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HomeMy WebLinkAbout1769 t ` ' . ~ . . ' ` . . i , , 5, That he will permit, commit. or su(fer no waste. impairment, o~ deterioration of se~d property or any pa~t thereo[; and in the event oE the failuce o( the mortgagoc to keep the buildings on said premises and those tobe ( erected on said premises. or improvements thereon, in good repair. Ihe mortgagee may make such repairs as in its i disc~etion it may deem necessery tor the proper preservation thereof. and the tull amount o[ each and eve~y such ~ payment shall be immediately due and peyable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's fees, ' and costs of abstracts ot title, incur~ed or paid at anv time by the mortgagee because ot the failure oe the pert of ~ the mortgagor promptly and fully to petfam the agreements and covenants of said'promissory note and this mort- gage. and said costs, chacges, and expenses shall be immediately due and payable and shall be secured by the lien o[ this mortgage. 7. That he will keep the impcovements now existing or hereafter erected on the mortgaged property. insured as may be cequi~ed trom time to time by the mortgagee against loss by [ire and other haaards. casualties. and contin- genciea in such amounts and tor such periods as may be required by mortgagee. and will pay promptty. when due, any premiuins on such insurance for payment of which provision has not bee~ made hereinbefore. All insurance ~ shall be carried in companies approved by mortgagee and the policies and renewals thereoi shall be held by mort- ~ gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorized and directed to make payment ta such loss directly to mortgagee instead of to moctgagor and matgagee jointly. and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option ei:her to the reduction of the indebtedness hereby secured or to the restoration or repair ot the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title. and intecest of the mortgagoc in and to a~y 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 jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all end singular the income, profits. issues. and revenues from whatever source derived, each end every of which, it being expressly understood, is hereb~r;~ga~ s~s if specifically set forth and described in the granting and habendum clauses heceof. and such receivet-sfiafl ~ve all the broad and efEective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute right to seid mortgagee. and without reference to the adequacy or inadequacy of the value of the property moctgaged or to the solvency or insolrency of said modgagor or the defendents, and thac such rents. profits. income. issues. and tevenues shali be applled by such receiver according to the lien of this modgage and the practice of such court. ln the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand es a reasoaable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes. assessments, water rates. end insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a/ in the event of any breach of this mortgage or default on the pad of the mortgagor. or (6/ in the event 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 st'ipulations. agreeme~ts, conditions. and covenants of said note and 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 ~ ; hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee. as fully and com- ~ pletely 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. at the option of said moctga- ~ 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 modgagee may foreclose this mortgage. as to the amount so declared due and i 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 mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount oE the debt not then due and unpaid. In snch case the provisions of ~ 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 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 waiver of the terms hereof or of the note secured hereby: . 12. That if the mortgagor default in any of the covenants a agreements contaiaed herein, oc in seid note, then ~ the modgagee may perform the same, and all expenditutes (including reasonable attotney'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 withoat deRand by the mortgagor to the modgagee, 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 of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said osAner 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 required by the provisions hereof or by law. 14. The mortgagor further covenants that shoald this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within- 3Q ~YS from the date hereof (written statement ~ of any ofticer of che Department of Housing and Urban Development or authorized agent of the Secretary of Hous- in and Urban Deveto ment dated subs uent to~ the g p eq ~(~Y$ time from the date of this mortgage, z declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- i ~ gee or the holder o[ the note may, at its option, declare all sums secured hereby immediately due and payeble. i ~ The covenants herein contained shall bind, and the benefits and advanteges shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- - ~ ber shall include the plural, the plural the singular, and the use of any gender shall include ell gendecs. ; ~ + ~ ~ ~ ~ z~-~ . ~ ~ ~ ~~1~2 1765 ~ ~ ~ ~ ~ ~ ~ ~ _ . _ ~ _ _ _ _