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HomeMy WebLinkAbout1905 . ~ r 4. That he will pay all taxes, assessments, water ~ates, and dhe~ go~~e~nmerttal or municipal charges, ~ines, or impositions, fo~ which pruvision has ~ot been made hereinbefae, and in default the~eof the moctgager may pay ; ' the same; and that he will promptly deliver the otticial ~eceipts thercEoc to the mort~agee. 5. That he will pe~mit. commit, or sutfer ~o waste, impairment, or deterioration of said prope~ty o~ any pa~t thereof; and in the e~~ent of the tailure of the mortgagor to kePp the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good ~epair, the modgagee may make such ~epairs as io its disccetion it may deem necessa~y for the p~opec preservatio~ the~eot, and the full amou~t o[ each a~d eve~y such payment shall be immediately due and pa~~able, and shall be secured by the lie~ of this mortgage. 6. That he will pey all and singular the costs, charges. and expe~ses, includ~ng ceasonable lawyer's fees, and costs of abst~acts oi title, incucced or paid at any time bythe mortgagee because of the Eailure an the part of the mortgagoc p~omptly and (ully to perform the agreements and covenants o[ said promissory note and this mort- gage, and said costs, charges, a~d expe~ses shall be immediatcly due and payable and shall be secured by the lien af this mortgage. 7. That he will keep the improvements now existing or her~aftec ecected on the modgaged p~opetty. insured as ma}~ be required from tine to time by the moctgagee agai~st loss by Iire and other hazards, casualties, and contin- gencies in such amounts and Eor such periods as may be required by mortgagee, and will pay promptly. when due, am• premiums on such insucance far payment of which p~ovisio~ has not been made he~einbefore. All ins~rance shall be carried in companies approved by mortgagee and the policies and renewals thereof shal! be held by mort- gagee and ha~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~•ent o( loss he :ill give immediate notice by mail to mortgagee, and moctgagee may make proof of loss it not made p~omptlv by~ mortgagor, and each insurance co~npany concerned is hereby autho~ized and directed to make payment for such loss dicectly to mortgagee instead of to mortgagor a~d mortgagee jointly, and the insu~ance pro- ceeds, or any part thereof, may be apptied by mortgagee at its option either to the reduction of the indebtedness hereby secured oc to the restoration or repair of the p:operty damaged. In event of foreclosure ot this mortgage oc ~ther !ransfer ot title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest ot the mortgagor in and to any insurance policies then in fo~ce 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 jurisd~c- t~on thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises co~•ered he~eby a:l and singular, including all and singular the income, profits, issues, and revenues from vehateve~ source derived, each a:~d every ot which, it being exp~essly understc~od, is hereby mortgaged as if speciEically set forth end descnbed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•e functions and powers in anywise entruste~; by a court to a rece~ver, 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 property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such cents, profits, income, issues, and re~•enues shall be applied by such receiver according to the lien of this mortgage and the practice ot such court. In the event of any default on the part of the mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental [or the premises an amount at least equivalent to one-twelfth (1'12) of the aggregate of the twelve monihlyinstall- ments payable in the then current yea~ plus the actual amount of the annual taxes, assessments, water rates, and insurance p~emiums for such year not co~ered by the aforesaid monthly payments. 9. That ~ in the e~•ent of any breach of this mortgage or de[ault on the part of the mortgagor, or ;'b/ in the eeent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or i~ ; in the e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and ''i this mortgage. are not duly. promptly, and fully 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 i hereby, shall become due and payable Eorthwith, 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 ~ note or in this nortgage to the contrary notwithstanding; and thereupon or therea~ter, at the option of said mortga- • ~ gee, 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 pa~•able, and the said premises sha~l be sold to satisfy and pa}• the same together with costs, expenses.and allovr- ances. In case of partial foreclosure o( this mortgage, the mo~tgaRed premises shatl be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph ma}• aga~n be ava~led of thereafter from time to time by the mortgagee. 10. That the mortgagor will gi~•e immediate notice by mail to the mortgagee of any com•eyance, trans[er, or ~ change of ovvnership of the- ises. 11. That no v?aivei of any covenant herein or ot the obligation secured herebp shali at any time thereafter be held to be a wai~•er of the terms hereof or of the note secuced hereby. 12. That if the mortgaga default in any of the co~•enants or agreements contained herein, or ~n said note, then the mortgagee may perform the same. and a11 expenditures (includ~ng reasonable attorney's fees) made by the mortgagee in so doing shali draw ~nterest at the rate set forth in the note secured hereby, and shall be repayable ~mmediately and without demand by the mortgaga to the mo?tgagee, and, together with interest and costs accru~ng thereon, shall be secured bt this mortgage. ~ 13. that the mailing of a written notice o~ demandaddressed to the owner ot record of the moctgaged 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 e.^.ailed b~ ihe tJniied States mails, shall be sui(icier.t nolice and demand in any ~ case arts~ng under this ~nstrument and required by the pro~•isions hereof or by 1aw. r ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be elig~ble i ~ ~ [or insuraace under the National Nousing Act within ~~YS from the date hereof (written statement - ~ of any officer of the Department ot Housing and Urban•Q~lopmeot or authorized agent of the Secretary of Hous- ~ng and Urban i3rveivpment dated subsequent to the 30 p/~~".r, time from the date o! this mortgage, ~ declining to insure sa~d note and th~s mortgage, be~ng deem•~d conclusive proof of such ineligibility), the mortga- ' ~ gee or the holder d the note may, at its option, declare ail sums secured hereby immediately due and pa~able. ` ~ The cocenants herein contained shall bind, and the benefits and advantages shalt inure to, the respective he~rs, executors, admin~strators, successors, and assigns o[ the pacties hereto. Whenever used, the singular num- ~ bec shall includr the plural, the plural the singutar, and the use of any gender shall include all genders. ~ ~ • ~ _ . . ~ 194 1904 ~ ~~L~ - - ~ ~ 3 - s.-~ t :~t - = - < ~1~ _ _ ~ _ . . , . F