HomeMy WebLinkAbout1304 i
. ~
S. That he wiil permit, rommit. a suffer no waste, impai~ment, or detecioration u[ said pro{~crty or any p~+rt
thereu(; and in the event o[ the tailure of the mortgagor to keep the buitdings on said premises and those tobe
en~ctcd on said premises, or improvements the~eon, in good repair, the mortgagee m~+y make such re~-~i~s as in its
discr•~tion it may deem necessary to~ the proper p~esen~ation thereof, and the fuU amount of each and ever~• such `
p~pment shall be immediately due and pa~~able, and shaU be secured b~• the lien of this mortgage. ~
G. That he w•ill paS~ all and singular the cc~.tts, charges, and expenses, includ~ng reasonable lawye~'s fees, !
:,nd cost~ of abstracts af title, incu~red or paid at any time bythe mortgagee.because of the failure on the part ot !
the mortgago~ promptly and [ully to perform the agreements and covenants of said prom~ssory note and this mort- ~
gage, and said costs, charges, and expenses shail be immediatel}• due and payable and shaU be secured by the
lien of this mortgage.
That he will keep the impto~•ements now~ existing o~ hereafter ecected an the mortgaged pruperty, i~sured as
may~ be required from time to time b}• the murtg:+gee against loss by fire and other hazards, casualties, and contin-
gencies in such amounts and for such periods as ma}• be required by mortgagee, and will pay promptly, when due,
any premiums on such insurance (or payment of which pro~~ision has not been made hereinbetore. All insurance
shall be carried in companies appro~~ed by~ mortgagee and the policies and renewals thereof shall be held by mort-
Kagee and ha~•e attached theretu loss payable clauses in fa~~or of and in form acceptable to the mortgagee. In
e~~ent ot tuss he will gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not
made prompti~~ b~~ martgagor, and each insurance company con~erned is hereby authorized and directed to make
p~+~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insura~ce pro-
reeds, or an~• part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
he~eby secured or to the restoration or repair of the property damaged. In event o[ foreclosure of this mortgage or
other trans[er of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all righl,
title, and interest of the mortgagoc in and to any 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, apply to the court having jurisdic-
tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises
covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever
~ource derived, each and ever}~ of which, it being expressly understood, is hereby mortgaged as if specifically set
forth and described in the granting and habendum clauses hereof, and such receiver shall have alt the broad and
effecti~•e functions and powers in anl~wise entrusted by a court to a receive~, and such appointment shall be made
b~• such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the
adequac~~ or inadequacy of the value of the propeKy mortgaged or ?o the solvency or insolvency of said mortgagor
or the detendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver
~+ccording to the lien ot this mottgage and the practice of such court. In the event of any detault on the part of 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-twPifth (1'12) of the aggregate of the twelve monthlyinstall-
' ments pa}~able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and
~ insurance premiuhis' f6r such year not covered by the aforesaid monthly payments.
f 9. That ~ in the event oE ~r1y bteach of this mortgage or default on the part o[ the mottgagor, or (6) in the
e~•ent that any of said sums of money herein referred to be not promptly and fuliy paid without demand or notice,
or ~ in the e~~ent that each and every the stipulations, agreements, conditions. and covenants of said note and
; this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate
~ sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured
's herebt•, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com-
pletel~~ 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga-
_ gc:e, without notice or demand, suit at lau or in equity, may be prosecuted as if all mone}~s secured hereby had
= matured prior to its institution. The mortgagee may foreclose this r~ortgage, as to the amount so declared due and
; payable, and the said premises shall be sold to satisfy and pay the same together 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 and unpaid. In such case the provisions of
3 this paragraph may again be availed of thereafter Erom time to time by the mortgagee.
9 ~
10. That the mortgagor wili gi~~e ~mmediate notice by mail to the mortgagee of any conveyance, transfer, or ~
change of ownership oE the premises. ;
~ 11. That no waiver of any covenant herein or of the obligation secured 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 mortgagor default in any of the covenants or agreements contained herein, ot in said note, then
the mortgagee may pe:form the same, and all expenditu~es (including reasonable attorney's fees) made by the
" mortgagee in so doing shall draw interest at the rate set Eorth in the note secured hereby, and shall be repayable
< immediately and without demand bp the mortgagor to the mortgagee, and, together with interest and costs accruing
~ thereon, shall be secured by th~s mortgage.
,
; 13. that the mailing of a written notice or demandaddressed to ihe owner of record of the mortgaged premises,
- or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at
- said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any
case arising under this instrument and required by the provisions hereof or by law.
- 14. The mortgagor turther covenants that should this mortgage and the note secured hereby not be eligible
' for insurance under the National Housing Act within 30 pAyS from the date hereof (written statement
of an~~ officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous-
~ ing and Urban Development dated subsequent to~ the ~r? rjAYC tirr.e from the date of this mortgage,
declining to insure said note and this mortgage, being deem•~d conclusive proof of such ineligibility), the mortga-
gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble.
The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective
heirs, executors, administrators, successors, and assigns of the parties hereto. Nhenever used, the singular num-
ber shall include the plural, the plural the singular, and the use of any gender shall include all genders.
`:s
a~x 19~ ~