HomeMy WebLinkAbout1431 i
That he will permit, cummtt, or su(fer no wastC, impairmel~t, ot dete~ioration o( said property or ,in}• part ~
thereuf; ~+nd in the erent of the failure of the mortgagor to keep the buildings on said premises and those tobe
er~•cted on said premi~es, or impr~~•ements theceon, in good repair, the mortgagee may make such repairs as in its
di~cretion it may deem nE•cessar~~ for the proper preser~•ation thereof, and the full amount of each and e~~ery~ such
pa~•ment shall be immecl~atcl~ due and pa~~able, and shall be securcd b1• the lien of this mortgage.
6 That he w~~ll pay all and singular the cacts, charges, and expenses, includ~ng reasonable law~•er's lees,
and costs of abstracts ot title. incurred or paid at any~ time bpthe mottgagee.because of the failu~e on the patt of
the murtgagoc promptl}• and full~• to perform the agreements and covenants of said promissor~~ note and th~s mort-
Kage, and said costs, charges, and expenses shall be immediately due and pa}~able and shall be secured by the
I~en of this mortgdge. ~
7. That he will keep the improvements naw• existing or hereafter erected on the mortgaged prope~ty, insured as
ma~• be required from time to time b~~ the murig~igee against loss o~ E*.re and other hazacds, casualties, and contin-
gencies in such amounts and for such pereods as ma~• be required by mortgagee, and will pay prompUy. when due, f
:~n~• premiums on such insurance for payment of which pre~~is~on has not ~:~n made he~einbefore. All in~urance ~
~hall be carried in companies appro~•ed by mortgagee and the policirs and reneu•als thereof shall be held by mort- i
ga~;ee and ha~~e altached thereto loss payable clauses in favor of and in form accep?able te the mortgagee. In
e~•ent of loss he w•itl gi~•e immediate notice by~ mail to mortgaQee, and mortga~ee may make pr.~of of loss it not
made promptly b~• mortgagor, and each insurance company concerned is hereby authorized and directed to make
pa~ ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro-
ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
hereb~~ secured or to the restoration or repair of the propertt~ damaged. ln e~~ent o[ toreclosure ~f this mortgage or t
other tr~nsfer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right, -
title, and interest of the mortgagor in and to an~• insurance policies then in (orce shall pass to the purchaser or
~;rantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic-
tion thereof for the appointment ot a receiver, and such court shail forthwith appoint a receiver of the premises '
co~•ered hereb}• all and singular, including aU and singutar the income, profits, issues, end revenues from whatever
tiuurce deri~•ed, each and every of which, it being expressly understood, is heceby mortgaged as if specifically set
forth and described in the granting and habendum clauses hereof, and ~uch receiver sha?1 have all the broad and
effecti~•e functions and powers in anywise entrusted by a court to a receiver, end such appointment shall be made
b~• such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the ;
adequac}~ or inadequac~~ of the value of the property mortgaged or to the solvency or insolvency oE said mortgagor ~
or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~
e+ccording 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 m~rtgagee on demand as a reasonable monthly rental for
!he premises an amount at least equivalent to one-twelfth (1 ~12) of the aggregate of the twelve monthlyinstall- ~
r*~ents pa~~abie in the then current yedr plus the actual amount of the annual taxes, assessments, water rates, and ~
insurance prem~ums fot such year not covered by the aforesaid monthly payments. ,
9. That i~~~ in the event oE any breach of this mortgage or deEault on the part of the mortgagor, or 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 i in the e~~ent that each and e~~ery the stipulati~ns, agreements, conditions. and covenants of said note and
tn~s mortgage, are not dul~•, promptly, and fullp performed; then in either or any such event, the said aggcegate ;
E suer mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured 3
hereb~~, shall become due and payable ~e~?hwith, or thereafter, at the option of said mortgagee, as fully and com-
pletel}~ as if all of the said sums of mone}• were originally stipulated to be paid on such day, anything in said
E note or in this mortgage to the contrar}~ 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 f
matured prior to its ii~stitution. 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-
ances. In case of partia! foreclosure of this mortgage, the mortgaged premises shatl be sold subject to ihe con-
i tinuing lien of this mortgage for the amount of the debt not then due and unpaid. Insuch case the provisions o[
; this paragraph may again be availed of thereafter Erom time to time by the mortgagee.
4
10. That the mortgagor will give immediate notice by mail to the mortgagee of any conreyance, transfer, or
change of ownership of the premises.
i 11. That no waiver of any covenant herein or of the obligation secured hereby shali at any time thereafter be
' held to be a waiver of the terms hereof or of the note secured hereby.
~
12. That it the mortgagor default in any of the covenants or agreements contained herein, or in said note, then
: t}ie mortgagee may perform the same, and all expenditu~es (includ~ng reasonable attorney's fees) made by the
mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable
immediately and without demand b}• the mortgagor to the mortgagee, and, together with interest and costs accruing
thereon, shall be secured by this mortgage.
~ 13. that the maiiing o( a written notice or demandaddressed to the owner of record of the mortgaged premises,
`y 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 mails, shall be sufficient notice and demand in any
case arising under this instrument and required by ihe provisions hereof or by law. ~
~ 14. The mortgagor Eurther covenants that should this mort a e and the note secured hereby not be eligibie -
for insurance under the National Nousing Act within ~~a~ from the date hereof (written statement
- of an~- oEficer of the Department of Housing and Urban Development or authorized agent of the Secretary o[ Nous-
= ing and Urban Development dated subsequent to the ~ time from tt-~e date oi this mortgage,
- declining to insure said note and this mortgage, being deem
~ cDon~clusive 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 pa}able.
~
The covenants herein contained shall bind, and the beneEits and advantages shall i~ure to, the respective
heirs, executors, administrators, successors, and assigns oE the parties hereto. Whenever used, the singular num-
- ber shall include the plural, the plura} the singular, and the use of any gender shall include all genders.
~1~ ~1429 _