The URL can be used to link to this page

Home My WebLink About1628 . . • • , . ~ . S. That he will pe~mit, comm~t, or suffer no waste, impairment, o~ deterioration ot said property or an~• part thereof; and in the event of the (ailuce ot the moctgagor to keep the buitdings on said premises and those tobe ercrted on said premises, or improvements thereon, in good repair, the mortgagee mep make such repairs as i~ its discretion it may deem necessary for the proper prese«~ation thereoi, and the full amount of each and every such pa}•ment shall be immediately due and payable, and shall be secured by the lien ot this mortg:~ge. 6. That he will pay all and singula~ the costs, charges, and expenses, including reasonable lawyer's fee~. and costs of abstracts of title, i~curred o~ paid at any time bythe mortgagee.because of ihe fa~lure on the part ot the mortgagor promptly and [ully to perform the agreements and covena~ts of said p~omissocy note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the ?ien of this mortgagE. ~ 7. That he will keep the improvements now existing oc hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee agaiost loss by fire and other hazards, casualties, and contin- gencies in such amounts and fo~ such periods as map be requi~ed by mortgagee, and will pay p~omptly, when due, any p~emiums on such insurance tor payment of which provision has not been made hereinbetore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals the~eof shall be held by mort- gagee and ha~~e attached theceto loss payable clauses in favor of and in [orm acceptable to the mortgagee. In e~•ent of loss he will give immediate notice by mail to mottgagee, and mortgagee may make proof of loss i( nat made promptty by mortgago~, and each insurance company concerned is hereby authorized and directed to make payment 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 hereby secuced or to the restoration or repair o[ the property damaged. tn event of foreclosu~e o[ this mortgage or other transEer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, atl right, title, and interest of the mortgagor in and to any insucance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upun this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receivec, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whate~~er source derived: each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shalt ha~~e all the broad and effective functions and powers in an~•wise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter o[ absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the 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. ln the event of any default on the part of the ~ mortgagor 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-twelfth (1~12) of the aggregate of the twelve monthlyinstall- ments payable 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. E 9. That (~,1 in the event of any breach of this mortgage or default on the part of the modgagor, or </.I in the ~ event that any~ ot said sums of mo:?ey herein referred to be not promptly and [ully paid without demand or notice, ~ or in the event that each and every the stipulations, agreements, conditions. and covenants of said note and ; i this mortgage, are not duly, promptly, and futly perEormed; then in either or any such event, the said aggregate : j 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 matgagee, as full~• and com- ' ~ pletely as if all of the said sums of money wece originally stipulated to be paid on such day, anything in said ? note or in this modgage to the contrary notwithstanding; and thereupon or therea[ter, at the option of said mortga- E ; 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 x x payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and altow- a ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ; tinuing lien o[ this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ this paragcaph may again be availed of therea(ter from time to time hy the mortgagee. 4 10. That the mortgagor will give immediate notice by maii to the mortgagee of any com•eyance, transfer, or ~ change of ownership of the premises. E ~ 11. That no waiver of any covenant herein or ot the obligation secured hereby shalt at an~~ time thereafter be ~ held to be a v?aiver of the terms hereot or of the note secured hereby. ~ 12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's Eees) made by the ~ mortgagee in ~o doing shall draw interest at the rate set focth in the note secured hereby, and shall be repayable e immediately and withuut demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by th~s mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, y ur directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be suificient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor Eurther covenants that should this mort age and the note secured hereby not be eligible for insurance under the National Housing Act within ~c~cy bs15 from the date hereof (written statement ~ uf any of[icer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Develapment dated subsequent to~ the :j~tlTty Vay~ time from the date ot this mortgage. ~a declining to insure said note and this mortgage, being deem~~d conclusive prooE of such ineligibility), the mortga- gee or the holder oE the note may, at its option, declare all sums secured hereby immediately due and payable. _ ,j _ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successws, 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 ali gendecs_ ry ::9 •9"i h„~ ~ooK199 `~~E1627 - - - - - - ~ -