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HomeMy WebLinkAbout1403 5. Th.+t he wiU permit, cumm~t, or su[fNr no waste, impaiiment, or deterioration o[ said property or ~+~~y p~+ct therrut; and in the e~~ent ot the (ailure of the mortgugor to keep the buildings on said premises and those tobe errcted o~ said premises, or impro~•ements thereon, ~n good repair, the mortgagee may make such repairs ~is in its discretion it may deem necessary tor the proper preservatian thereo[, and the full amount of each and every such p:~~•ment shall be ~mmediately due and pa~~able, and shall be secured b}' the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses, includ~ng reasonable lawyer's (ees, and c~sts of abstracts o( title, incurred or paid at any time bythe mortgagee.because o( the failure o~ the part of the mortgagor promptl~• and full>> to petform ttie ag~eements and covenants of said promissor~• nole and this mort- Kage, and said costs, charges, and expenses shall be immediately due and pa~~able and shaU be secured by the lien ot this mortg.~ge. i. That he w~iU keep the ~mprovements now• existing or herea(ter erected on the mortgaged property, insu~ed as may be required from time to t~me b~• the mortgagee against loss b~• tire and other hazards, casualties, and contin- gencies in such amounts and for such periuds as may be required by mortgagee, and will pay promptly, when due, ant~ premiums on such insurance tor paycr~ent of which provision has not been made hereinbefo~e. All insurance shall be carried in companies approved by mortgagee and the policies and renewals tne~eof shall be held by mort- K~+gee and ha~•e attached thereto loss papable clauses in fa~~or of and in form acceptable to the mortgagee. In e~•ent of loss he Hill gi~•e immediate notice by masl to mortgagee, and moctgagee may make proof of loss if not r.~dde prumptig by mortgagor, and each insurance compan~• concerned is hereby authorized and directed to make pa~~ment tor such loss directiy to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance p~o- ceeds, or any part thereo[, may be applied bp mortgagee at its option either to the reduction of the indebtedness he~eby secured or to the restoration or repair of ihe property damaged. In event uf foreclosure o[ this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to an~~ insurance policies then in force shall pass to the purchaser or gra nt ee . 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof (or the appointment oE a receiver, and such court shall forthwith appoint a receiver of the premises co~ered hereby all and singular, including all and singular the income, protits, issues, and revenues f~om whatever tiuurce derive~, each and ever}• of which, it being expressly understood, is hereby mortgaged as if specifica[ly set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~~e Eunctions and powers in anywise entr~sted by a court to a receiver, and such appointment shaU be made b~~ such court as an admitted equity and a matter ot absolute right to said mortgagee, and without reference to the ;~dequac~• or inadequacy of the value of the property mortgaged or to the solvency or insolveneg of sai~ mortgagor or the defendents, and that such rents, pro[its, 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 mort~agor hereunder, the mortgagor agcees to pay to the mortgagee on demand as a reasonabte monthly'rental for the premises an amount at least equivalent to one-twelfth (1'12) of the aggregate of the twelve monthlyinstalt- ~ ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered ~y~ the aforesaid monthly payments. 9. That r~,~ in the event of any breach of this mortgage or default on the part of the mortgagor, or (b! in the ~ e~~ent that an~~ 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 e~~ery the stipulations, 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 $ sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereb~~, 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 the contrary notwithstanding; and thereupon or thereafter, 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 matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ payable, 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- r tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ this paragraph may again be availed o[ thereafter from time to time by the mortgagee_ ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or ot the obligation secured hereby shall at any time thereafter be heid to be a waiver 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 (inciud~ng reasonable attorney's fees) made by the ~ morigagee in co doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable - immed~atel}• and without demand by the mortgagor to the mortgagee, and, together with interest and costs accru~ng s' thereon, shall be secured by this mortgage. ~ 13_ that the mailing of a written notice or demandaddressed to the owner of recnrd of the mortgaged premises, 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 sufficient notice and demand in any - case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 pA~ from the date hereof (written statement uf an}~ officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- _ ing and Urban Development dated subsequent to~ the '3~ ~A~C time Erom the date of this mortgage, - declining to insure said note and this mortgage, being deem~~d conclusive 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 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- ber shail include the plural, the plural the singular, and the use of any gender shall include all genders. ~~.~~~8 . r _ r;