The URL can be used to link to this page

Home My WebLink About1415 . , . ~ . • • 4 That he w•ill pcrmit, cumm~t, ot suffe~ no w~~stc, tmpai~ment, ot detetioratton af said pro~xtt~• or an~~ pa~t thereof; and in the e~~ent of the failure ot the mort~;agor to keep the buildings on said prrmisrs and those tobe erected on said prem~se~, or ~mpro~•rments therean, in good repair, the moctgaKee ma~~ make such ~epairs as ~n it~ disr.~~~ion it may~ deem necessary lor the proper preser~•ahon thereof, and the [ull amount o[ each and e~~er~• ~uch pa~~ment shall be immediately due and payable, and shall be secured by~ the lien ot this mortgaKe. 6 Th:it he Wili p<+y all and ~ingular the ca~ts, charges, and eapenses, includ~nR reasonable laWyer's [ees, and co~ts ~~E absiracis of title, ~ncurred or paid at any t~me b~~the mortgagee.because o! the failu~e on the part of the mortgagot promptly- and full}~ to periotm the aRreements and co~~enants of said p~om~ssory note and this mott- ~;age, and said costs, char~es, and expense~ shall be immedeatel~~ due and pa~~able and shall be secured b~• the lien of this mortg~ge. 7. That he veill keep the improvements noW ex~sting or hereafter erected on the mortgaged property, insured as may.be required trom time to time b>~ the mortgagee against loss b~• fire and other hazards, casualties, and cent~n- genc~es in s~~~h amounts and for such periods as may be req~ired b~~ mortgagee, and will pap promptly, when due. an~~ premiums on such insurance for payment of which pro~•ision has not been made heceinbefore. All insurance shall be carried ~n compan~es appro~~ed b~• mortgagee and the policies and renew~als thereof ~hall be held by mort- gagee and ha~~e attached thereto ioss payable clauses in fa~~or of and in form acceptable to the mortgagee. In e~•ent of lo~s he w•ill gi~•e immediate notice by mail to martgagee, and mortgagee may make proof of loss if not r.~ade promptl}• b~• mortgagor, and each insurance company concerned is heceby authorized and directed to make pd~•ment tor such loss directly to mortgagee instead of to mortgagoc and mortgagee jointly, and the insurance pro- ceeds, or am~ part thereof, may be applied by mortgagee at its option either to the reduction of the indebtednes~ hereby secured or to the restoration or repair o[ the property damaged. In e~~ent of foreclosure of this mortgage or other transfer ot title to the marigaged property in extinguishment o( the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to an~• insurance polic~es then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, appl~• to Eh~ court having juc»dic- tiun thereof for the appointment oE a receiver, and such court shall forthwith appoint a receiver of the premises co~~ered hereby all and singular, inciud~ng aU and singular the income, profits, issues, and revenues from Whate~~er ~o~rce derived, each and every of which, it being expresslp understood, is hereby mortgaged as i[ specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effect~~•e functions and powers in an}~w~ise entrusted by a court to a receiver, and such appointment shall be made bt• such c~urt as an adroitted equit~~ and a matter of absolute right to said mortgagee, and without reference to the ~dequac~• or inadequac~• of the ~•alue of the property mortgaged or to the soivertcy or ins~lvency of said mortgagor o~ the detendents, and that such rents, protits, income, issues, and revenues shall be applied b~• such receiver ~ccordinR 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 pa}~ to the mortgagee on demand as a reasonable monthly rentai tor the premises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthlyinstall- ments pat•abie in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~nsurance premiums for such ~~ear not co~•ered b}~ the aforesaid monthly payments. E 9. That /u i in the e~°ent of an~• breach of this mortgage or default on the part of the mortgagor, or (t~ ~ in the ; e~•ent that an~• of said sums o[ mone~• herein referred to be not promptly and fully paid wiihout demand or notice, ~ :~r r in the e~~ent that each and e~•ery the stipulations, agreements, conditions. and covenants of said note and th~~ mortgage, are not dul~•, promptly, and fully performed; then ~n either or any such event, the said aggregate ; ~um 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- ~ pietel~~ 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 therea[ter, at the option of said mortga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as iE all moneys secured hereby had & matured prior to its institution. Z'he 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. ln case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing tien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ th~s paragraph may again be availed of thereatter from time to time by the mortgagee. ~ 10. That the mortgagor will give ~mmediate notice by mail to the mortgagee of any conveyance, trans(er, oc = change of ownership of the premises. ti 11 . That no waiver 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. S',~~ 12. That ii the mortgagor default in an~- of the covenants or agceements contained herein, or in said note, then ~ the mortgagee ma}• perform the same, and all expenditutes (including reasonable attorney's fees) made by the ~ mortgagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ ~r=imediatelt• and w•ithout demand b}~ the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured bp th~s mortgage. ~ 13. that the rnailing of 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 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 pro~ isions hereof or by law_ ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligibie : for insurance under the National Nousing Act within ~ p~y~ from the date hereof (written statement . of ent• officer of the Department of Housing and Urban Deve opment or authorized agent of the Secretary of Nous- ! ing and Urban Development dated subsequent to~ the ~A ~~y~ time from the date of this mortgage, - declining to insare said note and this mortgage, being deem•~d conctusive proof ot such ineligibility), the mortga- ~a gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ 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. W'henever used, the singular num- ber shall incl~de the plu.al, the plural the singular, and the use ot any gender shall include all genders. _ # k ~ a ~ 4 ~ p_ " t :1