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HomeMy WebLinkAbout2149 ~ . ; . , ~ S. That he will pe~mit, commit. or suffer #~pste. i~itp?oht, or deterioretioo oE said p~operty or any part thereof; and in the event of the [ailure of th~mortgago~ to kee`p the buildings on said premises end those tobc ecc~cted o~ said premises, o~ improvements thereon, in good ~epair, the mottgagee mey make such repeirs as in its discretion it may deem necessaty fot the prope~ prese~vation thereot. and the tull emou~t ot eech s~ evety such payment shall be.immedietely due and payeble, and shall be secu~ed by the liee aE this mortgage. 6. That he will pey all end singular the costs, cha~ges, end expenses, including reasoneble lewyer's fetfi. end casts ot abstrects of title, incucred or peid at eny time bythe mortgagee.because of the teilure on the part o[ the mortgagor promptly and fully to perform the ag~cementa and covena~ts of said 'promissoty nota :~u~3 thi~ :~s:.ri- gage, and said cos'ts, cha~ges, and expenses shell be ima~rdiately due and peyable end shall be secured by the lien a[ this mortgbge. ~ 7. That he will keep the improveme~ts ~ow existing or hecea(ter erected on tfie moctgaged propeny~ insured es may be required irom time to time by the mortgagee ageinst loss by (ire end other hazards, casualties. and contin- gencies in such amounts and Eor such periods as may be requiced by moctgegee. and will pey promptly. when due. any premiums on such i~surance foc paymeet ot which provision has not been made hercinbefore. All insurance shell be car~ied in companies app~oved by mottgagee and the policies and reneweis thereof shall be held by mort- gagee a~d ha~e attached thereto loss peyable clauses in favor ot and ie torm eccepteble to the mortgagee. In event of loss he wrill give immediate notice by mail to mortgagee, and moctge~ee may make proof of loss if not made promptly by moctgagor, and each insurence compa~y concerned is hereby authorized and directed to make payme~t for such loss directly to mongagee instead of to mortgaga and mortgagee jointly~ ond tht insurance pro- ceeds. or eny pact thereo[. may be applied by mortgegee at its option either to the ~eduction of the indebtedness he~eby secuced or to the restocation or repeir of the prope~ty damaged. ln event of faceclosure oE this mortgage or other transter oE title to the mo~tgaged propeny in extinguishment of the indebtedness secured hereby. all ~ight. title. and interest of tht matgagoc in end to any insurance policies then in force shall pess to the purchaser or g~antee. . 8. That the mortgegee may. at any time pending a suit upon this moctgage~ apply to the court having jutisdic- tion thereo( for the eppointment of a receiver. and s~!~ti c!+!~•~ chaU forthwith eppoint e receiver of the premises covered hereby atl and singular. including ell and singular the income. proEits. issues. and revennes f:om whetever source de~ived, each and every of which, it being expc~sgl~r understood, is ::ereby mortgaged as if speciEically set forth and described in the granting and habendum clat~sas h4tlo~, end such receiver shall heve ell the broed and " effective functions and powecs in anywise entrusted by a court to a receiver~ end such appointment shall be made by such court as an admitted equity and a a~tter.of absolute cight to seid mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mottgaged,ot to the solvency o~ insolvency of said mortgagor or the defendents, a~ that such rents, pcofits, income, issues~+and r~venues shall be applied by such receiver according to the lien of this moctgage and the pcactice of soch couct. In the event of any deEault on the part of the mortgagor hereunder. the mortgagor agrees to pay to the madtgagee on demand es a reasonable monthly renta! for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregete of the tMelve mo~thly install- ments payable in the then current year plus the actual smount oE the annual taxes, assessments. water rates. end insurance premiums for such year not covered by the eforesaid monthly payments. 9. That (o J in the event oE any breach of this mortgage or default on the part of the mortgagor, or (b~ in the event that any of said sums of money he~ein referred to be not pmmptly end fully paid without demand or notice. or (~i in the event that each and every the st'iputations, agreements. co~ditions, and covenants of said note and this mortgage, are not duly. promptly. and fully performed; then in either or eny such event, the said aggregete sum mentioned in said note then remaini~g unpaid, with interest accrued to that time. and all moneys secured hereby, shall become due and payable focthwith, or thereafter, at the option of said mortgagee. as Eully 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 a in this mortgage to the contrary notaithstanding; and thereupon or thereaiter. at the option d said moctga- gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured h~reby had ;i matured prior 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 v/ith costs. expenses,and allow- ~ ances. In case of pertia) foreclosure o[ this modgage. the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortga~e for the amount of the debt ~ot then due and unpeid. In such case the provisions of I 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 co~veyance, transfer, or ! change of awnership of the premises. - ; 11. That no waiver oE any covenant herein or of the obligation secured hereby shali et any time thereafter be 6 hetd to be a waiver of the terms hered or of the note secured hereby. ~ 12. That if the mortgaga default in any d the covenants or agreements contai~ed herein, o: in said note, then ~ the mortgagee may perform the same, and all expendituces (including reasonable atta~tey'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 without demand by the modgagor to the mortgegee. and, together with interest end costs accruing ; theceon, shali be secured by this mortgage. ~ ~ 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, ~ ~ ot directed to the said o~vner at the tast address actuaUy futnished to the mortgagee, or directed to said oqvner at ~ said mortgaged pcemises, and mailed by the United States mails, shall be sufticient notice and demend in any case arising under this instrument and requiced by the pcovisions heceoE ar by law. ~ 14. The mortgagor further covenants that sha:ld this mortga ge~ and the note secured hereby not be eligible ~ Eor insurance under the National Nousing Act within Thicty Laji'i from the date hereof (written statement ~ of any officer of the Department of Housing and Urban Development or authotized ege~t of the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the '~'huty Lays time from the date oi this mo~tgage, U declining to insure said note and this mortgage, being deem~d conclusive proof oE such ineligibility). the mortga- ~ gee or the holder d the note may, at its optiori. declare all sums secured heceby immedietely due ~nd payable. ~ The coven~nts herein contained shall bind, and the benefits end advanteges shall iaure to. the respective ~ heirs, executors, administrators, successacs, and assigns o( the parties hereto. Whenevet used, the singular num- 3 ber shail include the plural, the plural the singular, and the use oE any gender shall include all genders. ~ s ~ ~ ~ ~ ~ ~ ~~i92 2144 ~ ~ ~ !S3 • ~~~'y~+ - t^w~i~ ~ ~ : ~ `F'~I.a~~::r a.., a..,. Ta ~ i.. ~ _ ~~'JC ~.r_a_ .'?~'r~~~."'