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HomeMy WebLinkAbout2087 4. That he will pay all taxes, assessments, water rates. and othe~ gove~nmental or m~~nicipal cha~ges, fines, or impositions, fot which provision has not been made herei~befae, and in detault thereot the mortgegee may pay the same; and that he will p~omptly delivec the otficial ieceipts therefor to the mortgagee. ~ 5. That he will permit. commit. or suffer no waste, impai~ment, oi detetiotation o[ said property o~ any part # theceof; a~d i~ the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said pcemises. or improvements thereon. in good zepair. lhe mo~tgagee may make such repeirs as in its discretion it may deem necessary Eo~ the proper preservation thereot, and the full amount of each and every such payme~t shall be immediately due and payable, a~d shall be secured by the lien of this mortgage. ~ 6. That he vvill pay all anJ singular the costs, charges, and expenses, including ~epsonable lawyer's fees, ~ and costs ot abstracts of title, incursed o~ paid at any time bythe mortgagee becuuse of the failure on the part of the murtgago~ promptly and fully to pe~[ocm the ag~eements and cove~ants of said promissory nete and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this moctgage. That he wi!! keep the improvements now existing or he~eaEter erected on the mortgaged pcopedy. insured as ~ may be tequired from time to time by the mortgagee against loss by fire and other hazards, casualties. a~d contin- gencies in such amounts and for such pe~iods as may be required by mo~tgagee. and will pay promptly. when due. a~y pcemiums on such insurance foc payment of which provision has not been made hereinbefore. Alt insurance shall be carried in companies appcoved by rt:ortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in Eavor of and in form acceptable to the modgagee. ln e~•ent of loss he wiil give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagur, and each insurance company co~cerned is hereby authorized and directed to make payment for such loss di~ectly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any pan thereof, may be applied by mortgagee at its option either to the reduction o[ the indebtedness hereby secured or to the restoratiae cr repair o[ the property damaged_ !a event of foreclosure o[ this mortgage or other transfer of tiile to the mortgaged property in extinguishment of the indebtedness secured hereby. all ~ight, title, and interest of the mortgagor in and to any insu~ance policies then in force shall pass to the purchase~ o~ grantee. 8. That the modgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisd~c- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver o[ the premises covered hereby a1! and sir.gular, including all and singular the income, prufits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificatly set forth end described in the granting and hsbendum clauses hereof, and such receiver shall have all the broad and efEectiee functions and powers in anywise entrusted by a court to a receiver, and such appointment shal! b~ made b~~ such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadeguacy of the value of the propedy mortgaged or to the solvency or insolveacy of said mortgagor or the defendents, and that such rertts, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part oE the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the pcemises an amount at least equivalent to one-twel[th (1/12) of the aggregate of thp twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That /o/ in the event of any breach ot this modgage or default on the part of the mortgagor, or (6) in the ~ event that an~ of said sums of money herein referred to be not promptly a~id Eully paid without demand or notice. or (~•i in the event that each and every the stipulations, agreements, conditions. and covenants of said note and , 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 alt moneys secured i I hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money vvere originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- 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 payable, and the said premises shall be sold to satisfy and pa~~ the same together with costs, expenses,and aliow- I ances_ (n case oi partial foreclosure of this mortgage, the mortgaged premises shall be sotd subject to the con- tinuing lien of this mortgage for ihe amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice bv mai? to the mortgagee of any conveyance, transfer, or change of ownership oE the premises. 11. That no waiver oE any covenant herein or o( the obligation secu~ed hereby shall at any time therea[ter be held to be a waiver of the terms hereof or of the note secured hereby. I2_ That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then the mortgagee ma}• perform the same. and all expenditures (including reasonable attorney's (ees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demand addressed to the ~oainer of record of the mortgaged~ premises, . or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14_ The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for ~nsurance under the Nationai Housing +1~t.~within r_ ~~YS from the date hereof (written statement of an~~ otticer of the Department of Housing and Urban- Ueveto~ment or autliocized agent of the Secretary oE Hous- 's ing and Urban Deve3opment dated sutssequc~qt..tq_,the 3Q ~,j~ time from the date of this mortgage, y declining to insure said note and this mortgage, being deem~~d conclusive proof of such` iir~igi6iiit.y), the tnortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediatPly due and payeble_ The co~enants herein contained shall bir.d, and the benefits and advantages shall inure to, the respective heics, executors, administrators, successots, and assigns of the parties hereto. Whenever used, the singular num- ber shali include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ aoo~194 2086 . ~ _ _ . ~ - - . L~ ~ h~ ~-..~_.~s . ^a.~., . _ . _ ~ `~s:~