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HomeMy WebLinkAbout2613 ~ i . 5. That he will pc~mit, commit, or suffer no waste, impaitment, or deterioration ot said property or any part thereof; and in the e~~ent oi the [ailure o[ the mortgagot to keep the buildings on said premises and those tobe emcted on said premises, o~ improvements thereon, in good re~i~, the mottgagee may meke such rept+irs as in its disc~etion it may deem necessary fo~ the proper preservation thereof, 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. G. Tht?t he will pay all and siogular the ce~ts, charges, and expenses, includi~g reasonable lawyer's (ees, ~ and costs of absiracts of title, inrurred or paid at any time by the mo~tgagee .because at the tailure on the patt o[ ~ 1he mortgagor promptly and fully to perform the agreements and covenants of said 'promissory nate and this mo~t- ~ gage, and said costs, charges, aad expenses shall ~be immediately due and payable and shall be secured by the { lien o[ this mortguge. 7. Tt~at he ~ill keep the improvements now existing or hereatter erected on the mortgaged property, insured as ma~• be required from time to time bp the mortgagee agai~st loss by fire and other hazards, casualties, and contin- genries in such amounts and tor such periads as may be required by mortgagee, a~d will pay promptly, when due. an~~ premiums on such insurance for payment ot which provision has not been made hereinbefoce. All insurance shall be carried in companies app~o~~ed by mortgagee and the policies and renewals thereof shall be held by mort- g:~gee and ha~•e attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. ln e~~ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptl~~ by mortgagor, and e~ch insurance company concerned is hereby authorized and directed to make payment 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 indebtednes~ hereby secu~ed or to the restoration or repair oE the property damaged. In event of foreclosure o[ this mortgage or other trans~er 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 insurance policies then in force shall pess to the purchaser or grantee. 8. Thal the mostgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereo[ (or the appointment o[ a receiver, and such court shal) forthwith appoint a receiver ot the premises co~•ered hereby all and singular, including all and singular the income, profits, issues, and revenues from vohatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as iE specifically set Eorth and described in the granting and habendum clauses hereof, and such receiver shall have all the braad and effecti~~e functions and powers in anS~wise entrusted by a cou~t to a receiver, and such appointment shall be made b~• such court as an admitted equit}• and a matter ot absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolveney of said mortgagor or the detendents, and that such rents, pro[its, income, issues, and revenues shall be app{ied by such receiver according to the lien of this mortgage and the practice of such court. ln the event of any default on the-pact of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as e 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 payabie in the then current year plus the actual amount of the annual taxes, assessments. water rates, and ~nsurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (01 in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the e~•ent that any oE said sums o[ 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 modgage, are not duly, promptly, and Eully performed; then in either or any such event, the said aggregate sum m~ntioned 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, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured Qrior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and pay~able, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- j ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of ihis mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ this paragraph may again be availed oE thereafter from time to time by the mortgagee. • ; 10. That the mortgagor witl give immediate notice by mail to the mortgagee of any conveyance, ttansfer, or ~ change ot ownership of the premises. ~ 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 secuced hereby. c 12. That it the mortgagor default in any of the covenants or agreements contained herein, or i~ said note, then i the mortgagee mav perform the same, and all expenditu~es (including reasonable attotney'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 immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shalt be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of cecord of the mortgaged premises, ~ or dirrrtea to the said owner at the last addres~ actualiy furnished to the mortgagee, or directed to saidawner at ~ sa~d mortgaged premises. and mailed by the United States maiis, shall be sufficient notice and demand in any ~ case atising under this instcument and required by the provisions heteof or by law. ~ 14. The mortgagor further covenants that_ shauld this mort $a e and the note secured hereby not be eligibte ~ for ~nsurance under the National Housing Act within ~(~~S from the date heceof {written statement ~ uf any ofticer oE the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ng and Urban Development dated subsequent to~ the 30 DAYS time from the date of this mortgage, ' declining to insure said note and this mottgage, being deem~~d conclusive p~oof of such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured heceby immediately due and pa~eble. ~ The covenants herein contained shall bind. and the benefits and advantages shall inure to, the respective ~ he~rs, executors, administrators, successo~s, and assigns of !he parties hereto. Whenever used, the singular num- ~ bec shaii ~nclude the plural, the pl~ral the singular, and the use of any gendet shall include all genders. ~ ~ ~ ~ ~ ~ r ~ ' ~ i N~ ~ So~KiyS ~~2611 _ ~ ~ ~ - w ~.~~.:4 Y