HomeMy WebLinkAbout0109 S. That he witl permit, cummit, x sufEer no waste, impairment, oc detetioration of said proper!y o~ any pa~t
thereuf; and in the e~•ent of the failu~e of the mo~tgagor to kecp the buildings on said p~emises and lhose tobe
e~ected on said p~emises, o~ imp~ovemeMs thereon, in good repair, the mo~tgagra may make such ~epai~s as in its
disccction it may deem necessary tor the p~o~+er p~ese~vation thereo[, and the full amouM of each and e~ery such
pa~•ment shall be immediately due and payable, and sF. ~ll be secured by the lien of this mo~tgage.
6. That he will pay all and singula~ the costs. charges. and expences. including reasonable lawyer's (ees,
and costs of Abst~acts ot title, incu~red u~ paid at any tim~ bythe mortgagee.because uf the faiture cx~ the part of
the mortgagor promptly and fully to perfocm the agreements and covenants of said promissory note and this mort-
gage, and c~id c~sts, charges, and expenses shall be immediately due and payable and shall be secured by the
lien oE this mortgage.
7. That he wil! keep the improvements ~ow existing oc heceafter erected on the moctgaged prope~ty, insured as
ma~ be required from time to time by the mortgagee against loss by fire and other hazards. casualties, and contin-
aencies io such a:nounts and fo~ such periods as may he required by mortgagee, and will pay promptly, when due,
an~~ premiums on such insurance for payment of which provisi~n has ~ot been made hereinbefore. A!1 insu~ance
shall be ca~ried in companies app~oved b} mortgagee and the policies and renewals thereof shall be held by mat-
gagee and have attached thereto lass payable clauses in Eavor of and ir. form acceptable to the mortgagee. In
event of loss he will gi~•e immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not
made promptl~~ b~~ mortgagor, and each_ insurance company concerned is hereby authori2ed and directed to make
payment for such tess di~ectly to mortgagee i~stead of to mo~tgagor and ~rwtgagee jointly. artd the insura~ce pro-
ceeds, or any part thereof, may be appiied by mortgagee at its option either to the reduction o[ the indebtedness
hereb~ secured or to the restoratior~ or repair of the propecty damaged. In event oE Eoceclosure of this mortgage or -
cthe~ transEer ot title to the mortgaged property in exti~guishment of the ~ndebtedness secured hereby, all right.
title. and interest of 1he mo~tgago~ in and to any insurance policies then in force shall pass to the pu~chaser or
grantee.
8. That the n~ortgagee may. at any time pending a suit upon this mortgage, apply to the couri h~ving jucisdic-
tion thereof for the appointment of a ceceiver, and such coud shall forthwith appoint a teceiver oE the pcemises
covered hereby all and singular. including all and singular the income. profits, issues, and revenues from whatever
source derived, each and every of Khich. it being expcessiy understood, is hereby mortgaged as if specifically set
forth and described in the granting and habendum clauses hereoE, and such receiver shall have all the broad and
effecti~~e fuactions a~d powers in anywise entrusted by a court to a receivet, and such appointment shall be made '
by such court ds an admitted equity and a matter oE absolute right to ~aid mortgagee, and without te(erence to thP ;
adequacy or inadequac~• of the value of the property mortgaged or to the sol~~ency or insolvency of said modgagor -
or the defendents, and that such rents, protits, income, issues, and revenues shall be applied by such receiver ~
according to the lien of this mortgaqe and the pcactice of such court. In the event of any defauit on the part of the ~
mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthiy rental [or t
the premises an amount at least equivatent to one-twelfth (1/l2) oE the aggregate of the twelve monthlyinstall- ;
ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and
insurance premiums for such Sear not co~~eced by the aforesaid monthly payments.
9_ That !u ~ in the event of any breach oE this mortgage or default on the part of the mortgagar. o. (b/ in the
e~~ent that any of sa~d sums oE money herein referred to be not promptly and fuily paid without deman~ oc notice,
or ~ in th.~ erent that each and every the stipulatiorts, agreements, conditions, and covenants of said note and
this mortgage, are not duly, promptly, and fully perEorned; then in either or any such event, the said aggregate
sum mer~tionPd in said note then remaining unPaid, with interest accrued to thst ~ime; end ~11 moneys secured
hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- -
Pletely as if ail of the said sums of money were ociginally stipulated to be paid on such day, any~thing in said 4
note or in this modgage to the contrary notwithstanding; and thereapon or thereafter, at the option of said moctga- ~
~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had
; matiued prior to its institution. The mo:tgagee may foreclose this mortgage, as to the amount so declared due and
~ payable, and the said premises.shall be sold to satisfy and pay the same together with costs, expenses,astid allow-
~ ances. In case of pattial forerlosure of this mortgage, the mortgaged premises shall be sold subject to the con-
f tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisi4ns of
~ this paragraph rnay again be availed of thereafter from time to time by the mortgagee.
10_ That the mortgagor will give immediate notice by maii to the m~rtgagee of any conveyance, transfer, or
change of ownership ot the premises.
11. That no waiver of any covenant herein or oE the obiigation secured hereby shall at anl time therea[ter be
heid to be a uaiver of the terms hereof or of the note secured hereby. ~
22. That i( the mortgagor defautt in any of the covenaats or agreements contained herein, or in said note, then
the mortgagee may perform the same, and ali expenditutes (including reasonable attorney's fees) mad~ by the
mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable
:mmediately~ and without demand by the mortgaga to the modgagee, and, together vrith interest and costs accruing
thereon, shall be secured by th~s mortgage.
13. that the mailing of a written notice or demandaddressed to the owner of record af the mortgaged premises,
or directed to the said owner at the last address actually furnished to the modgagee, or directed to saidowner at
said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any
case arising under this instrument and required by the provisia~s hereof or by law_
14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible -
for insurance under the National Housing Act within ~~YS from the date hereof (written statement
af an~• officer o: the Department of Housing and Urban Devatopment or authorized agent of the Secretar~ ot Nons-
~ ing and Urb~n .Development dated subsequent to~ the ~Q {MY~ y_ time Erom the date of this mortgage,
declining io in'sure said aote at:.1 chis mortgage, 6~9ng deem?d coriLlusive pfooi`df suc~l~nelig'}~fiit~r~;=fhe4ia3t~~=
gee or the holder o( the note may, at its option, dec!are all sams secured hereby immediately due and pa}eble.
The covenants herein contained shall bind, and the benefits and.advaatages shall inure to, the respective
heirs, executors, administrators, successors, and assigns of the parties ~ereto. Whenever used, the singular num-
bc;r shall snclude the plural, the plural the singula:, and the use of any gen~er shall include all gendets.
B~Q~ 193 - 109 -
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