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HomeMy WebLinkAbout2354 . ~ _ l 1~ S. That he witl permit, commit, or su((e~ no weste, impu~me~,` ot deterioration of said property or a~y part ihereot; and in the evcnt of the tailure ot the mortgagor to keep the buildings on said premises and those tobe erect~d on ~aid p~emises, or ~mp~ovements thereon, ~n good repair, the mottgagee may make such repairs as in its , discretion it may deem necessary to~ the prope~ preservation thereo(, and the tull amount ot each and every such , pbyment shall be immediately due and payable, und shall be secured by the lien of this mortgage. G. That he will pay al! and singular the costs, charges, :~nd expenses, including reasonable tawyer's fees, ~+nd costs o( abstracts of title, incu~red ot paid at any time bythe mottgagee.because oE the tailure on the patt of thc mortgagot promptly and futly to perfurm the agreements and covenants of said p~omissory note and this mort- gage, and said costs, cnarges, and expenses shall be immediately due and payable and shall be secured by the lien o( this mortgage. 7. That he will keep the improvemcnts nov? existing or heceafter erected on the mortgaged property, insured as may be ~equired from time to time bp the murtgagce against loss by fire a~d other hatards, casualties, and contin- gencies in such amou~ts and 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 he~einbefore. All insura~ce sh~iil be carried in companies approved by mortgagee and the policies and renewals thereoE shall be held by mort- g:igee and ha~~e attached thereto loss payable clauses in favor of and in (orm acceptable to the mortgagee. ln event of lo~s he wiii give immediate notice by mail to moctgagee, and mortga~ee may make proof of loss if not made p~omptly by mortgago~, and each insucance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mottgagoc and mortgagee jointly, and the insurance pro- ~ ceeds, or any part thereof, may be applied by mortgagee at its option eithe~ to the reduction of the indebtedness hereby secured or to the cestoration or repair oi the property damaged. In event of forectosure of this mortgage or other transter of title to the mortgaged property in extinguishment ot the indebtedness secure~ hereby, all right, title, and interest of the mortgagot 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 mortgage, apply to the court having jur:sdic- tion thereof for the appointment of a receiver, and such court shal! forthwith appoint a receiver of the Qremises cuvered hereby atl and singular. including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall ~ve all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and suth appointment shall be made b}• such court as an admitted equity and a matter o[ absolute right to said mortgagee, and without reference to the ~~dequac~~ or inadeqaacy of the value of the property mortgaged or to the solvency a insolvency of said mortgagor or the defendents, and that such rents, protits, income, issues, and revenues shall be applied by such receiver :~ccording to the lien of this mortgage and the practice of such court_ In the event of any detault on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand es a reasonable monthly Tental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthlyinstall- 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 ~ in the event o[ any breach of this mortgage or default on the part of the modgagor, or (h~ 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 1 in the event that each and every the stipulations, ag~eements, conditions. and covenants ot said note and ; this mortgage, are not duly, promptly, and tully perEormed; then in either or any such event, the said aggregate sum mentioned in said note ihen remaining unpaid, with interest accrued to that time, and all moneys secured ; hereby, shail become due and payable forthwith, or thereafter. at the option oE said moctgagee. as fully and com- ~ ` pletely as if alt 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, at the option of said matga- ; ~ gee, without notice or demand, suit at law or in equity, may be prasecuted as if all moneys secured heteby had ; matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declated due and f pa}~able, and the said premises shall be sold, to satisfy and pay the same together with costs, expenses,and allow- 5 ances. In case of partial foreclosure of this mortgage, the mortgaged premises shell 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 z this paragraph may again be availed of thereafter from time to time by the mottgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or 3 change of ownership of the premises. " 11. That no waiver of any covenant herein or of the obligation secuced hereby shall at any time thereaEter be k held to be a waiver of the terms hereot or of the note secured hereby. ~ 12. That if the mortgagor detault 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 the mortgaga 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 demandaddressed to the owner ot record of the moctgaged premises, = or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any . ~ case arising under this instrument and :equire~ by the provisions hereof or by law. : 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within fQ from the date heceof (written statement of anp officer of the Department of Nousing and Urban Development or authorized agent of the Secretary of Hous- ~ ~ng and Urban Development dated subsequent to the ~~Y$ time from the date of this mongage, = declining to insure said note and this mortgage, being deem~>d conclusive proof of such ineligibility), ihe mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns aE the parties hereto. Whenever used, the singular num- f; ber shall include the plural, the plural the singular, and the use of any gender 5ha11 include all genders. - :::3 ~ ~19i ~ '-n-4 ~ 1 : I~ _ ~ _ - _ - - - _ - .