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Home My WebLink About2081 . . • ~•v. 4 Th:it he will pay ail t:ixes, ;+xsessments, watet rates, and othe~ go~•crnmental or municipal chargrs, (ines, or ?mpo.citiuns, So~ which pcovi~ioo hus nut bee~ maJe heteinbefoce, and in defeult thered the mortgagee may pay the ~~me; :+nd that he wil! p~omptly deliver the o(ti. ia1 ~eceipts thecefo+ to the mortgagee. i S. That he will permit, commit, or su[fec no waste, imp.iirment, ot deletiocatio~ of said ptopetly or any pa~t ~ thereof; and in the e~ent o( the (ailure o( the mortgugot to keep the buildings on said p~emises and those tobe erected on ~aid prem~ses, or impr~vements thereo~, in good repair, the mongagee may make such repeirs as io i~s ; disc~rtion ~t may deem nece`sary tor the prope~ prese~vation thereof, u~d the full amount of each and eve~y such ~ payment thall be immed~ately due and payablr, and shall be ser~red bp the lien of tl~is moctgage. ; 6 That he will pay all And singular the costs, chacges, and expenses, includi~g ~easonuble lawyer's [ees, ~ and rusts of abstracts of title. ~ncurred w paid at any time bvthe mortgagee becau~e of the failure on the part ot ~ the mu~tgag~x pcomptl}• and full~• to perform the agreements and covenaots of said promisso~y note and this mort- gage, and ~aid costc, cha~ges, and expenses shall be immediately due and payable and shall be secuced by the lien uf this mortgage. 7. That he will keep the impro~~ements nov? ekisting or hereafter erected on the moRgaged p~operty. insured as ma~~ be required from time to time by the moctgagee against lats by fire and other hazacds, casualties, and contin- gencies ~n such amounts and for suc•h periods as may be required by mortgagee, and will pay promptly. when due, ;?m• premium.t on such insurance foc payment of which pro~~ision has not been made hereinbefore. All insurance shall be carried •.n ca:sspsnies ;zpprored by ;nartgagee aad the policics and renexals thereof shall be held by m.xt- K~+gee and ha~~e ~+tt;~ched thereto loss payable clauses in lavor of and in form acce~+table to the moctgagee. In e~•cnt ot loss he veiil gi~•e immediate notice by mail to mortgagee, and mo~tga~ee may make proof of loss if not made promptly b~• mortgago~, and each insucance company concerned is hereby authorized and directed to make pu~~ment tor such loss dicectly to mortgagee instead uf to mortgagor and moctgagee jointly, and the insurance pro- ceeds, or any part thereof, may be applied by mnrtg~_gee at its option eieher to the reduction of the indebtedness hereby secured or to the ~estoration oc repair of the prope~ty damaged. In e~•ent o( foteclosure of this mortgage or other tran~fer uf title ta the moctgaged property in exti~guishment ot the indebtedness secured hereby, aU right, t~tle, and ~ntere~t of the mortgagor in and to any insurance policies then force shall pass to the purchasec or Krantee. ' ii. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- t~on thereef for the appo~ntment o[ a receiver, and such court shall forthwith appoint a receiver of the prem~ses co~•ered hereb~• all and singular, inctudireg all and singular the ~ncome, protits, issues, and revenues trom whatever ~uurce deri~~ed, ea~h and e~•er~• of which, it being expressly understood, is hereby mortgaged as if specifically set forth ~nd de~cribed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•P Eunction~ and powecs in an~•wise entrusted by a court to a receiver, and such appointment shail be made b~~ such court as aa admitted equity a~d a matter ot absolute rioht to ~~id moctgagee, and witF?out ceference to the adequac}• or inadequac}• of the value of the property mortgaged or to the solvency or insolvency of said mortgagot ar the de(endents, and that such ~ents, p:ofits, iacome, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the e~•eat oE any deEault on the part of the mortg~+gor hereunder, the mortgagor agrees to pa~~ to the mortgagee on demand as a reasonable monthly rental (or the prem~ses an amount at least equisalent to one-tveel[th (1'12) of the aggregate of the twelve monthlyinstail- ments pa~•able ~r~ the then current year plus the actual amount of the annuat taxes, assessments, water rates, and insurance premiums for such ~~ear not covered b~• the afores;.