HomeMy WebLinkAbout0881 4. That he will pay all taxes. essessments, watet tates, end othec governme~tal or municipal charges. tines.
ot ic~?positions, fo~ ~hich ~rovision has not been made hereirtbetoce. and in default thereof the mortgegee mey pay
the same; and that he will promptly deliver the official receipts there:or to the mo~tgagee.
S. That he will pe~mit. commit, or sutfer ~o waste. impairmen.. or detetiocation of said pr~perty or any part
thereot; end i~ the event ot the (ailuce of the mortgagoc to keep the buildings on said p~emises a~d thase tobe
ecected on said premises. or improvements thereon. in good ~epair. the mortgagee may make such ~epai~s as in its
discretion it may deem ~ecessary foc the proper pcesecvation the~eot. and the full amount of each and every such
payment shall be immediately due and payable. and shall be secuced by the lie~ of this mo~tgege.
6. That he will pay all and singular the casts, cha~ges, and expenses, including ~easonable lawyer's [ees. ~
and costs oE sdstracts of title, incurced o~ paid et any time bythe moctgagee because of the failure on the part of o
the mortgaga promptty and fully to per[orm the agreecnents and cavenants o[ said promissory note and this mort-
gage, and said costs. charges, and expenses shaU be immedietely due and payable and shall be secured by the
lien of this mortgage.
7. That he will kepp the imp~ovements now existi~g or hereafter erected on the ~nortgaged prope~ty. insured as
may be required from time to time by the moctgagee against luss by fire and other haaards, casualties. and contin-
gencies ia such amounts and [or such periods as may be required by mortgagee, and will pay promptly, when due.
any premiums on such insurance for payment ot which nrovision has not been msde hereinbefore. All insurance
shall be carried in companies app~oved by moctgagee and the policies and renewals thereof shall be held by mo~t-
gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In
e~•ent of loss he will give immediate notice by mail to mortgagee, and moctgagee may make pcoo( of loss i( not ;
made promptly by mortgagor, and each insurance company concerned is hereby authoriaed and directed to make j
payment [or such loss dicectly to mortgagee instead of to mortgagor and mortgagee jointly. and the insura~ce pro- ~
ceeds, 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 of foreclosure ot this mortgage or
other transfe~ of title to the moctgaged property in extinguishment of the indebtedness secu~ed hereby. all right,
title, and interest of the mortgagot in and to any insurance policies then in force shall pess lo the purchaser or
grar.tee.
8_ That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic-
tion the~eof for the appointment of a receiver, and such court shall (orthwith appoint a receiver o[ the premises
co~ered hereby all and singular, including all and singular the income, profits, issues. and revenues from whatever
source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciEically set ~
torth end described in the granting and habendum clauses hereof, and such receiver shalt have alt the bcoad and
effectire functions an~1 powers in anywise entrusted by a court to a receiver, and such appointment shall be made
b~• 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 propedy mortgaged or to the solvency or insolvency oE said mortgagor
or the defendents, and that such cents, profits, income, i~sues, and revenues shail be applied by such receiver
according to the lien of this moctgage and the practice of such cou~t. In the e~•ent of any defauit on the part of the
mortgagor hereundei, !he mortgagor agcees to pay to the mortgagee on demand as a reasonable monthly rental for
the prer.~ises an amount at least equivalent to one-twelEth (1!12) of the aggregate of the twelve monthly install-
ments payable in the then current year plus the act~sal amount of the annual taxes, assessments, water rates, and
insurance premiums for such year nd covered by the aforesaid monthly payments.
9. That in the event of any breach of this mortgage or deEault on the pa~t of the mortgagor. or /6/ in the
e~~ent that any oE said sums of money herein referred to be not promptly and fully paid without dema~ or notice,
or 1 in the event that each and every the stipulations, agreements, conditions. and covenants of said note and
; this R~ortgage, are not duly. promptly, and fuily 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, ar.d all moneys secured
hereb}~, shall become due and payable fort~with, or thereafter, at the option of said mortgagee. as fully and com-
~ pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything•in said
E note cr in this mortgage to the contrary notwithstanding; and thereupon or thereatter, at the option oE said mortga-
gee, without notice or demand, suit at law or in equi_y, 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 ~eclared due and
payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow-
ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
tinuing lien of this mortgage foc the amount uf the debt not then due artd unpaid. In such case the prov:sions of
this paragraph ~ay a~ain be availed of thereafter from time to time by the mortgagee.
10. That the mortgagor witl give immediate notice by mail to the mortgagee of any conveyance, transEer, or
change oE rnwnership of ihe premises.
11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
~ helu to be a waiver of the terms hereaf or of the note secured hereby.
~ 12. That i( the mortgagor default in any of the covenants os agreements contained herein, or in said note, then
the mortgagee may perform the same, and all expenditures (including reasonable atto~ney's fees) made by the
mortgagee in so doing shall draw inte:est at the rate set forth in the note secured hereby, and shall be repayable
~ ~mmediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing
thereon, shalt be secured by this mortgage.
~ 13. that the mailing of a written notice or demandaddressed to tbe 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
~ sa~d mortgaged premises, and mailed by the United States mails, shalt be sufficient notice and demand in any
- case arising under this instrument and required by the provisions hereof or by law.
~ 14. 1'he mortgagor further covenants that should this mortgage a~ the note secured hereby not be eligible ,
~ for insurance under the ~ational Eiousing Act within 3Q ~YS from the date hereof (written state~nent
~ oE anp officer of the Department of Housing and Urban Development or autho~ized agent of the Secretary o[ Hous-
~ng and Urban Develupment dated subsequent to the 3Q ~Y., time from the date o[ this mortgage,
~ declining to insure said note and this inortgage, being deem?d coaclu~ive proo[ of such inel~gibility), the mortga- _
gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble.
~ The covenants herein tontained shall bind, and the benefits and advantages shall inure to, the respective
~ heus, executors, administratocs, successors, and assigns of the parties hereto. Whenever used, the singular num-
~ ber shall inclode the plural, the piural the singular, and the use of any gender shall include all genders.
~
~ i
~
~ `
~
wa +
~ a~ 1~4 ~8~.
~
~