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HomeMy WebLinkAbout1967 I , ~ ~ f . . • , ; ~ . . . ~ 5. That he w~ll perm~t, commit, or sufEer ~?o w~ste,,. impalrihent, or detenorat~on of said property o~ any part ~ thereof; Nnd in the event ot the iailure of the mortgagot to keep the buildings on said premises and those tobe erected on said premises, o~ improvements thereon, in goo~ cepair, the mortgagee may make such repairs as in its discretion it mey deem necessary tor the propet preservetio theceoi, and the full amount of each and every such ; puyment shall be immediately due and payable, and shall be s~cured by the lien of this mortgage. ! 6. That he will pay all and singular the costs~ chacges,` nd expenses. including reasonable lewyer's tees, and costs of ebstracts of ti11e, incurred or paid at any time by e mottgagee.because of ihe failure on the pert oi the mo~tgagot promptly and tully to per(am the agreemerits a~d ~ Qvenants of said 'promissory note and this mort- gage, and said costs. cha~ges, and expenses shell be immediately due and peyable and shall be secured by the lien of this moctgage. ~ 7. That he will keep the improvements now existing or hereaftet erected on the mortgaged p~openy, insured as may be required [rom time to time by the mortgagee egainst loss by fire and other hazards. casualties. and contin- gencies in such amounts a~d for such periods as may be required by mortgegee. a~d will pay promptly. when due. ~ any premiums on sucfi insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mo~tgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in farm acceptable to the m~rtgagee. In event ot loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by matgagor, and each insurance company concerned is hereby authocized and directed ta make _ payment for such loss directly to mottgagee i~stead of to matgaga and mortgegee jointly. and the insurance p~o- ~ ceeds, o~ any part thereof, may be applied by mottgagee et its option either to the reduction of the indebtedness hereby secured or to the restoration or repaic o[ the property damaged. !n event of foreclosure of this mortgage w 4 otiier transter of title to the mortgaged propetty in extinguishment of the irdebtedness secured hereby. all right, ! title, and interest oE the mortgagor in and to any insurance policies then i~ Eorce shall pess to the purchaser a grantee. 8_ That the mottgagee may, at any time pending a suit upon this mortgage~ ap ~j? to_the court having jurisdic- tion thereoE for the appointment of a receiver. and such court shall for~hwit~ ~~oiat i receiver o( the premises covered heceby all and singular. including all end singular the income. profits, issues, and revenues from ahatever source derived, each and every of which. it being expcessly unde~stood. is hereby mortgaged as if specifically set focth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver.,snd cuoh appointment shall be made by such court as an admitted equity and a matter of absolute right ~t! ~aid motjgagee,'add'voithout reference to the adequacy or inadequacy of the value of the propeRy mortgaged or to the solvency or ipsdve~cy of said mortgagor or the defendents, and that such rents. pcofits, income, iss~ees, sud revenues shall be applied by such receiver according to the lien of this mo~tgage and the practice of such conrt. In the event ot any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable montfily rental fot the pcemises an amount at least eqpivalent to one-twelfth (1/12) of the eggcegata of the twelve rtronthly install- ments payabte in the then cur:ent year plus the actaal amount of the a~nual taxes. assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly peyments. 9_ That (01 in the event ot any breach of this modgage or default on the part of the mortgagor. or (6/ in the event that any of said sums of money herein reEerred to be not psomptly and fully paid without demand or notice, or (~?~in the event that each and every the stipulations, agreements. conditions. and covenants of said note and this mo~tgage, 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 payabte forthwith, oc 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; artd thereupcm or thereaEter. at the option of said mortga- gee, without notice or demand. suit at laa or in equity, may be prosecuted as if all moneys secured hereby had ; matured prior to its institution. The mo~tgagee may foreclose this mortgage. as to the amount so declared due and ~ payable. and the said premises shell be sold to satisfy and pey the same togethec with costs, expenses,and allow- ~ ~ ances. ln case of partial foreclosure of this matgage, the moctgaged premises shall be sold subject to the con- F tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In soch case the provisions of j this paragreph may again be availed oE thereaEter 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 awner~hip of the ptemises. ~ 11. That no waiver oE any covenant herein or of the obligetion secuced hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note secured hereby. ~ 12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditutes (including reasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath ia the note secured hereby, and shall be repeyable immediately and without demand by the mortgagor to the modgagee, and, together vrith interest and costs accruing thereon, shall be secured by this modgage. ~ 13. that the roailing of a w~itten notice or demandaddressed to the owner of record of the mortgaged premises, or d'erected to the said avner at the Iast address actually Eurnished 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 required by the provisions hereof or by law. ~ ~ 14. 1'he mottgagor further covenants that should this mortgage and the note secured hereby not be eligible i ~ for insurance under the Netional Housing Act within ~~Y ftom the date hereof (written stateme~t•~ - ~ = of any otficer of the Department of Housing and Urban Developmen~ or authocized agent oE the Secretary of Hous- ~ ~ ing and Urban Development dated subsequent to~ the time from the dete of this mortgage, ~ declining to insure $aid note and th~s mortgage~ ~being dq~Q~~ve pcooE ot such ineligibility), the mortga- ~ gee or the holder of the note may. at its option, declare a11 sums secured hereby immediately due and peyeble. . ~ The covenants herein contained shell bind, and the benefits and edvantages shall inure to, the respective ~ heirs, executors; administrators, successors, and assigns oi 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 all genders. ~ ~ ~ ~ ~ ~ UR ~ a~ 1y2 1963 ~ ~ ~ ~ ~ _ - - :r ~ ~.,z _ . , . = a~___..