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HomeMy WebLinkAbout2653 . 4. That he will pay all taxes, assessments. water rates. and other gove~nmen:al o~ municipal charges. fines. oc impositions. for which provision has not been mede he~einbefoce. and in default thereof the mo~tgegee may pay t the same; and that he will ptomptly delivet the otEicial receipts therctor to the mo~tgrgee. ~ 5. Thet he will permit. commit, or suffec no waste. impairment, or deterioration of said p~ope~ly or any pa~t thereof; and in the event of the feilu~e of the mortgagor to keep the buildings on said premises and those tob~ ecected on said pcemises, or imp~ovements thereon, in good ~epair. the mortgegee may meke such repa~~s as in its discretion it may deem necessary [o~ the proper preservetioo thereot. end the Eull amount of each and every such peyment shall be immediately due and payable, and shall be secu~ed by the lien ot this mortgage. 6. That he will pey all and singula~ the costs. charges. and expenses. including reaso~able lawyer's Eees. and costs of abst~ects of title, incurted or paid at eny time bythe mortgegee because of the failure on the pert of the mortgagor pro:nptly and fuliy to perfam the egreements and covenants of said promissory note and this mort- gage, and said costs, cha~ges. and expenses shall be immedistely due ar.d payable and shall be secu~ed by the lien af this mortgage. 7. That he will keep the improvements ~ow existing or hereafter ecected on the modgeged prope~ty. insured as may be requiced from time to time by the mortgagee against loss by fire and other hazards. casualties. and contin- gencies in such amounts and Eor such periods as may be requi~ed by mortgagee. and will pey promptly. when due. ~ any premiums on such insurance for payment of which provision has not been made hereinbeEore. All insurance ~ shalt be car~ied in companies approved by mortgagee and the policies and renewals thereo[ shall be held by mo~t- gagee and ha~•e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~•ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof ot loss if not made promptly by mortgagor. and each i~surance company conce~ned is hereby autl~orized and directed to make payment for such loss directly to mortgagee instead o( to mo~tgagor and moctgegee jointly. and the insu~ance pro- ceeds, or any part thereof, may be applied by mortgagee at its optio~ either to the reduction o[ the indebtedness hereby secured oc to the restoration ot repair of the propedy damaged. In event of foreclosure ot this morigage oc othe~ tcans(er of title to the mortgaged propetty in extinguishment of the indebtedness secured hereby, ell right, title, and intecest of the moctgagor in and to any insucance policies then in focce shall pess to the purchaser or grantee. 8. That the mortgagee may, at any time per~dieg a suit upon this mortgege, apply to the court having jurisd~c- ; tion thereof for the appointment of a receiver, and such court sAall Eo?thwith appoint a receiver of the premises ~ covered hereby all and singular, including all and singular the income, protits, issues. and revenues from whatever so~rce derived, each and eve:y of which, it being expcessly understood, is he~eby mortgaged as if specifically set fo~th end described in the gcanting and habendum clauses hereof, and such receiver shali have al! the broad and effecti~•e tunctions and powers in anywise entrusted by a court to a receiver, a~d such appointment shail be made ~ by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, arrJ that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice o[ such court: In the event of eny default on the part of the mortgagor hereunder, the mortgagoc agrees to pay to the mortgagee on demand as a reasonable monthly rental Eor the premises an amount at least equivalent to one-twelfth (1/12) of the aggregete of che twelve mon?hly install- ments peyable in the then current year pius 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 in the event of any breach o[ this mortgage or default on the part of the mortgagor. or /b/ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or in the e~~ent that each and every the stipulations, agreements, conditions. and covenants of said note and , this mortgage, are not duly, promptly, and Eully performed; then in either or any such event, the said aggregate 1, sum mentioned in said note then remaining unpaid, with interest acccued to that time, and all moneys secured j hereby, shall become due and ~*ayable (octhwith. a thereafter, at the option of said mortgagee. as fully and com- i I pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said , note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mo~tga- ~ ~ gee, aithout notice or demand, suit at law or in equity, may be prosecuted as if ali moneys secured hereby had i ` 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 pay the same together with costs, expenses,and allow- ances_ in case of partial foreclosure of this mortgage, the moctgaged 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 Raragcaph may again be availed o[ thereafter from time to time by the mortgagee. 10_ That ~he mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, oc change of ownership of the premises. f 11 _ That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hereaf or of the note secured hereby. E 12. That if the moctgagor default in any of the covenants or agreements contained herein, or in said note, then j the mortgagee may pedorm the same, and all expenditures (including reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable z immediately and without demand by the mottgagor 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 a demandaddressed to the owner of record o[ the mortgaged premises, 4 or directed to the said owner at the last address actually furnished to the modgagee, or directed to saidowner at said modgaged premises, and mailed. b,y the United States mails, shall be suEficient notice and demand in any ~ ' case arising under this instrument and YeqUfred by~Me pr~visions hercof~qr by l~r: 3 ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible i ~ for insurance under the National Nousing Act within ~(~~a [rom the date hereof (written statement ~ ~ of any officer of the Departr.ient of Housing and Urban Development or authorized agent of the Secretary of Nous- ~ ing aod Urban Development dated subsequent to the ~ Q~~a time from the date of this modgage, ~ ~ declining to insure said note and this mortgage, being deem•~d conclusive ptoof o[ such ineligibility), the mortga- ~ gee a the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble_ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenevet used, the singular num- ~ be~ shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ OR a ~ soo~ 194 2652 ~ . ~ ~ . ~ ~ ~ s ~ - _ ~ .