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HomeMy WebLinkAbout0745 ~ , ; { • - S. That he will permit, cummit, o~ su[fer no waste. irnp~+i~ment, o~ deterio~ation ot said p~opetty or an~• pa~t the~e~(; a~nd in the event o( the i~+~lure of the mo~tg:~gor to keep the buildings on said premises an~! lhose tobe erectc~d an said p~emise~, uc imp~uvl (IlPfilC theteon, in goc~d ~epair, the mo~tgagee may make such ~epairs :is in itc discretion it may deem necessa~y [o~ the p~uper p~eservation the~eoi, a~d the [ull amount of each and e~~ery ~uch pay~me~t shall be immcdiately due and pa~able, :~nd shall be secured by the lien o( this mortgage. G. 'Ch:it he will p:~y :+Il and singula~ the costs, cha~ges. and expenses, including ~easonable lawyer's fees, ~nd l'OSIC OI ab~tracts of title, incurred o~ Faid at any time bythe mottgagee.becau~e of the failuce on the part of the mottgag,w p~omptly and fully to per(orm the agreements and coveoants of said ~p~omissory note and Ih~s mort- g.~ge, and said costs, chacges, and expenses shaU be immediately due and pay~ble ai~d shall be secu~ed by the ~ l~e~ of this mo~tg:~ge. 7. That h~ will kerp the imp~ovements nov? existing or he~ea(ter e~ected on the mo~tgaged p~operty. insu~ed as ma~• be tequired fcom time to time b~ the mortgagee against loss by fire and other hazards, casualties, and contin- gencies i~ such amounts and fer such periods as may be required by mottgagee, and will pay piomptly, when due, aoy premium.~ on such insurance for payment of which provisien has not been made heceinbe[cre. All insurance shall be carri~d in compar.ies approeed by mottgagee a~d the policies and ~enev?als the~eo[ shall be held by mat- gagee and ha~•e attached thereto l0.cs payable clausrs in (avor o( and in focm acceptable to the mortgagee. !n e~•ent of loss he wi!! gi~•e immediate notice by mail to mortgagee, and mortgagee may make prouf of loss if not made promptly by mo~tgagor. and each insurance company concerned is hereby authorized and directed to make a+~~meRt ior such loss dicectly to mortgagee instead of to mortgagor and mortgagee jaintly. and the insu~ance pro- ceeds, oc any part thereuf. may be applied bp mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resto~ation or repair o[ the p~operty damaged. In event ut foreclosure ot this mortgage or other transfer of title to the mortgaged property in extinguishment of the iadebtedness secured heceby, all right. titte, and interest of the mo~tgagor in and to any insurance pc~licies then in focce shall pass to the purchaser or grantee_ . - 8. That the mortgagee~ may, at a~y time pendi+~g a suit upon this mortgage, apply to the courl having jurisdic- tion thereof for the appointment oi a recei~er, and such cou~t shall forthwith ~ppoint a receiver uI the pcemises co~•ered hereby all and singular, including all and singular the income, profits, issues. and reven~es froR whatevec .oucce derived, each and eve~y of which. it being expressly understood, is hereby mortgaged as if specifically set (orth and desccibed in the g~anting and habendum clauses he~eof, and such receiver shall have all the broad and effecti~•e functions and powecs in anywise e~t~usted by a court to a ceceiver, and such appointment shall be made by~ such court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the de(endents, and that such rents, protits. income, issues. and revenues shall be applled by such receivec ~ according to the lien of this mortgage and the practice of such cou~t_ ln the event of any default on the pad of the mortgagor heceunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) oE the aggregate of the twelve monthly install- ~ men!s payable in ihe then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums :or such year not co~~ered by the aforesaid rt;onthly payments. 9. That in the event oE an~ b~each of this mortgage or default on the part oE the mortgagor, or in the .e~•ent that an~• of said sums o( money herein reEerred to be not promptly and fully paid without demand or notice, or r,•~ in the event that each and evety the stip!~lations, agreements, conditiw~s. and covenants of said note and this mortgage, are not duly, promptly, and fully performed;' then in either or any such event, the said aggregate sam mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereby, shail•become due and payable forthwith, or therea[ter, at the option of said mortgagee, as fully and com- i pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ~ note a in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of s:,id matga- { gee, withont notice or demand, suit at law or in equity, may be prosecuted as if all moneys sec~red hereby had ; maturrd prior to its institution. The mortgagee may foreclose this moctgage, as to the amount so declared due aod pa}able, and the said premises shall be soid to satisfy and pay the same together with costs, expenses.and allow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- t~nuing tien 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 thereafter from time to time by the mortgagee_ 10. That the mortgagor v~rill give immediate notice by mail to the mortgagee of any conveyance, transfer, or rhaage oE ov?nership of the premises. ; 11. That no waiver of an~ covenant herein or ot the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note secured hereby. 12. That if the mortgagor default in an3 of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable ettorney's fees) made by the mortgagee in so doing shal{ draw interest at the rate set forth in the note secured herebS, and shall be repayable immediately and withaut demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. ~ ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ur di:ected to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case aris~ng under this instrument and reqc~ired by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should ~his mortgage and the note secu:ed hereby not be eligible for insurance under the Nfational Housing Act within ~~Y Erom the date hereof (veritttn stat •rment of an~- otficer of the Depactn:ent of Housing and Urban Developmen~ or autho:ized agent of the Secretary of Hous- ' ing and~ Urban DeveLopment dated sNbsequent to~ the (~yS time from the date o( this mortgage, s declining to insure said note and this mortgage, being dfeaM~conelL3'ive proof of such ineligibility), the mortga- j gee or the holder d the note may, at its option, declare all sums secured hereby immediately due and payable. ; The covenants herein cantained shall bind, end the benefits and advantages shall inurr to, the respective heirs, executors, administrators, successors, and assigns=af the parties hereto_ Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use o[ any gender shall includr a!1 genders. ~oo~ly3 ?44 ~ .