HomeMy WebLinkAbout0566 . . ~ S
~
~ That he will {k~rmit, c-ummit, ~x suf(Nr no waslc, impui~menl, or detctioration of tiaid propetty o~ uny part
th~rc ut, i~nd i~ tF.c event o[ thc fuilu~c ot the mottgt~gor to keep the buildingti on said premises arn! lh~e tobe
e~rctecf on said premi~e~, or impro~•ement~ Ihereon, in good ~epai~, the mo~tgaKee may make such repaus as in its
di~c~etion it ma~• deem necrssa~y fo~ the propFr pcese~vation li~ereo(. und the [ull amount of each and rvery surh
payment stuill be immedi:~tcly duc~ and ~pable, and shail be secured by the lien o[ this mortga~e.
6. That he will Pa~• ~11 and singula+r the costs, charges, and expenses, including reasonable lawyer'~ fees,
.~nd cost~ of abst~ac~~ o( title, incuc~c~c! or paid at any time 6ythe mortgage~.be~ause ot the failu~e on the part of
the m.•rtgag~x promptly and fulfy to petform the agreements and covenants of said promisso~y note and ihis mutt-
gaKe, und said custs, charges, and expenses shall be immediately due and p~+yable and shall be secured by the
lien nf [his ma~iga~c.
That hc will keep the imp~o~•emcnts now existing ar hereafte~ erected on the mo~tgaged property, insured as
R~a~• be required trom time to time b~• the mortgagee against loss by tire and othet hazards. casualtie.s, and contin-
gencie~ in such amou~ts and for such pe~iods as ma~ be tequired by mc?ttgHgee, and wii[ pay promptiy, when due,
an~ premiums on such insurance for payment of which provision has not been made he[einbe[ore. All insucancP
shall be carried in compan~es approved by mort~agee and the policies and renewals thereof shall be held by mort-
g~+gee and ha~•e attached ~hereto los~ payable clauses in favar o( and in form acceptab:e to the mortgagee. In
e~~cnt o[ loss he veill git•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss i[ not
made promptl~• bp mortgagor, and each insurance company conce~ned is heteby authorized and directed to make
~+~mcnt fcx such toss directly to mortgagee instead of to mortgagor and mwtgagee jointly. and the insucancr pro-
ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebledness
he~eby secured or to the restoration cr repair of the property damaged. In event ot foreclosure of this mortgage or
uther trans[er of title to the mortgaged propert~ in extinguishment o[ the indebtedness secured he~eby, al! right,
title, and intecest ot the mortgagor in and t~ any ins~rance policies then in Eorce shall pass to the purchaser a
grantee. ~ ~ '
8. That the mortgagee may. at any time pending a suit upon this mottgage. aPply to the court having jurisdic-
tion thereof Eor the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises
co~•ered heceby all and singulac, including all and singular the income, profits, issues. and revenues from whatever .
source deri~•ett~-~ach and e~ery of which, it being exp:essly understood, is hereby mortgaged as if spec;[ically sef
(orth and described in the granting and habendum clauses hereof, and such receiver shalf hav! ull the broad and
effecti~•e [unctions and powers in an~~rise e~trusted hy a court to a recei~•er. and such appointa?ent shaU be made
by such court as an admitted equity and a matt~t of absolute right to said mortgagee, and without reterence to the
adequar~~ or inadequacy of the value of the property mortgaged or to thP solvency or insolvency ot said mortgagor
ur the de(endents, 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 oE such cou~t. In the event ot any defau:t on the part of the
mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly cental for
the premises an amount at least equivalent to one-twelfth (1/12) of the aggrega:e of the twelve monthlyinsta!!-
ments pa~able in the then current year plus the actual amount of the annual taxes, assessments, wate~ rates. and
~nsurance premiums for such year not co~•ered by the aforesaid monthly payments.
9. That in the e~•ent of any breach of this mortgage or default on the part of the mortgagor, or (6) in tl~e
e~ent that any o[ said. sums of money herein re[erred to be not promptly and fully paid without demand or notice,
or i- ~ in the e~•ent that each and every the stipulations, agrcements, conditions. and covenants of said note and
th~s mortgage, are not duly, promptly, and fully performed; then in either or any such event, the s2id aggregate
sum mentioned in said note then remaining unpaid, with interest accrued to that tlme. and all moneys secured
hereby, shall become due and payable forthwith, or theceafter, at the option of said mortgagee, as fully and com-
pletely as if all of ?he said sums of money were originally stipula!ed to be paid on such day, anything in said
note or in this mortgage to the contrary notwithstanding; and the~eupon or thereatter, at the option of said mortga-
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 moctgagee may foteclose this mortgage, as to the amount so declared due and
payable, and the ~aid premises shall be sold to satisfy and pay the same together with costs, expenses,and allow-
I~ ances. In case of partial foreclosute o( this mottgage, the mortgaged pcemises shall be soid subjeet to the con-
tinuing liea of thi~ a:ort~3gc fur the a~ount of the debt not then due and unpaid. In sach case the provisions oE
thi~ paragraph may again be availed ~f thereafter from time to time by the mortgagee.
10. That the mortgag~r will give immediate notice by mail to the mortgagee of any conveyance, transfer, or
change of ownership of the p~emises_
11 _ That no wai~~er of any covenant herein or of the obligation secuced hereby shall at any time thereatter be
held to 5e a waiver of the terms hereof or of the note secured hereby.
12. That iE the mortgagor defauit in any of the covenants or agreements contained herein, or- in said note, then
the mortgagee may pedorm the same, and all expenditu~es (inclu~ir.g reasonable attorney's fees) made by the
mortgagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable
immediatel~~ and v?ithout demand b~ the mortgagor to the mortgagee, and, together with interest and costs accruing
thereon, shall be seru~ed by this mortgage.
13_ that the maili~g of a written notice cx demandaddressed to the owner ot record of the mortgaged premises,
or direct~d to the sa~d owner at-the last address actually furnished to the mortgagee, or directed to saidowner at
said mortgaged premises. and mailed by the United S!ates mails. shall be suf(icieot notice and demand in any
case aris~ng under this instrument and reauired by the provisions hereof or by law.
1-~. The mortgagor turther covenants that should this m4 e and the note secured hereby not be eligible
tor ~nsurance under the Nationai Housing Act within ' I~11~1J from the date hereof (written statement
of any- officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Nous-
ing and UrDan D~yfl~~nenj c~ated subsequent to the 3Q time from the date of this modgage, .
declining.to instire sa nO.~,and this Mdrtgage, being~deear~d conc{t3ive proof +ef such ine[igibiiity),"fhe'nwrtga=
gee or the holder of the note may, at ~ts option, declare all sums secured hereby immediately due and payuble.
The covenants herein contain~d shall bind, and the benefits and advantages shal! inure to, the respective
heirs. exec~tors, administrators, successors, and assigns of the parties hereto. '~hene~•er used, !he singutar num-
aer shall incl~de the plusal, the plural the ssngular, and the use of any gender shail include all genders.
- aao~ 193 ~66
-