Loading...
HomeMy WebLinkAbout2803 S. That he w•ill permit, commit, or su[ier no wpste~ impairrqent. o~ deterioration of said propetty or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its disc~etion it may deem necessary for the prope~ p~esetvation the~eof, and the tull amount ot each a:~d every such payment shall be immediately due and payable, and shall be secured by the tien of this mortgage. 6. That he will pay ail and singular the costs, charges, and expenses, including reasonable lawyer's tees, and cost~ of abstracts of t~tle, incurred or paid at any time bythe mortgageebecause of the [ailure on the part of the mortgagor promptl~• and fully to perform the agreements and covenants of said ~promissory note and this mort- gagc, and said costs, charges, and expenses shall be immed~ately due and payable and shall be secured by ihe lien of this mo~tgage. ~ That he will keep the impcovements n~w existing ot hereafter ecected on the mortgaged pcopecty, insured as may be ~equi~ed from time to time by the mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and [or such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment o[ which provision has not been made hereinbefore. All insuraoce shall be carried in companies approved by mo~tgagee and the policies and renewals theceof shall be held by mo~t- gagee and ha~•e attached tFereto loss payable clauses in favor of and in form acceptable to the mortgagee. l~ event of loss he will give immediate notice by mail to moitgagee, and mo~tgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mo~tgagor 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 hereby secured or to the restoration w repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagoc in and to any insurance policies then in Eorce 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- tion thereof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issuFS. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificalty set forth and desc~ibed in the granting and habendam clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by e eoutt to a receiver, and such appointment shall be made , b}~ such court as an admitted equity and a matter of absoiute right to said mortgagee, and without reference to the adequacy or inadequacy o[ the value of the prq~etty mortgaged or to the solvency or insolvency of said mortgagor ~ rh.. .~PfPn~ients; and that such rents, profits; ~ncome, issues, anci tevenues shall be applied by such receiver according to the lien of this mortgage a~~d the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor ag~ees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelEth (1/12) of the aggregate of the twelve monthly install- ! ments pa~~able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ' insurance premiums for such year not covered by the aforesaid monthly payments. "s i 9. That !u I in ihe event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the ~ event that any of said sums of money herein referred to be noi promptly and Eully paid without demand or notice, ~ or ~ in the event that each and every the stipulations, agreements, conditions. and covenants of said note and r 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 Eorthwith, or thereafter, at the option ot said mortgagee, as fully 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 modgage to the contrary notwithstanding; and thereupon or thereafter. 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 ~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ ; payable, and the said premises shall be sold to satisfy ar~d pay the same together with costs, expenses,and allow- ances. ln case of partia! foreclose;~e of this mortgage, the mo~tgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage fot the amount of the debt not then due and unpaid. In such case the provisions o[ - this paragraph may again be availed of thereafter from time to !ime by the mortgagee. ~ 10. That the mortgagor will give immediate 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 oi the obtigation secured hereby shall at any time thereafter be ; held to be a waiver of the terms hereaf or of the note secured hereby. 12. That it the mortgag^t default in any o[ the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditujes (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at ii.e rate set forth in the note secured hereby, and shall be repayable ; immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. " 13. that the mailing o[ a written notice or demandaddressed to the owner of record of the morigaged premises, or directed to the said owner at the last address actually turnished to ihe 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 pcovisions hereoE or by law. ~ 14. The mortgagor further covenants that should this mort a e and the note secured hereby not be eligible ~ for insurance undet the National Housing Act within 30 D~ll~'S from the date hereof (written statement ' of anp 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 ~~1~ time from the date of this mortgage, - deciining to insure said note and this mortgage, being deem~~d conclusive prooi o[ such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. "1'he 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 include the plural, the plural the singular, and the use of any gender shall include all genders. _ 80DK~~ PA6E~~ } I, _r~ - _ - - - ~ ~ . ~ - - . _ _ .