HomeMy WebLinkAbout1206 5. That he ti~iU pti~rmit, cummit, or su(fer no waste, imp:~ument~ Qr deter~oration of sa~d propert~~ or un~ p~~rt ~
thereut, and in the e~ent ol the failnre ot the mprtgagor to keep~l~e buildings on said p~emises and those tob~•
errcted un said premi~es, or impru~•ements thercon, in goa! rep.~ir, the mottguget ma~• makr such re~-~irs as in ~ts
discret~on ~t may deem necessar~• (or the proper preser~•ation therea(, und the full amount of each and ever~• wch
pdymc•nt sh:;U be immed?ately due and pa~~able. ar.d shall be secured h~~ the lien o[ thi~ mortgagc.
b Th:,t he w~~ll p~~• :~ll and t~n~ular the costs, charges, and exFx•nse~, incl~din~; re~sun~ab(e law~•c~r's fee~,
und z•o,t~ of abstract~ of tiUe, ~ncurred os paid at any time b~•the mortKagee.because of the failure on the p:+rt u(
the mortKa~or pramptiy and full~• to perfurm the aRreements and covenants of said promissotp note and this mort-
auun _,n.~ c.,:e1 .....J ..{...11 :........,l:..~..~.. .l.'_ _-J ^""-,t~~ _t._>> :
F . . - ' . .~i, . ._...a ~ '
~ :...:..~~..:.a.~ay :.uc. .~uu ~:.ay.i.:.c w~u ~i.a.~ uC 3i=l.Uil'4 u~ i~~i~ -
lit•n of this mort~;.~ge.
That he K•ill ktep the improvemcnts noa existtng ur hereaEter erected on the mortgagcd propert~~, insured as
may be required (rom time to time b~• the mortgaRee against loss by fire and other hazards, casualties, and contin-
Krncies in such amounts and [or such periods as may be required by mortgagee, and will pa~~ promptl~~, when due,
:~n~• premlums on such insurance fo~ payment oi which prov~sion has not been m~de hereinbefore. All ~nsurance
shall be carried in companies appro~•ed b~• mortgagee and the polic~es and rene~als thereof shall be held by mort-
g~~ge~e and ha~•e attached theretu loss pa~•able clauses in faror of ~nd in form acceptable to the mortgagee. In
e~•ent of luss he w•ill gi~•e immediate notice by mail to mortgagee, and mottgagee may make ptoof of loss if not
made promptl~• by mortgagor, and each insurance compan~• concerned is hereb}• authori2ed and directed to make
p:+~m~nt for such loss directlp to m~rtgagee inste:+d of to mortgagor and mortgagee jointly, and the insurance pro-
ceeds, or any part thereof, may be appiied by mortgagee at its option either to the reduction oE the ~ndebtednes~
hereby secured or to the restoration or repair of the property damaged. ]n e~•ent of toreclosnre of this mortgage or
other lransfer of tiUe to the mortgaged property in extinguishment of the indebtedness ~ecured hereby, a!1 right,
title, and imerest of the mortgagor in and to an~• insurance polic'ies then in force shall pass to the purchaser or .
Krantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav~nK jurisdic-
tion thereof for the appointment of a receiver, and such court shaU forthwith appoint a receicer of the premises
cu~•ered hereb}~ all and singular, including all and singular the income, profits, issues, and re~~enues from whate~~er ~
suurce deri~•ed, each and ever~• of which, it be~ng expressly understood, is hereby mo[tgaged as ii spec~fically set t
forth and described in the granting and habendum clauses hereof, and such r~ceivec shall ha~•e all the broad and
effect~~•e functions and po«•ers in an~•wise entrusted b~• a coQt taa reeeiver, and such appointment shall be made
b~• such court as an admitted equity and a matter of absol~te righf to said rtfo~tgrigee, and without reference to the s;
adeauacy or ~nadequac}~ af the ~•alue o[ the property mortgaged or to the sol~~ency or insolvency of said mortgagor ~
ur the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~
! .+ccordin~ to the lien of this mortgage and the practice of such court_ In the event of any default on the part of the
~~iortgagor hereunder, the mortRagor 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 aggcegate of the tw~lve monthly install-
r~ents payable in the then current ~~ear plus the actual amount of the annual taxes, assessments, water rates, and
~~c-nran`-P nrPm~nmc ~nr c~~r}~ vvor a.J i-i...n.o.~ 1... ~6~ .,f.....0..:.1 .......~1.1..
