HomeMy WebLinkAbout0102 . . , ' , 'i'
S. That he will pcrmit, commit, or su([er no wastN, imp~+u.:~; nl, or ~leteriorati:~o ot said ptoperty or an~ part
thc•ceot; and in thc event of the tailure ot the mortgago~ to keep the build~ngs on sa~d premises aMi those tobe
ererted on said premices, oc improvements thereon, in good ~epair, lhe mortgagee may make surh ~epc~irs as in its
disrretion it may deem ~ecessaty for the p~opet prese~vat~on the~rof, and the full amo~nt of each and every such
pa~•:nent shall be immediately due and pa}~able, and shall be secuted b~ the lien o( this mortgage.
6. That he will pay all and singular thr casts. ct:arges. and expenses. including reasonable lawyer's tees,
and cost~ of abstracts of litle, incurred or paid et any t~me byt:~e mortgagee.because o[ the tailu~e on the part of
the mortgug.x promptly and iully to petform the agceements ~:nd co~enants of said pcomissory nde and this mort-
gage, and said costs, charges, and expenses shall be immediately due and payable a~d shall be secured by the
lien o( this moctgage. '
7. Thnt he will ke-.; the improvements now existing or heceafter erected on the mo~tgaged property. insured as
mc+y be requi~ed t~om time t~ time b~• the moctgagee against loss by Eire and other hazards. casualties. and contin-
gencies in such amounts and for such periods as may be required by moctgagee. and will pay promptly. when due.
an~• premiums on such insucance fot payment oE which p~ovision has not been made heceinbefore. All insutance
shall be catried in companies appcoved by mottgagee and the policies end renewals thereof shall be held by mat-
gagee and ha~•e attached thereto loss pavable clauses~ in favor of and in [orm acceptable to the mortgagee. ln
e~•ent u[ toss he will give immediate not~ce by mail fo mortgagee, and mortgagee mey make proof o( loss if not
made promptl~• by mortgagor, aad each insurance company concerned is heteby authorized end clirec;ted lo make
pa~•ment fcx such loss directl}• to moctgagee instead of to mortgagw ared martgagee_jointly. and the insurence p~o-
ceeds, or any part thereo[, may be applied by mortgagee at its opt~on either to the reduction of the indebtedness
hereby secured or to the restoration or repair of the propetty damaged. In e~~ent o[ foreclasure of this mortgage or
other t~ansfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right,
title, and interest of the morlgaga in and to aa~• insurance policies then in force shali pass to the purchaser or
grantee. '
8. That the mortgaqee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic-
tion thereot for the appointment o[ a receiver, and such couct shaU forthwith appoint a receiver o[ the premises
co~•ered hereb~• all and singular, including all and singular the income, profits, issues, a~d revenues f~om whatever
source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifics~ity set
iorth and described in the gra~ting and habendum clauses hereof. ~and such receiver shall have all the broad and
effecti~~e functions and powers in anywise entrusted by a caurt to a ~eceiver, and such appointment sAall be made
by such court as dn admitted equity and a matter of absolute right to ~aid mortgagee, and without refecence to the
adequac~ or inadequacy of the value oE the propedy mortgaged or to the solvency os insolvency of said mortgagar
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 su~h court. In the event of any default on the part of the :
;:~ortgagor hereunder, tF~e mortgagoc agrees to pay to the mortgagee on demand as a reasonable monthly rental for
the premises an amount at least equivalent to one-twei[th (1%12) of the aggregate of the twelve monthlyinstall-
me~ts payabie in the then current year plus the actual amount of tii~ annual taxes, assessAents. watec rates. anc!
insucance premiums for such year not covered by the aforesaid monthly payments. ~
9_ That ~ in the event of any breach of this mortgage or default on the part of the morigagor, or (b~ in the
e~~ent that an~• of said sums of money herein referred to be not promptly and fully paid wit6out demand or notice.
or f~ 1 in the event that each and every the st"ipulations. agreements, conditions. and covenants of said note and
this mortgage, are not duly, promptl~~, and fully performed; then in either or any such event. the said aggcegate
sum mentioned in said note then remaining unpaid. with interest accrued to that time. and all moneys secured
hereby, shaU become due and payable forthwith, or thereafter. at the option of said mortgagee. as fully and com- '
pietel~• as if ail of the said sums of money were originally stipulated to be paid on such day, anything in said
note « in this mortgage to the cont~ary notwithstanding; and thereupon or therea[ter, at the option of said mortga-
gee, a ithout 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 moctgagee may foreclose this mortgage. as to the amount so declared due and
payable, and the said premises.shail be sold to satisfy and pay tfie same togethec with costs, expenses,and allow-
ances. ln case of partial foreclosure of this mortgage, the mortgaged pcemises shall be sold subject to the con-
tinuing lien oE this mortgage fot the amount of the debi not then due and unpaid. In such case the provisions of
this paragraph may agr:n be availed of thereafCer from time to time by the mortgagee_
10. That the mortgagor w ill give immediate notice by mail to the mortgagee of any conveyance, transfer, or
change of rnrnersNip of the premises.
11. That no Kaiver of any covenant herein or oE the obligation secured hereby shall at anl tir.ie thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
12. That if the mortgagor deEault in any of the covenants or agreements contained herein, or in said note, then
tt;e mortgagee ma}~ perform the same, and all expenditu~es (including reasonable attorney's fees) made b} the ~
mortgagee in so doing shall dravy interest at the rate set forth in the note secured hereby, and shall be repayable '
:~r..e~+iatel}• and without demand.bj• tF~e moctgagor to the modgagee, and, together with interes! and costs accruing
*hereon, shall be secured by th~s mortgage.
13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises,
or directed to the said owner at the iast address actually furnished to the mortgagee, or dimcted to saidowner at
said mortgaged premises, and mailed by the United States mails, shall be sufficient notice anr~ demand in any
case arising under this insttument and required by the provisions hereof or by law.
14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible
for insurance ~nder the National Housing Act w:thin 3Q Q~YS Erom the date hereof (written statement
of an~~ officer uf the Department of Housing and Ur~an Development or authorized agent oE the Secretary of Hous-
~ ing and Urban Development dated subsequent to~ the ~~YS time from the date of this moctgage,
deciiref~ig~Go~in~ie1~c91l~iiAe a~'th~is rt~orf$ige; bling ~8pr~d~t~ciusiv~Qtaof(DE su~t iteligibitj~i; th~~pottst
gee or the holder of the r.ote may, at its option, declare all sums secured hereby immediatety due and payeble.
The covena~ts herein contain~d shall bind, and the benefits and advantages shall inure to, the respecti~e
neirs, executors:'adm~nistrators, successors, and assigns oE the parties hereto_ Whenever used, the singular num- -
ber sha:! ~nciude the plurat, the plural the singular, and the use of any gender shall include all genders.
8~~~193 10~
- '
K F"'. _ 'G;Y.,::,,~ ~