HomeMy WebLinkAbout1186 That hc w•ill pcrmit, cumm~t, or suftrr no w•aste, impairment, ot deteriorat~on of said property ur an~• part
thereof, and ~n the event of the ta~l~~re of the mortgagor !o keep the ilUild~ngs an ~a?d p~emises and those tobe
erected on said prem~ses, or impro~•ements ihereon, in good repair, the mortgaRee mc+~~ make such re~+:~irs as in its
discretion it may~ deem necessa~_.• for the proper preser~~ation thereof, and the tull amount of each and e~•er~~ such
payment shall be immediatel~~ due and pa~~able, and sh.,ll be szcured b~• the lien o( this mortgage.
6 That he will pa~• all and singular the ca~ts, charges, and expenses, includ~ng reasonable 1dN~•er's fees.
and rosts of abstracts oi tiUe, ~ncurred or paid at any time b~•the mortgagee.because ot the failu~e on the part ot
the mortg~+go~ promptl~• and fuU}• to petform the agreements and covenants of said prom~ssory note and this mort-
gage, and said costs, charges, dnd expenses shall be ~mmediatel~~ due and pa~~able and shall be secu~ed b}• the
t~en of this mortgage.
That he u•ill keep the improvements n~W existing or hereaiter erected on the mortgaged property, insured as
md~~ be requ?red trom time to time b~~ the mortgagee against loss b~~ [ire and other hazards, casualties, and contin-
gencies in such amounts and for such periods as ma~• be required bp mortgagee, and ~ill Fa}~ promptly, when due,
am~ premiums on such insurance fo~ payment of Which provision has not been made hereinbefore. Ail insurance
shall be carried in companies appro~~ed b~ mortgagee and the policies and renewals thereof shali be held by mort-
g~gee and ha~•e attached thereto loss pa~~able clauses in fa~~or of and in form acceptable to the mortgagee. ln
e~ent of loss he will give immediate ttiotice by mail to mortgagee, and mortgagee may ma1:e proot uf loss if not
made promptl~~ b~• mottgagor, and each insurance compan~~ concemed is hereby authorized and directed to make
p~,~ ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro-
ceeds, or any pert thereof, may be applied b}• mortgagee at its option either to the reduclion o[ the indebtedness
hereb~• secured or to the restoration or repair o[ the propert~• damaged. ln e~•ent of foreciosute d lhis mortgage or
other transfer oi title to the mortgaged property ~n extinguishment o! the indebtedness secured hereby, all right.
title, and ~nterest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or
gr~ntee.
S. That the mortgagee may, at any time pend~ng a suit upon this mortgage, apply to the court having jurisdic-
tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises
co~~ered hereby all and singulat, including ali and singular the income, profits, issues, and re~~enues from whatever
~ource deri~~ed, each and ever~• of Which. ~t being expressly understood, is hereby mortgaged as if specifically set
forth and described in the grant~ng and habendum clauses hereot, and such recei~~er shall have all the broad and
effecti~~e funct~ons and powers in an~-wise 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
adequact• or inadequact• of the ~•alue of the prope~t Jnortgaged or to the sol~~ency or insolvency of said mortgagor
or the defendents, and that such rents, profits, income, issues, and revenups shall be applied by such receiver
~ccording to the lien of this mortgage and the practice of suc;~ court. In the event of any de[ault on the part of the
:^artgagor here~~nder, the mottgagor agrees to pa5• to the mortgagee on demand as a reasonable monthly renta! for
the premises an amount at least equivalent to one-twelEth (1%12) of the aggregate of the twelve monthly install-
ments pa~•able ~n the then current year plus the actual amount of the annual taxes, assessments, water rates, and
F ?nsurance premiums tor such year not covered b}~ the atoresa~d monthly peyments.
~ 9. That in the event of any breach o( this mortgage or default on the part of the mortgagor, or (r~~ in the
t e~•ent that an~• of said sums of money herein referred to be not promptiy and full~~ paid without demand or notice,
~ or : in the e~•ent that each and e~~ery the stipulations, agreements, conditions. and covenants of said note and ~
s th~s mortgage, are not dul}~, promptly, and fullv performed; then in either or any such e~•ent, the said aggregate
; ~um mentioned in said note then remaining unpaid, a~ith interest accrued to that time, and all moneys secured
~ hereb~•, shall become due and pa~•able forthwith, or thereafter, at the option of said mortgagee, as fully and com-
x
; pletel~~ as if all of the said sums ot money~ were originally stipulated to be paid on such day, anything in said
~ note or ~n this mortgage to the contrary notwithstanding; and thereupon or therea[ter, 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
x matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
~a~•able, and the said premises shall be sold, to satisfy and pal 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-
tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In sucfi case the provisions of
- th~s paragraph ma}• again be availed of thereafter from time to time by the mortgagee.
- 10. That the mortgagor v?i1t gi~•e immediate notice by mail to the mortgagee of any conveyance, transfer, a
; chdnge o! ou•nership of the premises.
11 . That no waiver of any covenant herein or of the obl~gation secured hereby shall at any time thereaEter be
neld to be a waiver at the terms hereot 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 expendituces (includ~ng reasonable attorney's fees) made b~~ the
mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable
immedia:el~• and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing
~ thereon, shall be secured b}• :h~s mortgage.
_ 13. that the mailing ot a written notice or demandaddressed to the owner of record of the mortgaged premises,
or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at
said mortgaged pcemises, and mailed by the United States maiis, shall be sufficient notice and demand in any
~ case ar~sing under this instrument and required by the provisions hereof or by law.
; 14. The mortgagor further covenants that should this mort
~age and the note secured hereby not be eligible
tor insurance under the National Housing Act within ~ ~Alr~ frorri the date hereof (written statement
= ot ~,n.~ officer of the Department oi Housing and Urban Development or authorized agent of the Secretary of Hous-
; ing and Urban Der•elopment dated subsequent to~ the ~O A~ time from the date of this mortgage,
declining to in~ure said note and th~s 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 payable.
The co~•enants herein contained shall bind, and the benefits and advantages shall inure to, the respective
heirs, executors, admin~strators, successors, and assigns of the parties hereto. u'henever used, the singular num-
_ ber sha11 include the plural, the plural the sing~lar, and the use of any gender shall include all genders.
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