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HomeMy WebLinkAbout2834 f 1 ~ . ` ; ! ' ~ S. That he will permit, commit. or sutfer no waste. impairment. ot deterioration a[ said property or any part thereof; and in the event of the tailure oi the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements theteon, in good repai~, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereot, and the full amount of each and every such payment shall be immediately due and payable, and shall be secuced by the Iten of this mortgage. 6. That he will pay all and singular the costs. charges, and expenses, including reasonable tawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee .because of the failure on the part oE the mortgagoc promptly and (ully to pecform the ag~eements and covenants of said pcomissory note and this mort- gage, and said costs, ~harges, and expenses shall be immediately due and payable and shall be secured by ihe lien of this mortgage. 7. That he wili keep the improvements now existing or hereaftec erected on the mottgaged propetty. insured as may be required f~om time to time by the mortgagee against loss by fire and other hazards. casualties, aAd contin- gencies in ~uch amounts and for such periods as may be cequited by mortgagee, and will pay promptly, when due. any premiums on such i~surance [ot payment of which provision has not been made hereinbeEore. A!1 insurance shall be cacried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event o[ loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof ot :oss if not made promptly by mottgagor. and each iasurance company conce~ned is hereby authorized and directed to make payment foc such loss dicectly to mortgagee instead of to matgagor and mortgagee jointly, and the insurance pro- ceeds. or any pa~t thereof, may be applied by mortgagee et its option either to the reduction of the indebtedness hereby secured or to the restoratioa or repai~ of the pcoperty dameged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property i~ extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgagar in and to any insurance policies then in force shall pess to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court havi~g jurisdic- tion thereof foc tbe appointment of a receiver. and such court shall Eorthwith appoint a receiver of the premises covered hereby alt and singular, including all and singular the income. profits. issues. and revenues from whatever source derived. each and every of which, it being exptessly understood, is hereby mortgaged as if specifically set todh and described in the granti~g and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a co~rt to a receiver. and such appointment shall be made by such court as an admitted equity and a matter oE 9bsolute tight to said modgagee, and without reference to the adeauacy or i~adequacy of the value of the propedy mortgaged or to the solvency or i~solvency of said mortgagor or the defendents, and that such re~ts, profits. income, issues. and revenues shall be applied by such teceiver according to the lien of this mortgage and the practice of such eourt. In the event of any default on the part oE 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 payable in the then cu~rent year plus the actual amount of the annual texes. assessments, water rates, and insurance premiums for s~xh year not covered by the aforesaid monthly payments. 9. That (ol in the event of any breach ~~.In~Cg~ge or default on the pad of the modgagor. or (6) in the event that any of said sums of money herein-rt~rred to be not promptly and fully paid without demand or notice, or in the event that each end every the st'ipulations. agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and tully performed; then in either or any such event. the seid aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby. shall become due and payeble forthwith, oc 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 modgag~ to the contrary notwithstanding; and thereupon a thereafter, at the option of said martga- gee, without notice or demand. suit at law or in equity, may be prosecuted as if ell moneys secured hereby had j matured prior to its institution. The mortgagee may foceclose this mortgage, as to the amount so declared due end ' payable, and the said premises shall be sold to satisfy and pay the same togethet 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 end unpaid. In such case the provisions of f this ~aragraph may again be availed of theteafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mottgagee of any conveyance, transfer, oc change of ownership oE the premises. ~ 11. That no waiver of any covenant herein oc of the obligation secuced 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 morigagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expendit~ues ~including reasonable attaney's Eees) made by the mortgagee in so doing shall draw interest at the rate set fath i~ the note secured hereby, and shall be repayable immediately and without demand by the mottgagot to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of e written notice or demandaddressed to the owner ot record oE the mortgaged premises, or directed to the said owner at the last address actually Eurnished to the modgagee, or directed to saidawner at said mortgaged premises, and mailed by the United States mails, shell be sufficient notice and demand in any case arising under this instrument and required by the provisions heceof or by law. 14. The mortgagor further covenants th~t should this mat a e 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 Development or euthorized agent of the Secretecy of Hous- ~ ing and Ucban Development dated subsequent to~ the ~p pAyg time from the date of this mortgage, declining to insure said note and this mortgage, being deem~~d conclusive proof d such ineligibility), the mortga- gee or the holder of the note may, at its option, decla~e all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bi~d, and the beneEits and advantages shall inure to, the respective ~ heirs, executors, administrators, successas, and assigns d the padies hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ 8~i~ ~2~32 ~ . , E~ ~ ..x. . ~.~>.~,.x~ .c~ ~~"`.~r