HomeMy WebLinkAbout1311 5. That hr will prrmit, c'omm~l, or suff~t ~o ~rsit~, impajrmeqt, or dete~~oration o( sAid property or uny part
thereof; i+nd in the event at the (uih~re of the mortgugot to keep the buildings o~ seid premises and those tobe
e~rcted on said p~emises, or improv~~ments Ihereun, in good ~epai~, the mo~tgagee ~nay make such repairs us in its
discretio~ it may deem necessary for the ptoper p~ese~vution ihereot, and the [ull amount of each and rvery such
pa~~ment sht~ll be ~mmed~ately due and payable, and shall be secured by the lien o[ this mottgagc.
6 Thal he will pay nll and singular the costs, charges, and expenses, including ~easonable lawyer's (ees,
und cotit~ i~( absiracts of title, incurred or paid at any time bythe mortgagee.because of the fa~lure on the part ot
the mo[tgagor promptly and fully to per[orm the agcc~ments and covenants of said promissory note and this mort-
gaKe, <?nd said costs, ch:+rges, and expenses shall be immediately due end payable and shall be secured by the
lien of this mortg.ige.
That he will kecp Ihe improvements now existing or hereafter erected on the mortgaged property, insured as
may be required tcom time to time by the mortgagee against lass by [ire a~d other hazatds, casualties, and contin-
gencies in such amounts and tor such periods as may be required by mottgagee, artd will pay promptly, when due,
any premiums on such insurance for payment of which ptovision has not been made he~einbefo~e. All insurance
shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort-
g::gee and have attached thereto toss payable clauses in favor of and in fotm acceptable to the mortgagee. In
e~~ent of loss he will gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof o( loss i[ not
made promptl~~ b~• mortgagor, and each insurance company conce~ned is hereby authorized and directed to make
~+yment [oi ~uch loss dicectly to morigagee instead of to mortgagot and mottgagee jointly. and the insuraace pro-
ceeds, or any part thereof, may be applied by mottgagee 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 fweclosure ot this mortgage or
other transfer of title to the mortgaged property in extinguishment of the indebtedness secured he~eby, all right,
title, and interest of the mortgagoc in and to any insurance policies then in force shall pass to the purchase~ or
grantee.
8. That the mottgagee may, at any time pending a suit upon this mortgage, appty to the court having jurisdic-
tion thereof for the appointment of a receiver, and such court shall forthwith appoint a ceceiver of the premises
covered hereby~ al1 and singular, including all and singula~ the income, profits, issues, and revenues from whatever
source deri~~ed, each and every of which, it being expressly understood, is heceby mortgaged as if specifically set
forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and
eifecti~~e tunctions and powers in anywise enttusted by a court ta a receiver, and such appointmep~ sh~~l be made
b~• sach court as an admitted equity and a matter of absolute right to said mortgagee, end without eef~t~nce to the
adequacy or inadequac~~ ot the value of the property mortgaged or to the solvency or insolvency oE said mortgagor
ur the defendents, and that such rents, profits, income, issues, and revenues shall be applied by sucn receiver
:~ccordin~ to the tien ot this mortgage and the practice of such court. In the event of any default on the part of the
martKagor hereunder, the mottgagor 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 actual amount of the annual taxes. assessments, water rates, and
insurance premiums for such year not covered by the aforesaid monthly payments.
9. That ~~n the e~•ent of any breach of this mortgage or defeult on the part of the mortgagor, or (h) in the
e~•ent that any of said sums of money herein reEerred to be not promptly and [ully paid without demand or notice.
or ~ in the event that each and every the stipulations, agreements, conditions. and covenants of said note and
thi~ mortgage, are not duly, promptly, and fully 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 '
j hereby, shall become due and payable forthwith, oc thereafter, at the option of said mortgagee, as fully and com-
~ pletely as if all of the said sums of money we~e originaily stipulated to be paid on such day, anything in said
r note or in this mortgage to the contrary notwithstanding; and thereupon or thereatter, 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 institutiun. The mortgagee may foteclose 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 atlow-
~ 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
j this paragraph may again be availed of thereafter from time to time by the mortgagee.
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s 10_ That the mortgagor will give immediate notice by mail to the mottgagee of any convey~ance, transter, or
E change of ownership of the premises.
k. 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 the terms hereof or of the note secured hereby.
~ 12. That if the mortgagor default in sny of the covenants or agreements contained herein, or in said note, then
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~ the mortgagee may perfarm the same, and all expenditutes (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, end shall be repayable
~ immediately and without demand b~ the mortgagor to the mortgagee, and, together with interest and costs accruing
~ thereon, shall be secured by this mortgage_
` 13. that the ma~ling of a written notice or demandaddressed to the owner of record of the mortgaged premises.
~ or directed to the said owne~ at the last address actually furnished to the mortgagee, or directed to saidowner at
said mortgaged premises, and mailed by the United States mails, shal! be sutficient notice and demand in any -
~ case arising under this instrument and required by the provisions hereof ot by law.
~ 14. The mortgagor further covenants that should this moctgage and the note secured hereby not be etigible
for insurance under the National Housing Act within ~ ~A~ (rom the date hereof (written statement
of an}• o[ficec of the Department of Housing and Urban Development or authorized agent of the Secretary oE Hous-
ing and Urban D~evelopment dated subsequent to~ the 3Q Q/~Y$ time ftom the date of this mortgage,
- declining to insure said note and this mortgage, being deem~>d conclusive proof of such ineligibility), the mortga-
r$ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble.
~ The covenants herein contained shal! bind, and the benefits and advantages shall inure to, the respective
=j heirs, executors, administrators, successors, and assigns of 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.
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