The URL can be used to link to this page

Home My WebLink About2045 ~ C 2 S. That he will pecmit, commit, oc su(fet n~ wastr; impa~nsent. Ot dete~ioration of said propert~• ar anp part # thereof; and in the e~~ent ot the failure of the mottgagor to keep the buildings on said premises and those tobe ~ erected on said p~emises, or impro~~ements theteon, in good ~epair, the mortga~°e may make such cepairs•:~s in its ~ discretion it may deem necessary for the proper preservation thereof, and the [ull amount of each and eve~y such ~ pa~~ment shall be immediately due and payable, and shall be secured by the lien ot this mortgage. ~ 6. That he will pay all and singular the cacts, charges, and expenses, including reasonable lawper's Eees, " dnd costs of abstracts of title, incurred or paid at any time b~~ the mortgagee .because of the failure o~ the part of the mortg~gor promptly and fully to perfo~m the agreements and covenants oE said 'promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the tien of this mortgage. 7. That he will keep the improvc:ments now existing or hereatter e~ected on the mortgaged property, insured as may be required from time to time by the mwtga~ee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly. whe~ due. k any premiums on such insurance tor payment o[ which provision has not been made hereinbefore. All insutance ; shail be carcied in companies approved by martgagee and the policies and renewals tiieteof shal! be held by mort- gagee and ha~•e attached thereto loss pa~~able clauses in favor of and in fo~m acceptable to the mortgagee. ln e~•ent of loss he wili give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mottgagor, and each insurance company co~cerned is hereby authorized and directed to make ~ ~yment for such loss di~ectly to mortgagee instead of to mortgagoc and mortgagee jointly, and the insurance pro- ~ ceeds, or any part theceof, may be applied by mortgagee at its option either to the reduction oE the indebtedness ! hereby secured o~ to the restoration or repait of the property damaged. In event of fo:eclosnre of this mortgage or other transfer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, aii right, ~ title, and interest of ihe mortgag,ot in and to any insurance policies then in force shall pass to the purchaser oc ! grantee. ~ i 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 of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby ail and singular, including all and singular the in~~ae. pcofits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciEically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~~e functions and powers in anywise entruste~d by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of a~solute iight to said mortgagee, and without reference to the ade~uacy or inadequacy of the value of the property mortgaged or to th! solvency or insolvency of said mortgagor or the defendents, 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. In the event of any default on the patt of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental tor the premises an amount at least equivalent to one-tweltth (1/12) oE the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~nsurance premiums for such year not covered by the aforesaid monthly payments. ~ 9. That I~.~ in the event oi any breach of this mortgage or default on the part of the mortgagor, or jb/ in the ; ' e~~ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or r~•i 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 ~ hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as Eully and com- ~ pletely 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 mor~igage to the contrary notwithstanding; and thereupon or therea[ter, at the option of said mortga- F F gee, without notice or demand, suit at laK or in equity, may be prosecuted as if all moneys secured hereby had x matured prior to its institution. The mortgagee may foreciose this mortgage, as to the amount so declared due and F 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- ~ tinuing lien af this mortgage for the amount of the debt not then due and unpaid. ln such case the provisions of ` ~ this paragcaph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give irnmediate 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 of 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 al! expenditu~es (including reasonable attorney's fees) made by the ~ ~ mortgagee in so doing shatl draw interest at the rate set forth in the note secured hereby, and shall be repayable - immediatel~• and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing y thereon, shall be secured by th~s mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of tecord of the mortgaged pcemises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidownec at said mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case acising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor turther covenanis that should this mort a e and the note secured hereby not be eligible for insurance under the National Housing Act within from the date hereoE (written statemeat _ of 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 30 DAYS time ftom the date oE this mortgage, declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- - gee or the holder of the note may, at its option, declare all sums se~ured hereby immediately due and pa}eble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, succsssors, and assigns of the parties hereto. Whenever used, the singular num- ber shali include the plural, the plural the singular, and the use of any gender shall include all genders. `z"~ i Y,~ € = s _ ~ _ ~ = BOOK~~ PACE - ~'V~ . ~ - _ , ~ . = . ~ . ,