HomeMy WebLinkAbout1132 That he will permil, cummit, ot suffrr no wa~te, Jmpairment, pt deterioration o[ said pro~x•tty or any p~rt
therrut: and in the e~•ent o( the [ailure of thc mortRagot to keep !he 6uildings on said premises and those tobe
er~•cted un said pr~•mises, or impro~~ements theteon, ~n good repair, the mortg~~gee ma~~ make such rep:+irs as in its
discretion it may deem necessary tor the proper preser~~ation thereot, and the tuU amouM of each and e~~e~y such
p.i~~ment shall be immc~iately due and pa~~uble, and shall be secured by the lien ot this mortgage.
fi "That he w~iU pay all and singular the catits, charges, and expenses, including reasonable law~~er's fees,
and costs of abstracts of title, incurred o~ paid at any t~me bythe mortgagee.because of the failure on the p:irt of
the murteaeor DromDt1Y and Iu111' to perform the aRreements and co~•enants of said promissory note and this mort-
gaKe, and said costs, charges, and expenses shall be immediately due and pa~•able and shali be secured b~• the
lien o[ this mortK~ge.
That he will keep the improvements oow• e?cisting or hereafter erected on the mortgaged prope~t~~, insured as
md} be required f~om time to time b~• the mortg~gee against loss by tire and other hazards, casualties, and contin-
gencies in such amounts and [or such periods as map be required by mortgagee, and will pay promptty, when due,
anti• premiums on such insu~ance fo~ payment of which pro~~ision has not been made hereinbefore. All insurance
shall be carried in companies approved b~~ mortgagee and the policies and renewals thereof shall be held by mort-
gagee and ha~•e attached thereto loss payable clauses in favor of and in form ac~eptable to the mortgagee. In
e~•ent of loss he will gire immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not
rrade promptl~~ by mortgagor, and each insurance company concerned is hereby authorized and directecl to make
pa~•ment fnr such loss directly :o mortgagee instead of to mortgagor and mortgagee jointly, aad the insurance pro-
ceeds, or any part theceof, may be applied bp mortgagee at its option either to the reduction of the indebtedness
hereby secured or to the restoration or repair of Ihe property damaged_ In event of foreclos~re of this mortgage or
other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right,
title, and intere~t of the mortgagor in and to an~~ insurance policies then in force shall pass to the purchaser or
grantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic-
t~on thereof for 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 singutar the income, profits, issues, and revenues Erom whatever
suurce derived, each and evert• of wkich, it being expressly understood, is hereby mortgaged as i[ specifically set
forth and described in the granting and habendum clauses hereo[, and such receiver shall have all the broad and
effect~~-e Eunctions and powers in anywise entrusted by a court to a receiver, and such appointment shali be made
b~• such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the
adequacy or inadequacy of the value of the property mortg,agec( or to the solvency or insolvency of said mortgagor
or the de(endents, 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 of such court. In 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 monthly rental Eor
the premises an amount at least equivalent to one-twelEth (1!12) of the aggregate of the twelve monthly install-
ments pa<<able in the then current y~ear plus the actual amount of the annual taxes, assessments, water rates, and
~nsurance prem~ums for such year not covered by the aforesaid monthly paycrients.
9. That i in the event of any breach of this mortgage or default on the part of the mortgagor, or !h/ 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 event that each and every the stipulahons, agreements, conditions_ and covenants of said note and
~ this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate
1 sum mentioned ~n said note then remaining unpaid, with interest accrued to that time, and all moneys secured
t hereb}•, shall become due and payable Eorthwith, or thereafter, at the option of said mortgagee, as fully and com-
? pletely 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 the contrary notwithstanding; and thereupon or thereatter, at the option of said mortga-
= gee, w•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
~ pa~~able, and the said premises shall be sold, to satisfy and pay the same together with costs, expenses,and allow-
5 ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
~ t~nuing lien of this mortgage for the amount of the debt not then due and unpaid. ln such case the provisions of
~ this paragraph may again be availed of thereafter trom time to time by the mortgagee.
~ 10. That the mortgagor will give ~mmediate notice by mail to the mortgagee ot any conves•ance, transfer, or
~ change of ownership of the premises.
; 11. That no waiver of any covenant herein or oi the obligation secured hereby shall at any time thereafter be
held to be a waivet of the terms hereof or of the note secured hereby.
~ 12. That if the mortgagor default in any of the covenants or ag~eements 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
- morigagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable
immediately and without demaod b}• the mortgagor to the mortgagee, and, together with interest and costs accruing
. thereon, shail be secured by this mortgage.
~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises,
ur directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at
`a; said mortgaged premises, and mailed by the United States mails, shall be sufticient notice and demand in any
~ case arising under this instrument and required by the provisions hereof or by law.
;3
14. The mortgago~ further covenants that should this ort a g~e and the note secured hereby not be eligibie
for ~nsurance under the National Housing Act within ' ~~AYS from the date hereof (written statement
- o( any officer 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 ~Ay~ time from the date of this mortgage,
~~s declining to insure said note and this mortgage, being deemed conc~Cusive proof of such ineligibility), the mortga-
~ee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable.
- The co~•enants 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-
ber shall inciude the plural, the plural the singular, and the use of any gender shall include all genders.
.
_ ;
~ 800K ~W P~Cf