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HomeMy WebLinkAbout2989 ! . ; 5. That he will permit, cummit, oc sutte[ no waste, impai~ment, o~ deterioration of said propetty or any pact ~ thereof; and in the event of the failure of ihs ~octgagor to ~ ep the buildings on said premises and those tobe ` erected on said premises, oa imp~ovements thece~o, in tddd ~e~air, the mottgagee may meke such cepc~irs as i~ its ~ disc~etion it may deem necessary fo~ !he propet preservation thereof, and the tull amount of each end every such ~ payment shall be immedietely due and payable, and shall be secured by the lien of this mortgage. 6 That he will pay all and singuler the costs, chorges. and expenses. inc[uding reaso~able lewye~'s fees, ti and costs of abstracts of title, incutred or paid at eny time bythe mortgegee.because of the failure on the part of j the moctgagoc promptly and tully to perEorm the agreements and covenants of seid promissocy note and this mort- i gage, and said costs, chacges, and expenses shall be immediately due and peyable and shall be secured by the lien of this mortgege. 7. That he will keep the improvements now existing or he~atte~ erected on the mo~tgaged property, insured es ma~~ be required irom time to time by tfie mortgagee ageinst loss by fire and othec hezards. casualties, and contin- gencies in such amounts and for such peciods a~ may be requi~ed by matgagee. and will pay promptly. when due, t any premiums on such insurance foc payment of which p~ovjsion has not deen mede hereinbefoce. All insurance shall be cerried in companies appro~ed by mortgegee and the policies end renewals the~eof shall be held ay mort- T gagee and ha~•e attached thereto loss payable clauses in favo~ of and in form ecceptable to the mortgagee. !n ' i erent of luss he will give immed~ate notice by mail to r.~ortgagee, and mortgagee may make proof of loss it not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectly to mortgagee instead o[ to mortgagor and mortgagee jointly. and the insurance p~o- ~ ceeds, or an}• part thereof, may be epplied by mortgagee at its option either to the reduction oE the indebtedness ; hereb~• secured or to the restoration oc repair of the pcoperty damagc~ In event o[ foreclosuce of this mortgege or other transfer of title to the mortgaged property in extinguishment ot the iodebtedness secured hereby. atl right, title, and interest of the mortgaga in and to any i~surance policies then in force shall pass to the purchaser or grantee. - 8. That =the mortgagee may. at eny time pending a suit upon this mertgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint e receiver of the pcemises covered he~eby all sad singulac. including all and singular the income, profits, issues. end revenues from whatever ~ource derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciEically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the braed and effect~~•e functions and powers in enywise en-t~sjed by a court to a receiver. and such appointment shall be made b~• such court as an admitted equity and a mptter of absolute right to said mortgagee, and without reference to the adequac~~ or inadeqaac~• of the velue of the pcoperty mortgaged or to the solvency or insolvency of seid mortgagor or the defendents, and that such rents. profits, income, issues. and revenues shall be apolied by such receivec according to the lien oE this mortgage and the pcactice of such court. in the event of any default on the part of the :nortgagor hereunder, the mortgagor agrees to pay to the mortgsgee on demand es a reasonable monthly rental for the premises an amount at least eqpivatent to one-twelfth (1!12) of the aggregate of the twelve monthly install- ments paS~able in the then current year plus the actual emount of the annual taxes, essessments, weter rates, end ~nsurance premiums for such year not covered by the aforesaid monthly payments. ; 9. That ~ in the event of any breach of this mor:gage or deEault on the part of the moctgagor, or (b/ in the ~ e~•ent that an}• of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~ or ~ in the e~•ent that each and every the stipulations, agreements. cc:nditions. and covenants of said note and } this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregete ; sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mottgagee, es fully aad com- pletely as if atl of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstending; and thereupon or thereafte~, at the o~tion of seid matga- gee. without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had j ma!ured prior to its institution. The mortgagee mey foreclose this mortgage. as to the amount so declared dut and pa~•able, and the said premises shell be sold to satisfy and pay the seme together with costs, expenses,and allow- a~ces. 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 thereafte~ from 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 ~f the premises. 11. That no waiver of an~ covenant here~n or o[ the obligation sequred hereby she11 at any time thereafter be heid to be a waicer of the terms hereof or of the note secured hereby. 12_ ; hat if the mortgegor default in any of the covenants or agreements contained herein, or in said note, then :he cr.ortgagee c~ay perform the same, and all expenditu~es (including reasonable attor~ey's fees) made by the ; ^iortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable iTmediateiy and v?ithout demand b~ the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured b~ th~s mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of record oE the mortgaged premises, or directed to the said oKner at the last address actualty furnished to the mortgegee, or directed to saidowner at said mortgeged premises, and mailed by the United States mails, shall be suffi~ient notice and demand in any ' case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor further covenants that should thi~q~Q~ and the note secured hereby not be eligible for insurance under the National Housing Act within W~ from the date hereof (written statement of an}• officer of the Department of Nousing and Urban Devf~ I,Qpment or authorized agent of the Secretary of Hous- ing and Urban De~elopment dated subsequent to~ the ~V ~~Y$ time fcou: the dete of this mortgage, declining to insure said aote and this mortgage, being deem~~d conclusive prooE of such ineligibility),__the rpoct~- ~ ' gee or the holder oE the note may, at its option, declare ali sums secu~~ hereby imme$iately~'1ue en~'pa~eble. ; The co~•enants he{ein.~cpiained sfiall bind. ant~~ie benL~its and advanteges shell inure to, the respective he~rs, executors, ee~~ist~afocs, successors, and assigns of the parties~hereto. Whenever used, the~singular num- , ~ ber shai! include the plural, the plural the singulat, and the use of any gendershall include all genders. i ~19~ ~ ~ .