'
. . ~ _ . . . . f~... _...-~.v.a a..ua~~a~~~ tru)~:.~aa~.i.
9. That !~,1 ~n the e~~ent of an~~ breach of this mort~age or default on the part of the mortgagor, or %i.; in the
~ c•~•ent that anq of said sums of money herein referred to be not promptly and (ully paid without demand or notice,
~ ~n - in the e~•ent that each and e~•ery the stipulat~ons, agreements, conditions. and covenants of said nete and
this mortgage, ~are not dul~•, promptly, and fully performed; then in either or any such event, the said aggregate
~ sur.i mentioned in said note th~n remaining unpaid, with ~nterest accrued to that time, and all moneys secured
~ hereb~•, shall become due and payable forthwith, or thereafter, at the option o[ said mortgagee, as fully and com- ;
; pletel~• es if all of the said sums of money were originally stipulated to be paid on such da}•, an}~thing in said *
~ note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ;
g FEC, without notice or demand. ~ui! at lau or in equity, may be prosecuted as if all moneps secured hereb~• had ~i
= matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
f pal•able, and the said premises shall be sold. to satisfy and pay the same together with costs, expenses,and allow-
` ~~nces. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
t~nuinK lien of this mortga~e !or the amount of the debt not then due and unpaid. ln such case the provisions of
r this paragraph may again be availed oE thereafter from time to time by the mortgagee_
10. That the mortgagor will give immediate notice by mail to the mortgagee o( any~ conveyance, transfer, or
change of ow•nership of the premises_ _
Ii. That no w~ai~~er of any covenant here~n or of the obligation secured hereby shali at an}• time thereafter be
~ held to be a w•a~~•er of the terms hereof or of the note secured hereby.
12. That if the mortgagor default in any of the co~~enants or agreements contained herein, or in said note, then
Y
~ the mortgagee ma}~ pecform the same, and al! expenditu~es (including reasonable attorney's fees) made by the
y mortgaRee in so doing shall draw interest at the rate set fotth in the note secured heteby, artd shall be repayable
immediatei~• and without demc~nd b~~ the mortgagor to the mortgagee, and, together with interest and costs accruing
~ thereon, sh~,ll be secured by~ this mortgage.
13_ that the mailing oi a written notice or demandaddressed to the owner of record of the mortgaged premises,
ur directed to the said owner at the last address actuali~• furnished to the mortgagee, or d~rected to saidowner at
ti:,id mortgag.d premises, and mailed by the United States mails, shall be sufficient notice and demand in any
cuse arisinK under this instrument and required bq the provisions hereof ot by law.
14. The mortgdgor further covenants that should this mortgage and the note secured hereby not be eligible
~ for ~nsurance under the National Housing Act within 30 DAYS from the date hereof (written statement
„f an}~ officer o( the Department ot Housing and Utban Development or authorized a~ent oE the Secretary of Nous-
- ing and Urban Development dated subsequent to the ~c~ i j 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 ot the note may, at its option, declare all sums secured hereby immediately due and payable.
" The co~~endnts herein contain~d shal( bind, and the benefits and advantages shall inure to, the respective
- he~rs, executors, administrators, successors, and assigns of the parties hereto. 11'henever used, the singular num-
ber shalt include the plural, the plural the sin~ular, and the use of any gender shall include all genders.
i
; 600K 198 ~ 1~05
:
~
. _