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HomeMy WebLinkAbout2197 , . ; ' ~ ' ~ ' ! i t S. That he will pecmit, commit. or suffet no waste. impairment, or deterioration ot said ptoperty or any pact thereof; and in the event of the failure of the mortgagor to keep the buildings on seid premises and those tobe erected o~ said premises, or improvements thereon. in good iepair, the mo~tgagee may make such repeirs as in its discretion it may deem necessary fot the prope~ pceservetion thereot. and the full amount oE each and every such payment shall be immediately due and payi.hie, and shall be secuced by the lien of this mortgage. 6. Thet he will pay atl and singular t~?e costs. charges. end expenses. including reasonable lawyer's tees, and costs of abstracts of title. incucred or ~aid at eny time by the mortgagee because of the failure on the pert of tfie mortgagor ptomptly and fully to petform the agreements and covenants of said'promissory note aad this mort- gage, and said costs, charges, aad expenses shall be immediately due and peya6le and shaij ~e secured by the lien of this mortgage. 7. That he will keep the improvements now existing ot heceafter erected on the mo~tgaged prope~ty, insured as may be ~equired from time to time by the moctgagee against loss by [ite and othe~ hazards. casualties. and contin- gencies in such amounts and for such periods as may be required by mottgagee, and Mrill pay promptly, when due. any premiums on such insurance for payment of which provision has not been made herei~be[oce. All insurance shall be carried in companies approved by mortgagee and the policies and tenewals thereof shall be held by moct- gagee and have attached thereto loss payable ctauses in favor oE and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgegee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is heteby euthorized and ditected to make payment for such loss dicectly to modgagee instead of to mortgegor and mortgagee jointly. and the insurance pro- ceeds. or any part the~eof. may be applied by mortgagee et its option either to !he reduction of the indebtedness hereby secured or to the restoration oc repair of the property damaged. In event of foceclosure of this mortgage oc other trans[er of title to the modg,aged property in extinguishment of the indebtedness secured hereby, all right. title, and interest of the mortgaga in and to any insurance policies then in Eorce shal! 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 eppointment of a ceceiver. and such court shall forthwith appoint a receiver of the premises covered hereby all aed singular. including ali and singular the income. profits. issues. and cevenues from whatever soucce derived, each and every of which, it being expressly understood. is heteby mortg,aged as if specifically set forth and described in the granting and habendum cleuses hereof. and such receiver shall have all the bcoad and effective 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 said mo~tgagee. and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, a~ that such rents, protits, income, issues, and revenues shall be applied by such receiver accocding to the lien of this modgage and the practice of snch coud. In the event of any default on the pad of the mortgagor hereunder. the matgagor agrees to pay to the mortgagee on demand as a reaso~able monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggcegate of the twelve monthly instali- ments payable in the then curren~ year Jus the actual amount of the annual taxes, assessments, weter rates. and insurance premiums fak'stuch year not co~veced by the aforesaid monthly payments. 9. That (o) in the event of any breach, of _this mortgege or defeult on the part of the mortgagor, or (b) in the event that any oE seid sums of money herein reEerred to be not pcomQtly and fully paid without demand or notice. or in the event that each and every the st'ipulations, agreements, conditions. and covenents of said note and this mo~tgage. are not duly. promptly. end fuily 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 focthwith, a thereafter, at the option of said moctgagee. 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 modgage to th~-c~ ~_,~ptMrithstanding; and thereupon or theceaftec. at the option af said matga- gee, without notice or demand;~tiK ~t `IA~ or in equity, may be ptosecuted as if all moneys secured hereby hed matured prior to its institution. The modgagee ~nay foreclose this mortg~ge, as to the amount so declared due and payable. and the said premises shall be sold to setisfy and pay the same together with costs. expenses,and allow- j ances. In case of pertial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the con- E tinuing lien of this mortgage for the amount of tt~e debt not then due and unpaid. In such case the provisions of ~ this paragraph may again be availed of theresfter from time to time by the mortgagee. ~ 10_ That the mortgagor witl give immediate notice by mail to the modgagee of any conveyance. transfer, or 4 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 herea[ or of the note secured hereby. ~ 12. That if the moctgagor default in any of the covenants or agreemeats contained herein. or in said note, then the mortgagee may pecform the same, and all expenditu~es (including reasonable attorney'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 acctuing Y thereon, shall be secured by this mortgage. ~ ~ . ~ 13. that the mailing of a written notice or demand addressed to the owner oE record of the mortgaged premises, or directed to the said oaner at the last address actually furnished to the modgagee, ot directed to saido~vner at ~ said mortgeged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case acising under this instrument and required by the provisions hereof or by la~v. ~ 14. The mortgagor fiuther covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the Natianal Housing Act within k~ Le~ from the dete hereof (written statement of any officec of the Depa~tment of Housing and Urbad'Deve opment or authorized agent of the Secretary oE Hous- ~ ing and Urban Development dated subsequent to~ the (j~ist) Lay~t time Erom the date of this mottgage, ~ declining to insure said note and this mortgage, being deem?d conclusive pcoof of such ineligibility). the mortga- gee or the holder of the note may, at its option, declace all sums secured hereby immediately due and payable. z ~ The covenants herein contained aheil bind, and the benefits and advantages shall inure to, the rcspective ~ heirs, executors, administrators, successocs, and essigns d the parties hereto. Whenever used, the singular num- ~ ber shall include the plural, the Plural the singulat, and the use ot any gender shall include all genders. ~ ~ ~ ~ ~ ~ ~ . ~ ~ ~o~ 1sz zlaz ~ ~ n ~ ~a.~'..~~-s,~ - _ _ . _ . _ . . - ' r ~ ~