HomeMy WebLinkAbout0396 S. That he w•ill permit, cumm~t, or ~uf(e~ 9Q vit8ste, im~~4t, or detetiorat~on o[ said proExrt~• or uny part +
thrreof; and in the e~~ent of the fuilur~ of the mortg~+gor to keep the buildings on said premises and thuse tobe
erectcd on said premises, or impro~~ements thercon, in good repai~, lhe mortgagee may make such rept+irs as in its
discret~on it map deem necessa~y tor the pro~xr preser~~ation thereot, and the full .imount of each and eve~~ such
pu~ment shall be immed~a:ely due aod payable, and shaU be secured b~~ the l~en of th~s mortgage.
G That he w~~il pay all and singular the ca~ts, charges, and expenses, including reasun:~ble law~~~er's fee~,
and costs of abstracts of title, incurred or paid at any time bythe martgagee.because of the failure an the p~rt of
?he mortgagor promptly and fully to perform the agreements and co~~enants of said promissory note and ihis mort-
c~aee_ and said costs. charces. and exoenses shall be immediatelv due and pa~~able and shatl be secured b~• the
lien of this morigage.
7. That he will keep the improvements now~ existing or hereafter erected on the mortgaged p~operty, insured as
m~y be required from time to time b~• the mortgagee against loss b~ fire and other hazards, casualties, and contin-
gencies in such :~mounts and for such periods as ma~• be required by mortgagee, and will pay promptly, when due, ~
an~• premiums on such insurance far pa~~ment o[ which provision has not been made hereinbetoce. Alt insurance
shall be carried ~n companies appro~~ed by mortgagee and the policies and renewals thereof shall be held by m~rt-
g:+gee and have attached tl~e~eto loss pa~•able clauses in favor of and in form acceptable io the mortgagee. !n
e~•ent o[ loss he will gi~•e immediate notice b~~ mail to mortgagee, and mortgagee may make p~oof of loss if not
made promptly b~~ mortgagor, and each insurance company concerned is heceby authorized and directed to make
pa~•ment for such loss directly to mortgagee instead of to mortgagoc and mortgagee jointly, and the insurance pro-
ceeds, or any part thereof, may be applied by morigagee at its option either to the reduction of the indebtedness
hereby secured or to the restoration or repair of the property damaged. In event of toreclosrre of this mortgage or '
other tcanster of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, '
title, and interest of the mortgagor in and to any insurance policies then in force shall pass ta the purchaser or ;
grantee. ~
8. That the mortgagee may, at anp time pending a suit upon this mortgage, apply to the coutt having }urisdic-
tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the prem~ses
covered hereb~• all and singular, inctuding all and singular the income, profits, issues, and ceveoues f~om whate~~er
suurce derived. each and every of which, it being expressly understood, is hereby mortgaged as if speciEically set
forth and described in the granting and habendum clauses hereof, and such receiver shal! have all the broad and ~
effecti~•e functions and powers in an~•wise entrusted by a court to a receiver, and such.appointment shall be m de s
bt• such court as an admitted equity and a matter o[ absolute right to said mortgagee, artd without refereace to~he
~~deauac}~ or inadequacy of the vaiue oE the property mortgaged or to the solvency or insolvency of said mortgagor ~
or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~
:+ccording to the lien of this mortgage and the practice of such court. In the event of any default on the part of the ~
mort~agQr 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-twelfth (1!12) of the aggregate of the twelve monthly install- ~
ments pe~•able in the then current year plus the actual amount of the annual taxes, assessments, wate~ rates, and
insurance vremiums for such vear not covered bv the aforesaid monthly payments.
9. That ! in the event of any breach of this mortgage or default on the part of the mortgagor, or (t, ~ irt the *
e~•ent that any of said sums of money herein referred to be not promptiy and fully paid without demand or notice,
~ or ~ in the e~~ent that each and every the stipulations, agreements, conditions. and covenants o( said note and
~ this mortgage, are not dull~, promptly, and fully performed; then in either or any such event, the said aggregate -
F sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~
~ hereb~~, shall become due and payable forthv?ith, or thereafter, at the option of said mortgagee, as fuily and com- ~
' pletei~• as if all ot the said sums of money were originally stipulated to be paid on such day, anything in said
E note w in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- -
` gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had i
~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and i
r 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 Eoreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
3 tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of
~ this paragraph may again be avaited of thereafter from time to time by the mortgagee.
~ 10. That the mortgagor wiil give immediate notice by mail to the mortgagee of any conveyance, transfer, or
~ change of ownership of the premises.
$ I1. That no wai~•er of any covenant herein or of the obligation secured hereby shall at any time thereafter be
~ held to be a wai~•er 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, or in said note, then
the mortgagee may perform the same, and al1 expendilu~es (including reasonable attorney's fees) made by the
mortgagee in so doing shall drau interest at the rate set focth in the note secured hereby, and shatl be repayable
x ~mmediatel~• an~ without demand by the mortgagor to the mortgagee, and, tugether with interest and costs accruing
~ thereon, shaU be secured by th~s mortgage. ~
~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, '
or directed to the said owner at the last address actuaU} furnished to the mortgagee, or directed to saidowner at *
sai~ martRaged precr,ises, and mailed by the United States mails, shall be sufficient notice and demand in any
~ case arising un~er this instrument and required b}~ the provisions hereof or by law. _
14. The mortgagor further covenants that shoutd this mortga e and the note secured hereby not be eligible ;
~ for insurance under the National Housing Act within ~ ~A~ from the date hereoE (written statement
uf an~~ oificer of the Department of Nousing and Urban Development or authorized agent of the Secretary of Hous- '
` ~ng and Urban Development dated subsequent to~ the ?n t~AYS time 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 aU sums secured hereby immediately due artd pa}eble.
- The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective i
= 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 shai~ include alt genders.
-
Y~:
~ ~
un