HomeMy WebLinkAbout0013 4. 1'hat he will pay atl taxcs, assCS~~arnts, w~tet cates. and other go~•e~~mental or municipal chatges, (ines,
or impositions, tor which provisien has not been s~adc heceinbefore. and in defeuit thaceof the moctgagee may p:+y
the same; and that he will promptly deliver the otticial ~eceipts tAerefoc to thK mo~tgagee.
S. That he will permit, commit. or su[fer no waste. impai~ment. ot delerioration of said property or any pa~t
thereof; and in the event of the tailure of the mortgago~ to keep the buildings on said premisec and those tobe
erected on said p~emises, o~ imp~ovements the~eck?, in gc~od repair, tt?e moKgagee may make such ~epairs us in its
discretio~ it may deem ~ecessary [o~ the p~ope~ preservation thereo[, and tne Eull amount of each and every such
~ payment shall be immecii;~tely due and payable, and shall be secured by the [ien ot this moctgage.
6 That he will pa~• al! and singular the cosls, charges, and expenses, includi~g reasonable lawyer's fees,
and costs of abstracts of title, i~curred oc peid at any time bythe moctgagee because oE the failure on the part of
the mottgago~ p~omptly and fuliy to per[urm the ag~eements and covenants of said promissory note 3nd this mort-
~age, dnd said costs, charges, a~td expenses shell be immediately due and Qayable and shall be secuied by the
lien oE this moctgage.
7. That he will keep the improveme~ts ~ow existing oc hereafter erected on the mortgaged pc4perty. insured as
may b~ required f~om tiR,e to time by the mo?!oagee against loss by fi~e snd other hazards, c~sualties, and contin-
gencies in such amounts and for such peciods as may be required by moctgagee, and will pay p~omptly, when due,
:+ny premium.c on such insurance [or payment o[ Khich provision has not been made hereinbeEoce. All insura~ce
shall be carried in companies approved by mottgagee and the policie~ and renewals thereof shall be held by mort-
gaKee and ha~•e attached thereto l~ss payable clauses in fa~e: .,f and in form acceptable to the moctgagee. In
e~•cnt o[ lo~s he w~ll gi~•e ir^medi~te ~otice by mail• to mortgagee, and mortga~ee may make proo[ ot loss if not
made prompt!•, by mo~tgagor, and ~acl~ ~:.:.::rance compan~~ concerned is hereby authorized and directed to make
N:.~•ment for s.~h loss directly to mortgagee instead o[ to mortgag~x and mwtgagee jointly, and the insurance pro-
c>eds, or am• part thereot, may be applied by nortgagee at its option either to !he reduction o[ the indebtedness
hereby secured or to the restoratior~ or ~epair of the propedy damaged. In e~~ent of foreclosure of this mortgage or
other transfe~ of tit!e to the mortgaged pcoperty in extinguisfiment of the indebtedness secured he~eby, all rigl~t.
t~tle, and interest of the mortgagor in and to any insucance policies then in force ~hal! pass to the purchaser or
grantee_ _
8. That the mortgagee may, at any time pending a suit upon t:iis moctgage, apgty to the court having jurisdic-
t~on thereof for the appointment of a ~ecei~•er, and such court ~hal~forthwith appoint a receiver of the premises
co~•ered hereby all and singu.ar, including all and singular thP income, profits, issues, and revenues from whatever
~uurce deri~~ed, each a~d every of which, it being c~cpresslv understood, is hereby mortgaged as if specifically set
forth end described in the granting and habertdum clauses hereof, and such receiver shall ha~~e all the broad and
effect-i•e functions ana powers in am-wise entrusted by a court to a rereiver, and ~uch appointment sball be made
b~• such court as an admitted equity and a matter of absolute right to said mortgagee, and without referznce to the
adequac}• ~r inadequacy of the value oF the pioperty mortgaged or to the solvency or insoivency of said mortgagor
or the defendents, and that such rents, protits, income, issues, artd revenues shall be applied by such receiver
according to the lien of this mortgage and the practice of such court_ in the e~~ent of any deEaul~ on the part oE the
mortgagor hereunder, the mortgagor ag,rees to pay ~o the mortgagae on demand as a reasonab!e :nonthly ~enial [or
the premi:.Qs a.. amount at least equivalent 'to oue-twelf!h (1:~12) of the aggregate of the twelve monthly install-
ments payable in the then current yeai plus the actual araount of the annual taxes, assessrt:~nts, water rates, and
insurance p~emiums for such year not covered by the aEoresaid monthly payments.
