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HomeMy WebLinkAbout1954 w•.~.• . i S. That he Will permit, commit, or suffec no waste, impairment, or deterioration of sa~d property or any part ~ thereaf; and in the e~•ent af the tailure o[ the mortgagor to keep the buildings o~ said premises and those tobe 2 erected on said premises, or impro~~ements thereon, in good repair, the mortgagee may make such repairs as in its ~ discretion it may deem necessar~~ far the proper preservation thereof, and the full amount of each and every such ~ payment shall be immed~atel~~ due and payable, and shall be secured b~~ the lien ot this mortgage. 6 That he w•iU pay all and singular the cacts, charges, and expenses, including reasonable law}•er's fees, t .,nd costs of abstracts ot title, incu~~ed or paid at an~~ time bpthe mortgagee.because of the fa~lure o~ the patt ot ~ the mortgago? pro?nptl}• and fully to perform the agreements and covenants of said promissory~ note and this mort- ~ gage, and said costs, charges. and expenses shall be immediately due and pa~•able and shall be secu~ed 6}~ the ~ t i~en ot this mortgage. ` 7. That he w•ill keep the impro~~ements now existing or hereafter e~ected on the mortgsged property, i~sured as ma~~ be requ~red [rom time to time b}• the mortgagee against loss by fire and other hazacds, casualties, and contin- gencies in such amounts and for such periods as ma~~ be cequired by mortgagee, and will pap promptly, when due, ~ an~• premium.S on such insurance for payment of which pro~•ision has not been made heceinbe[ore. All insurance ~ shall be carried in companic:s approved by mortgagee and the policiec and renewals theceoE shall be held by mort- gagee and ha~•e attached thereto loss pa~•able clauses in favor of and in form acceptable to the mortgagee. ln ~ e~~ent ot loss he w~ill gi~•e immediate notice by mail to moctgagee, and murtgagee may make proof ot loss i[ not ~ made promptl~~ b~~ mortgagor, and each insurance compan}• 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 i hereby secured or to the restoration a repair of the propert~• damaged. In event o[ Eoreclosure o[ this mortgage or ~ other transfer of title to the mortgaged property~ in extinguishment o( the indebtedness secured hereby, all right, title, and interest ot the mortgagor in and to an}• insurance policies then in force shall pass to the purchaser or ~ grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- 1iu11 sh~r~of for =~i2 ii~~poir~.r~eri ~f a i~~.Cil'Ci~ oi,u Su~i~ CL~iuT~ Sti:^o~Z f^vCt~:~:.:~t $~.~.0::2~ 3 I£C£i:•er cf t!:e ~^•I~.^.::SL'S co~~ered hereb}~ all and singular, including all and singular the income, profits, issues, and revenues fcom whatever ~ou~ce derived, each and every of which, it being expressl}• understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall ha~•e allthe broad and effecti~•e functions and pow•ers in anpwise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequac~~ or inadequacy of the ~•alue of the propedy mortgaged or to the solvency or insolvency of said mortgagor o~ the detendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. ln the event of any default en the part of the mortgagar hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-tweifth (li 12) of the aggregate of the twelve monthly install- ments papable ~n the then current year plus the actual amounl of the annual taxes, assessments, w~ater rates, and insurance pzemiums for such year not covered by the aforesaid monthly payments. 9. That i- in the event of any b[each of this mortgage or default on the part of the mortgagor, or l h 1 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 e~•ent that each and every the stipulations, agceements, conditions. and covenants oE 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 ~emaining unpaid, with interest accrued to that time, anci all moneys secured ~ hereb}•. shall become due and payable [orthwith, or thereafter, at the option of said mortgagee, as fully and com- pletety as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ~ nute or in this morigage to the conttary notvithstanding; and thereupon or thereafter, at the option o~ said mortga- k gee, without nntice 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 deciared due and pa~~able, and the said premises shall be sold, to satisfy and pa}• the same together with costs, expenses,and allow- ~ ances. In case of partiai 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 paragraph may again be availed of thereafter from time to time by the mortgagee. * 10. That the mortgagor will gi~~e immediate notice by mail to the mortgagee of any conveyance, transfer, w change ot ow~nership of the premises. ; 11. That no waiver of any co~•enant herein or of the obligation secured hereby shali at any time thereafter be held to be a w~aiver of the terms hereot 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 ~ ~ the mortgagee may per[orm the same, and all expenditu~es (inclading reasonable attocney's fees) made by the i : mortgagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ; µ ~mmediately and without demand b}~ the mortgagor to the mortgagee, and, together with interest and costs accruing ~ ~ thereon, shall be secured bp this mortgage. ~ ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ yy or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at sa~d 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 G for insurance under the National Housing Act within ~~~e~ from the date hereof (written statement - of an~• oEficer 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 :;i~iT a time from the date of this mortgage, = declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the moctga- gee or the holder of the note may, at its option, deciare all sums secured hereby immediately due and payeble. - 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 shall inclode the plural, the plural the singular, and the use of any gender shall include all genders. '3 BocK 198 PaCF 195~1 ---Y ;:':`i . . . . . . . . ~ . ~ . . . .