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HomeMy WebLinkAbout1120 S. That hF a~U pcrmil, cumm~t. ~x ~uffet no waste, irtipairmcnt, or deterioration of said pro~~rt~~ ur an~ part ~ thE~muf, and in the event of the f:11IU[f' of the mort~;aKor to keep the buildings on s~id prt~mises and thusc tobe erected on sa~d premi~e~, or ~mpra~•ements theteun, in ~ood repair, the mottgagee ma+y make such reEk~i~s ;~s ~n its d~scret~on rt may deem necessar~• fo~ the p~oprr prese~~•ation the~eof, and the [ull amount r~f each and e~•ery such pa~ ment shall be immcdiately due and pa~•~.ble, and ~hall be secuted b~~ the lien o( this mortR.ige. ti That he will pa~~ all and singul;~r the cacts, charges, and eapenses, including reasonable law~~~c•r'ti (ers, and costs of abstracts o( title, incurred ur paid at any t~me bythe mortgagee.be<•ause of the failure em the part ot the murtga~ur promptl~• and fully to perform the ag~eements and co~•enants of said promissorp note and th~s mort- ; ga~e, and ~c~id costs, char~es, and expenses shail be immediately due and pa~•able and shall be ~ecured b~• the I~en d this mortg~ge. That he wiil keep thc impro~~ements now• existing or hereafter erected on thr mortgaged property, insured as ma~~ be required [rom time to time b~~ t#~e mortgagee against l~ss by [ire and other hazar~s, casualties, and contin- _ genc~es in such amounts and (or such periods as ma~~ be required by mortgagee, and will pay prompily, when due, ;~ny premiurns on such insurance fo~ payment of which provision has not been made hereinbefore. Ali in~urance shall be cacried ~n compan~es appra~•ed by mortgagee and the policies and renewals thereof shall be held by mort- gagee and ha~•e attached thereto loss payable clauses in fa~•or of and in form acceptable to the mortgagee. In f e~•cnt of loss he will gi~•e immediate notice by mail to mortgagee, and mortga~ee may make proof ot toss i[ not made promptl~• by mortgagor, and each insurance company concerned is hereby authorized and directed to make pd~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereoi, may be applied b~• morigagee at its option either to the ~eduction of the indebtedness hereby secured or to the restoration ot repair of the property damaged. In event ot foreclosnce oE this mortgage or uther trans(er of title to the mortgaged ,propetty in extinguishment of the indebtedness secured herebp, atl right. title, and interest of ihe mortgagcx in and to any insurance policies then in force shall pass to the purchase~ or Krdntee. 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 recei~•er, and such court shall forthwith appoint a receiver of the premises cu~~ered hereby all and singular, including all and singular the income, profits, issues, and revenues Erom whalever suurce derived, each and every of which, it being expressly underslood, is hereby mortgaged as if specifically set forth and described in the g~anting and habendum clausea•fiereof, end such receiver shall have all the broad and effecti~•e functions and povvers in an}•wise entrusted by a court to a receiver, and such appointment shall be made b~- such court as an admitted equity and a matter of absolute right to said mortgagee, and without reEerence to the ade~uacy or inadequacy of the value o! the propeity mortgaged or to the solvency or insolvenc}~ of said mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied b~~ such receiver ~ccording to the lien of this mortgage and the practice of such court. ln the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthiy rental for the premises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~nsurance premiums for such year not covered by the aforesaid monthly payments. 9. That ~ in the event of any breach o( this mortgage or default at the part of the mortgagor, or ~ in the e~•ent that any~ of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~ or in the e~•ent that each and every the stipulations, agreements, conditions. attd covenants of said note and ~ this rnortga~e, are not dull•, promptly, and full}• per[ormed; 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 ? ;~ereby, 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 tfie contrary notwithstanding; and thereupon or thereatter, at the option of said moctga- ~ gee, u•ithout notice or demand, suit at law or in equity, 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 s pa~•able, and the said premises shall be sotd to satisfy and pay the same together with costs, expenses,and allow- ' ances_ In case of partial foreclosure oE this mortgage, the mortgaged premises shall be sold subject to the con- t~nuing lien of this mortgage [or the amount of the debt not then due and unpaid. ln such case the provisions oi ~ this paragraph map again be availed of thereatter from time to time by the mortgagee. ~ 10. That the mortgagor v~ill give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. s~ 11. That no wai~•er of any covenant herein or of the obligation secured hereby shall at any time thereafter be - ' held to be a w~ai~~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 all expenditu~es (including reasonable attorney's fees) made by the ~ mortgagee in ~o doing shaU draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ ~mmediateip and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall he secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ar directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at sa~d moctgaged pre~nises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising undetthis instrument and required by the provisions hereof or by law. ~ l4. 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 DAY'S from the date hereot (written statement _ uf an} officer of the Department of Housing and Urban DeveloPment or authorized agent of the Secretary of Hous- - ing and lirban Development dated subsequent to the ~yr time from the date of this rnortgage, declining to insure said note and this mortgage, being deem~~~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 pa}eble. ~ 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_ Whenever used, the singular num- ~ her shali include the plural, the plural the singular, and the use of any gender shall include al! genders. ~ ~o~ i9~ ~ ~ . _ .