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HomeMy WebLinkAbout0704 ~ S, That he will permit. commit. or su(fe~ ~n~~e. ~impa'~~ o~ deterioration ot said property ot any part • thereot; and in the event of the [ailure of the mo~tgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good repait, the mottgagee may make such repai~s as in its discretion it may deem necessary for the proper preservatio~ thereot, and the [ull amount of each and every such paymeat shall be immediately due and payable, and shall be secured by thc lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses. including reasonable lawyer's fees, and costs of abstcacts ot title, incurred or paid at any time by the mottgagee .because of the failure on the part ot the mortgagoc promptly and fully to perEam the agreements and covenants of said'pcomissory note and this mort- gage. a~ed said costs, chacges, and expenses shall be immediately due and payable and shall be secured by the lien of this mo~tgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property. insured as may be required from time to time by the mortgagee against loss by fire end other hazards, casualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and aitl pay promptly, when due. any premiums on such insurance fo~ payment of which provision has not been made heceinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favoc of and in form acceptable to the mortgagee.. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proot of loss if not made promptly b~ mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. end the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness he~eby secured or to the restoratio~ or repair of the propedy damaged. ln event of Eoreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgago~ in and to any insucance policies then in force shall pass to the purchaser or grentee. 8. That the modgagee may, at any time pending a suit upon this mwtgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver. and such court shall forthwith appoint e receiver of the premises covered hereby all and singular. including all and singulac the income. profits, issues. and revenues from whateve~ source derived, each and every of which, it being expressly understood, is hereby mortg,~~ aet ~f,~tpecifically set forth and described in the granting and habendum clauses hereof, and such receiver sha 1 have all the broad and eflective 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 mortpagRe. and vkithgut reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvenCy ~ s~id modgagor or the defendents, a~ that such rents, profits, income, issues, and revenues shall be applied y such receiver according to the lien of this mortgage and the practice of such coud. ln the event of any default On~the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental foc the premises an amount at least equivalent to one-twelfth (1/12) of 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 year not covered by the aforesaid monthly peyments. 9. That tu1 in the event of any breach of this mortgage or default on the pad of the modgagot, or (6~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or ~ in the event that esch and every the stipulations. agreements. conditions. 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 sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become dne and payable forthwith. oc thereafter, at the option oE said mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- ' gee, without notice or demand, suit at taw or in equity, may be prosecuted as if all moneys secured hereby had i matured prior to its institution. The mortgagee may foceclose this mortgage. as to the amount so declared due and j payable, and the said premises shall be sold to satisfy and pay the same together with costs. expenses,and allow- ~ ances. ln case of partial foreclosure of this matgage, the mortgaged premises shall be sold subject to the con- tinuing lien 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 ot thereafter from time to time by the mortgagee. ~ 10. That the mortgagor .wilt give immediate notice by mail to the mortgagee of any conveyance, transfer, a ~ change of ownership of the premises. 11 . That no waiver oE any covenant herein or of the obligation secured hereby shall at eny time thereafter be held Lo be a wai~er of the terms hereaf or of the note secured hereby. 12. 1'hat if the mortgaga default in any of the covenants or agreements contained herein, or in• said note, then the mortgagee may perform the same, and all expendituces (including reasonable ettorney's fees) made by Ihe mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the mortgagee, and, together with intecest and costs acctuing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or ~3emandaddressed to the ownec of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereo[ or by law. 14. The mortgagor further covenants that shoold this moct a e and the note secured hereby not be eliglble ~ for insurance under the National Housing Act within 30 from the date hered (written statement ~ oE any officer of the Department of Housing and Urban Development or authorized agent oE the Secretary of Hous- ~ inq and Urban Development dated subsequent to~ the ~Q time from the date ot this eort~eige. ~ declining to insure said note and this mortgage, being deem?d conclusive proof of such ineligibility). the mortga- . ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the beaefits and .advantages shall inure to, the ~respective heits, 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 of any gender shell include all genders. ~ ~@~~ ~ ~ - - _ , ~ ~ - -