HomeMy WebLinkAbout1233 5. That hc will pc~mit, commit, or suffer no waste, impaitment, or deterioration of said property or nny part
thcr~ a[; i+nd in the e~~ent af thc (ailum o[ the moctgagot to kcep the buildi~gs on said premises and ihose tobe
erected on said premises, or impro~~ements thereon, in good repair, the morlgegee may make such repaits as in its
discretion it may deem necessaty for the propet preservation thereot, and the (ull amount o( each and every such
payment shall be immediately due a~d pa~~able, ~+nd chall F,e secured by the lie~ of this mortgage.
G. That he will pa~• :~11 and singular the costs, charges, and expenses, inciuding reasonable lawyer's (ees,
and co~t~ ot ebst~acts of title, incu~red or paid at any time bythe mo~tgagee.because of the feilute on the part o(
th~ mortgago~ promptl~• and (ully to perform the agreements and cavenants of said ~promissory note and this moct- !
gage, a~d said costs, charges, and expenses shall be immediateiy d~e and peyable and shall be secu~ed by the 1
lien of this mortgage.
7. That he ~ill lceep the improrements now existing ot herea(ter erected on the mortgaged pcoperty. insured as
niay be required from time to time by the mortgagee 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 tor pnyment of which provision has not been made hereinbetore. All insurance
sha11 be carried in rompan~es approved by mortgagee a~d the policies and renewals thereof shall be held by mort- '
gagee and have attached thereto loss payable clauses in favor oE and in form acceptable to the mortgagee. ln
e~~ent of loss he will ~i~•e immediat~ notice by mail to moctgagee, and moctgagee may make proof of loss if not
made promptly by mortgagor, and each insurance cumpany concerned is hereby authorized and directed to make
pa~•ment for such loss directly to mortgagee instead of to moitgagor and mottgagee jointly. and the insurance pro-
ceeds, or any part thereof, may be applied by mo~lgagee at its option either to the reduction of the indebtedness
hereby secured ur to the restoration w repaic oE the property damaged. In event of [oreclosure o[ this mortgage ot
other transfer o[ title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right,
title, and interest of the mortgago~ in and to any insurance policies then in force shall pass to the purchaser or
grantee.
8. That the moctgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic-
tion thereof for the appointment ot a receiver, and such coud shall forthwith appoint a receiver of the premises
covered he~eby all and singular, including al! and singular the income, profits, issues. and revenues from whatever
tiource deri~~ed, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set
forth and described in the granting and habendum clauses hereof, and such receivec shall have alt the broad and
effecti~•e functions and powe~s in an~~wise entrusted by a court to a receiver, and such appointment shall be made
b~~ such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the
adequacy or inradequacy of the ~•elue of the property mortgaged or to the solvency a insolvency of said mortgagor
or the de(endents, and that such rents, profits, income, issues, and revenues shall be applied by such receive~
according to the lien of this mortgage and the practice of such coutt. In 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 for
the premises an amount at least equivalent to one-tweltth (1/12) of the aggregate of the twelve monthly install-
ments p:iyable in the then current year pius the actual amount of the annual taxes, assessments, water rates, and
insuranc~ premiums for such year not covered by the aforesaid monthly payments.
9. That (uJ in the eve~t of any breach of this mortgage or default on the part of the modgagor. or (h) io 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 each and every the stipulations, agreements, conditions, and covenants oE said note and
this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate .
sum mentiord in said note then remair~ing unpaid, with interest accrued to that time, and all mo~eys secured .
hereby.-shall b~e due and payable fotthwith, or thereafter, at the option of said mortgagee, as fully and com-
pletely as if all o( the said sums of money were originally stipulated to be paid on such day, anything in said
I note or ~n this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga-
i gee, without notice or demand, suit at !aw or in equity, may be prosecuted as if all moneys secured hereby had
~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
, pa~•able, and the said premises shall be sold, to satisfy and pay the same together with costs, expenses,and allow-
f ances. In case of parEial foreclosure of this mottgage, the mortgaged premises shall be sold subject to the con-
~ t~nuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of
this paragraph may a¢ain be availed of thereaEter from time to time by the mortgagee.
10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or
change of ownership of the premises.
~ 11. That no waiver of any co~~enant herein or oE the obligation secured hereby shell at any time thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
12. That if the mortgagor default in any of the covenants oc 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 shall draw interest at the rate set forth in the note secured hereby, and shall be repayable
immed~atei~~ and without demand by the mortgagor to the mortgagee, and, together aith interest and costs acc~uing
thereon, shall be secured b~• th~s mortgage.
13. that the mailing of a written notice or demandaddressed to the owner 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 premises, and maited by the United States mails, shall be sufEicient notice and demand in any
case arising under this instrument and required by the pruvisions hereof or by law. ;
14. The mortgagor further covenants that should this moctgage and the note secured hereby not be eligible
' for insurance under the National Housing Act within y~ from the date hereof (written statement
~ of any officer of the Department of Housing and Urban ~v~pm~nt or authorized agent of the Secretery of Hous-
~ ~ng and Urban Development dated subsequent to the 30 pAYS time from the date of this mortgege, ;
~ declining to insure said note and this mortgage, being deertM~d conclusive proof of such ineligibility), the mortga- ;
qee oc the holder of the note may, at ~ts option, dectare all sums secured hereby immedietely due and pa~eble. '
~ The coyenants herein contained shall bind, and the benefits and advantages shell inure to. the respective ~
heirs, executors, admin~strators, successocs, and assigns of the parties hereto. Whenever used, the singular num- i
~ ber shatl ~nclude the plural, the plural the s~ngular, and the use of any gender shall include all genders.
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