~d monthl~ payments. Q. That %.t ~ in the e~•ent of an~• breach o[ tfii; mortgage or default on the part of the mortgagor, or (b1 in the e~•ent that an~• of said sums of money herein referred to be not promptly and full~• paid without demand or notice, or ~ in the e~•ent that each and e~~ery the stipulations, agreements, conditions_ and covenants oE said note and th~s mortgagc, are not dul~•. promplly. and fuli)~ performed; then in either or any such event, the said aggregate sum ment~uned in said note then remaining unpaid, with ~nterest accrued to that time, and all moneys secured f hereb~-, shail become due and payable forthwith, or thereaEter, at the option ot said mortgagee, as fully and com- pletei~~ 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 mortgage to the contrary notwithstanding; and thereupan or theceatter, at the option of said mortga- gee, w ithout notice or demand, suit at law ~r in equit~~, 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 shall be sold ta satisfy and pa~• the same together with costs, expenses.and allow- ances. In case of partial foreclosure of this mortRage, the mortgaged premises shall be sold subject to the con- t~nuing lien o[ th~s mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ' this paragraph ma~~ aga~n be a~•ailed oE thereafter from time to time by the mortgagee. 10. That the mortgagor will gi~•e ~mmed~ate notice h~• mail to the mortgagee of any conve~~ance, transfer, o[ change of ov~necsh~p o[ the premises. 11 . That no w•aiver of am• co~•enant herein or of the obl~gation secure~ ~1}ereby St1al1 at an~- time thereafter be held to be a w•ai~er of the terms hereof or of the n~~te secured hereby. ' 12. That if the mortgagor default in any of the co~-enanis or agreements contained here~n, ot ~n said note, then the mortgagee may perfor~ the same. and all expenditures (including reasonable attorney's fees) made b}• the a,ortgagee ~n so doing shall draw~ interest at the rate set Eorth in the note secured hereby, and sh~U oe repayable ~mmed~atei~• and without demand b~• the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured b~• this mottgage. 13. that the mail~ng of a wc~tten notice or demandaddressed to the owner of record of the mortgaged premises, or d~rected to the said owner at the last address actually furn~shed to the mortgagee, or directed so saidowner at ~ sa~d mortgaged premises. and mailed b~~ the United States mails, shall be sufficient notice and demand in any case aris~ng under this instrument and required by the pro~•isions hereof or b}• law. ~ 14. The morteagor [urther covenants that shouid this mort a e and the note sec:ured hereb nqt be eligible ~ for :nsurance under the National Housing Act with~n from the date fiered'(writTen statement ~ of an~~ o(ficer of tbe De~artment of Hous~ng and Urbah De~elopment or authorized agent of the Secretary o( Hous- ~ ~ng and U~han Development dated subsequent to the ~ t~me from the date of this mortgage, ~ declining to insure sa~d note and this mortgage, being deem•~d ccx~c usive ptoof of such ineligibilit~), the mortga- ~ gPe or the hoider o[ the note mac. at rts option, declare all sums secured hereby immediately due and pa~eble. ~ The co~•enants herein contained shall bind, and the benefits and advantages shall inure to, the respecti~•e ~ heirs. executors. adm~n~strators, successors, and assigns of the parties hereto. 1A'henever used, the singular num- ~ ber shall ~nciude the plural, the plural the singular, and the use of am~ gender shall include all gendets. ~ r ~ ~ ~ ~ ~~R.~94 2080 . . ~ - - ~ _ - - , _ , _ - ~ - = 9''c y~~s'" r ~ . 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