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HomeMy WebLinkAbout2881 ~ ~ ~ ~ . - ~ ~ 5. That he will permit, commit, or sufEer no wsste. impairment. oc deteriwation ot said ptoperly or any part thereof; and in the eveot ot the failiue af the ~egor to ly 1he buildings on said premises and those tobe erected on said premises, or impcovements ther~~ good repstt~he mottgagee may meke such ~epai~s as in its discretion it may deem necessary fo~ the proper preservatio~ thereof. end the fuil amount oE each end every such payment shall be immediately due and payable, and shall be secured by the lien oE this mortgage. 6. That he will pay all and singular the costs. charges. and expe~ses. i~cludiRg ~easonable lawyer's fees. a~d costs of abstracts of title, incutred or paid at any time by ihe matgagee because of the failure on the pert of the mortgagor promptly arx) fully to perform the agceements and cove~ants of said'pcomissory note and this mort- gage, and said costs. charges, and expenses shell be immediately due and payable and shall be secured by the lien of this moctgage. 7. That he will keep the improvements now existing or hereafter erected on the moctgaged pcope~ty~ insured as may be required from time io time by the mortgagee againsl loss by fire and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be ~equired by mortgagee. and aill pay promptly. when due, any premiurt~s on such insu~ance for payme~t of which provision hes not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereoE shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in focm acceptable to the moKgagee. In event of loss he will give immediate notice by mail to moctgagee. and mortgagee may make proot of loss if not made promptly by mortgagor, and each insurance company concerned is hereby suthorized and directed to make payment for such loss directly to mottgagee instead of to mortgagoc and mortgagee jointly. and the insurance pro- ceeds. or any part thereo(. may be epplied by mortgagee at its optio~ either to the reduction o[ the indebtedness hereby secured or to the restoration or repair of the property demaged. In event of foreclosure ot this mortgage or othe~ transfer of title to the mortgaged property in extinguishment of the i~debtedness secured hereby. all right, title, end inte~est of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the modgagee may, at eny time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver ot the premises covered hereby all and singular, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which. it being expressly undetstood, is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receivec shall_ e,all~t6e broad and ~effective functions and powers in anyv~ise entrusted by a court to a receiver, and such appo~i~aient=shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency oc insolvency ~ said mortgagoc or the defendents, and that such rents, profits. income. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coud. In the event of any default on the part of the mortgagor hereunder. the mortgagoc agrees to pay to the modgagee on demand as a reasonable monthly re~tal Eor the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregste of the twelve monthly install- ments payable in the then current year plus the actual amount of the a~nual taxes, assessments. water rates. and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (0/ in the event oE any breach of this modgage or default on the pad of the modgagor. or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. t or l~ I in the event that each and every the st'ipulations. agreements. eonditions, and covenants of said note and this mortgage. are not du1y. p~omptly. 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 moaeys secured hereby, shall become due and payable forthwith. or thereafter. at the option of seid matgagee~ as ~ully and com- pletely as if al! of the said sums of money wete origineily stipulated to be paid on such day~ anything in said note or in this modgage to the contrary notwithstanding; and theceupon or thereafter. at the option of said matga- j gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had I matured prior to its institution. The mortgagee may foreclose this mortgage, as to th~ amount so declared due and ! payable, and the said pcemises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ! this paragraph may again be availed of thereafter Erom 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 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 hereaf or oE the note secured hereby. 12. That if the mortgaga default in any of the covenants or agreements contained l~erein, or in said note, then the modgagee may perEorm 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 secvred hereby. and shall be repeyable immediately and withoat demand by the mortgagor to the modgagee, and, fogether wit6 interest and costs accruing thereon, shall be secured by this modgage. ~ ~ 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgsged premises, ~ or directed to the said owner at the last address actuaily fur~ished to the mortgagee, or directed to said uwnec at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demaad in eny case arising under this instrument and required by the provisions hereof or by law. ~ ~ 14. The mortgagor fudher covenants that should this moctgage and the note secured hereby not be eligible ~ Eor insurance under the National Housing Act within ~~YS from the dete hereof (written statement ~ of any officer of the Depanment of Housing and Urban Development or authocized agent of the Secretary of Hous- 3 ing and Urban Deveiopment dated subsequent to~ the ~~YS time from the date of this mortgage, ~ declining`to-insure s~Id+edfd~4nd this: sostgsge. bi~Kg de~~d.tfl~ii~lu3iVe paoof a( Such ineligibiiity), tfie=u?octga- ~ ~ gee or the holder oE the note mey. at its optio~, declare all sums secured heceby immediately due and payable. f ~ The_covenants,herein contained shall bind, and the benefits and advantages shall inure to. the respective ~ heirs, executois,~a`b"ministrators, successors, and assigns oE the parties hereto. Whenever used. the si~guler num- ~ ber shal! include the plural, the plural the singular, and the use oE any gender shall include all genders. ~ ~ : ~ i! ~ i ~ ~ ~ ' ~ ~ eooK 1~ z$'~J ~ ~ ~ ~ ~ . - ~ _ _ _ _ _ _ .