Loading...
HomeMy WebLinkAbout2943 5. That he will pe~mit. commit, or su[fer ri~1 vra~te~~ iaip~~e~n~nt, oc deterioration of said property or any part thereof; and in the event o[ the failure ot the 'rnorfgagor to lceep the buildings on said premises end those tobe erected on said premises. or improvements thereon, in good repa[r. the mortgagee may make such repeirs es in its discretion it may deem necessary for the proper preservation thereof. and the (ull emount of each and every.such payment shall be immediately due a~d payeble. and shall be secured by the lie~ o[ this mortgage. 6. That he witl pay all and singular the casts. charges. and expenses. including reasonable lawye~'s fees. end costs Qf abstcacts of title, incuned or paid et a~y time byEhe mortgegee because of the failure on the pert oE Ihe mortgagoc promptly and fully to petform the agceements and covene~ts of said ~promissory note end thfs mort- gage, and said costs. charges. and expenses shall be immediately due and peyable and shall be secured by the lien of lhis mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortg,aged property. insured as may be required from time to time by the mortgagee against loss by Eire and other hezards. casualties. and contin- gencies in such amounts and for such peciods as may be cequired by mortgagee. and will pay promptly. when due, any premiums on such i~surance for payment of which provisio~ has not been made heceinbefore. All insucance shall be cerried in companies approved by mortgagee and the policies end renewels thereof shall be held by mort- gagee and have attached thereto loss payable clauses in Eavor of and in form acceptable to the modgagee. ln event of loss he will give immediate notice by mail to mortgagee. and mortgagee mey make proof of loss if not made promptly by mortgagor, and each i~surance company concerned is hereby authotized and directed to make payment for such loss directly to mongagee instead o[ to mortgagor and matgagee jointly. and the insurance pcw ceeds, or any pert thereoE; may be applied by mortgagee at its_option either to the reduction of the indebtedness hereby secured or to the restoration or repair ot the ptoperty damaged. In event of Eoreclosure of this mortgage ot other trensfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title, and interest of the mortgagor in and to any insurance policies then in force shall pess to the Qucchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage. appiy to the court having ~urisdic- tion thereof foc the appointment of a receiver, and such court shall forthwith appoint a receiV~t ~~e protpises covered hereby all and singuler, including all and singular the income, profits. issues. and revenues from whatever source derived, each and every of which, it being expcessly understood. is hereby modgaged as if specifically set • [orth and described in the granting and habendum clauses hereof, end such receivec shall hav~ ail the braad aad • effective functions and powers in anywise entrusted by a court to a receiver, and such eppointtaent shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee. and without refecence tb the adequacy or inadequacy ot the value of the property mortgaged or to the solvency or insolvency of said modgagor 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 default on tl~e part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable ieonthly rentel for the premises an amount at least equivalent to one-twelfth (1/12) of the aggcegate of the twelve monthly install- ments payable in the then current year plus the actual amount of the ennual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (u1 in the event of any breach o[ this mortgage ot default on the part of the mortgagor. or (6) in the event that any of said sums of money herein referred to be not promptly and Eully paid without demand or notice, or (~t in the event that each and every the st'ipulations. agreements, ca~ditions. and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said eggcegete sum mentioned in said note then remaining unpaid, with inte~est accrued to that time, and all moneys secured hereby, shall become due and payable forthwith. a thereafter, at the option of said mort~agee. as fully and com- pletely as iE all of the seid sums of money were originally stipulated to be paid on such day, anything in said note or in this modgage to the contcary notwithstanding; and thereupon or thereaftgr. at the option of saia matga- gee, without notice or demand, suit at law or in equity. may be prosecuted as 'iE all moneys secured hereby had I matured prior to its institution. The mortgagee may foreclase 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 vvith costs. expenses.and allow- ances. In case of pertial foreclosure of this mortgage, the mwtgaged premises shall be sold subject to tbe con- tinuing lien of this mortgage for the amount ot the debt not then due and unpaid. In such case the provisions o[ ~ this paragraph may again be availed of thereafter from time to tic~e by the mortgagee. 10_ That the mortgagor will give immediate notice by mail to the mortgagee of any conveysnce, transfer, a ~ change of ownership oI the premises. ~ 11. That no waiver of any covenant herein or aE the obligation secured hereby shall at eny time thereafter be ~ held to be a waiver of the terms hereo[ or of the note secured hereby. 12. That if the mortgagor default in any of the covensnts or agceements contained hereia. oc in seid note, then 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 fotth in the note secured hereby. and shall be repayAble immediately and without demand by the moctgagor to the mortgagee. and. together with interest end costs accruing thereon, shall be secured by this mortgage. 13. that the mailing o[ a written notice or demand addressed to the ownet of recotd of the mortgeged premises. or directed to the said owner at the last address ectually furnished to the modgagee. or directed to said oqvner at said modgaged premises, and mailed by the United 5tates mails, shall be sufficient notice and demand in any _ case arising under this instrument and required by the provisians heteof or by larv. 14. The mortgagor further coveaants thet should this matgage end the note secured heceby not be eligible for insurance under the National Housing Act within C from the date hereof (written statement ~ of any officer of the Depadment of Nousing and Ucban Dev~eloDpm~ent ot euthorized agent af the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ~~a~!q time from the dete of this mortgpge, ~ declining to insure said note aad this matgage. being deear~d concTusive proof of such ineligibility). the mortga- gee or the holder af the note may. at its option, declare all sums secured hereby immediately due and p~yeble. ~ T'he covenants herein contained shell bi~d, and the beneflts and advantages ahall inure to, tbe cespective ~ heirs, executors, administrators, successocs, and assigns d the parties hereto. R?henever used, the singular num- ~ ber shall include the ptural, the plural the singular, and the use of any gender shell include all genders. ~ OR ,~K~~S ~2!~41 ~ ~ - _...~~..._:M~~z~}~ _ . _