The URL can be used to link to this page

Home My WebLink About2063 , ' . • • , ? ~ ' z 5. '['hat he will permit, cummit, or sut[ec no waste, impairment, or deterioration ot said property or any pert thereoi; and in the event ot the failure of the mortgegor to keep the buildings on seid pcemises and those tobe erected on seid premises, or improvements the~eon. in good cepair, the mo~igegee may make such repairs As in its discretion it may deem aecessary [or the proper pcese~v~tion thereot, end the tull emount of each and every such ~ayment shall be immediately due and peyable, end shall be secured by the tien of this moc?gage. 6. That he will pa~~ all end singular the costs, charges, end expenses, including ~easonable lawyer's tees, and costs of abstracts oi titte, incurced oc paid at any time bythe mortgagee.because ot the failure on the part o[ the mortgagor promptlp and (ully to perfocm the agreements end covenants of said'promissory note end this mort- gage, and said costs, charges, end expenses shell be immediately due and peyeble end shall be secured by t6e lien ot this mortgage. 7. That he will keep the improvements now existing or hereaEter erected on the mortgaged property, i~sured as ma~~ be required from time to time by the mortgagee ageinst loss by [ire and othe~ hazerds, casualties, and contin- gencies in such amounts and for such petiods as may be cequired by mortgagee, end will pey promptly, Mhen due, eny premiums on such insurance tor peymtnt of which provision has not been made hereinbefoce. All insurance shall be carried in companies app~oved by mortgegee and the policies and renewals the~eof shal! be held by mort- gagee and ha~~e attached thereto loss payable clauses in favor of and in (o~m accepteble to the mortgagee. in e~~ent oi loss he vcill give immediate notice by mail to mortgagee, end mortgagee may meke proof of loss if not made promptly b~~ mwtgagor, end eRCh insurance company concerntd is hereby authorized and directed to make pa~~meot for such loss directly to mortgegee instead of to mortgagor and mortgogee jointly, and the i~surance pro- ceeds, or aoy part thereoE, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoratio~ ot repair of the p~operty dameged. ln event of foreclosure o[ this moctgage or other transfer of titlt to the mortgaged prope~ty in extinguishment of the indebted~ess secured hereby. all right, title. and interest of the mortgaga in and to any insurance policies then in force shall pess to the purchaser ar gcantee. 8. That the mortgegee 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 coutt shall forthwith appoint a receiver o[ the premises covered hereby all end singular. including all snd singular the income, profits, issues. and ~venues ftom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if =peCifkally 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 an}n+vise entrusted by a court to a receiver, and such appointment shall be mede by such court as an admitted equity end a matter of absolute right to said mortgegee~ a~ without r4fetence.to the adequacy or inadequacy ot the ~~atue of the propedy mortgaged or to the solvency or insolve~cy of'said twrtgagor or the defendents, and that such rents, profits, income, issues, aed revenues shall be epplied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any deEault on the ped of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a ceasonable monthly rental for ~ the premises an amount at least equivalent to one-tweifth (1!12) of the aggregate of the twelve monthlyinstall- ments pa~~able in the then current year plus the actual amount of the annual texes, assessments. water rates, and insurance premiums tor such year not covered by the aEoresaid monthly payments. . . 9. That in the event uf any breach ot this mortgage or default on the part of the mortgagor, or (b~ in the e~~ent that anp of said sums of money herein ceferred to be not Qcomptly and fully paid without demend or notice, or ~ in the e~~ent that each and every the stipulations, agreements. conditions. and covenants of said note and j this 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 E hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as Eully and com- ~ ~ ptetely 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, et the option of said matga- r gee, withoat 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 moctgegee may foreclose this mortgege, as to the amou~t so declared due and ~ pay~able, and the said premises shall be sold to satisfy and pay the same together wit6 costs, expenses,and allow- ~ ances. In case of partiel foreclosure of this mortgage, the modgaged premises shall be sold subject to the con- :inuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions oE `s 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 mottgagee of any conveyance, transfer, or ~ change of ov~nership of the premises_ f 11. That no waiver of any covenent herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hereot or of the note secured hereby. 12_ That if the mortgagar default in any of the covenants or agreements contained herein, or in said note, then ~ the modgagee ma~-perform the samg, and all expenditutes (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set farth in the note secured hereby, end shall be cepaya~le ~ immediately and without demand by the mortgagoc 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 of record of the mortgaged premises, ~ ar directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ~ said mortgaged pcemises, and mailed by the United States mails, shall be sofficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagoc further covenanis that shoeild this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~ty L;,ys from the date' hereof (written statement - of an}• officec of the Department of Housing and Urban Development or auihorized agent of the Secretary of Hous- _ ing and Urban Development dated subsequent to~ the ~~L~~.~ time from the date of this mortgege, declining to insure said note and this mortgage, being dee c ive proof of such ineligibility), the mortga- gee or the holder d the note may, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shell bind, and the benefits and advantages shall inure to, the respective ,~v heirs, executors, administrators, successors, and assigns d the parties hereto. Whenever used, the singular num- % ber shall ~nclude the plural, the plural the singular, and the use of ar~y gender shall include all genders. ~ ~ ~f~ ~ 19i ~I~ _ . _ _ . _ ~ ~ t~ _ _ - -