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HomeMy WebLinkAbout2051 ~ , t;.. ! ' ' , 1 ~ ~ ~ _ S. That he will pe~mit, commit, ot sutfet no waste. impairment, or detetioration of said property o~ any part the~eof; and in the event nt the [ailure o[ the mortgegor to keep the buildings on said premises artd those tode erected oo said premises. or imp~ovemrnts thereon. in good repair. the moKgagee may make such repei~s as in its discretion it may deem necessaty [ot the pcoper prcse~vation theceot, eRd the full amount of each end every such payment shall be immediately due arid payable, and shell be secu~ed by the lien of this mortgage. 6. That he will pay ell and singulat the cogts, charges. and expenses, including teasoneble lewyer's tees, and coctc of abstrects ot title, incurred ar paid et any time by the moctgegee .because of the teilure on the pert o( the mortgagor promptiy and fully to perlorm the agreements and covenants o[ said ~promissary note and this mort- gage, and said costs, che~ges, and expeoses shall be immediately due and peyable end shall be secured by the lien o[ lhis mortgage. 7. That he v?i11 keep the improvements now existing or heceatter erected on the mortgeged ptopetty, insured as may be cequired irom time to time by the mactgagee against loss by tire and othe~ hazerds. casualties, and contin- gencies in such amounts and tor such pe~iods as may be required by moctgagee, and will pey promptly. when due, any premiums on such insurance (or payment of which provision has not bee~ made hereinbefwe. All insurance shell be carried in companies approved by mottgagee and the policies and reoewats thereof shall be held by mort- gagee end have attached thereto loss payabte clauses in favor of end in torm acceptable to the mortgagee. ln event o( lass he veill give immediate notice by mail to mortgagee, and mottgagee may make proo[ ot loss if not made promptly by mortgagor, and each insu~ance company concerned is hereby authoiized and directed to make pa~~me~t for such loss dicectly to mortgagee instead o( to mottgagor and mortgagee jointly. and the insurance pro- ceeds. or a~y pert thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby se,cured or to the restoration ot repai~ oE the pcoperty damaged. ln evenl of [oreclosure of this mortgage ot other transfer of title to the nwttgaged propetty in extinguishment of the indebtedness secured hereby, ell cight, title, aad ieterest o[ the mortgega in and to any iasurance policies then in force shall pass to the purchaser or ~ grantee. 8. That the mortgagee may. at aey time pending a suit upon this mortgage, epply to the court haviog jurisdic- tion thereof (or the appointment o[ a receiver. aed such court shall focthwith appoint a ceceiver of the premises covered herebv all end-sineular, includin¢ all end sin¢ular the income. orofits, issues. and revenues from whatever source derived, eacfi and every of which, it being expressiy understood. is he~eby mortgaged as if specifically set focth and described in the granting and. habendum clauses hereof. and such receivet ahall have all th~ brqad and effecti~~e 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 e matter o[ absolute right to seid mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mOrtgaga _ or the defendents, and thet such rents, profits, income. issues. end revenues shall be apQlied by suckreceiver according to the lien of this moctgege and the practice of such court. ln the event of any default on the part of the mortgagor hereunder, the_ mottgagot agcees to pay to the moctgagee on demand as a reasonable monthty rental for the premises an emount at least eqpivalent to on~twelfth (1l12) 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. and insurance premiums for such year not covered by the aforesaid monthly payments. _ 9. That (ui in the event of any breach of this mortgage or defeult on the part of the mortgagor.'o~ (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. agreements. conditions. and covenants of said note and thes mortgage, are not duly. promptly, and fully performed; then in either or any such event, the said aggregete sum mentioned in said note thea remaining- unpaid, with i~tecest accrued to that time. end all moneys secured heceby, shall become due and payable forthwith. or thereaftec. et the option oE said mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipuleted to be paid on such day. anything in said note oc in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option d said martga- . gee, a ithout notice or demand. suit at law or in equity, may be prasecuted as if all moneys secured hereby had ! matured prior to its institution. The matgagee may foreclose this mortgsge. as to the amount so declared due and ~ payabie, and the said premises shall be sold to satisty and pay the same together with costs, expenses,and allow- ' ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the con- ~ tinuing lien o! this mortgage for the amount of the debt not then due and unpaid. In such case the provisions o( ~ this p~ragraph raay 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, a ~ change oE ownership of the premises. E 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 mortgaga default in any of the covenants or agreements contained hecein. a in said note, then ~ the mortgagee may pecform the same, and all expenditutes (includ~ng reasonable atta~ney's fees) made by the mortgagee in so doing shall draw interest at the rate set Eath in the note secured hereby, and shell be repayable immediatel} and without demand by the moctgagor to the modgagee, and. togethet with interest a~ costs accruing thereon, shall be secured by this mortgage. ' 13. that tht mailing of a written notice or demandaddressed to the owner o[ record of the mortgaged premises, ~ or directed to the said owner at the l~st address actually furnished to the moRgagee, or directed to said ownec at ~ said mortg~ged 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 coveaants that should this mottgage o~d the note secured hereby not be eligible ; !w insurance under the Natiortal Housing Act within ~~Y Erom tbe date hered (wtitten statement , ; of any officer d the Department of Housing and Urban Deye~l men~or authorized agent of the Secretary of Hous- ing and Urban Devefopment dated subsequent to~ the .~I~YS time fcom the date of this modgage, ; declining to insure said note and this mortgage, being deem~d conclusive proof of such ineligibility), the mortga- gee or the holder of the oote may, at its option, declare all sums secured hereby immediately due end payable. i ~ The covenants herein contained shall bind. and the benetits and edvanteges shall inuce to, the respective j heirs, executors, administrators, successas, and assig~s of the perties hereto. Whenever used, the singuler aum- a ber shall inclcde the plural, the plural the singular, and the use of any gender shal! include ell gendecs. ~ • x i ~ F L ~ i ~ ~ ~ e c A ~ ~ ~ - - ~ ~ $ ~ - aooK 1~2 2047 ~ ~ - ~ - ~ G e~' }y+•.F am~ ~C Y . d_.. 2 G~ ~~'~^.~e~...,~~F~~~~'`_~~::~ _ . .