HomeMy WebLinkAbout0895 That he H•iU pcrmit, cummit, or suffer Ao waste, impaitrl~At, o~ detet~oration of sa~d pro~xtt)• ur any p.~rt ~
thrreul; and ~n the e~~ent ot th~ failurt~ the mortgaKot to keep the buildings on sa~d prrmises and those tobe
e~rcteci on said premises, or ~mpro~•c menis theteon, in good ~epai~, the mortgagee ma~• make such rrpairs as in its
discretion ~t may deem necessar~• fo~ the prope~ preservation thereof, and the [ull amount o( e~ach ~nd eve~p such
pa}•ment sh.ill be immc~cl~ately due and pa~~able, and shall be secuced by the lien o( this murtg~~e.
G That he ~~~ill pay all and singular the casts, charges, and expenses, including reasonable laa•ye~'s [ees, !
:,nd co.i~ ot abstracts ui title, incurred ur paid at any time bythe mortgagee.because ot the failure on the past of {
the murtg.~gur promptl~~ and tull~~ to perform the agreements and co~~enants of said promissory note and this mort- #
g.~~e, and said cast~, rharges, and expenses shall be immediately due and payable and sh~ill be secured bp the ~
liPn ~~f thic mnrtvavt+.
7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as
ma~• be required from time to t~me b~~ the mortgagee against loss b~~ fire and other hazards, casualties, and contin-
ge~~c~es in such amounis and for such penods as may~ be required by mortgagee, and will pay promptl~~, when due,
dn~~ premiums on such insurance for payment of which pro~•ision has not been made hereinbefore. All insurance
shall be c-ar~ied in compan~es appro~•ed b~• mortgagee and the policies and renewals thereot shall be held by mort-
gagee and have attached thereto loss pa~•able clauses in favor of and in form acceptable to the mortgagee. In ;
e~•ent ~f loss he w~ill give immediate notice b~~ mail to mortgagee, and mortgagee may make proot of loss ~f not
made p~omptl~• b~• mortgagor, and each insurance company concerned is hereby authorized and directed to make
pa~•ment for such loss directly to mortgagee instead of Co mortgagor and mortgagee jointly, and the insurance pro- '
ceeds, or an~~ part thereo[, may be applied by mortgagee at its option eilher to the reduction of the indebtedness
hereby secured or to the restoration or repair of the property damaged. In event of foreclosure o[ this mortgage or ,
other transfer of title to the mortgaged propert}• in extinguishment oi the indebtedness secured hereby, all right,
title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or
Kra nt ee .
8. That the morigagee may, at an}• time pending a suit upon this mortgag,e, apply to thr Co1~d ~aving jurisdic-
t~on thercof for the appointmer.t of a recei~•er, and such court shal! forthwith appoint a receiver of the premises
co~~ered hereby all and singular, including all and singular the income, profits, is~ues, and re~enues from whatever
source derived, each and ever~• oi which, it being expressly understood, is hereby'mortgaged as iI specifieally set
forth and described in the grant~ng and habendum clauses hereof, and such receiver shall have all the broad and
effect~~•e functions and powers in an~•wise entrusted by a court to a receiver, and such appointment shall be made
by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the
:+deauac}~ or inadequac~• of the value of the property mortgaged o~ 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
according to the lien of this mortgage and the practice ot such couct. In the event of any default on the part of the
mort~agor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for
the premises an amount at least equrvalent to one-twelEth (1 ~12) of the aggregate of the twelve monthly install-
tn(i1~5 payable ~n the then current year- p!us the actual amount of the annual taxes, assessments, water rates, and i
insurance premiums for such year not covered by the aforesaid monthly peyments.
Q Tl~fl? ~:n f{so o..a..t nf ~nv F~.s.ai-F~ ni fhic mnrfaaos+ nr t~Pfanlf t~n thp narf ni thP mr?rtooao~tir t?r /f.l in fhs
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e~•ent~t~at any of said sums of money herein referred to be not promptly and fully paid without demand or notice,
or ~ in tr.e event that each and every the stipulations, agreements, conditions. and covenants of said note and
this mortgage, are not duly, prompily, and fully performed; then in either or any such event, the said aggregate
sum meationed in said note then remaining unpaid, with interest accrued to that time, and all moneys secured
hereby, shall become due and payable forthwith, or thereafter, at the option ot said mortgagee, as fully and com-
; pletely as if all ;of the 'said sums of money were originaliy stipulated to be paid on such day, anything in said
; note or in this mortgage to the contrary notwithstanding; and thereupon ur therea[ter, at the option of said mortga-
gee, yvithout notice .or demand, suit at law or in equity, may be prosecuted as if all moneys secured heceby had
j matured priw to~ts institution. The mortgagee may foreclose this moctgage, as to the amount so declared due and
t 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-
~ tinu~ng lien of this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of
~ this paragraph may again be availed of thereafter from time to time by the mortgagee.
: 10. That the mortgagor wili gi~•e immediate notice by mail to the mortgagee of any conveyance, transEer, or i
~ change oi ownership oE the premises.
~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
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held to be a wai~•er of the terms hereof or of the note secured hereby.
~ 12. That if the rr,ortgagor default in an}• of the covenants or agreements contained herein, or in said note, then
~ the mortgagee may perfocm 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 torth in the note secured hereby, and shall be repayable
~ immediatel~• and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing
~ thereon. shall be secured b}• tMs mortgage.
~ 13. that the mailing of a writien notice or demandaddressed to the ownet of record of the mortgaged premises,
~s:
r~ 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 sufEicient notice and demand in any
case arising under this irstrument and required by the provisions hereof or by taw.
14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~
~ for ~nsurance under the National Housing Act within 30 ~A~` from the date hereot (written statement
of an}~ oftieer of the Department of Nousing and Urban Development or authorized agent of the Secretary of Hous-
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~ng and Urban De~•elopment dated subsequent to~ the ~j~~ time from the date of this mortgage,
declining to insure said note and this mortgage, being deem~ad conclusive proof ot such ineligibility), the mortga-
= gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pagable.
The covenants herein containzd shall 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.
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