HomeMy WebLinkAbout0279 That he H•ill E~rrm~t, cummit, or suffe~ no Naste, impaira~eM, ot detenoration of said p~oprtt~• o~ any part
thereof; and in the c•crnt ot the faili~re ui the mortg~~gur to keep ihe duildings on `a~d premises and ihose tobc
~rected on said premi~es, or ~mpro~•emt~nts thereon, in gcx~d repatr, the mortgagee ma~• make such repairs as ~n its
ciisrretion it ma~~ deem necessar~• tor the proper presen•atio~ thereot, and the fuU amount of each and e~•ery such
pa~mrnt shall be ?mmE~ciiaiely dur and payable, and ~hall be secuceci by the lien of this murtgage.
6 Th~t he ~~•ill pay all and singular the co~ts, charges, and expenses, includ~ng rea~onahle lawper's tees,
und cuxts o! ab~tracts of title, incurred or paid at ~ny time b~~the mortgagee.because of the fatlure on the patt of
the murtgagor promptly and fully to per[orm the agreemenis and co~~ena~ts of said p~omissory note and this rnort-
gaKe, ~;nd ~~id costs, charkes, and expenses shall be immediately due and p:~~•able and shaif be secur~d b~• the
lien of this mortg~ge. ~
That he W~ill keep the improrements nuw• existing or herea(ter erected on the mortgaged property, insured as
ma~• be requ~red from time to time b~~ the mortgagee aga~nst loss by fire and other hazards, casualt~es, and contin-
Kenc~es in such amounts :,nd for such periods as ma~- be requirrd by murtgagee, and will pay prompUp, when due,
~~n~~ premiums on such tnsurance tor payment of which pro~~ision has not been made hereinbefore. All ~nsurance
shall be carried ~n companies appro~•ed by mortgagee and the policies and renewats thereo[ shall be held by mat-
KageE and ha~~e attached thereto loss payable clauses ~n favor of and in Eorm acceptable to the mortgagee. ln
e~•ent of 1<,ss he will gi~e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not
made promptl~• by mastgago•, and each ens~rance company concerned is hereby authorized and directed to mdke
p~+~~ment ior such lo~s directly to mortgagee instead of to mortgagcx and mortgagee jointly, and the insurance pro-
reeds, or any part thereof, 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 property dumagecl. In e~•ent of (o~eclosure of this mortgage or
other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all r~ght.
title, and ~nterest of the mortgago~ in and to an~• ~nsurance policies then in force shall pass to the purchaser or
Krantec.
S. T!~ai the mortgagee may, at any time pending a suit upon this mortgage, apply to the court ha~•~ng iurisdic-
tion thereof for the appo~ntment of a recei~•er, and such court shall EorthK ith appoint a receiver of the prem~ses
co~ered hereby a!1 and singular, including all and s~ngular the ~rtcome, p~of~ts, ~ssues, and revenues from whate~~er
suurce deri~~ed, each and ever~• of w~hich. it being expressly understood, is hereby mortgaged as i[ specifjeally set
furth and descr~bed in the grant~ng and habendum clauses hereof, and such receiver shali have all the broad ancl
ef:ect~~~e functions an~ pawers in an}•wise entrusted by a rourt to a recei~~er, and such appointment shall be made
bl• such court as an admrtted equity ~nd a matter of absoiute r~ght to satd mortgagee, and without reference to the
.+dequac~~ or inadequacy of the value of the property mortgaged or to the soltfitk}! o~ insolvenSy q~`seid mortgagor
~~r the defendents, and that such rents, pro(its. ~ncome, ~ssues, and revenues shall be applie~ by such receever
.,ccurding to the lien of this mortgage and the practice of such court. In the event of any defaUlt'on fi~ie part of the
murtKagor hereunder, the ~*~tgage: agrees to pay to the mortgagee on demand as a reasonable monthly rental for
the prem~ses an amount at least cqui~•alent to one-twelfth (1'12) of the aggregate of the twelve monthtyinstall-
~~rnts pa~ab~e in the then current year plus the artual amount of the annual taxes, assessmertts, w~ater rates, and
~nsurance premiumc for such pear not co~•ered b~ the aforesaid monthly payments.
