HomeMy WebLinkAbout1437 That he w•ill prrmit, cumm~t, or ~uifer no weste, ~mpairAen~, or deter~aration ot said property o~ an~~ part
thc•reof, ~+nd ~n the e~•ent of the failure of the ?~ottgpgor to keep ,the buildings on sa~d premises and those tobe ;
emcted on said premise~, or impro~~ements theteon, gcwd repair, the mortKa~ee m.+~ make such repairs ~s in ~t~
discretion it ma~• deem necessan~ tor the proper preser~~at~on thereof, and ihe full amount of each and every such
pa~~ment ~hall be immediately due and pa~•able, and shall be secured b~ the lien of this mortgage ;
6 That he w•i21 pa~• all and singular the cacts, charges, and expenses, includ~ng reasonable law•~~er's fees, j
and cost~ of ab~tracts of title, mcurred or paid at any time bp the mortgagee .because uf the failure on the part .~f ~
the murtg.ig.~r promptl~• and lully to pertorm the agreements and covenants of said prom~ssory note and this mort- ~
~~+ge, ~,nd said costs, charges, and expenses shall be immediatel~• due and ~~•able and shall be secured b~• the `
l~en o! th~s mortg~ge.
7 That he will keep the improrements now• ez~sting ur hernafter er~cted ~n the mortgagecl propetty, insuted as
ma~ be required from time to time b~ the murtgagee against loss b~• fire and other haza~ds, casualties, and contin-
genc~es in such amounts and for such periods as ma~~ be required b}• mortgagee, and veill pa~• promptly, when due,
an~• prem~u~e an such ~nsurance for pa~~ment of w•hich pro~•ision has not t?een made hereinbefore. All ~nsurance
shall be carried ~n compan?es appro~-ed b~~ mongagee and the pulicies and renew•als thereof shall be heid by moct-
~dgee dnd ha~•e attached thereto loss pa~able clauses in fa~•or of artd in form acceptabte to the mortgagee. In
e~•ent ol lu~s he w~i!! g~~~e immediate notice b}• mail to mortgagee, and mortgagee rray make proof of t~ss iE not
made promptl~~ b~ mortgagor, and each ~nsurance compan~• concemed is hereby authorized and directed to make
p~+~ ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jo~ntly, and the i~surance pru-
ceeds, or anp part thereof, may be applied by mortgagee at its opt~on either to the reduction of the indebtedness
hereb~~ secured or to the restoration or repair of the property damaged. In event of toreclosure of this mortgage or
.~thPr trancfe•r nf titlt~ tn thp mnrt avPt~ r:~ tt ~ in PY~ t1 ~~i, hms~nf nI thv inr~s.hterin~eg gs+r~rs.r~ hs.rE+}~t• ~11 r:
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tit:e, and interest of the mortgaRor in and to an~~ ~nsurance policies then in force shall pass to the purchaser or
~rentee.
8. That the mortgagee may, at anp time pending a suit upon this mortgage, appl~~ to the court having jurisdic-
t~on thered tor the appointment ot a receiver, and such court shall torthwith appoint a recei~•er of the prem~ses
corered hereb~~ all and singular, including all and singuiar the ~ncome, profits, issues, and revenues from a•hatever
~~urce deri~~ed. each and e~~er}~ of w•hich, it being expressl}• unde~stood, is hereby mortgaged as if specificaUy~ set
Corth and described ~n the granting and habendum clauses hereof, and such r2~cei~~er shall ha~~e alf the broad and
effect~~•e funct~ons and powers in an~•u~ise entrusted by a co~rt to a receivet, and such appointment shall be made
b~• such caurt as an admitted equity and a mattPr nf ahc~l~~tP right to caid mortgagPe, ar±r# w~ithout referer~ce t~ the
adequac~• or ~nadequacy ot the value of the property mortgaged or to the solvency or insolvency of said mortgagor
ur the detendents, and that such rents, profits, income, issues, and revenues shall be applied by 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
mort~agor hereunder, the mortgagor agrees to pa~• to the mortgagee on demand as a reasonable monthl~• rental for
; the premises an amount at least equi~•alent to one-tw~elfth (1 `12) of the aggregate o[ the twelve monthly install-
' mrnt5 pat•abie in the then current ~~ear plus the actual amount of the annual taxes, assessments, water rates, and
i:»urdnte yrrmiums iot sucn year noc covered ~y the aioresaio monti?i}~ payments.
9. That in the event of any breach of this mortgage or deEauit on the part of the mortgagor, or rhe in the
ecent that any of said sums of money~ herein referred to be not promptlt~ and fully paid w~thout demand or notice. ~
° or in the e~•ent that each and ever~• the stipulat~ons, agreements, conditions. and covenants of said note and
~ this mortgage. are not duly, promptl~•, and fully performed; then in either or any such event, the said aggregate
} sum :nentioned in said note then remaining unpa~d, with interest accrued to that time, and all moneys secured
~ hereby, shall become due and pa~~able forthu~ith, or thereafter, at the option of said mortgagee, as fully and com-
s
a pletely as if all of the said sums of mone~~ w•ere originally stipulated to be paid on such day, anything in said
~ note or in this mortgage to the contrar~• notwithstanding; and thereupon or thereafter, at the option of said mortga-
; gee, w~ithout notice or demand, suit at law or in equity, ma~~ be prosecuted as if all moneys secured herebp had
matured prior to its institut~on. 'The mortgagee may foreclose ihis mortgage, as to the amount so declared due and
i pa~•able, and the said premises shall be sotd. 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-
tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of
- this paraRraph ma}~ again be avaited of thereafter from time to time by the mortgagee.
- 10. That the mortgagor will gi~~e ~mmediate notice by mail to the mortgagee of any com~eyance, transtec, or
- chdnge of ou•nership of the premises.
3 ll . That no w•aiver of an~~ covenant herein or of the obligation secured hereby shall at any time thereafter be ~
~ held to be a u•a~ver of the terms hereof or af the note secured hereby. j
L 12. That if the mortgagor default in an~• of the co~~enants or agreements contained here~n, oc in said note, then ~
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_ the mortgagee ma~• perform the same, and all expenditu~es (including reasonable attorney's fees} made the =
- mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable
i~r-iediatel5~ and u•ithout demand b~• the mortgagor to the mortgagee, and, together with interest and costs accruing
- thereon, shall be secured b~~ this mortgage.
- l3. that the mailing of a written notice or demandaddressed to the ownet of recotd of the mortgaged premises,
- ur directed to the said oKner at the last address actually furnished to the mortgagee, or directed to saidowner at
Seld mort~aged premises, and mailed b}• the United States mails, shall be sufficient notice and demand in any -
case arising under this instrument and reqwred by the pro~•isions hereof or by law. ~
la. The mortgagor further covenanis that should this mortgage and the note secured hereby not be eligible ;
~ for insurance under the National Housing Act within ~ DA~ from the date hereof (written statement
~ c>f ~m officer of the Department of Housing and Urban Deve opment or authorized agent of the Secretary of Hous-
ing and Urban De~•elopment dated subsequent to the time from the date of this mortgage,
~ declining to insure said note and this mortgage, being dee~~~~on~ciusive proof of such ineligibility}, the mortga-
Ree or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble.
The co~•enants herein contain~d shall bind, and the benefits and advantages shall inure to, the respective
- heirs, executors, admin~strators, successors, and assigns of the parties hereto. 11'henever used, the singular num-
- ber shall inc2ude ihe plural, the plural the singular, and the use of any gender shall include all genders.
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