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HomeMy WebLinkAbout2647 . ~ 4. That he w~ii p~y atl taxes, assessments. wate~ ~ates. and dhe~ govecnmental or municipal chatg~s. [ines. o~ impositions. fo~ which pcovision has not been made hereinbetoce. and in de[ault thereot the mo~tgagee may pay the same; and that he will pcomptly deliver the otficial ~eceipts therefoc to the mortgagce. ~ > S. That he will pecmit. commit. ot sutfer no waste. impairme~t, o~ dete~ioration of said property o~ any ps~t thereof; artd i~ the event of the failure of the mortgagor to keep the buildings on said pcemises and those tobe erected on said premises. or improvements thereon, in good repair. the mortgagee may make such repairs as in its discretion it a?ay deem necessary foc the proper preservation thereot. and the full amouM of each and every such payment shall be immeu..,.ely due and payable, and shall be secu~ed by the lien of this mortgage. 6. That he will pay aU and singula~ the costs. cha~ges, and expenses, including ~easoaable lawyer's fees. a~d costs of abstcacts of title, incurred or paid at any time by the mortgagee because of the failure on the pert ot the mortgagot promptly and fulty to perform the ag~eements and covenants of said ~omissory note and this mc+rt- gage, and said costs, charges, and expenses sha!1 be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereatter erected on the moctgaged property. insured as ~ may be requi~ from time to time by the matgagee against loss by fire and other hazards. casualties. and contin- ~ gencies in such amounts and [or such periods as may be cequired by mortgagee, and will pay promptly. when due. g any premiu~s on such insurance [or payment of which provision has not been made he~einbefore All insurance t shall be carried in companies approved by mortgagee a~d the policies and renewals thereof shall be held by mott- ~ gagee and have attached thereto loss Qayable clauses in favor ot and in form acceptable to the modgagee. ln , event oE loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not 1 made pcomptly by mwtgagor, and each insurance company concerned is heceby authorized and directed to make payment ~or such loss dicectly to mortgagee instead of to matgagor aod mortgagee jointly. and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resto~ation or repair oE the property damaged. In event o[ foreclosure of this mortgage or other transfer of title to the mortgaged prope~ty in extinguishment of the indebtedness secured hereby, all ~ight. title, and interest o[ the mortgag« in and to any insurance policies then in force shall pess to the pucchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdir_- tion thereof for the appointment oE a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including al! and singular the income, profits, issues. and revenue~ from whatever source derived, each and every of which, it being expressly understood, is hereby moctgaged as if specifically set forth end described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~e functioas and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said modgagee, and without re[erence to the adequacy or inadequacy of the value of the property mortgaged or to the solvency ar insolvency of said mortgagoc or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~ according to the lien of this modgage and the practice oE such coud. In the event of any default on the part of the mortgagor hereunder, the mortgagot agrees to pay to the mortgagee on demand as a reasonable monthly rental [or the premises an amount at least equivalent to one-twelfth (1!12) of the aggrega~e of the twelve monthly install- ments payable in the then current year plus the actual amount oE 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 of this mortgage or default on the part of the mortgagor, or (6~ in the ~ event that an of said sums of mone hece~in referred to be not rom tl and full ~ y y p p y y paid without demand or notice. or in the event that each and every the stipulations. agceements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fulty performed; then in either or any such event, the said aggregate sum menti~ned in said note then remaining unpaid, with intecest accrued to that time, and all moneys secured 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 were originally stipulated to be paid or. such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prasecuted as if all moneys secured hereby had ' matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so dectared due and ' ' payable, and the said premises shall be sold to satisfy and pay 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 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 availed of thereafter from time to time by"tl~e mortgagee. • ~ 10_ That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfec, o~ ; chenge of ownership oE the premises. ~ 11. That no waiver of any covenant herein or of the obligation secu~ed hereby shal! at any time thereafter be ~ heid to be a waiver of the terms hereof or oE the note secured hereby. E 12. That if the mwtgaga default in any ot the covenants or agreements con:ained herein, or in said note, then the mortgagee may perform the same, and all expenditures (including reasonabte attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath 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 mortgage. . 13. that the mailing of a written notice oc demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said rnaner at said mortgaged premises, and mailed by the United States mails, shall 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 mottgage and the note secured hereby not be eligible for insurance under the National Haasing Act within ~(~~S from the date hereof (written statement ot any officer of the Department of Nousing and l3rban Development or authocized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the ~YS ~ tiA'i~A~ ftom the date of this mortgage, declining to insure said note and this modgage. being deem~d concl~.sive proof of such ineligibility), the mortga- gee os tFe hotder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein co:~tained shall bind, and the benefits and advantages shall inure to, tne respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- bet shalt include the plural, the plural the singular, and the ase of any gender shall include all genders. dGGKi94 2646 ~ ' ~ ~ . _ . - . . ~ ~ _ - - _ - ~ . r =