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HomeMy WebLinkAbout2890 i ~ S. That he will permit, commit, o~ sulfer qo walste. impairment, oc detecioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said ptemises and those tobe e~ected on said premises, or improveme~ts the~eon, in good repair, the modgagee may meke such repairs as in its discretion it may deem necessary for the prope~ preservation the~eot. and the tull amount ot each and everX 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 singulac the costs, charges, end expenses, including reasonable lawyer's fees, and costs of~abstracts of title, incurred or paid at any time bythe mortgagee.because of the feilure on the part of the mortgagor promptly and tully to pecfotm the agreements and covena~ts 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 this mortgage. 7. That he will keep the improvements now existing oc hereatter erected on the mortgaged pcoperty. insured as may be required from time to time by the mottgagee against loss by fire and other hezards. casualties. a~d 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 foc payment of which provision has not~ been made hereinbefoce. All i~surance shall be carried in compa~ies approved by mortgagee and the policies and renewals theceof shalt be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form accepteble to the mottgagee. In event of loss he will give immediate notice by mail to mortgagee. ar~d mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgag« a~d mortgagee jointly. and the i~surance pro- ceeds, or anp part thereof. may be applied by mortgagee at its option either to the ~edaction of the indebtedness hereby secured ot to the restoration ot repair of the property damaged. [n event of Eaeclosure of this mortgage or other transEer of title to the mortgaged propecty in extinguishment of the indebtedness secured hereby. all right~ title, a~d interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. - . 8. That the mortgagee may. at any time pendi~g a suit upon this mortgage. apply to the court~having jurisdic- tion therea?Tor the appointment of a receiver. and such coud shall fodhwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every o[ which. it being expressty understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall l~ave all_t~e broad and effective 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 mortgagee, and without reference to the adequacy or inadequacy of the value 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 reven~es shall be applied by such receiver according to the lien of this modgage and the practice of such court. In the event of any default on the pad of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable manthly rental for the premises an amount at least equivalent to one-twelfth (1/12) o[ the aggregete of the twelve monthly install- ments payable in the then current yeac plus the actual amount of the annual taxes. assessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (01 in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly end fully peid without demand or notice. or 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. tl~e 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 mottgagee, as fully and com- pletely as if all oi the said sums of money were originelly stipulated to be paid on such day. anything in said I note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter~ at the option of said mactga- j gee, without notice or demand, suit at lew or in equity, may be prosecuted as if all moneys secured hereby had matured ior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declated dne and I payabl~nd the said premises shell be sold to satisfy and pay the same together with costs. expenses.and allow- ances. case of partial foreclosure of this mortgage, the modgaged 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 sucfi case the provisions of this paragraph may again be aveiled of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the modgagee of any carveyance. transfer. or change of ownership of the premises. 11. That no aaiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the tecros hereof or of the note secured hereby.. 12. That iE the mortgaga default in any of the covenants or agreements contained herein. ot in seid note, then the modgagee may perform the same, and all expenditutes (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 modgagor to the mortgagee. and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demand addressed to the owner of recad of the mortgaged pcemises. or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidorovner at said modgaged pcemises, and mailed by the United Stat~s mails, shall be sufficient notice and demand in any case arising under this instrument and required by the proviaions hereof or by law. 14. The mortgagor further covena~ts that should this mottgage and the note sccured hereby not be eligible for insurance under the National Housing Act within ~~Y$ from the date hereof (written statement of any oificer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing a~d Urban Development dated subsequent to~ the ~Q time Erom the date of this modgage, declining to insure said note and this mortgage, being deemed conclusive Qroof of such ineligibility), the mortga- ~ee oc the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shell bind. and the benefits and adventages shall inure to. the tespective heirs, executors, administrators, successors, and assigns oE the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all gendecs. 6UDK195 ~CE~AOO ~ k31 . ~ ..z.. ~i~~~ r . . 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