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HomeMy WebLinkAbout2446 4. That he will pey ali taxes, assessments. wate[ ~ates. and other gove~nme~tal w municipal charges, iines, or impositions, for which provision has c?ot been made hereinbefae. and in de[ault thereof the mortgagee may pay the same; and that he will pranptly deliver the officlal rtceipts therelot to the mortgagee. S. That hp will pe~mit. commit, or sufter oo waste. impairme~t, or detetio~ation o( said property or any pact thereoE; and i~ the event of the failuce of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good ~epair, the mo~tgagee may make such ~epeirs as i~ its discretic+n it may deem necessary fo~ the p~ope~ preservation the~eof, and the full amount ot each a~d eve~y such peyment shall be immediately due and payable, and shalt be secuced by the lien of this mo~tgs~ge. 6. That he will pay ali and singular the costs, charges, and expenses, i~clud~ng reasonable lawyer's (ees, and costs of abstrects of title, incurred or paid at any time bythe mo~tgagee because of the [ailure o~ the Fart of the mortgagor promptly and (ully to perform the agreements and covenants ot said p~omissory note and this mort- gage, and said costs, cha~ges, and expenses shall be immediately due and payabiP and shall be secu~ed by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mo~tgaged property, insured as may be cequired from time to time by ihe mortgagee against lass by fire and other hazacds, casualties. and contin- gencies in such amounts and for such petiads as may be ~equired by mortgagee, and will pay promptly, when due, an~• piemiwns on such insurance for payment of which provisiun has not been made hereinbefore. Ali insurance shall be carried in companies app~oved by moctgagee and the policies and renewals thereof shatl be held by mat- gagee and ha~•e attached thereto loss payable clauses in favor o! and in [orm acceptabie to the modgagee. In e~•ent of loss he v?ill give immediate notice by mail to mortgagee, a~d mortgagee may make proof of loss if not made promptly by mottgaga, and each i~suraoce. company concerned is hereby authorized and directed to make payment for such loss directly to mo~tgagee instead of to mo~tgagoc and mortgagee jointly, and the insurance pro- ceeds, or any part theceof, may be applied by mortgagee at its option either to the reduction of the indebtedness ; hereby ~ecured or to the restoration ot repai~ of the property~ damaged. In event of foreclosure of this mortgage or other transfer oE titte to the mortgaged property in extinguishment o[ the indebtedness secured hereby, all right, title, and interest of the mortgagoc in and to any insurance policies then in [orce shall pass to the purchaser or grantee. 8. That the mertgagee may, at any time pending a suit upon th~s morigage, apply to the court having jurisdic- t~on thereof (or the appointment of a receivec, and such court shall forthwith appoint a receiver of the premises co~•ered hereby all and singula~, including all and singular the income, profits, issues, and revenues from whatever suurce derived, each and every o~ which, it being expressly understood, is hereby mortgaged as if specifically set forth end desccibed in the g~anting and habendum clauses he~eof, and such receiver shall have all the broed and effecti~•e functionc and powers in anywise entrusted by a court to a receiver, and sach appointment shall be made b~~ such court as an admitted equity and a matter of absolute right to saia mo~tgagee, and without reference to the adequac}~ or inadequacy of the value of the propert}• mortgaged or to the solvency or insotver~cy of said mortgagoc - or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receive~ according to the lien of this mortgage and the practice of such coud. In the event oE any default on the part of the mortgagor hereunder, 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-twelfth (1'12) of the aggregete of the twelve monthly instatl- ments payable in the then cur~ent year plus the actual amount of the annual taxes, assessments, water rates, ana ` insucance premiums tor such ~ear noi covered by the aforesaid monthly payments. + 9. That (~,1 in the event of any breach of th~s mortgage or defautt on the part of the mortgagor, or (6) in the e~•ent that an~~ of said sums of money herein ~eferred to be not promptly and fully paid without demand or notice, or r~- ~ in the e~•ent that each and e~ery the stipulations, agreements, conditions. an~ 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 all moneys secured ' hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fuUy and com- ~ ptetely as if all of the said sums of money were originatly stipulated to be paid on :uch day, anything in said ~ note or in this mortgage to the contrary notwithstanding; and thereupon or thereafte~. at the option of said mortga- ~ ~ gee, without notice or demand, suit at law or in equity, r~ay be prosecuted as if all mo~eys secured hereby had matured prior to its institution_ The moctgagee may foreclose this mortgage, as to the amount so deciared due and = payable, and the said premises shall be sold to satisfy and pa~• the same together with costs, expenses,and allow- ances. in case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing ?ien ~f this mortgage for the amount oE the debt not then due and unpaid. In such case the provisions of ~ this paragraph may again be a~~ailed oE thereaEter from time to !ime by the mortgagee. 10. That the mortgagor will give immediate notice by ma~l io the mortgagee o( any conveyance, trans[er, or change oE ov~nership of the premises. 2? . That no waiver of any coeenant herein or of the obligation secured hereby sha11 at any time thereafter be held to be a wai~•er of the terms hereof or o[ the note secured hereby_ ~ 12. That if the mortgaga defa~lt in any ot the ~ovenants or agreements contained herein, ar in said note, then ~ the Rorcgagee may perform the same, and all e?cpenditures (including :easooable atiorney's (ees) made b}• the ~ mortgagee in so doing shalt draw interest at the rate set forth in the note secured hereby, and shall be ~epayable ~mmediately and without demand by the mortgaga to the mortgagee, and, logether with interest and costs accruing thereon, shall be secured by this mortgage. ~ 13_ that the mailing of a wr~tten notice a demandaddressed to the owner of record of the mortgaged premises, or d"erected to the said owner at the last address actualiy furnished to the mortgagee, or directed to saidownet at ~ sa?d modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and requiced by the provisions he~eof or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be e(igible ' for insurance nnder the National Housing dct within ~Y~ from the date hereof (written statement ~ of any of[icer of the Department of Housing and Urban Development or autharized agent ot the Secretaiy of Hous- ~ ing and Urban Development dated subsequent to the ~~jK j time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deem•~d conc~lusive proo.' of such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immed~ately due and payc~ble. ~ The co~•enants herein contained shall bind, and the benefits and advantages shall inuce to, the respective ~ ~ heirs, executors, administrators, successors, and assigns o( the parties hereto. Whenever used, the singular num- ~ ber shal! include the plural, tbe plural the singular, and the use of any gender shall include all genders. ~ ~ ~ °flR, ~.g4 24~5 ~ ~ . ~ ~ ~ . ._.z _ _ . _ _ - 2~:~_' ~