9. That i in the eeent of any br~ach of this mortgage or default on the part of the mortgagor, or (b) in the
e~•ent that anp of said sums of money hecein referred to oe not promptly and futly paid without demand or notice,
or ~ in the e~~ent that each and every the stipulations, agrePments, co~~ditions_ and cover~a~ts ef saed note anc!
' tizis mortgage, are not duly, promptly, and fully performed; then in either or any such e~•ent, the said aggregate
i sum mentioned in said note then remainiag unpaid, with iMerest accrued to that time, and a[I moneys secured
'i herebl•, shall become due and payable fo~thw'st!c, or thereafter, at the option of said mortgagee, as tully and com-
pletely as if all ot the said sums of money were originally stipulated to be ~aid on such day, anythiag in said
~ note or in this mortgage to the contrar}• notwithstanding; and thereupon or iherea(ter, at :he option of said mortga-
gee, without notice or demand, suit a! law or in equity, ~ay be prosecuted as if all moneys secured hereby had
~ maturec! rsenr to its institution. The mortgagee may foreclose this .^.:~!gage, the art~o~nt so declarec due and
payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses.and altow-
ances_ In case of partial forec;osure of this mortgage, the mortgaged p~emises s6a11 be sold subject to the con-
tinuing lien of th~s mortgage for the amouat of the deb: not then due and unpaid. In such case the provisions of .
this paragraph may again be a~•ailed of thereafter from time to time by the mortgagee.
~ 10. That the mortgagor will give immediate notice by mai! to the mortgagee of any con~•eyance, transfer, or
change of ownership of the premises.
~ I1. That no waiver of any covenant herein or of the obligation secered hereby snall at any time thereafter be
held to be a v?aiver of the terms hereof or of !he note secured hereby_
~ l2. That if the mortgagor default in any ~f the covenants or agreements contained here:n, or in said note, then
the mort~agee may perform the same, and ail expenditures (including reasonable attorney's (ees) made b~• the
~ mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and si~all be repayable
immediately and wiihQut demand by the mortgagor to the mortgagee, and, togCi~~rr with interest and costs accruing
~ thereon, shall be secured by this mortgage_
~ 13. that the mailing of a wntten notice or demandaddressed to the owner of record of the mortgaged premises,
or directed to the said owner at the last address actuall~• furnished to the modgagee, or directed to saidowner at
~ said mortgaged premises, and m3iled.by the United States ma~is. :hall be sufficient notice and demand in any
~ case aris~ng under this instrument and required by the provi~ions hereo( or by law.
14. The mortgagor further covenants that should this r.~ortgage and the note secured hereby not bc eligible
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~ (ar ~nsurance under the Nationai Housing Act within ~~Y, (rom the datz hereot (written statement
~ of any off~cer of the Uepartment of Housi~g and Urban D~velopment o~ authorized agent of the Secretary of ~{ous-
~ ing and Urban Devel~;pment dated subsequent to the ,~i~ UMi.~ time from the date of this mortgsge. ~
~ decl~ning to insure sa~d note and this mortgage, being deem•~d conclusive ptoo( o( such inelig:bil~ty), the mortga-
gee ot the h~lder d the note may, at its option, declare a!! sum~ secured twreby immed~ateiy due aad payeble_
~ The cove~ants herein conta~nPd shall bind, and the benefits and adva~tages shall inure tu, the respeccive
~ heus, executors, ~dmin~strators, successors, and assigns of tt.e parties herelo. Whenever usecl, tne s~ngular aum- -
ber shall include the plural, the plural the singelar, and the use of any gender shall :nclude qll genders_
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