HomeMy WebLinkAbout1356 S. That he w•iU permil, cummit, or suf[et no waste, impai~ment, or deterioration at said property or Hny part
therea[; .+nd in the e~~ent of the tailure of the mortgaguc to keep ihe buildings on said premises and those tobe
errcted on said premises, or improvements thereon, en gcwd ~epai~, the mortg~gee may make such ~ep~irs as in its
discretion it may deem necessary for the proper preservation the~eof, and ihe full amount of each and every such
payment shall be immedi~tely duc and pa~~able, and shall be secured by the tien of this mortgage.
6 That he W~itl pay all and singular the co.sts, cha~ges, and expenses, including reasonable lawyer's fees,
aod cotit~ ot abstcacts of title, incurred or paid at any time bythe mortgagee.because o[ the [ailure on the part o(
the mortgagor promptlp and fully to per[orm the agreements and covenants ot said promissory nole and this mort-
gs~ge, and said costs, chatges, and expenses shal! be immediately due and payable and shall be secureci by the
lien ot this mortgage.
7. That he will keep the impro~•ement~ nbw~ e~tisting or fltereaft~r erected on the mortgaged property, insured as
may be required from time to time b~• the moitgagee against loss by fire and other hazards, casualties, and contin-
gencies in such rimounts :,nd for such periods as may be required by mortgagee, and will pay promptly, when due,
any premiums on such insurance for payment of which provision has not been made hereinbe[ore_ All insurance
shall be carried in companies appro~•ed by mortgagee and the policies and renewals thereof shall be held by mort-
Kagee and ha~•e attached thereto loss pa~~abie clauses in favor of and in form acceptable to the mortgaRee. In
e~•ent of loss he will ~i~~e ~mmediate notice by mail to mottgagee, and mortga~ee may make proo( of loss if not
made promptly~ b~~ mortgagor, and each insurance compan~• concerned is hereby authorized and direct~d to make
{k+~•ment for such loss directl~• to mortgagee instead ot to mortgagor and mortgagee jointly, and the insurance pro-
cerds, or an~~ 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 o[ the propertV damaged. ln evenl of foreclosure of this mortgage or
other transfer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right,
title, and interest of the mortgagor in and to any insurance policies then in force shali pass to the purchaser or •
Ktantee.
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 of a receiver, and such court shall forthwith appoint a receiver of the prem~ses
covered hereby all and singular, includi~g all and singular the income, profits, issues, and revenues from whatever
source derived, each and every of which, it be~ng expressly understood, is hereby mortgaged as if speci[ically set
fo~th and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and
effecti~•e functions and pouers in an~~wise entrusted by a court to a receiver, and such appointment shall be made
b~• such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the
adequacy or inadequac~• of the value of the pcoperty mortgaged or to the solvency ot insolvenc~l o( s~i~ rydrtgagor ,
or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver
according to the lien of this cnortgage and the practice of such cou~t. In the event of any default onthe part of the
mortgagor 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 o[ the twelve monthly instalt-
ments pa}~abie in the then current year plus the actual amount oE the annual taxes, assessments, water rates, and
~nsurance premiums for such year not covered by the aforesaid monthly payments.
9. That r tn the e~•ent of any breach of this mortgage or defauit on the part of the mortgagor, or ~b/ in the
e~•ent that any of said sums of money herein referred to be not promptly and Eully paid without demand or notice,
or in the event that each and every the stipulations, agreements, conditions_ and covenants o[ said note and
ihi~ mortgage, are not dul}~, prorr,ptly, 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
~ hereb~-, shall become due and pasrable forthwith, or thereafter, at the option of said mortgagee, as fully and com-
pletel~• 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 thereafier, 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
~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
~ pa~•able, and the said premises shall be sold to satisfy and pay the same together with casts, expenses,and allow-
` ances. In case of partial farecl~sure of this martgage, the mortgaged premises shall be sold subject to the con-
E t~nuing lien oi 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 thereaEter from time to time by the mortgagee.
l0. That the mortgagor wiii give immediate notice by mail to the mortgagee of any conveyance, transfer. or
= change of ownership of the premises.
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~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
' he(d to be a waiver of the terms hereof or of the note secured hereby.
g 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 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
immediately and without demand by ihe mortgagor to the mortgagee, and, together with interest and costs accruing
i thereon, shatl be secured by this mortgage.
~ 13. that the mailing o( a written notice or demandaddressed to the owner of record of the mort a ed
~ g g premises,
; or directed to the said owner at the Iast address actually Eurnished to the mortgagee, or directed to said owner at
= said mortgaged premises, and mailed by the United States mails, shail be sufficient notice and demand in any
y case aris~ng under this instrument and required by the provisions hereo[ or by law.
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~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible
5 for insurance under the National Housing Act within 30 DAYS from the date hereof (written statement
_ of ant• officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous-
° ing and Urban Des•elopment dated subsequent to~ the ~p~ time from the date of this modgage,
declining to ensure said note and this mortgage, being ~m~.d'conclusive proof of sucn ineligibility), the mortga-
; gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble.
The covenan~s herein contain~d shall bind, and the benefits and advantages shall inure to, the respective
n heirs, executors, administrators, successors, and assigns ot the parties hereto. Whenever used, the singular num-
- ber shall include the plurai, the plural the singular, and the use of any gender shall incluae all genders.
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goaK i91 1354
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