The URL can be used to link to this page

Home My WebLink About1995 5. That he will permit, comm~t, or su(ter no W~ste, imp~+ihnent,'er deterioration ot said pro{xrty ar .~ny part thcreof; and in the e~•ent at the fail~~rc of the morigugor to keep the buitdings on said premises and those tobe erected on said premises, or ~mpro~•ements thereon, ~n good ~epair, the mortgdgee may make such rep:+i~s as in itc discretion it mey deem necessacy tor the ptoper preservation thereof, ~~d the full amount ot each a~d every such payment shall be immediately due and payable, and shall be secured b~~ the lien of this muctgage. 6. That he will pay all and singular the casts, cha~ges, and expenses, includ~ng reasonable lawyer's [ee~, and cost~ of abstracts ot title, incurred or paid at any time by the mu~tgagee .because ot the failure on the part o[ the mortg~gor promptly and tully to petfocm the agreement~ and covenants of said promissory nc~te and this mort- gage, and said cosis, clu~rges. and expenses shall be immediately due and p~+}~able and shal! be secured by the lien of this mottgage. . ~ 7. That he ~ilt keep the improvcmcnts nov? existing on c~re~tter erected on the mortgaged property, insu~ed as may~ be required irom 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 r.~a~~ be required by mortgagee, and will pay promptly, when due, ; any premiu~s on such insurance iur payment of which provision has not been made hereinbefore_ All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and ha~•e attached thereto loss pa~~able clauses in fa~~or of and in form acceptable to the mortgagee. !n e~•ent of loss he will gi~•e immediate notice by mail 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 (or such lo~s directly to mortgagee instead of 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 ot the indebtednes~ s 3 hereby secured or to the restoration or repair of the propert~~ damaged. In e~~ent of foreclosure of this mortgage or other trans[er of title to the mottgaged property in extinguishment of the indebtedness secured hereby, all right, ; title, and interest of the mortgagor 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 r.:e:tgage, apply to the court having jurisdic- ~ tion thereof for the appointment of a receiver, and such court shall Eorthwith appoint a receiver of the premises ; co~~ered hereby all and singulac, including all and singular the income, profits, issues, and revenues from whatever suurce derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificaily set forth and described in the granting and habendum clauses heteof, and such recelver shall h~ve all the broad and effecti~~e functions and powers in anl~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 :~dequacy or inadequacy of the value of the prope~ty mortgaged or to the solvency or insolvency of said mortgagor or the de[endents, and that such rents, protits, income, issues, and revenues shall bg appli~ by such receiver according to the lien of this mortgage and the practice of such c.wd. In the event of any default on the part of the mortgagor heceunder, 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-twel[th (1!12) of the aggregate of the twelvt~'~opthlyinstall- ments payable in the then current year plus the actual amount of the annual taxes, assessments, wathr rates, and insurance premiums for such year not covered by the aforesaid monthly payments. " ~ 9. That ~n the e~•ent oE any breach ot this mortgage or default on the part Qf the mortgagor, or (b) in the - e~•ent that any of said sums of money herein referred 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 oE said note and t ; this mortgage, are not dul}•, promptly, and fult~ performed; then in either or any such event, the said aggregate f sum mentioned in said note the~ remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletei~• as if all o[ the said sams of mone}~ were originally stipulated to be paid on such day, anything in said ~ note or in this mortgage to the contrary notwithstanding; and thereupon or thereatter, at the option of said matga- # gee, w ithout 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 ~ pay°able, 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- ~ 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 oE thereafter Erom time to time by the mortgagee. ~ 10_ That the mortgagor will gi~•e 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 w~a~cer of the terms hereo[ or of the note secured hereby. 12. That if the mortgagor default in anp 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 ~ ~mmediately and w•ithout demand by the mortgagor 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 a demandaddressed to the owner o[ record of the mortgaged premises, or directed to the said owner at the last address actuaily furnished to the mortgagee, or directed to saidowner at Y 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 hereof or by lew. ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Hous~ng Act within ~~Y$ from the date hereof (written statement ~ = of an}• officer of the Department of Nousing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban De~•elopment dated subseque~t to the ~ ~/1Y5 time from the date of this mortgage, ' declining to insure said note and 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 payebie. The co~•enants herein contained shall 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- r~ ber shal! ~nclude the plural, the plural the singular, and the use of any gender shall include all gendecs. ~ <; ~;s 1VW ~ R 191 60Gx - ~a <<~ • ~Y ~ - ~ _ : ~ s e~`+" ' _ ' ' ' , - , . . . _ ..t~__?t