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HomeMy WebLinkAbout1923 That he w•?ll prrm~t, cu+amit, or suffc>r no w•a~te, impairment, ~~r deterii~ration sa~d ptoEx•rh• c~r an~' F~,~rl th~•~~~~~f, und in thc~ e~ent ot thc° fail~ut• ii~f' mort6aRot to keep the bwldmK~ on ~aid pn•mi~rs an~ th.~se tube er~~ct~d un sa~d prem?~~~~, or impro~c•mrnt~ themon, in guud repair, the mottK:+Kc•e m:i~ m.~kc ~uch re{k+~rti .~ti in itti discret~on it may deem neces~ar~~ tor the ptopet preser~•attan lhereof, and the lull .~mount ~~f e.~ch and c~~•rr~ su~~h p~~~ ment vhall be ~mmcdiatel~• due and pat•able. .+nd shall be secuted b~ the I~en of th~. murt~aKe. 6 Th.+t he w•ill pa~• :ill and sin~;ular t?ie co~ts, charges, and ex~n~es, includinK rc•asunable law~~~er'e fees. and ro.t~ ~~t abstracts i~f trtie, incurred o~ paid at an}~ t~me by the mort~.+gee .because of the fa~lurr .~n the p;,rt ot the mortgakur promptl~~ and full)• to periorm the a~rec ments ~+nd co~•enants of sa~d promissor~~ note u~d th~s mort- ~;aFE~, anc~ .aid rosts, ch~ukes, ~+nd expenses ~hall be immed~ately due and pa~~able and sha21 be srcured b~~ the l~en oE th~s mort~~ge. That he ~~~ill kc~ep the impro~•ement~ now• existing ot hereafter erected on the mort~aged propert~•, insured as ma~ be reqwred from t~me to t~me b~• the mort~aKee against loss by f~re and other hazatds, casualt~es, and conhn- RenC~es ~n such amounts and for such periods as may be requ~red b~~ mortgagee, and W!1! pay promptl~•, w~hen due, .~m• premiums on such in~urance for pa~•ment ot wh~ch pror;-:~ tipPn made heteinbefore. All insurance sh.~ll be carried in compan~es approt•ed b}• mortgagee and the policies and renew•als thereof ~hall be held by moet- Ragee and ha~~P attarhed thereto loss pa~~able clauses in [a~•or of and in [orm acc~ptable tu the mortgagee. !n e~ent of lu~s he w~ill gi~•e immediate notice b~• mail to mOit~B~~~, ar~ ;^~rtga~ce may make proof of loss if not ^~ade promptl~• b~~ mortgagor, and each insurance compan~• concerned is hereby authorized and directed to make pa~ ment for such lo~s directly to mortgagee instead af to crzortgagor and mortgagee jointlp, and the ~nsurance pro- cee~?s, or an~ part thereof, may be applied by mortgagee at its option either to the teduction of the indebtedness hereb~• secured or to the restoration or repa~r of the property damaged. In event of Eoreclosvre of this mort~age or other tran~fer ot title to the mortgaged property in extinguishment ot the indebtedness sec~red hereh~•, <all right. title, and ~nterect o[ the mortga~or in and to am~ insurance polictes then in force ~hall pass to the p~irchaser or grantee ~ 8. That the mortgagee ma~•, at am• time pending a suit upon this mortgage, appl~~ to the court having iurisdic- tion thereof (u~ the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises co~•ered hereb}• all and singular, including all and singular the income, profits, issues, and revenues fr~m whate~•er .uurce deri~•ed, each and e~~er~• of which, it be~ng expressl~• understood, is hereby mortgaged as if spec~f ically ~et forth and described in the grant~ng and habendum clauses hereof, and such receiver shall ha~•e ail the broad and c~ffecU~e functions and pow•ers ~n an~~wise entrusted b~~ a court to a.receiver, and such appointment shall be made b~ ~uch court as an admitted equit~• and a matter oE absolute right to said mortgagee, and without reterence to the ; ade~uact~ or inadequac~• of the ~•alue of the pro~ertt• mortgaged or to the solvene~ or insolvency of said mortgagor or !he defendents, and that such rents, protits, income, issues, and revenues shall be appl~ed b~• such ceceiver ? ~+ccordir.R to the lien of this mortgage and the practice of such court. ln the event o[ any default on the part ot the Tort~agor hereunder, the mortgagor agrees to pay to the mortg,agee on demand as a reasonable monthly rental for 3 the premises an amount at least eqw~•alent to one-twelfth (1 ~12) of the aggregate ot the twel~•e monthl}• install- ~ r~ents pat<+ble in the then current y~ear plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not cocered by tfie aforesaid monthly payments. t 9. That ~.f >>n the ecent of an~~ breach of this mortgage or default on the part ot the mortgagor, or ~ in the e~ent that an~• of said sums of monev herein referred to be not promptly and full~• paid without demand or notice, .