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HomeMy WebLinkAbout0866 3.~~N~`~~~ i~~' 1. ~ ~ S. That fie wiil pecmit. commit~ or sufter no waste. impairment~ or deterio~atlon ot said prope~ty o~ any part ~ the~eof; and in the event of the [ailure o[ the mortgagot to keep the buildings on seid prcmises and those tobe erected on said pcemises~ or improvcments thereon. in good tepai~. the mortgagee may make such repairs as in its dlscretion it awy deem necessery for the proper prcsenration thereoE. pod the tull emount ot each atid eve~y such peyme~t shall be iiamediately due and payable. and shall be secured by the lie~ of this mortgage. 6. That he will pay all and singutar tha rosts~ charges~ and expenaes. including reasonable lawyer's tees. and costs of ebstracts ot title. incuned or paid at any time bythe matgasee becauae of the foilure on the pert of the mortgagor pcomptly and iully to pecfo~m the agreements and covenants of said 'promisswy note and this mort- gage. and seid costs. cherges, and expens~ shAll be immediately due and peyable and shell be secured by ihe lien af this mortgage. 7. That he will keep the improvements now existing ot hereafter erected on the mortgaged prope~ty. insu~td as may be ~equired fwm time to time by the mortgagee ageinst loss by flre and other haserds. casualties. and contin- gencies in such amounts and for such periods as rtwy be required by matgagee. and will pay promptly. when due. arty p~emiua~s on such insurance fo~ peyment of ahich pwvision has not bee~ made hereinbefae. All insurance shall be cerried in companies approved by moctgagee end the policies and cenewals thereof shall be held by mort- gegee and heve attached thereto loss payable ctauses in fava of end in f~m accepteble to the mortgagee. In eve~t of loss he will give immediate notice by mail to mwtgagee. and mortgegee mey make pcoof of Ioss if not ~ made p~omptly by mortgegoc. and each insurance compeny concerned is heceby authorized and directed to make payment for such loss directly to mortgagee instead of to matgagor and watgagee joiatly, and the insurence pro- : ceeds. or any part the~eof, awy be e~tied by mottgagee at its option either to the reduction o[ the i~debtedness hereby secured or to the restoration a cepair ot the property damaged. In event of foceclosure of this mortgage or other transEer of titte to the mortg,aged propedy in extinguishment of t1~e indebtedness secured hereby. all right. title. and intecest of the mortgagar in and to any insurance policies then in face shell pass to the purchaser or grantee. 8. 1'hat the matgagee eaey. at any time pending a snit upon this mortgage. apply to the court having jurisdic- tion theteof fot the aooointaient oE a receiver. and such coutt shall forthwith aoooint o receiver of the premice~ covered hereby all and singuler. including all and singular the income, prafits. issues, and reve~ues from whetever source derived. each a~d every of which. it being expressly undecstood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such ~eceivet t~~hpve all the broed and effective functions a~d powers in anywise entrusted by a court to a reeeiver. and suc~ ~ intment shall be made by such coud as an admitted equity and a matter of absolute right to said matgagee. and witbout reference to the adequacy or inadequacy of the value of the property mortgaged or to the solveocy a iasolvency of said mortgagor or the defendents, and that such rents. profits, income, issues~ and revennes slwll be applied by such-receiver accocding to the lien of this mortgage and the prectice of such cowt. In t6e event of any dt[ault on the pert of the ~ mortgagor hereunder; the mortgagor agrees to pay to the moctgagee a~ demand as a reasa~able monthly cental for ~ the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate d~ the twelve monthly instalt- ~ ments payeble in the then c~rrent year plus the actual amount of the annual taxes, asa~ssaq~ts, water rates. and ~ insurance premiums for such year not covered by the aforeseid monthly peyments. i'''' 9. That (oJ in the event of any bceach of this mo~tgage or default on the p~d of tbe modgagor~ or (6) in the ' event that any of said sums of money herein referred to be not promptly and fully peid without demand or notice. or in the eveM that each and every the stipulations, agreements, conditions, and covenants of said note a~ this matgage, are not duly, pwmptly, and fully performed; then in either or any suc6 event. the said aggcegate sum mentioned in' said note then remaining unpaid, ~vith interest accrued to that time, aad all moneys secured hereby. shall become dne and peyable forthwith. or thereafter. at the option of said matgagee, as fully and com- pletely as if all of the zaid sums of money were ociginally stipulated to be paid on such day. aaything in said ~ note a in this mortgage to the coatrary notwithstanding; and thereupon or thereafter. at tbe 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 prioc to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and - payable, 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 matgage, the mortg,oged pcemises shall be sold subject to the con- r tinuing lien of this mortgage Eor tbe amouat of the debt not then due and uapaid. In snch case the provisions of this pecagraph may agaia be availed of thereafter from time to time bx the matgagee. 10. That the aortgagot will give immediate notice by mail to the moctgagee of any conveyance, transfer, or ~ change of aivnership of the pcemises. ; 11. That no waiver of any covenant herein o~ of the obligatioa secnred hereby shall at any time theresfter be E held to be a waiver of the terms hered or of the note secured hereby: ~ 12. That if the mortgaga default in any oE the covenants a agreemeats contained herein, or in said note, then ~ the mortgagee may pedorm the same. and all expenditntes (including reasonable attaney's fees) made by the moctgagee in so doing shall draw interest at the rate set farth in the note secuced hereby, and sbal! be repeyable immediately and without demand by the matgagor to the mortgegee, and. together ~rith interest and costs acccuing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice oc demand addressed to the owner of record of the mortgaged pcemises, or directed to the said awner at the last address actually fnrnished to the mortgagee, or directed to seid owner at said mortgaged premises, and mailed by the United States mails, shall be snfficient notice aad demaad in any case arising under this instrument and required by the provisions her~of or by lew. ~ 14. The mortgagor further coveaants that should this mortgage and the note secured heceby not be eligible . ~ for insurEnce under the Natiooal Housing Act within 30 from the date hereof (written statement r of any officer of the Departmeot of Housing and Urban Development or authorized egent of the Secretary of Hous- ~ ing and Urban Developmeat dated subsequent to~ the ~~Y'$ time from the date of this mortgage, ~ declining to insure said note and this matgage, being deen~d caoclusive proof d such. ineligibility), the moctga- o- gee or the holder aE the note mey, at its option. declare all sums secured hereby immediately due end pay~ble. g The covenaats herein contained sball bind, and the benefits and advaatages s6a11 inure to, the rcspective ~ heirs, executors, administrators, successors. and essigns d the parties heceto. Whenever used. the singular num- i ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. f ~ 4 '3 ~ ~ ~ ~ ~ ~ a~19~ 86~ ~ . - . _ _ _ . ~ : ~ ~ ~ : ~ 5,.~. ~ ~ ~ y . v_. - -