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HomeMy WebLinkAbout2440 4. That he ~vill pay all taxes, assessmer?ts, wate~ rates, and other governme~tal or municipal charges, [ines, or impositions, for which pro~~ision has not been made hereinbefo~e, and in deiault thereof the mortgagee may pay the same; and that he will promptly deliver the o(flclal ~eceipts thereEor to the mortgagee. S. That he will pe~mit, commit, or sulEet no waste. impaicment, o~ detecioration of said property oc any pact thereof; and in the event of th~ failure of the mortgagor to keep the buildings on said premises a~d those tobe e~ected on said premises, or improvements thereon, in good ~epair, the mortgagee may make such repaics as in its disc~etion it may deem necessa~y for the pcoper prese~vation the~eo[. and the Eull amount of each and eve~y such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses. including ~easonable lawyer's fees. and costs o( abstracts of title, incurred or paiJ at any time bythe mortgagee because of the failu~e on the part of the mo~tgagor pcomptly and fully to perform the agreements a~ covenants o! said promissory note and this mort- gage, and said costs. charges, and expenses shall be immediately due and payable and shall be secu~ed by the ; lien o( this mortgage. t 7. That he will keep the improvements now existing or hereaEtec erected on the mortgaged propedy, insured as ~ may be required from time to time by the moctgagee agai~st loss by fi~e and othec hazards, casualties, and contin- ? . gencies in such amounts and for such periods as may be required by moctgagee. and wi~: pay promptly. when due. ; any premiums on such insurance [o~ payment of which provision has not been made hereinbefoce. All insurance ~ shall be carried in companies appro~~ed by mortgagee and the policies and renewsls the~eof shall be held by mort- ~ gagee and ha~•e attached thereto loss payable clauses i~ favor of and in Eorm acceptable to the mortgagee. In ; e~•ent of loss he will give immediate notice by mail to modgagee, and mortgagee may make proof of loss if not { made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mo~tgagor and moctgagee jointly, and the insurance pro- i ceeds, or any part thereof, may be applied by mortgagea at its option eithgr to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. 1~ event of foreclosure ot this mortgage w ~ other trans[er of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all !ight, title, and interest of the mortgagor in and to any insurance policies then in force shail pess to the purchaser or grantee _ ' 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 cou~t shall forthwith appoint a receiver of the pcemises t covered hereb~ all and singular, including all and singular the income, profits, issues. and revenues from whate~~er source deri~•ed, each and every of which. it being expressly understood, is hereby mortgaged as if specifically set forth end described in the granting and habendum clauses hereot, and such receiver shalt have all the broed and etfectia•e functions and pov?ers ia an~~wise ent~usted by a cou~t to a receiver, and such appointment shall be made b~• such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequac~~ ur inadequacy of the value of the property mortgaged or to the solvency or insolve~cy of said mortgagor o~ the defendents, and that such rents, 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 of the mortgagor here~inder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twel[th (1'12) of the aggregate of the twelve monthly install- t ments pat•able ~n the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~nsurance premiums for surh year not covered by~ the aforesaid monthly payments. s 9_ That i~, ~ in the event of any breach of this mortgage or default on !he pad of the mortgagor, or (b) in the e~•en2 that an~~ of said sums of money herein referred to be not promptly and fully paid without demand or notice, or r~ ~ in the e~•ent that each and every the stipulatians, agreements, conditions. and covenants of said note and I this mortgaKe, are not duly~, promptly, and fully per(ormed; then in either or any such event, the said aggregate I sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ; hereby~, shall become due and payabie torthwith, or thereafter, at the option of said n:ortgagee, as fully and com- ~ pletely as if all of the said sums ot money were originally stipulated to be paid on such day, anything in said ~ note or in this mortgage to the contrary notwithstanding; and thereupon or thereafier, at the option oE said mortga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as iE all moneys secured hereby had ~ matured prior to its i~stitution. The mortgagee may foreclose this mortgage, as to the amount so dectared due and pa~•able, and the said premises shall be sold to satisfy and pay the same together with costs, expenses.and ailow- ~ ances_ In case of partial foreclosure of this mortgage, the mortgaged premises shatl be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid_ In such case the provisions of this paragraph may again be a~~ailed o[ thereafter from time to time by the mortgagee. . ~ . . 10. That the mortgagor will gi~•e immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises_ 11. That no waiver ot any covenant hecein or of the obligation secured hereby shalt at any time thereafter be held ta be a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgagor default irt any of the co~~enants or agreements contained herein, or in said note, then the mortgagee may perfor~ tt~e same, and alf expenditures (includ~ng reasonable attorney's fees) made b~• the mortgagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without de:nand b}• the mortgag.~r to the mortgagee, and, together with interest and costs accruing thereon. ~hall be sec~ced by this mortgage. ~ 13. that the mailing of a wr~tten notice a demandaddressed to the owner of ~ecord of the mortgaged premises. or directed to the said owner at the last address actuatly fucnished to the mortgagee, or directed to sa~downer at ~ sa~d mortgaged premises, and mailed b~• the United States mails. stiall be sufficient 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 he~eb}• not be eligible = for insurance under the National Housing Act within from the date hereof (written statement ~ of an~ officer oE the Department of Housing and Urban Developme or authorized agent of the Secretary of Hous- ~ ~ng and Urban Decelopment dated subsequent to the time from the dete of this mortgage, e~. declining to ir.sure said note and this mortgage, being deem•~d conc-Iusive proof of such ineligibility), the mortga- ~ gee or the hotder d the note may, at its option, declare all sums secured hereby immediately due and pa}eble. F ~ The co~•enants herein contained shall bind, and the benefits and advantages shall inure tu, the respective ~ heus, executors, administrators, successors, and assigns of the part:es hereto. 11~henever used, the singular num- ~ ber shall include the plural, the ptural the singular, and the use of any gender shail include all genders. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~194 2439 . ~ ~ - ~ . ~d_ ~ : - _ _ - ~ , _ _ ~ _