Thai in the e~ent oE an}• breach of this mortgage or default on the part of lhe mortgagor, or thi in the
e~ent that an}~ of s~id sums o( mone~• herein referred to be not ptomptly and fully paid without demand 4t R4firs~
ur ~ in the e~•ent that each and e~•ery the st~pulations, agreements, conditions. and covenants of said note and
thes murtgage, are not dul~•, promptly~, and full~• performed; then ~n either oc any such event, the said aggregate
sum mentwnrd in said note then remaintng unpa~d, with interest accrued to that time, and all moneys secured
hereb~, shai( become due and payabie forthwith, oc thereafter, at the option oE said mortgagee, as fully and com-
; pletel~• :is if all of the said sums of money~ were originall}~ st~pulated to be paid on such day, anything in said
nute or in this mortgaKe to the contrar}~ notwithstand~ng; and thereupon or thereafter, at the option of said moctga-
' Kee, w•ithout not~ce or demand, su~t at law or in equity, may be prosecuted as it all moneys secured hereby had
_ matured pnor to its ~nst~tutwn. The mortgagee ma~• foreclose th~s mortgage, as to the amount so declared due and
p:~}able, and the said premises sha!! sold to satisf~~ and pay the same together with costs, expenses,and allow~-
ances In case o( partial foreclosure of this mottgage, the mortgaged premises shall be sold subject to the con-
~ tinuin~ l~en of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of
~ this paragraph may aga~n be ava~led of thereafter from time to time by the ^at:~a6ce.
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10. That the mortgagor witl gi~~e ~mmediate nohce by- mail to the mortgagee of an~~ con~•e~•ance, transfer, ur
ch~,nge of ~~u%netsh~p of the premises.
_ 11 . That no u•a~~er of an~• co~~endnt he~ein o~ of the obl~gation secused hereby shall at :,ny ttme thereafter be
s held to be a u•ai~er of thr terms hereof or o( ttie note secured hereby.
]2 That if the mortgagor default ~n an}• of the co~~enants or agreements contained hetein, or in said note, then
~ the murtKa~ee m~~~ perform the same, and all expenditutes (includ~ng reasonable attorney's fees) made by the
~ T~~rtg~Kee ~n su doing shell draw ~nterest at the rate se! forth ~n the note secured hereby, and shall bc repayable
~ :~~rn~•diatc~i~ dad ~•ithout der::md bt• the mvrtgagcx to the mortgagee, and, together with interest and costs accruing
therron, shall be secured b~ th~s muttgege. ~
` 13 that the mallmg of a untten notice or de:r,andaddressed to the oKner of record of the mortgaeed premises,
' :~r d~r~cted to the said owner at the last address actually turnished to the mort~agee, or directed to saidowner at
~ .aid mUrtgaged pren~ses. and ma~led b~• the C~ntted States ma~is. shall be sufficient notice and demand tn any ~
_ c~se aris~nK under th~s ~nstrument and rrquired by the provis~ons hereof or by law.
~ 1~3. The monRaRo~ further covenants that shuuld thi mortgage and the note secured hereby not be eligible
`Y for ~nsurance under the National Housing Act with~n u~1, from the date hereo( (vvtitten slatement
~ ~~i en~ ufficer of the Department of H~~usine and Urban Development or authorized agent ot the Secretary of Hous-
~c~~ ~~jc! Urban De~elupment dated subsequent to~ the "4~~ LxyS time Erom the date of th~s mortgdge,
- 3eclining tu insure said note and th~s mottgage, being deem•-d conclusive ptoof of such ineligibilrty). the mortga-
gf~e ur the hotder ot the note may, at its opt~on, declare all sums secured hereby immediately due and payt~ble.
= The co~enanis here~n conta~ned shall bind, and the benefits and advantages shall inure to, the respective
_ heirs, rxecutors. adm~n~strators, successurs. and assigns of the parties hereto. 1~'hrnPVer used, the singular num-
: bc~r ,ha:i m~lude the plur~l, the pl~ral the sin~ular, and the use of any gender shatt include all genders.
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