mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shall•be applied-by snch receive~ according to the lien of this mortgage and the practice of such court. ln the event of any default on the part of the mortRagor here~inder, the mortgagoi agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twetfth (1~12) of the aggregate of the twelve ~nonthlyinstall- m~ nts pa~~able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid'monthly payments. 9. That ; in the event oE any breach of this mortgage or default on the part of the mottg,agor, or (b/ in the e~•ent that any of said sums of money herein ~eferred to be not promptly and fully paid without demand or notice. or ~ in the e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and i this mortgage, are not duly, promptly, and fully pertormed; then in either or any such event, the said aggregate a 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, oc thereafter, at the option of said mortgagee, as fully and com- ~ pletel~• as it all of the said sums of money were originally stipulated to be paid on such day, anything in said ~ note o~ in this mortgage to the contrary~ notwithstanding; and thereupon or theceatter, at the option of said mortga- i gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had F inatured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and f ; 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- i ~ 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 avaited oE thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee oE any conveyance, transfer, or ¢ change ot 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 waiver of tfie terms hereof or of the note secured hereby. ~ 12. 1'hat i[ the mortgagor defauit in any of the covenants ot 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 shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ ~mmediately and without demand by the modgagor 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 demandaddcessed 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 said owner at ~ sa~d mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ' ~ case arising under this instrument and required by the provisions hereot or by law. ~ ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible , for ~nsurance under the National Housing Act within ~~YS 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 Urban Development dated subseyuent to~ the ~~Y$ time from the date o[ this mortgage, - declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the moctga- 'g gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective = heirs, executors, edministrators, successors, and assigns of the parties hereto_ Whenever used, the singular num- bet shail include the piural; t~e plural the singular, and"tbe u'se of any gender sfiall include ell genders. ~ ~ , ~ Y`'+ i ~ Eoo~ 191 1297 r _ ~ ~ _ , r~~ ~ - - -s. ~~t_ . . : - _ ~ ,