HomeMy WebLinkAbout0189 . 5. 'That he~ witl permit, commit, o~ su[fer noswaste, impair~@~t~;or deterioration ot said propetty o? any part
thereof; and in the event oE the failure ot the mortgagor to keep'the buildings on said premises and those tobe
erected on said p~emises, or improvements theceon, in good ~epair, the mortgagee may make such repairs as in its
discretion it may deem ~ecessar~ Eor the proper p~eservation thereof, and the full amount ot each a~d eve~y such
payment shall be immediately due and pa~~ble, and shall be secured by the lien of this mortgage.
6. That he will pay all and singutar the costs. charges, and expenses, including reasonable lawyer's fees,
a~d costs of abstracts o[ title, incurred or paid at any time bythe mortgagee.because of the failure on the pert of
the mortgagor promptly and fully to perEorm the agreements and covenants oi said ~promissory note and this mort-
gage, aad said costs, chr+rges, and expenses ghall be immediately due and payable and shell be secured by the
lien of this mortgage.
7. That he will keep the improvements now existing or hereafter erected on the mo~tgaged property, insured as
may be required from time to time by the mwtgagee against loss by fire and other hazards, casualties, and contin-
gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due,
any premiums on such insurance for payme~t of which provision has not been made hereinbefore. All insurance
shall be carried in companies approved by mortgagee and the policies and renewels thereof shall be held by mort-
gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. I~
e~•ent of loss he will gire immediat~ notice by mail to mortgagee, and mo~tgagee may make prooi of loss if not
made promptl}• by mortgagor, and each insu~ance company concerned is hereby authorized and directed to make
pa}•r~ent for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro-
ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
hereb~~ secured or to the resto'tation or repair of the property damaged.: In event ~of fo~eclosure of t11is'mortgage or.
other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right,
title, and interest of the mortgagar i~ and to any insurance policies then io force shall pass to the purchaser or
grantee. -
8. That the modgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic-
tion thereof [or the appointment of a receiver, and such court shalt Ewthwith appoint a receiver of the premises
covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatevet
source derived, earh and every of which, it being expressly understood, is hereby mortgaged as if `specifically set
forth and described in the gcanting and habendum clauses hereof, and such receiver shall have all the broad and
effecti~~e functions and powers in anywise entrusted by a court to a receiver, 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 solvsncy oc in$olvency of said mortgagw
or the defendents, and that such rents, profits, income, issues, and revenues sha11 be applilt~•by~uch receiver
according to the lien of this mortgage and the pcactice of such court. In the event of any default ~ofi t6e part of the
mortgagor hereunder, the mortgagor agtees to pay to the mortgagee on demand as a reasonabk• ooatl~ly rental for
the premises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthly install-
ments payable in the then current year plus the actual amount of the annual taxes. assessments, water rates, and
insurance premiums for such year not covered by the aforesaid monthly payments. •
9. That /~,1 in the event of any breach of this mortgage or default o~ the pad oE the mortgagor. or !b/ in the
e~~ent that any of said sums of money herein referred to be not p~omptly and fully paid without demand or notice.
or ~ in the e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and ~
this mortgage, are not duly, promptly, and fully performed; then in eithet or any such event, the said aggregate
sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured
hereby~, shali become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com-
plete[y as if all of the said sums of money were origi~ally stipulated to be paid on such day, anything io said
note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option oE seid martga-
' gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had
f matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
'f payable, and the said premises shall be sotd to satisfy and pay the same together with costs. expenses,and allow-
ances. In case of partial foreclosure of this mortgage, the mo~tgaged premises shall be sold subject to the con-
tinuing (ien 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 wijl give immediate notice by mail to th~ fportgage~,q~f any conveyance, irancfer, or '
change of ov~nership of the premises. '
11. That no waiver of any covenant herein or of the obligation secured hereby shell at any time thereafter be
held to be a waiver of the terms hered or of the note secured heteby. .
12. That if the mortgagor de[ault in any of the covenants or agreements contained herein, or in said note, then
the mortgagee may perform the same, and all expenditu~es (inctuding reasonable attorney's fees) made by the
mortgagee in so doing shaU draw interest at the rate set forth in the note secured hereby, and shall be repayable
immediately and without demand b~• the mortgagor to the mortgagee, and, tegether with interest and costs aceruing
thereon, shall be secured by this mortgage.
13. that the mailing ot a written notice or demandaddressed to the owner o[ record of the mortgaged premises,
or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at
sa~d mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any
case ausing under th~s instrument 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 under the National Housing Act within ~ ~ from the date hered (written statement
~ of any officet of the Department ot Housing and Urban Dev~p~~ authocized agent of the Secretary o( Hous-
~ ~ng and Urban qevelopment dated subsequent to the time from the date o[ this mortgage,
~ declining to insure said note and this mortgage, being deem~~d conclusive proof ot such ineligibility), the mottga-
gee or the holder ot the note may, at ~ts option, dectare aIl sums secured hereby immediately due and payeble.
The covenants here~ cc2ntained shall bind, and tb~(
~ef~i'~s and advantages sh~ll inure to, the respective
he~rs, executors, adminis fators, successors, and assign~ ll~e parties hereto. Whenever used, the singuler num-
ber shall include the plurai, the plural the singular, and the use of any gtndec shall include ell gendecs.
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