HomeMy WebLinkAbout1428 That he ~e~ll prrmit, c~~mnut, or suffrr no N•aste, imp~~irment, or detetior~twn of said propcrt~~ or an~• p,~rt
the•reuE; .+nd ~n ~hc e~rnt ot th~• falliur uf the mortgagor to,keep the buildings on sa~d prem~ses a~d those tobc
er~•cted on said premise~, or improvc•mc•nts thetcon, i~ good ~e{~ir.,the murtgugee may make such re~kits a~s in its
discreUon it may deem REC(tiSHO' IO[ the ptaper ptesercat~on thereo[, and the full amount of rach and cvery such
pa}ment shall be ~mmrdiately due anJ p.+~~able, a+nd shall be secured b~• the lien of th~s mortKage.
b That he ~~itl pu~~ ~ill and sinyular the c~tt~, rharKes, ~+nd er~enses, including reasonable law~~er's fees,
and co,ts uf abstracls of title, incurred or paid at an~• time b~• thr murtgagee .beca~se of the failure on the part oi
the murtgagur promptly and fully tu pertorm the agreements and co~•enants of said promissory note and this mort-
gagc, .,nd sdid costs, ch.+rges. ~nd expenses shall be immediately due and pa~•.ible and shall be secured bp the
lten of this mortgage.
7. That he will krep thc improvemcnts nuw• existing or hereafter erectPd on the morigaged property, insuted as
ma~• be reqwred from time t~ time b~• the moctgagee against loss b}• fire and othet hazards, casualties, and contin-
gencies in such dmounts and for such penods as ma~~ be required b~~ mvrtgagee, and will pay promptly, when due,
an~- premiums on such insurance tor paymc nt a[ which provision has not been made hereinbefore. All insurance
shal! be carried in companirs appruced b~~ mortgagee and the policies and renewals thereoE shall be held by mort-
K.~gee and ha~~e attached thereto iuss pa~•able clauses in [a~~or of and in torm acceptable to the mortgagee. In
e~ent of lus~ he w•i!! gi~•e immed~ate notic~ by mail to mortgagee, and mortgagee may make proof of (oss if not
made promptl}• b~~ mortgagor, and each insurance company concerned is hereby authotized and dicected to make
~,yment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointiy, and the insurance pro-
reeds, or any~ part thereof, may be applied b~ mortgagee at its option either lo the reduct~on ot the indebtedness
hereb~~ secured ur to the restoration or repair of the property damaged. In event ot foreclosure of this mortgage or
other trans[er oi t~tle to the mortgaged property in extinguishment ot the indebiedness secured hereby, all right,
t~tle, and interest of the morigagor in and to an~~ 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, apPl}• to the court having jurisdic-
t~on thereof (or the appointment of a rece~~~er, and such court shall forthw~ith appoint a receiver of the premises
co~•ered hereby- all and singular, including all and singular the income, profiis, issues, and revenues from whatever
suurce deri~~ed, each and e~•ery of which, it being expressty understood, is hereby mortgaged as if specifically set
furth and descr~bed in the granting and habendum clauses hereof. and such receiver shall ha~~e all the btoad and
effect~~•e functions and powers in an~~wise entrusted hy a court to a ~eceiver, and such appointment shall be made
b~• such court as an admitted equit}• and a matter of absolute right to said mortgagee, and without reference to the
i <+dequacy or inadequacp oF fhe ralue o[ the property mortgaged or to the solvency or insoivencp of said mortgagor
3 or the defendents, and"`tfiatrsuch,~ents, profits, income, issues, and re~~enues shall be applied by such receiver
~ <+ccord~ng to the lien of thts mortg~gA ar(c~tthe ~ractice of such court. In the event of any default on the part of the
mcrtgagor hereunder, the mortgagor ag~e~.'~ td pay to the mortgagee on demand as a reasonable monthly renta) for
the premises an amount at least eqi~t~aieat.~ one-twelfth (1 12) of the aggregate of the twelve monthlyinstall-
r~rnts pa~~able in the then cur~ent ~eat plus the actual amount of the annual taxes, assessments, ~ater rates, and
~nsurance prem~ums for sUch year not cbvered by the aforesaid monthly payments.
