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HomeMy WebLinkAbout2143 5. That he w~ill permit, commit, a~ suffet no waste, impairment, o~ deterioratio~ of sa~d propett~• or .~n~~ purt 3 thc~re~~f, .+nd in the e~ent of the failure of the rr.artgago~ to 1:~ep the ~uild~ngs on said premises and those tobe er.rt~~d on ~a~d pcemiscs, or impro~~ement~ there~n, in goad repair, the mortgaRce ma~• make such ~e~iirs as in it~ . discret~on ~t ma~~ deem necess~r~• for the prupet p~eser~•ation there~t, and the (ull umount of each and e~~er}• such , po~ment shall be ~mmcdiatel~• due and pay~able, and shall be secured by the lieo of this r~~rtgage. 6 That he w~iU pay all and singular the costs, charges, and expense~, including rcasonable law~•er's tre~. ~~nd rost~ of abstracts af title. ~ncurred or paid at an~~ hme b~~the murt~agee.because of the fa~lure on the part of the mortg,,Kur prompil~• and full~• to pettorm the agreements and co~•enants o( said prom?ssory note and tF.:s mort- ga~r. ~,nd ti~id co~ts, char~es, and e~penses shall be immediately due and pa~•able :~nd shatl be sc~curcd by~ the lien of this mortk.+~e. That he a•ill keep the impro~•ements now• e~i~ting ot hecea(tet erected on the mortgaged ptoperty, insured ~s ma~• be required from time to t~me b~~ the mort~a~ee against loss by (ire and othe~ hazards, casualties, and contin- genc~es ~n such amounts and for such penods as ma~• be required bp mortgagee, and ve?1l pa)~ promptip, when due, am• prrmiums on such insu~ance tur pa~-ment of whuh pro~~is~on has not been made hereinbefore. All insurance tihall be carried in companies appro~•ed b;• mortgagee and the policies and renewals thereof shall be held by mort- Kugee and ha~•e attached thereto loss pa~~able clauses in fa~•or of and in form acceptable to the mortgagee. In e~cnt of loss he aill Ki~~e immed~ate notice by mail to mortgagee, and murtga[~ec may make proof of loss if not ; r.;ade promptl~• b~• mortgagor, and each insurance compan~~ concerned is heceb_y authorized and directed to make ~ pa~•ment t~r such loss directl~~ to mortga~ee instead ot to mo~tgagor and mortgagee jointly, and the insurance pro- ceeds, or an~• part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoratio~ or repair of the property damaged. In event of toreclosnre of this mortgage or uthe~ transter of title to the mortgaged property in extinguishment of the indebtedness secured hereb~~, all right, t~tte, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or . ~;rantee. 8. That the mortgagee may, at any time pen~ing a suit upon this mortgage, apply to the court having jurisdic- ; t~~n thereof for the appointment of a receiver, and such court shall forthw~ith appoint a receiver of the premises co~•ered hereb~• all and singular, including all and singular the income, profits, issues, and re~~enues from whatever ~ suurce derived, each and every of which, it being expressly understood, is hereby mortgaged as if spec~fically set i forth and described in the granting and habendum clauses hereof, and such receieer shall ha~~e all the broad and ' effect~~~e funct~ons and poa•ers in an~•w~ise entrusted by a court to a recei~~er, 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 adeauact• or ~nadequacy of the ~•alue of the property mortgaged or to the sol~~ency or insolvencyo uf said mortgagor # or the defendents, and that such rents, profits, income, ~ssues, and revenues shall be applied by such recei~~er ` :tccording to ihe lien of this mortgage and the practice of such court. In the e~~ent of any default on the part of the mortgagor hereunder, the mortgagor agrees to pap to the mortgagee on demand as a reasonable monthl~~ rental for the premises an amount at least equivalent to one•tw•elfth (1'12) of the aggregate of the tw~h~e monthlyinstall- t ; r,ents pat~able in the then current ;~ear plus the actual amount ot the annual taxes, assessments, water rates, and ~ E insurance premwms for such ~•ear not covered by the aforesaid monthly payments. ? 9. That !~J: in ihe e~~ent of any breach ot this mortgage or de[autt on the part of the mortgagor, or i!.r in the ~ e~~ent that an~• of said sums of money t~~rein referred to be not promptly and tuliy paid without demand or notice. ~ ' ur in the e~~ent that each and every the stipulations, agreements, conditions. and covenants of said note and ~ -0 this mortgage, are not dul}~, promptly, and full~r performed; then in either or any such event, the said aggregate ` ~ ~ sum m-rntioned ~n said note then remain~ng unpaid, with interest accrued to that time, and all moneys secured t ~ hereb}, sfiall become due and pa~~able forthw•ith, or thereafter, at !he option of said mortgagee, as fully and com- ~ p;etelt as if al! of the said sums of mone~~ were originally stipulated to be paid on such day, anything in said { note or in this mortgage to the contrar~• notwithstanding; and thereupon or therea[ter, at the option of said matga- 5 gee, w•ithout notice or demand, suit at lau• or in equity, ma}• be prosecuted as i[ all moneys secured hereby had ; matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and i ~ pa~-able, 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- _ µ t~nuing lien of this mo~tgage Eor 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 time by the mortgagee. i i I0. That the mortgagor W~ill gi~•e ~mmediate nutice by mail to the mortgagee ot any conveyance, transfer, or change of ow•nership of the premises. ~ ~ 11. That no waiver of any co~•enartt herein or of the obligation secured hereby shalt at an}' time thereafter be a held to he a~~ai~•er of the terms hereof ar of the note secured hereby. ~ 12. That if the mortgagor default in any of the co~•eaants or agreements contained herein, or ~n said note, then the mort~agee ma~~ perform the same, and al; expendituces (including reasonable attorney's fees) made by the ~ mortga~ee in co doing shall draw~ interest at the rate set forth in the note secured hereby, and shall be repayable ~r~rnediate:}- and w•ithout demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, ~hall be secured by th~s mortgage. ~ 13. that the mailing of a written notice or deenandaddressed to the owner of record of the mortgaged premises, ~u _ or d~rected to the said owner at the last address actuall~~ furnished to the mortgagee, or directed to saidowner at _ sa~d mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any c~se aris~ng under this instrument and required by the provisions hereof or by law. ~ la. The mortgagor further covenants that should this m~rtgage and the note secured hereb} not be eligible ; for in~urance under the 1Vational Housing Act w•~thin ~p DAYS from the date hereof (written statement uf an~ officer of the Department of Nousing and Urban De~•elopment or authorized agent of the Secretatq of Hous- - ~ng and Urban De~-elopment dated subseq~ent to the ~ fl~~.y time Erom the date of this moctgage, - declining to insure said note and this mortgage, being deem•~d conclusive proof af such ineligibility), the mortga- _ gee or the holder of the note ma~~, at its option, deciare all sums secured hereby immediately due and payable. The covenants.herein contained shail bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- = ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. go~~g? ~Zi4i ~ -t:.