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HomeMy WebLinkAbout0150 . s ~_i~ . ` i it ~ ll•l i ~ . S. That he will permit. commit. or suffec no waste. impaitmeat. oc deterioration of said prope~ty o~ any pact thereof; and in the event of the Eailure of the ~rortgagor to keep the buildings on seid premises and those tobe erected on said premises. or improvements theceon. in good cepair, the matgagee may make such ~epairs as in its discretion it may deem rtecessary for the p~oper preaecvation thereof. and the full amou~t of each aad every such payment shall be immediately due and Qayeble. and shell be secuted by the lien of this mortgage. 6. That he wilt pay all and singular the costs. charges. and expenses. i~cluding reasonable lawyer's fees. end costs of abstracts of title, incuned o~ paid at any time by the mortgagee .because of the failure on the pert of the mortgag~ Promptly and fully to perform the agreements and covenants of seid'promissory note and this mort- gage. and seid costs. charges, and expenses shall be imrt?ediately due and peyable and shell be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged propedy. insured as may be required irom time to time by the matgagee egainst loss by fire and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be required by mottgagee. and will pey ptomptly, when due. any premiums on such insurance for payment oE which provision has not been made hereinbefore. All insucence shall be carried in companies epp~oved by mottgagee and the policies and renewals the~eoE shal! be held by mort• gagee and have ettached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate ~otice by mail to mortgagee. and mortgagee mey make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authocized and directed to make payment for such loss dicectly to mottgagee instesd of to mortgaga and mortgagee jointly. and the insura~ce pro- ceeds, or eny part thereof. mey be applied by mortgagee at its option either to tht reduction of the indebtedness hereby secured or to the restoration oc repair of the property damaged. In event of foreclosure of this moKgage or other transfer of title to the mcutgaged propetty in extinguishment of the indebtedness secured hereby. all tight. title, and intecest of the mortgaga~ in and to any insurance policies then i~ force shall pass to the purchaser or grantee. . 8. That the mottgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receivec, and such coud shall focthwith appoint a ceceiver of the premises coveced heceby atl and singulsr. including ell and singular the incom~, profits. issues~ and revenues from whatever source derived. each and every of which. it being expcessly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have sll the broed and effective functions and powers in anywise entrusted by a court to a receiver. end such appointment shall be made by such coud as an admitted equity end a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolve~cy of said modgagor or the defende~ts. and that such rents, pcoEits. income, issues. and revenues shall be applied by such receiver according to the lien of this modgage artd the practice of sach court. In tbe event of any default on the pad of the modgagor hereunder. the matgagoc agrees to pay to the mortgagee on demand as a reasonable moathly rental for the premises an amount at least eqqivalent to one-t~velfth (1/12) of the eggregate oE t6e 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 coveced by the aforesaid monthly peyments. 9. That (o) in the event of any bcesch of this modgage or default an the pad of the modgagor, or (b) ia the event that any of said sums of money herein reEerred to be not promptly and fully paid aithout demand or notice. or in the event that each and every the st'ipulations, agceements. conditions, and covenants of said note and this mortgage, are not duly. promptly. and fully pedormed; then in either or eay such evertt. the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time, and all moneys secureti ' 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 gwps~oE ddAey were originally stipulated to be paid on such day. anything in said note a in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option ~ 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 institution. The moctgegee may foreclose this mortgage, as to the amo~nt so declared due and E payable, and the said premises shall be sold to satisfy and pay the same together ~vith costs, expenses,snd allow- ' ances. In case of partial Eoreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- f tinuing lien of this mortgage for the amount d the debt not then dae and unpaid. In such case the provisions of ! this paragraph may agein be evailed of thereafter from time to time by the mortgagee. ; 10. That the mortgagor will give immediate notice by mait to the modgagee of any conveyance. transfer, or `t change of ownership oE the premises. ~ 11. That no waiver of any covenant herein or of the obligetion secured hereby shall at any time thereafter be held to be a waiver oE the terms hereaf or of the note secured hereby.' 12. That if the mortgagoc default in any of the covenants or agreements conteined herein, oc in said~oote, then the modgagee may perform the samg, and all expendittues (including ceasonable ettaney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth i~ the note secured hereby, aad shall be repayabie immediately-and without demand by the modgagor to the martgagee. and, together with interest and costs acccuing ~ thereon, shall be secured by this ~nc-tgage. ~ 13. thet the maiting of a written ~otice oc demandaddressed to the owner of record of the moctgaged premises, or directed to the said owner at the lest address actually furnished to the modgagee, or directed to saidownec at said mortgaged premises, and mailed by the United States mails. shall be sufficient notice and demand in any case arising under this ;nstrument and cequired by the provisions hered oc by law. 14. The arodgagor furthec covenants that should this mortgage end the note secured hereby not be eligible for insurance under tlie National Housing AcE within ~~Y.~ from the date hereof (~?ritten stetement of any officer of the Department of Housing and Urban Development or authoriZed agent of the Secretary of Hous- 'r ing and Urban Development dated subsequent to~ the ~ QAY$ time from the date of this mortgage, ~ declinipa-to insure said noEe aad this mQr~,~a,ga, being deem?d canclnsive proof d such ineligibility). tbe mortga- ~ gee or the holder of the note may. et its option. declare all`sums secured hereby immediately due~and:payable. ~ The covenants herein contained shall bind, and the beaefits end advantages shall inure to, tbe respective " heirs, executors, administrators, successocs, and assigns of the padies heceto. Whenever used, the singular num- ~ ber shall incfude the plural, the plural the singular, and the use of any gender shall include alt genders. ~ ~ ~ ~ . ~ ' ~ ~ ~ ~ ~o~19Z ~5Q ~ ~ _ - - ~ _ ~r,.k ~ . ,