~r • in the e~~ent that each and e~~ert• the st~pulations, agreements, conditions. and covenants of said note and thi~ mortgage, are not dul~~, prompti~•, and fu11}~ performed; then in either or anp such e~~ent, the said aggregate ; sum mentioned in said note then remaining unpaid. w•ith interest accrued to that time, and all moneps secured ; hereu~~, shal! become due and pa~•able forth~ith, or thereafter, at the option of said mortgagee, as full~~ and com- ~ pletel~• as if all of the said sums of mone~• Here originally stipulated to be paid on such day; anything in said ~ a note or in th~s mortgage to the contrar~~ not~ithstanding; and thereupon or thereafter, at the option of said mortga- . ~ gee. ~eithout notice or demand, suit at law or in equitp, may be prosecuted as if all moneys secured hereby had ; matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and pa~•dble, and the said premises shall be sold to satisf}• and pa~~ the same together with costs, expenses.and allow- ances_ In ca~e of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ' tinuing lien of this mortgage for the amount oi the debt not then due and unpaid. In such case the pro~~isions of ~ this paragraph ma~- again be availed of thereafter from time to time by the mortgage~. ~ 10. That the mortgagor wili gi~•e immediate notice by mail to the mortgagee of any com•e~•ance, transfer, ar ~ change oE oK•nership of the premise~. ' 11. That no w•ai~•er of am• cocenant here~n or of the obligation secured hereby shall at any time thereafter be ~ held to be a u•ai~•er of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor default in an~~ of the co~•enants or agreements contained herein, or in said note, then ~ the mortgagee ma~~ perform the same. and all expenditu~es (~nclud~ng reasonable attorne}•'s fees) made by the ~ mortga~,ee in ~o doing shall draw ~nterest at the rate set forth in the note secured hereby, and shall be repayable ~ imrne~+~atel~• and w•tihout demand b~~ the mortgagor to the mortgagee, and, together with interest and costs accruing - thereon, shall be secured b}' th~s mortgage. ~ 13. that the mailin~ of a written notice oc demandaddressed to the owner of record of the mortgaged premises, c or duPCted to the said owner at the last address actually~ furnished to the mortgagee, or directed to saidowner at ' sa~d mortgaged p~emises, and mailed by the United States mails, shall be suificient notice and demand in any case arisin~ under this instrument and requited b}' the pro~•isions hereof or by law. ti: 14. The mortgagor further covenants that should this mortgage and the note secured herebY not be eligible ~ for insurance under the tiational Housing Act within ~ pA~ from the date hereoi (written statement ~ of an~ offtcer of the Department of Housing and Urban De~•elopment or authorized agent of the Secretary of Hous- = ing and Urban Deeelopment dated subsequeni to the time from the date of this mortgage, declining to ~nsure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- ~ gee or the holder of the note map, at its opt~on, declare all sums secured hereby immediately due and payable. The co~enants herein centa~n=d shall bind, and the benefits and advantages shall inure to, the respective = heirs, executors. administrators. successors, and assigns of the parties hereto. N'henever used, the singular num- ber shali inclu3e the plural, the plural the singular, and the use of any gender shall include all genders. BooK 197' ~ 192~ . _ , - _ _ _ : - ~3 ~ _ .