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HomeMy WebLinkAbout1450 ~ ~ S. That he will permit, commit. or sufEer no waste, impairment, or deterioration ot said property or any part the~eoE; and in the event of the failure of thq n~ t~gaeot to.~}~eep. the buildings on said premises and those tobe e~ected on said premises, or improvements theteoH. in good ~Mp~ic. the mortgagee may make such repairs as in its discretion it may deem necessary for the proper pceservation thereot. and the [ull amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he wiU pay all and singular the costs. charges. a~d expenses, including reaso~able lawyer's tees, ~ and costs of abstracts o( title, incurred or paid at any time bythe mortgagee.because of the failure on the part ot ' the moctgagor pcomptl~• aod Eully to perform the agreements and cove~ants of said'promissory note and this mort- gage, and said costs. charges, and expenses shall be immediately due and payable and shall be secured by the lien of tfiis mortgage. 7. That he will keep the improvements now existing or heceatter erected on the modgaged pcoperty, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casuaities, and contin- gencies in such amounts and Eor such periods as may be required by mottgagee, and will pay promptly, when due, any premiurt~s on such insurance to~ peyment of which provision has not been made herei~before. All insurance shall be carried in companies approved by moctgagee and the policies and renewals thereof shall be held by moct- gagee and ha~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. ln e~~ent oE loss he will give immediate notice by mail to mwtgagee, and mortgagee may make proof o[ loss i[ not made promptly b~ mortgagor, and each insurance company concerned is hereby authoriaed and directed to make pa~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or any pan thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resto~ation or repair of the propetty damaged. ln event of foreclosure of this mortgage or other trans[er ot title to the mortgaged property in extinguishment o[ the indebtedness secured hereby. all right, title, and interest of the matgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, includiog all and sirigular the income, profits, issues, and revenues tran whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if apeeifically set forth and described in the granting and habendum ciauses hereoE, and such receiver shall have all the broad and effective functians 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 adequac~ or inadequacy of the value of the property mortgaged or to the solvency~o~ idsolveq~y o[;sa,id ~ortgagor or the defendents, and that such tents, profits, income, issues, and tevenues shall be applied by sucb receiver according to the lien of this mortgage and the practice of such court. In the event of any default pn the ~art of the mortgagor hereunder, ihe mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental tor 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 yeat not covered by the aforesaid monthly payments. ~ 9. That I in the event oE any breach of this mortgage or default on the part of the modgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or <<i in the event that each and every the stipulations, agreements. conditions. and covenants of said note and this mortgage, are nd 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 due and payable forthwith, or thereafter, at the option of 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 moctga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had f matured Qrior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold 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- 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 of thereafter 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. Il . That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be f held to be a waiver of the terms hered or of the note secured hereby. 12. That if the mortgaga default in any of the covenants or agreements contained herein. or.in said note, then ; che mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the ~ mortgagee in so doing shall draw interest at the cate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and~ together with interest a~d costs accruing ~ theceon, 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. ~ or directed to the said owner at the last address actuaUy furnished to the modgagee, or directed to said owner at ~ said mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any 4 case arising under this instrument and required by the provisions hereof or by law. ~ ~ 14. The inortgagor further coveaants that shoutd this mortgage and the aote secured hereby not be eligible ~ for insurance under the National Housing Act within ~ from the date hereof (wcitten statement oi an}• otficer of the Department of Housing and Urban Development or author'ued agent of the Secretary of Hous- mg and Ucban Development dated subsequent to~ the ~~aYS , time fcom the date of this modgage, , ~ ~s declining to insure said note and this mortgage, being dee conclusive ~roof 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. I ~ The covena~ts herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singulat num- ber shall include the plural, the plural the singular, and the use of eny gender shell include all genders. e ~ ~ • r ~ ~ - ~ ~o~ ~95 ~1448 _ _y. . . _ _ _ . -