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HomeMy WebLinkAbout1923 ~t. '1'hat he will pay all taxes, assessments, water ~ates. artd dher govcrnment;~l o~ municipal chacges, tirtes, o~ ~mpositioos, fu~ vehich prrn•is?on has n~t beeo mede heminbefoce, and in default thereo[ the mortgagee may pay the same: and that he will promptly deliver the o[ticial receipts there[or to the mortgagee. S. That he will permit, commit. o~ su([e~ no waste, impai~ment, or detetio[ation ot said p~operty or any part theoeof: and io the event ot the [ailure o[ the mo~tgagor to kerp lhe buildings on said premises and those tobe e~ected on said premises, or imp~ovements theceon, in good repair, thr mo~tgagee may make surh repeirs as i~i its ' disc~et?oo ~t may deem necessa~y for the proper p~ese~vation thereof, und the (utl amount ot each and evety such pa~~mrnt shall-be ~mmediately due and payable, and sha11 be secured by the lien of this mo~tgage. b That he arill ~ay ali a~d singula~ the costs, charges, and expe~ses, i~cluding ceasonable lawye~'s Eees, and costs ot abstracts ot title, incur~ed o~ paid at any time by the mortgagee because of ihe failure on the part of the mortgagor promptly and fully to pec(o~m the agreements and covenants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payabte and shafl be secured by the lien of tAis mortgage. That he Kill keep the impcovements now existi~g o? hereafter erected on the modgaged property, insu~ed as ma~• be ~equi~ed from time to time by the mortgagee against lats by tire and other haza~ds. casualties, t~d contin- genries ~n such amounts and Eor such periocls as may be required by mu~tgagee, and wiil pay p~omptly, when due, an} prem~u~ on such insurance for payment of which provision has not been made hereinbe(ore. All insurance shall be carcted tn companies appcoeed by mwtgagee and the policies and renewals theteof shall be held by mort- gagee and haa•e attachEw theceto loss payable clauses in favor oi and in for::: ascep!~tile to the mottgagee. ln e~•ent of loss he veilt gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly b~ mortgagor, and each insucance company conce~nrd is hereby authorized and directed to inake pa}•ment foc such lass di~ectly to mortgagee instead of to mortgagor and mortgagee jointly, a~d the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness he~eb~~ secured or to the restoration a repair ot the prope~t~~ damaged. In event of foreclosure of this mo~tgage or othec tc:+~efer of tztie to the mortgaged property in extinguishment o[ the indebtedness secured hereby, all right, title, and intecest of the mortgagar in and to any insurance policies then in torce shall pass to the purchaser or grantee. R. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion theceoi fv~ the appointment of a ~eceiver, and such coud shal! [orthwith appaint a receiver of the premises. co~•ered hereb~• ail and singular, including all and singular the income, profits, issues, and revenues from whatever ~~urce deri~•ed, each and eeer~~ of which, it being expressl~~ ur.derstood, is hereby mortgaged as if specifically set torth end described in the granting and habendum clauses hereof, and such receiver shali have all the broad and effecti~~e functions and powers in an~ryvise entrusted by a court to a receiver, and such appointment shal! be made by~ such rourt as an adm~tted equit~ and a matter of absolute right to said mortgagee, and without reference to the adequac~- or inadequact• of the ~•alue of the pruperty mortgaged or to the solvency or insolvency of said mortgagor or the defen.'.ents. and that such rents, profits, income, issues, and revenues shall be applied by such receiver acc~xdtng to the lien of this mortgage and the practice of such court_ In the event of any default on the part o[ the ~r,ortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonabie monthly rental for the premises an amount at least equi~•alent to one-twelfth (1'12) of the aggregate of the twelve month:yinstall- r.~ents pa}•able in-the then current year plus the actual amount o( the annual taxes, assessments, water rates, and insurance pcemwms for such year not co~•ered by the atoresaid monthly peyments. 9. That ~ in the e~~ertt oi any breach of this mortgage or default on the part of the mortgagor, or (bl in the e~-ent that am• of saia sums of mone~ he~ein referred to be not prom~tly and fully paid without demand or notice; or in the e~•ent that each and every the stipulations. agreements, conditions_ and covenants of said note and :his :nortgage, are not dul~•, promptly, and fully performed; then in either or any such event, the said aggre~ate ; sur.~ c~ent~.xted in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereb~-. shall become due and pa~able forthwith, or therea[ter, at the option of said mortgagee, as Eully and com- ~ pietei~• as if afl of the ~aid sums of money were originally stipulated to be paid on such day, anything in said ~ note a~ in this mortgage to the contrar~ notwithstanding; and thereupon or thereafter, at the option of said matga- E gee. ar~thout n~tice or demand, suit at taw or in equity, may be prosecuted as if all moneys secured hereby had ~ nature~' pcior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and pa~~able. and the said prem~ses shall be sold to satisfy and pay the same together with costs, expen~es,and allow- ances. In case of partial foreclosure of this murtgage, the mortgaged premises sha~'_ be sold subject to the con- tinuu:g lien of this- mortgage for the amc~nt of the debt not then due and unpaid. In such case the provisiors of ~ th~s peragraph cta~• again be a~•ailed of thereafter from time to time by the mortgagee. 10. That the mortgagor will gice immediate notice bl mail to the mortgagee of any conveyance, transEer, or change of av~nership of the ptemises. ' 11. That no w•a~~•er of any co~•enant herein or of the obligation sec~red hereby shall at an~• timP thereafter be ~?eld to be a v~a~~-er of the terms hereoQ or of the noie secured herehy. ~ 1? That ~f the moctgagor default in any of the co~•enants or agreements cuntained hereia. or ~n said note, then ~ the rortgagee mat perEorm the samE, and all expenditures (including reasonable attorney's feesl made by the ~:ortgagee ?n so doiag shall drax interest at the rate set fath in the note secured hereby , and shall be repayabie ~ i--ediatel}~ an3 a•~thoat demand by the mocigagoc to the mortgagee, and, together with interest and costs accruing ~ thereon. shai: be secured by this mortgage. 13. that the r.~a~t~ng of a wr~tten notice or demandaddressed to the owner of record of the mortgaged premises, ur directed to the said ovener at the last address actually (urnished to the moctgagee, or directed to said rnvner at ~ ~ai: mortgagPd prem~ses, and mailed bY the United States mails, shall be sufficient notice and demand in any case aris~ng under th~s instrument and requited by the procisions hereoE or by lav~. 14. T!~e mortgagor further covenants that should this mortgage and the note sec•ured hereb}• not be eligible for insurance under the National Housing Act within ~~Y, from the date hereof (written statement ~ of an~ o[ficer of the Department of Housing and Urban Qevel ent or authorized agent of the Secretary of Hous- ~ :r.g and Urban i~velopment dated subsequent to the ~~YJ time from the dpte of this mortgage, ~ deciining to insure said note an~ this mortgage, being deem•rd conclusive proof of such ineligibility), the mortga- ~ gee a the Aolder of the note may, at ~ts option, declare all sums seCUred hereby immediately due and payeble. ~ The co~•enants here?n contain~d shall bind, and the benefits and advantages shall inure to, the respective ~ he:rs. e:ecuto~s, admm~strators, successots, and assig~s of the parties hereto_ VI`henever used, the singular num- ~ ber shali irtclude the lural, the lural Ihe s~n utar, and the use of an ender shall tnclude all enders. P P g y K S ~ ~ ~ ~ ' ~ ~ a~~~1~4 1922 ~ ~ ~w - _ 7 - F~: ~ ~ _ _ _ _ _ - - _ .