HomeMy WebLinkAbout0578 S. T!~at h~ veill pe~mit, rummtt, or su((et no wt~sle. impaitmr~t, ot dele[iaation ot said prupetty or a»y part
thcccuf; and in the evcot of thc fxilure o( the murlgagut to keep the buildings on ~aid premises an~l those lobe
er~~1.~d on ~Hid premise~, or impro~•rmrnts ttte~teon. }n good ~epai~. the mortgagce may make ~uch repnirs as io its
discretion it may Zleem necessa~~ for the prop~ dte~en~ation thereot, and the full ~.mount of each and every such
pa~~ment'shall be immediately due and pi+yabl~, anS shall be secured by the lien o[ this mo~tgage.
6 That he wiil pey all and si~gular the costs. charge~. and expenses. includi~g ~easonable lawyrr's [res,
and-rost~ uf abstcact~ o[ title, incu~red o~ paid at a~y time bythe mo~t~dgee.becAUSe'oE the failure on the patt o(
the martgag~x ptomptly and fully lo pettotm the e~ceements and covena~ls of said ~promis~ory note and this mo~t-
ga~e, and said costs. charge~. and expenses shall be immediately due and puyabie nnd shall be secu~ed by the
l~en o[ this mort~age.
7. That he will keep the improvements now existing ot heteafter erected on the modgaged pcoperty. insuced as
may be required Erom time to time by the mortgagee against lass by (ire and othet hazards, casualties, and contin-
gencies in such amounts and tor such periods as may be ~equi~ed by mo~tgagee, and will pay promptly. when due;
any premiums on such in~u~ance (or pa}ment oE which pro~~icion has not been made heceinbefore. A!i insurance
sh~ll be car~ied in companies approved bp marlgagee and the policies and renewals thereof shall be hetd by moct-
gagee and ha~•e altached thereto foss payable clauses in favor of and in form acceptable to the mortgagee. !n
c~•ent of loss he vrili gi~•e im:nediate notice by mail to moctgagee, and mortgagee may make proof of loss i( nat ;
made promptly by mo~tgagor, an~ each in~urance company concerned is hereby authorized and dirrcted to make
pa~~ment tor such loss directly to mortgagee instead of to mortgagor and moctgagee jaintly. and the insarance pco-
ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
hereb~ secured o~ to the resto~ation a cepair of the property damaged_ !n event o[ foreclosure oE this mortgage or
other trans(er of title to the morigaged property in extinguishment ot the i~debtedness secured hereby, all right,
title, and interest of the mortgagor in aaJ to any insurance policies then in force shall pass to the purchaser or
g~antee_ ~
3. That the mortgagee may. at any time per~ding a suit upon this r~-^+tgage. apply to the court having jurisdir-
t~on thereof tor the appointment of a receiver, and such court shal! fo~thwith appoint a eeaejvet of the premises
coveced hereby ail and singular, including all and singula~ the income. profits, issues. a~d revenues from whatever
source derived, each and every af which, it being expressly understood, is hereby moctgaged as if specifically set
[orth and described in the granting and haben3um clauses hereof, and such receivec shall have all the broad and
efEecti~~e functions and powers in anywise entrusted by a court to a receiver. a~d such appoiatm~nt shall be made
b~ such court as an admitted equity and a matter of absolute right to said mortgagee, and w'sthout reference to the
adequacy oi inadequacy o.' the value of the property mortgaged or to the solvency or insolvency af said mortgagor
or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver
according !o the lien of this moctgage and the practice of soch court. In the event of any default on the pad of the
mortgagorhereunder, the mortgagor agrees to pay tc the mortgagee on demand as a reasonable monthly rental for '
the premises an amount at least equivalent to une-twel[th (1!12) of the aggregate of the twelve monthly insta~l-
ments payable in ihe then current year plus the actual omount of the annual taxes, assessments, wate~ rates, and
insurance premiums for such year not covered by the aforesaid monthly payments.
9. That /u ~ in the event of any breach oE this modgage ot default on the pa~t of the mortgagor. or (b) in the
e~ent that any of said sums oE money herein referced to be not promptly-and fully paid without demand or notice.
or !~•i in the e~ent that each and every the stipulations. agteemen:s, conditions. and covenants of said note and
this mortgage, are not duly, promptly, and fully perfo:R.ed; then in either or any such event, the s~id aggregate
sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys securcd
hereb}•, shall become due and payable fotthwith. or thereafter, at the option af said mortgagee. as Eully anti com-
i pletely as if all ot the said sums of money were originally stipulated to be paid on such day, anything in said
j ~ote or in this mortgage to the contrary notwithstanding; and thereupan or therea[ter. at the option of said matga-
I gee. without notice or demand, suit at law or in equity, may be prosecuted as if a~l moneys secured hereby had
{ - matured prior to its institulion. The mortgagee may foreclose this mortgage, as to the amount so.declared due and
k payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow-
` ances_ In case ot partial Eoreclosure oE this mortgage, thE moctgaged premises shall be soid subject to the con-
~ tinuing lien of this mottgage for the amoant of the debt not then due and unpaid_ In such case the provisions of
j this peragraph may again be availed of thereatter from time to time by the mortgagee.
C 10. That the mortgagor will give immediate notice by R.ail to the mortgagee of any conveyance, trans[er, or
cha:.ge of ownership of the premises.
11. That no waiver of any covenant herein or of the obligation secured heceby shall at any time thereafter be
held to be a veaiti~er of the terms hereof or oi the note secured hereby.
12_ That if the mortgagor default in any of the covenants or agreements contAined herein, or in said note, then
the mortgagee ma}• perform 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 nQte secured hereby, and shaU be repayab~
immediately and without der.iand by the modgagor to the mortgagee, and, together with interest and costs accruing
thereon, shall be secured by this mortgage.
13. that the mailing c+[ a v`ritten notice or demandaddressed to tfie owner of recotd of the mortgaged premises,
or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidovvae~ at
said mortgaged pcemi~es, and mailed by the United States mails, shall be suf[icient notice and demand in any
case arising under this instrument and requiced by the pcovisions hereof or by law.
14_ The mortgagor further covenants that should this mort~age and ihe note secured herebq aot be eligible
_ for insurance undec the National Housing Act within from the date hereof (vvritten statement
of any oE[icer of the Depart~nent of Housing and Urban Developme_nT or authorized agent uf the Seccetary of Hous-
~ng and Urban De~~elvpmeot date~ subsequent to~ the 30 tic~e from the date o[ this moctgage,
dec!ining to insure sBid note and this mortgage, being deem~d conclusive proof of su~h ineligibility), the mottga-
gee or the holde~ of the note may, at its aption, declare all sums secured hereby immediately due and ~?ayable.
Th~' coiri~ant~i~l~erein containAd shall bind,• and tlib' W~ieFtslat~d Z~dva~tages ~.hall inure C9,-the tespective
he~rs, executors, admirtistrators, successots, and assigns o[ the paRies hereto. Whenever used, the singular num-
ber shalt inci:ide the plural, the plural the singular, aitd the use of any gender shalt inc~ude all genders.
~ ~ Soo~ 1~3 578 _ . -
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