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HomeMy WebLinkAbout2300 ~ < - , . ~ ' ~ i : ~1 ' ' . i S. That he will permit, commit, or sufte~ no waste~ impai~ment. o~ deterioration ot said prope~ty or eny perl ( thereot; and in the event of the tailure of the mortgago~ to keep the buildings on said premises and those tobe ~ e~ected on said premise4. or improvements the~eon, in good repeir, the motlgagee mey meke such ~epei~s as in its ~ discretion it may deem necessaty fo~ the proper pteservation thereot, and the [ull amouM of each and every such aayment shell be immediately due end payeble. ead shall be secu~ed by the lien ot this mortgage. 6. That he will pay all end singular the costs, charges, a~d expe~sea. including reasonable lawye~'s (ees, ~ and costs of abstracts of title, incurred or paid at any time bythe mortgagee.because of the failure on the pert of the moctgagor promptly and fully to petEorm the ag~eements and covena~ts of said'promissory nde and this mwt- gage, end said costs. chacges, and r;?~nses shall be immediately due aod payable a~d shall be securcd by the lien a( ihis mo~tgage. . 7. That he vvill keep the improveme~ts now existing or hereafter erected on the modgeged p~operty. insured as ~ may be required from time to time by the mortgagee against loss by Eire and other hesards. cesualties. and contin- • ' gencies in such amounts and for such periods as mey be requirrd by moctgagee. and will pay promptly. when due, ~ any premiums on such insucance fot peyment ot which ptovision has not been made hereinbefoce. All insucance s shall be carried in compa~ies approved. by mortgagee and the policies a~d tenewels thereof shall be held by mat- 1 g~gee and have atteched thereto loss peyable clauses in favor of and in form acceptable to the modgagee. In ~ e~~ent ot la.SS he will give immediate notice by meil to mottgagee, and mortgagee mey make proo[ of loss if not made pramptly by mortgagor, and each insuret~ce company concerned is hereby authorized and directed to muke payment for such loss directly to mortgagee i~stead of to matgagor.and mottgagee jointly. and the insurance pro- ceeds, or any part thereof. mey be opplied by mortgagee et its option either to the reduction of the i~debtedness hereby secured or to the ~estoration ot repair oE the propeKy damaged. ln event of toreclosure ot this mortgage or other transfer of titte to the moKgaged property in extinguishment of the indebtedness secured hereby. all right. title, and intecest of the mortgagot in and to any insurence policies then in force shall pess to the putchaser or g~antee_ . 8. That the moctgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment oE a receiver, aed such coud shall forthwith eppoint a:eceiver of the premises covered hereby all and singular. iacluding all and singular the income. profits, issues. and revenues Erom whatever source derived, each and every of which, it being expressly understood. is hereby mortgaged as if specificaUy set fodh and described in the gronting and habendum clauses he~eof. and such receiver shell have all the broed and ~ effective fuections and powers in anywise entrusted by a court to a receiver, a~d such appointment shall be made by such court as an admitted equity and a matter of absolute right to seid matgagee, and without reference to the adequacy or inadequacy of t1~e velue of the property mortgaged or to the solvency ac insolveacy of saId aortgaga or the defe~dents, and that such rents. profits, income. issues, and cevenues shall be applied by such receiver according to the lien of this mortgage and the pcactice of such court. In the event of ony dtfault on the part of the mortgagor hereunder, the mortgagoc agrees to pey to the mortgagee on demand es a reasonable monthly rental'or the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve mo~rt6ly install- ments payable in the then current year plus the actual amount of the ennual taxes. assessments. water rates, and insurance pcemiums for such year not covered by the aEores4ed monthly payments. . 9. That (01 in the event of eny breach oE this modgage or deEault on the pad of the mortgagot; ar~l'6) in the event that any of said sums of money herein referred to be not promptly and fully paid without demend or notice, ~ or (c/ in the event that each and every the st'ipulations, agreetoe~ts. conditions. end covenants of said note end ihis mortgage, are not duly. promptly, and fully performed; then in either a any such event, the said aggregate sum mentioned i~ said note then remaining unpaid, with interest accrued to that time. ac~d all moneys secured hereby. shall become due and peyable forthwith. or thereafter, at tbe option of said mortgagee. as fully and com- pletely as if all of the seid sums of money were originally stipulated to be poid on such day, anything in said note or in this mortgage to the contrary ootwithstaading; and thereupon or therea[ter. at the option of seid 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 mwtgegee may foceclose this mortgage. as to the aa~ount so declared due and payable. and the said premises shall be sold to satisfy and pay the same together ~vith costs, expenses,and allow- ; ances. In case of partial foceclosure of this mortgage, the mortgaged premises shall be sold subject io the con- tinuing lien of this mortgage Eor the amount of the debt not then due and unpaid. Tn such case the provisions of this peragraph 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 oE any conveyance, transfer. or j change of ownersRip of the premises. i 11. That no waiver of any covenant herein oc of the obligation secuted hereby shall at any time thereafter be E hetd to be a waiver of the terms hereo[ oc of the note secured hereby. ~ 12. That if the matgagoc default in any of the covenants ~ agre~meats contaiaed herein, oc in seid note, then } the mortgagee may pedorm the same, and all expendituies (inclnding reasonable attaney's fees) made by the ~ ~ mortgagee in so doing shall draw interest at the rate set Eotth in the note secured hereby, ac~ shall be repayable ~ ~ immediately and without demand by the mortgaga to the mortgagee, and, together with interest end costs accruing g thereon, shall he secured by this mortgage. ~ 13. that the mailing oE a written notice or demand addressed to the owner oE record of the mortgaged premises, ~ or directed to the said o~vne~ at the last address ectually furnished to the mortgagee, w directed to said oovner at _ said modgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in~hy case arising under this instrument at~d required by the provisions hereof or by law. ~ 14. The mortgagoc further covenents that should this matgege f~l t~fe nofe secured hereby not be eligible ~ for insurance under the National Housing Act q~ithin itom the date hereof (written stateraent ~ of any .o~c.~ pf~th ~_D~partment of=Housing and Urban velopment or euthocized a6ent of the Secrttary of Hous- ~ ing ~ ~:;~iDpmeet datEd subseque~t to~ th@ time fram the dete oE this mortgege. ~ declining to insure said note and this mortgage, being~dee conclusive pcoof of such ineligibitity), the mortga- 3 gee or the hnlder of the note awy; at its option, declare alt sums secured hereby immedietely due end payable. ~ The covenants herein contained shell bind, and the benefits arid advanteges shall inure to, the respective ~ heirs, executors, administrators, succ~ssors. and assigns of the parties hereto. Whenever used. the singular num- ~ ber shall inclode the plural, the plural the singular, and the use of aay gender shall include all genders. ~ - ~ ~ ~ ~ ~ ~ ~ ~ ~ 80~ 192 2295 ~ ~ ~ $i ~ ~ S- f . . ~y P+ ~ . . r ~,d+!...?y. ' _ . . . . . . . . .