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HomeMy WebLinkAbout1917 4. That he will pay all taxes, assessments, water rates, and olhet go~•e~nmental or municipal charges, [i~es, or impositia?s, for which p~ovisioo has not been made hereinbefore, end in detault thereof the mo~tgagee may pay the same. and that he will promptly deliver the of[icial receipts therefo: to the mortgagee. S. That he will pe~mit, commit. oc su[fer ~o waste. impairment, o~ deterioration of said prope~ty or any pa~t thereot; and io the event of the failure o[ the mortgagor to keep the buildings on said premises and those tobe erected on said premises, oc improveme~ts the~eon, in good repai~, the mortgagee may :nake such ~epeirs as ir? its discretio~ it may deem ~~ecessary [o~ the prope~ p~eservation thereo[, and the ful! amount of each and every such payme~t shall be immediately due and payable, and shall be secured by the lie~ of this mortgage. 6. That he will pay all and singutar the costs, charges, and expenses, includ~ng reasonable la~vye~'s fees, and costs ot abstracts of titte, incu~red or paid at any time bythe mortgagee b~cause oE the failure on the part of the mo~tgagor promptly and fully to perform the agrPements and covenants o[ said promissory note and this mort- gage, and said costs, cha~ges, and expe~ses shall be immediately due and pf?yable and shall be secured by 1he lien oE this mortgage. 7. That he will keep !he improvements now existing or hereafter erected on the modgaged p~ope~t~, insured as may be ~equi~ed from time to time by the mortgagee against loss by fire and other hazards, casua!ties, and contin- gencies in such amounts and for such periods as may be required bp mortgagee, and will pay promptly, when due, any~ premiwns on such insurance foc payment of wfiich provision has not been made heceinbefore. All insurance shall be cacried in companies appcoved by mortgagee and the poticies and renewals thereof shall be held by moct- gagee and ha~•e attached thereto loss payable clauses in favor oE and in form acceptable to the mortgagee. In e~•ent of ~.oss he wilt gi~•e immediate ~otice by mail to moctga~ee, a~d mortgagee may make proof of loss if not made promptly b~~ mortgagor, and each insurance company concerned is hereby authorized and directed to make pa}~ment for such las~ directly to mo~tgagee instead of to mortgagoc and mortgagee joi~tly, and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereb~~ secured or to the restoratio~ oc repair of the property clamaged. [n event oE.foreclosure of this mortgage or other transfer of title to the moctgaged p~operty in extinguishment o( the indebtedness secured hereby, all right, title, a~d interest of the moctgago~ in and to an~~ insurance policiPs then in force shall pass to the purchaser oi g~antee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a cecei~•er of the premises co~•ered hereb~ all and singular, inc4uding all and singutar the income, profits, issues, and revenues from whatever source deri~•ed, each and every of which, it being expcessly understood, is hereby mortgaged as if specifica:ly set ~ forth end described in the granting and habendum clauses hereof, and such receiver shall have all the broad and ~ effecti~•e functions and powers in any~wise entrusied by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequac~~ or inadequac}• of the value of the property mortgaged or to the solvency w insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shatl be applied by such rec~iver according to the tien of this mortgage and the practice of such court_ In the zvent of any default on the part of the murtgagor hereunder, the mottgagor agrees to pay to the mortgagee on demand as a ceasonable monthly rental [or the premises an amount at least equivalent to one-twel[th (1.'12) of the aggregate of the ".•~~elve monthly install- ments payable in the then current year pl~s the actual amaunt of the annual taxes, assessments, water rates, aad insurance premiums for such pear not covered by the aEoresaid montht~ payments. 9. That J in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said sums o[ maney herein referred to be ~ot promptly and fully paid without demand or notice, or 1 i~ the event that each a~d every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and tulty performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to thal time, and all moneys secured hereby, shall become due and pa~able forthwith, or thereafte~, at the option of said mortgagee, as [ully and com- 'f pletely as if all of the said sums of money were originally stipulated to be paid on such day, am~thing in said ' note or in this mortgage to the contrary notwithstanding; and thereupon or thereatter, 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 j matured prior to its institution. The mortgagee may Eoreclose this mortgage, as to the amount so declared due and payable, and :he said premises shall be sold to satisfy and pa~~ the same together with costs, expenses,and allow- ances. In case ot partial foreclosure of th~s mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of th~s mortgage for the amount of the debt not then dae and unpaid. In sunc ~ase the provisions of ~ this paragraph may again be a~•a~led of thereafter from time to time by the mortgagee. ~ 10_ That the mortgagor v?i11 gi~°e immediate notice by mail to the mortgagee of any com•eyance, transfer, or change of ov?nership of the premises. 11 _ That no wai~~er of any covenant herein or of the obl~gation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereb~•. 12_ That i! the mortgagor default in an~ of the co~•enants or agreements contained hereen, or ~n said note, then the mortgagee ma~ perform the same. and all expenditures (includ~ag reasonable attorney's tees) made b~• the = mortgagee in so doing shail draw interest at the rate set forth in the note secured hereby, and shall be repayable 5 ~mmediately and w~thout demand by the mortgagor to the mortgagee. and, together with interest and costs accruing thereon, shalf be secured by this mortgage. 13. that the mailing of a written notice or demandaddcessed to the owner o[ record of the mortgaged premises, ~ or directed to the said owner at the last address actually furn~shed to the mortgagee, or directed to said owner at ~ sa~d mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ; case arising under th~s instrument and required by the proaisions hereof ot by law. _ 14. The moctgagor further cover.ants that sh~uld this nortgage and the note sec:ured hereby not be eligible = for insurance under the National Nousing Act within ~(~~S from the date hereof (written statement ~ of any~ officer of ihe Department of Housing and Urban UevelopmPnt or authorized agent o[ the Secretary of Nous- ~ ing and Urban Development dated subsequent to the b time from the date of this moctgage. ~ declining to ~nsure said no:e and this mortgage, being dee~d~Tusive proot of surh ineligibiiity), the mortga- ~ gee or the holder oE the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ ~ The cocenants here~n containPd shaii bind, and the benefits and adt•antages shall inure to, the respectice ~ he~rs, executors. administrators, successors, and assigns of the parties hereto. Whenever used, the singutar aum- ber shafl ~nclude the plural, the pfural the singular, and the use of any gender shall include all genders. - ~ ~ ~ ~ ~ . BQb!! 194 1916 - ~ . ~ ~ ~ ~ - - - - - - ~ - ~ ~ ~ - ~ . _ _ . . _ . _ . .