q. That ~n the e~•ent of any breath of this mortgage or defauit on the part of the mortg:.gor, or (hl in the
e~ent that am~ of seid sums of mone}• herein referred to be not promptly and futly paid without demand or notice,
ur ~ tn the e~~ent that each and e~~erY the shpulations, agreements, conditions. and covenants of said note a~d
- this mortgage, are not duly, prompt(~•. and fully performed; then in either or any such event, the said aggregate
~ sum mentioned in said note then remain~ng unpdid, w rth tnterest accrued to that time, and all moneys secured
r hereb~-, shall become due and pa}•able forthwith, or thereafter, at the option of said mortgagee, as fully and com-
pletel}~ as iE 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 contrar~• notw~thstanding; and thereupon or thereaftet, at the option of said mortga-
; gee, k•~thout notice or demand, suit at lav?~ or in equity, may be prosecuted as if all moneys secured hereby had
matured prior to its institution. The mortgagee rr~a}~ foreclose this mortgage, as to the amount so declared due and
pa~•able, and the said premises shall be sold. to satisfy and pay the same together with costs, expenses.and altow-
= ances. In c~se of partiai foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
tinuin~ lien of this mortgage for the amount of the debt not then due and unpaid. !n such case the provisions of
- this paragraph ma}• again be a~•ailed of the~e~fter from time to time by the mortgagee.
10 That the mortgagor will gi~•e ~mmediate notice by mail to the mottgagee of eny com~eyance, transfer, or
" cha.~ge oE ow•nership af the premises. ~
~ 11. That no waiver of any ro~•enant herein or of the obligation secured hereby shall al an}• time thereafter be
hc?d to be a w•ai~•er oi the terms hereof or of the note secured heteby.
t? That if the mortgagor default ~n an~~ of the covenants or agreements contained herein, or in said note, then
" the mortKaRee ma, perform tne same, and all expenditu~es (inciuding reasonable attorney's fees) made by the
- mortga~ee in so doing shall draw interest at the rate set forth irt the note secured hereb}'. and shall be cepa}•able
~ ~mmediatetc and w•ithuut drmand by the mortgagor to the mortgagee, and, together with interest and costs accruing
= thereon, shall be secured h}~ th~s mortgage.
- 13. that the mail~ng of a wr~tten notice or demandaddressed to the owner of record of the mortgaged premises,
or c;~rerted to the sa~d oa•ner at The last address actuallp furn~shed to the mortgagee, or directed to said owner at
sa~d rr~~r,gaged premises, and rnailed bp the Untted States maiis, shall be sufficient notice and demand in any
c~~e ~ri~;n~ ~nder ifiss instru~;,e~t an~ :cGuircd by ;he provisions hereaf or by lasv.
la. The mortgagor further covenants that ~hould this mortgage and the note secured hereby not be eligible
for insurance under the tiaticmal Housing Act w•~thin j~y La (rom the date hereof (written statement
~+f dn~ ofhcer af the Department of Nousing and Urban Development ot authorized agent of the Secretaty of Nous-
inK and Vrban Decelopment dated subsequent to the '1~3Ity y1 time from the date oE this mortgage,
- deciining to insure said note and this mortgage, being deem•~d c-onclustve proof of such ineligibilitg), the mortga-
gee os the holder of the note may, at ~ts opt~on, declare all sums secured ~:eceby immediately due and payeble.
.-:y; 7he co~•enants here~n cantain~d shall bind, and the benetits and advantages shall inure to, the respective
- heics, e?cecators. adm?n~strators, successors, and assigns of the parties hereto. 11'henever used, the singular num-
= ber shatl include the ptural, the plural the singular, and the use of an}~ gender shall include all genders.
60RK 196 PACE1428
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