HomeMy WebLinkAbout0996 6. That he w~ll pay atl and singular the costs, charges, and expenses, including reasonable lawyer's fees, and cosls of abstracts
of title, incurred or paid at any time by the mortgagee b2cause of the failure on the part of the mortgagor promptly and fully to perform
the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be
~mmed~ately due and payabte and shall ba secured by the lien of th~s mortgage.
7. That he w~ll keep the ~mprovements now existing or hereafter erected on the mortgaged property insured as may be required
trom time to time by the morigagee against loss by fire and other hazards, casualities, and contingencies in such amounts and for
such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such ~nsurance for paymenl of
which provision has not been made hereinbefore. All insurance shall be carried in compan~es approved by mortgagee and the
policies and renewats thereof shalt be held by mortgagee and have attached thereto loss payable clauses in favor of and in form
acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of
loss if not made promptly by mortgagor, and each insu~ance company concerned is hereby authorized and directed to make payment
for such loss directly to mortgagee instead of to mortgagor and mortgagee ~ointty, and the ~nsurance proceeds, 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 or repair of
the property damaged. In event ot foreclosure of this mortgage or other transfer of title to the mortgaged property in ext~nguishment
of the indebtedness secured hereby, all r~ght, title, and interest of the mortgagor in and to any insurance pol~cies then in force shall
pass to the purchaser or grantee.
8. That if the premises, or any part thereof, be condemned u~der any power of eminent domain, or acquired for a public use, the
damages, proceeds, and the consider2tion for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage,
and the Note secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith
to the Mortgagee to be applied by it on account of the indebtedness secured hereby, whether due or not.
9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdictio~ thereof for the
appointment of a receiver, 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 trom whatever sou~ce 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,
i and such receiver shall have all the broad and effective functions and powers in anywise 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 adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mongagor or ~
f the defendants. and that such rents. profits, income, issues, and reven~es shall be applied by such receiver according to the lien of
€ th~s mortgage and the practice of such court. In 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
~ne-twelfth ~1 /12) of the aggregate of the twelve monthly instatlments payable in the then curre~t year plus the actual amount of the
annual taxes, assessments, water rates, and insurance premiums for such year not covered by the atoresaid monthly payments.
10. That (a) in the 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 not promptly and fully paid without demand or iotice, or (c) in the event that each and every the
~ stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then
~n either or any such event, the said aggregate sum meniioned 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 opt~on of said mortgagee, as fully and
completely 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
~ mortgage to the contrary notwithstanding; and thereupon or thereaher, at the option of said mortgagee, 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 and pay the
same together with costs, ezpenses, and allowances. In case of pa~tia{ foreclosure of this mortgage, tne mortgaged premises shall be
~ sold sub~ect to the continuing lien of this mortgage for the amaunt of the debt not then due and unpaid. In such case the provisions of
~ th~s paragraph may again be availed of thereafter from time to time by the mortgagee.
~ 11. That the mortgagor will give immed~ate notice by mail to the mortgagee of any conveyance, transfer, or change of
ownership of the premises.
~ 12. That no waiver of any covenant herein or of the obligation secured hereby shalt at any time thereafter be held to be a waiver
of thE terms hereof or of the note secured hereby.
v° 13. That if the mortgagor detault in any of the covenants or agreements contained herein, or in said note, then the mortgagee
~ may perform the same, and all expenditures (including reasonable attomey's fees) made by the mortgagee in so doing shall draw
~nterest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to
- the mortgagee, and, together w~th interest and costs accru~ng thereon, shall be secured by this mortgage.
~ 14. Thai the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, or directed to
~ the said owner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, an~i
~ mailed by the United States mails, shail be sufficient notice and demand in any case ar~sing under this instrument and required by
~ the provis~ons hereof or by law
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HUD-9211 OM (6-79)
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