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HomeMy WebLinkAbout0858 4. Thet he will pey al! taxes, assessments. water rates. a~d dher go~~ernmental or municipal charges, fines, _ ot impositions, tor which provision has not been made heceiobetoce. and in deEault thereoE the mo:tgagee may pay the same; end that he will p~omptly delive~ the o[iicial teceipis the~et~r to the mortgagee. S. That he will permit. commit, a suffec no waste. impairment. or deterioration ot said property or any pa~t thereof; and in the event of the Eailure of the mortgago~ to keep the buildings on seid premises and those tobe erected on seid pcemises. ot improveme~ts thereoo, in good repair. the morlgagee may make such ~epe~rs as in its discretion it may deem necessary for the proper prese~vetio~ thereof, and the Eull emount of each and every such payment shall be immediately due and Payable, and shall be secured by the lien of this mortgage. 6. That he will pey all and singular the costs, charges. and expenses. including reasonable lawyer's fees. and costs of abstracts of title, incurred or peid at any time bythe matgagee because of the tailure on the part of ± the mortgagor promptly and fully to perEam the agreements and covenants oE said promissory note a~d this mort- ; gage, and said costs, cha~ges, and expenses shali be imraediately due and payeble and shall be secured by the ? li~n of this mortgagc. i 7. That he will keep the impcovements now existing or heceafte~ erected on the modgaged property. insured as may be requi~ed trom time to time by the m«tgagee agaiast loss by fire end other hazards. casualties. end contin- ge~c~es in such amounts and for such periods as may be required by moctgagee. and will pay promptly. when due, a~y premiums on such insurance for peyment of which provision has not been made hereinbeEore. All insurance shall be car~ied in companies epproved by mortgagee and the policies and renewals thereof shall be held by mort- ~ gagee and have attached the~eto loss peyeble clauses in favor of and in form acceptable to the mortgagee. ln ' ~ e~•ent of loss he will give immediate notice by mail to martgagee, and mortgagee may make proof of loss if not ~ made promptly by moctgegor, and each insurance company co~cerned is hereby authorized and directed to make ~ payment for such loss dicectly to mortgagee instead of to mortgagor end mortgagee jointly. and the insurance pco- , reeds, or any part thereof, may be epplied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair ot the propedy damaged. ln event of Eoreclosure of this mortgage or other transfer of iitle to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the moctgagar 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 thereot for the appointment of a ceceiver, and such coud shall Eorthwith appoint a receiver o[ the premises ~ covered heceby all and singular, including ali and singular the income, profits, issues. and reve~ues fre~ whatever source derived, each and every af which, it bei~g expcessly unde~stood, is hereby mortgaged as if speciEically set ~ forth end described in the granting and habendum clauses he~eof, and such receiver shall have all the broed and effecti~e Eunctions and powers in any~vise entrusted by a court to s receiver, and such appointment shall be made ~ by such court as an admitted equity and a matter o[ absolute right to said modgagee, and without reference to the adequacy or inadequacy of the value of the property moctgaged or to the solvency or insolvency ot said modgagor or the defendents, a:d that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien oE this mortgage and the pcactice of such cou~t. In the event of any detairlt-ea the part of the mortgagor hereunder, the mortgagoc agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amouni at least equivalent to one-twel[th (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount oE the annual taxes, assessments, water rates, and insuraace ~remiums for such year not coveted by the aforesaid monthly payments. 9. That ~ in the event of any breach of this mo~tgage or default on the pad of the mortgagor, or (6) in the ~ event that eny ot said sums of money hetein reEerred to be not pror.iptly and fully paid without deman~ or notice. or in the event that each and every the stipulations, agreeme~sts, conditions. and covenants ~f said note and this mortgage, are nd duly, promptly, and Eully 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, shail become due aRd payable forthwith, or thereafter, at the option of said moctgagee, ~s fully and com- li pletely as if atl of the said sums of money were originally stipulated to be paid on such day, anything in said ; note a in this modgage to the contrary notwithstanding; and lhereupon or thereafter, at the option oE said mortga- r ~ gee, withoat reotice or demand, suit at !aw or in equity, may be prasecuted as if all moneys secured hereby had ~ matured prior to its institution. The mortgagee may foceclose this mortgege, as to the amount so declared due and • payable, and the said premises shatl be sold to satisfy and pay the sEme together with costs, expenses,and aliow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sotd subject to the con- tinuing lien of th:s mortgage Eor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, tcansfer, or change of ownership of the premises_ I1. That no waiver of atiy covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12_ That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expereditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw inte~est at the rate set farth in the note secured hereby, and shall be rep~yable immediately an~ without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of ~ written notice a demandaddcessed to the owner ot record of the mortgaged pcemises, ~ ~ ot directed to the said owner at the last address actually furnished to the modgagee, ot directed to said ovPner at ~ said modgaged premises, and mailed by the United States mails, shali be su[ficient notice and demand in any - case arising under this instrument end required by the provisions hereof oc by law_ ~ 14. The mortgagor turther covenants that should this moct age and the note secured hereby not be eligible fot insurance under the National Nousing Act within 30 ~~s [rom the date hereof (written statement of any officer of the Department of Housing and Urban Develop~aent or authorized agent of the Secretary of Hous- ~ ing bnd Urban Developmert dated subsequent to the ~ QRY~ time from the date of this mortgage, declining to insure said n~te and this mortgage, being deem~~d conclusive proof of surh ineligibility), the mortga- gee or the hoIdec of the note may, at its option, declare all sums secured hereby imc~ediately due and payebfe. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ Heirs, axecutas, administrators, successor~, end assigns~Rf tbe,parties hereto. ~Olhenever used, the singular num- ~ ber shall include the plural, the plural the singular, and thl~ use of any gender shall in~lude alt gmders_ _ ~ ~ ~ ~ ~ i94 858 ~ ~ ~ ~ . _ : _ - - ~ ~ _ _ : _ w~~