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HomeMy WebLinkAbout2328 ~ 4. That he will pay all taxes, assessments, water rates, a~d other ~o~•ernmentat or municipal charges, tines, o~ impositions, fur wh~ch pro~~isior~ has not been made hereinbefoce, and io defau:t the~eof the mortgagee may pay the sume; and that fie will promptly deti~•et the o((icial ~ece?pts the~e(o~ to the mortgagee. S. That he wi!1 pecmit, commit, ot suffer no waste, impairment, or deterioration of said propecty or any part themot: :+ad in the e~•ent o( the failure of the mortga~or to keep the buildings on said prer.iises and thase tobe ecected on said premises, o~ improvements thereon, in good repair, the mudgagee may make such repairs as in its disc~etion it may deem necessa~y for the p~ope~ preser~•ation thereot, and the Iull :,mount uf each and every such pa~•ment shall be immediately due and pa~able, and shal! be secured bp the lien oI this mortgage. ti. That he wiit pay all and singular the costs, charges, and expenses, i~cluding ceasonable lawyer's [ees, and cost~ uf abstracts of title, ~ncurred or paid at any time by the mortgagee because oE the failure on the pa~t o[ the mortga~gor pcomptly and Iu11~• to perEorm the agreements and covenants of said p~omissory note and this mort- gage, <+rtd said costs, ctu~rges, and erpenses shall be immediately due and pa~able and shail be secured by the lien c~E this mortgage. That he veill keep the impro~~ements nove existing or hereaiter ecected on the mortgaged property. insured as ma}• be cequired Erom time to tirf~ by the moctgagee against loss b}• fire and other hazacds, casualties, and ~ontin- gencies in such amuunts and for such periods as ma~• be cequired bp mortgagee, and will pay promptl~, when due, am~ premiu~c on such insurance for pa~ment of which p~o~~ision has not been made hereinbe[ore. All insurance shal! be carried in compani~s appro~•ed b~~ mo~tgagee and the policies and renewals thereof shall be hetd by mort- gagee a~d ha~•e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~•ent a[ loss he v?•ill gi~•e immediate notice bp mail to murtgagee, and mortgagee may make proof of loss if not made pcomptt~• bp mortgagor, and earh ingurance compan~- concerned is hereby a~thorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or an~• part thereof, may be applied by mo~tgagee at its option either to the reduction o[ the indebtedness hereby secured or to the restoratioa or repaic oE the p~opert}• damaged. [n e~•ent of foreclosure of this murtgage or other tr:+nster of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. ~S. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- t~on thereof [or the appointment of a receiver, and such court shall forthwith appoint a recei~•e~ of the prem~ses cocered hereb~• all and singular, including all and singular the income, profits, issues, and revenues trom w}:~~tever ~ource deri~•ed, each and e~~ery~ of which, it being expressly unde~stood, is hereby mortgaged as if speci[ic.+'.ly set forth end described in the granting and habendum clauses hereof, and sucl~ receiver shall ha~•e all tfe b~oad and efEecti~•e functionc and pow•ers in ar~;v?ise entrusted by a court to a receiver, and such appointment shall be made by~ such court as an admitted equity and a matter o[ absolute right to said mortgagee, and without reference to the adequac~• or inadequac~• of the calue of the property mortga~ed or to the s~h•ency or insolvenc~• of said mortgagoc or the defendents, and that such rents, prQEits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. ln the e~•ent of any default on the part of the mort~agor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equi~•alent to one-twelEth (1 '12) of the agg~egate of the twelve monthly instali- ments pa}~able in the then current lear plus the actual amount of the annuai taxes, assessments, water rates, and insurance premiums for such ~ear not co~•e~ed by the aforesaid monthly paymrnts. 9. That i in the e~~ent of an~• breach of thi~ mo:tgage or default on the part of the mortgagor, or (h~ in the e~~ent that any of said sums of money herein referred to be not promptl~~ and fully Faid without demand or notice, or 1 in the e~~ent that each and every the stipuiations, agreements, conditions. and covenants of said note and 'I this martgage. are not duly, pramptly. and full~~ performed; then in either or any su~h event, the said aggregate ` sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured - hereb~, shall become due and payabie forthwith, or thereatter, at the option of said mortgagee, as full~~ and com- I~ pletely as if atl ot t:~e said sums of mone}• were originalh• stipulated to he paid on such day, an~~thing in said ~ note or in this mortgage to the contrar~• notwithstanding; and thereupon or thereafter, at the option of said mortga- ~ gee, without notice or demand, suit at !aw or 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 to sati~fy and pa~• the same together with costs, expenses.and allow- ~ ances. In c~se of partial foreclosure of this mortgage, the mortgaged premises shall be sold cubject to the con- tinuing lien of th~~ mortgage for the amount of the debt not then due and unpaid. ln such case the provisions of this paragraph ma}~ again be a~•ailed o[ thereafter from time to time by ihe mortgagee. 10_ That the mortgagor will gice ~mmediate notice b}~ mail to the mbtCgagee of any comeyance, transEer, or • change of ownership of the ptemises. 11 . That no Wai~~er of anp co~•enant herein or of the obligation secured hereby shall at anv time thereafter be held tu be a wa~~-er of the terms hereof or of the note secured herebl•. 12. That i[ the mortgagor defauit ~n any of the co~•enants ot agreements contained here~n, or in said note, then the mortgagee mat• per(or~ the same, and all expendrtures (includ~ng reasonable attorney's feesl made by the ~ ~urigagee ~n co doing shall d~aW interest at the rate set forth in the note secured hereby, attd shall be repayable immed~atel~~ and w•ithout demand b~• the mortgagor to the mortgagee, and, together with interest and costs accruing , thereon, shall be secared by this mortgage. 13. that the mailing of a wr~tten notice or demandaddressed to the ouner of record of the mortgaged premises, or directed to the said owner at the last a~dress actuall}• furnished to the mortgagee, ur directed to said owner at said mortgaged premises, and mailed by the United States mails. shall be sufficient notice and demand in any case arising ur.der this instrumenl and required by the pro~•isions hereof or by iaw. ~ 1~3. The mortgagor further covenants that should this mortgage and the note secured hereb~• not be el~y~le for insurance undeS,,~t~e ~ ldou~ing Act .within~ from ~th~~ate ~eo{ (~vi-itt~n sta~~er~C ~ of an o[ficer ~of -tTi~'De ar me:i~~of Housin ~ y g and Urban De~ lopment or authorized agent of the Secretary of Hous- r ing and Urban De~•elopment dated subsequent to the ~ time from the date oE this mortgage, ~ declining to insuce_s~id note and this mortgage, being deem~ con~si~e proof of such ineligibility), the mortga- ~ gee or the holder of t~ie note may. at its option, declare ali sums secured hereb~ immediatety due and pa~able. ~ The coeenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executorc, administrators, succes~c*rs, and assigns of the parties hereto. Khenever used, the singular num- ~ ber shall include the plural, the plural the singular, arx} the use of any gender shall include all genders. ~ _ ~ ~ CBfli?~ ~ ~ ~ ~ , , - .