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HomeMy WebLinkAbout1887 t S. That he will pecmit, commit, oc sufilr no. waste, impoument, or deterioration oE said propeny or any part thereof; and in the event of the failure of the mortgagot to keep the buildings on said premises and those tobe erected o~ said premises. or improyeme~ts the~eoo. in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the pcoper preservatio~ thereot, and the full amount of each and evety such payment shall be immediately due and payable, and shall be secured by the 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 abstracts of titie, incurred or paid at any time by the moctgagee .because of the failure on the part o[ the mortgagor promptly and fully to perform the agreements a~d covenants of said 'promissory note and this moct- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 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 and other hazards. casualties. and co~tin- 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 payment of which provision has ~ot been made hereinbefore. 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 favor of and-in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and moctgagee may make proof of loss if not made promptly by mortgagor, and each insurance compa~y concerned is hereby authorized and directed to make pa~~ment for such loss dicectly to mortgagee instead of to mwtgagor and moctgagee jointly. and the insurance pro- ceeds, or any part the~eof, may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration a repair of the property damaged. In event of foreclosure o[ this mortgage or other transfer of title to the mortgaged propecty in extinguishment of the indebtedness secured hereby. all right, title, and interest of the morigagor 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 ot a receiver, and such coud shal! forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues~ and revenues Ecom whatever source derived, each and every of which, it being expressly understood, is heceby mortgaged as i~ specifically set forth and described in the granting 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 modgagee, and without reEerence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency a insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any defautt on the part of the mortgagor hereunder, the moctgagor 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) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, weter rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (~,l in the event of any breach of this mortgage or deEault on the part of the mortgagor. or (b) in the event that any of said sums of money herein referred to de not promptly and fully paid without demand or notice, or (~1 in the event that each and every the st'ipulations, 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 due and payable forthwith, or thereafter, at the option of said matgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anyihing in said note oc in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- li gee, without notice or demand, suit at law 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 i 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 oE the debt not then due and unpaid. In such case the provisions of S this paragraph may again be availed oE thereafter from time to time by the mortgagee. ~ ~ 10. That the mortgagor wili give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ ` change of ownership of the premises. i 11 _ That no waiver of any covenant herein or of the obligation secured hereby shall 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 detault in any of the covenants or agreements contained herein~ oc in said note, lhen the mortgagee may perform the same, and all expenditutes (including reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rate set Eorth in the note secured hereby, and shall be repayable immediately and without 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 oE a written notice or demand addressed fo the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said opvner at said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any case arising under this 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 hereoE (written statement " of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ~ ing and Urban Development dated subseque~t to~ the ~ time from the date oE this mortgage, ~ ~ declirj"',~,t~;~suR~~~d_rlpte and th~s mQrt,gage, being deem~d-c~usive proof of such ineligibility), the moctge- ' ~ gee 1~'lfdld~i" h~"note may, at tsC~l~kdecl~~H•s_yMs secu~ed heteby im~itediate~y'dJe and ~ij~E'.~' ~ Tlie covenants herein contained shall bind, and the benefits and adventages shall inure to, the respective heirs, execy~o~s, administrators, successas, and assigns of the parties heceto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of eny gtnder shell include all genders. ' t i ~ a~oK1y5 ~1885 ~ . . ~ . . ~ ~ ~ _ _ _ ~ .