Loading...
HomeMy WebLinkAbout0975 ` ' . • ~ _ . ~ g 5. That he will pennit, commit, or suf(er no waste, impairment, the practice of such ooun. In the event of any default on the part or deterioration of said property or any part thereof; and in the of the Mortg,agor hereunder, the Mortgagor agrces to pay ro the event of 1M failure of the Mortgagor to kap the buildings on said Mortgagce on demand as a reasonabk monthly rental for the premises and thase to be erected on said premises, or improvements premises an amount at least equivaknt to one-twelfth I1/12) of the thercon. in good repair, the Mortgagee may make such repairs as aggregate of the twelve monthly installments payable in the then - in its discrction it may dam neoessary for the proper preservation current year plus the actual amount of the annual taxes, ; thereof, and the full amount of each and every such payment shall assessments, water rates, and insurance premiurtu for such year not : be immediately due and payabk, and shall be secured by the lien covered by the aforesaid monthly payments. ~ of this Mortgagee. _ 10. That (al in the event of any breach of this mongage or = 6. That he will pay all and singular the casu, charges, and ex- default on Nlie part ot the Mortgagor, or (bl in the event that any penses, including reaumabie lawyer's fees, and cosa of abstracts of of said sums of money herein referrod to be not prompUy and fully titk, incurred or paid at any time by the Mortgagee bxause o( the paid without demand or notia. or (c) in the event that each and failure on the pan of the Mortgagor prompdy and fully to perform every the stipulations, agreements. conditions, and oovenants of the agreements and covenanu of said promissory note and this said note and this mortgage. are not duly, promptly, and fully per- mortgage, and said oosts, charges, and expenses shall be immediate- formed; then in either or any such event, the said aggregate sum ly due and payable and shall be secured by the lien of this mentaned in said note then remaining unpaid, with interest ac- ~ mortgage. crued to that time, and all moneys secured hereby, sha!! become ` due and payabk forthwith, or thereafter, at the option of said ~ 7. That he will keep the improvements now exi~ting or Mortgagee, as fully and oompktely as if all of the said sums of ~ hereafter erected on the mortgaged property insured as may be re- money were originally stipulated to be paid on such day, anything quired from time to time by the Mortgagce against loss by fire and in said note or in this mortgage to the oontrary notwithstanding; ~ other hazards, casualties, and contingencies, in such amounts and and thereupon or thereafter, at the option of said Mortgagee. for such periods as may be required by Mortgagee, and will pay without notioe or demand, suit at law or in equity, may be pro- ~ promptly, when due, any premiums on such insurance for payment secuted as if all moneys secured hereby had matured prior to its in- of which provisan haz not bcen made hereinbefore. All insurance stitution. The Mongagee may forecbse this mongage, as to the ; shall be carried in oompanies approved by Mortgagee and the amount so declared due and payable, and the said premises shall be policies and renewals thereof shall be held by Mortgagee and have sold to satisfy and pay the same together with oo6ts, expenses, and attached thereto loss payable claus~ in favor of and in form aocep- albwances. In case of partial forocbsure of this mortgage, the table to the Mortgagee. In event of lo~s he will give immediate mortgaged premises shall be sold subject to the continuing lien of notice by mail to Mortgagee> and Mortgagee may make proof of this mortgage for the amount of the debt not then due and unpaid. loss if not made promptly by Mortgagor, and each insurance com- In such case the provisions of this paragraph may again be availed pany concerned is hereby authorized and directed to make payment of thereafter from time to time by the Mortgaga. 4 for such loss directly to the Mortgagee instead of to the Mortgagor ~ and the Mortgagee jointly, and the insurance prooeeds, or any part 11. That he will give immediate notice by mail to the Mort- thereof, may be apptied by the Mortgagee at its option, either to gagee of any conveyance, transfer, or change of ownership of the ~ the reduction of the indebtedness hereby secured or to the rescora- premises. tion or repair of the property damaged. In event of foreclosure of this mortgage and other transfer of titie to the mortgaged property 12. That no waiver of any covenant herein or of the obligation in extinguishment of the indebtedness secured hereby, all right, tide secured hereby~ shall at any time thereafter be hetd to be a waiver and interest of the Mortgagor in and to any insurance policies then of the terms hereof or of the note secured hereby. in force shall pass to the purchaser or grantee. 13. That if the Mortgagor default in any of the covenants or 8. That if the premises, or any part thereof, be condemned agreements contained herein, or in said note, than the Mortg.agee under any power of eminent domain, or acquired for a public use, may perform the same, and all expenditures lincluding reasonabte the damages, proceeds, and in consideration for such acquisition, to attorney's feesl made by the Mortgagee in so doing shall draw in- the extent of the fuli amount of indebtedness upon this Mortgage, terest at the rate set forth in the note secured hereby, and shall be and the Note secured hereby remaining unpaid, are hereby assigned repayable immediately and without demand by the Mortgagor to by the Mongagor to the Mortgagee and shall be paid forthwith to the Mortgagee, and, together with interest and costs accruing the Mortgaget to be applied by it on account of the indebtedness thereon, shall be secured by this mongage. secured hereby, wiiether due or noi. 14. That the mailing of a written notice or demand addressed 9. That the Mortgagee may, at any time pending a suit upon to the owner of rxord of the mortgaged premises, or directed to this mongage, apply to the oourt having jurisdiccion thereof for the the said owner at the last address actually fumished to the htort~ appointment of a receiver, and such court shall forthwith appoint a gagee, or directed to said owner at said mortgaged premis~, an~ receiver of the premises oovered hereby a11 and singular, including mailed by the United States mails, shall be sufficient notice and de- ~ all and singular the i~. profits, issues, and revenues from mand in any case arising under this instrument and required b~~ the whatever source derived, each and every of which, it being express- provisions hereof or by law. - ly understood, is hereby mongaged as if specitically sat forth and described in the granting and habendum ctauses hereof, and such I5. The Mortgagor funher covenants that should this mortgage receiver shall have all the broad and effective funetans and powers and the nate secured hereby not be eligible for insurance under the in anywise entrusted by a coun to a receiver, and such appoint- National Housing Act within $~y daYs ment shall be made by such coun az an admitted equity and a from the date (written statement of any officer of the Department matter of absolute right to said Mortgaga, and without reference of Nousing and Urban Development or authorized agent of the to the ada~uacy or inadoquacy of the value of the property mon- Secretary of Housing and Urban Devebpment date subsequent to gaged or the solvency of said Mortgagor or the defendanu, and the SIXIY days' time from the date of this that such rents, profits, inoome, issues, and revenues shall be ap- mortgage, declining to insure said note and this mortgage, being plied by such roaiver acoording to the lien of this mortgage and deemed conclusive proof of such inelegibility?, the Mortgagce or Page 3 of 4 tf ~ ~U5 ;~E ~ooK . . _ ~ _ _ - - r:~-