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HomeMy WebLinkAbout2803 , 4. Thaf he will pay all taxes, assessments. watec cates, and othe~ governmental or municipal charges, [ines, oc impositions, tor which provision has not been made heceinbefore. and in default thereoE the mo~tgagee may pay the same; and that he will promptly deliver the ofticial receipts therefot to the mortgagee. 5. That he will pecmit. commit. oc sutfer no wastc. impairment, o~ deterioration of said properly p~ any part thereof; and in the e~~ent of the tailure ot the mortgagor to keep the buildings o~ said premises and those tobe e~ected on said premises, or improveme~ts thereon, i~ good repair, the mortgagee may make such repeirs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payme~t shall be immediately due and payable, and shall be secured by the lie~ of this mortgage. 6. That he will pay all and singu:ar the costs, chacges, and expe~ses. including ~easonable lawyer's [ees, and costs of abstracts of title, incurred or paid at any time bythe mortgagee because of the failuce on the part ot the mortgago~ promptly and fully to perfo~m the ag~eements and cove~ants of said promissory note and this mort- gage, and said costs, charges, and expe~ses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7_ That he will keep the improvements now existing oc hereaEtec erected on the modgaged p~opecty. insured as ' may be required from time to time by the matgagee against loss by fire and other haaards. casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee, and will pay promptly, when due, any premiurt~ on such insu~ance for payment of which p~ovision has not been made hereinbetore. All insurance shall be carried in companies approved by mortgagee and the pol:cies and renewals thereof shall be held by mort- - gagee and ha~~e attached the~eto loss payable clauses in favor of and in form acceptable ta the mortgagee. In e~~ertt of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concecned is hereby autho~ized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and moctgagee jointly. and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction o[ the indebtedness hereby secured or to the resto~ation or repaic o[ the propedy damaged. ln event of foreclosure of this mortgage or other transfer of title to the mortgaged propecty in extinguishment o[ the indebtedness secured hereby, all right. title, and interest of the mortgagor in and to an~ insurance policies then in force shall pass to the purchaser or grantee. 8. That the mo~t~,agee may, at any time pending a suit upon this mo~tgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall [orthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever 3 sou~ce derived, each and every of which, it being expressly understood, is he~eby mortgaged as if specifically set f forth end described ia the granting and habendum clauses hereof, and such receiver shall have all the broad and s effecti~~e functions and powets in anywise entrusted by a court te a.eceiver, and such appointment shall be made ; by such court as an admitted equity and a matter of absolute right~to said modgagee. and without reference to the ~ adequacy or inadequacy of the value of the propeRy mortgaged or to the solvency or insolvency of said mortgagor ~ or the defendents, and that such ce~ts, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the pra~tice oE such cou~t. In the event ot any detault on the part of the mortgagor hereunder, the moctgagoc 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 aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual laxes, assessments, water rates, and ~nsurance premiums for such year not co~•ered by the aforesaid monthly payments. 9_ That Iu~ in the event of any breach ot this mortgage or defau!! an the part of the modgagor. or (b) in the event that any of said sums of money herein referred to be not promptly and fully peid without demand or notice, or I<-~ in the e~•ent that each and every the stipulations, agreements, conditio~s. and covenants of said note and i this mortgage, are nc?t duly, prompily, 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 moctgagee, as fully and com- ' ~I pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ~ n~te cx in this m~rtgaPe to the contrar~• notwithstanding; and thereupon or thereafter, at the option of said m«tga- I gee, without notice or demand, suit at law or in equity, 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 ~ payable, and the said premises shall be sold to satisfy and pa~• the same together with costs, expenses,and allow- ences. In case oE 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 tiue and unpaid. In such case the provisions of this paragraph may again be availed of thereatter from time to time by the mortgagee_ 1Q. That the mortgagor wil! gi~~e ~mmediate notice by mail to the mortgagee of any conveyance, transfer, or change of ov?nership of the premises. } 11 . That no v?aiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waive~ of the terms hereof or o[ the note secured hereby. 12. That if the mortgagor default in an~• of the co~•enants or agreements contained herein, or in said note, then the mortgagee may perform the same. and all expenditures (includ~ng reasonable attorney's fees) made by the mortgagee in so doing shall draH interest at the rate set fath in the note secured hereby, and shall be repayable ~ ~mmediately and w ithout demand by the mortgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this mortgage. 13_ that the maii~ng of a wr~tten notice ot demandaddressed to the owner of record oE the mortgaged premises, or directed to the said owner at the last addcess actually turnished to the modgagee, or directed to said owner at ~ said mortgaged premises, and mailed bp the Un~ted States mails. shall be sutficient notice and demand in any ~ case arising ander this instrument and required by the prociSjrns hereof or by law. ' ~ 14. The mortgagor further covenants that shoald th~ mort a e and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~ ~A~ . from the date hereof (written statement ~ of an}- officer o( the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development datrd subsequent to the ~~YS time ftom the date of this mortgage, declining to insure said note and this mortgage, being deem~~d conclusi~•e proof of such ineligibility), the mortga- ~ ee oc the holder of the note mav. at its o tion. declare all sums secured hereb immediately due and ayeble_ ~ B _ P Y P ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, adm~nistrators, successors, and assigns of the parties hereto. 1ti'henever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ • ~ ~ ' ~ ~ a~i94 . ~ gan~ 194 ~32i ~ ~ ~ 9 ~".s__ ' . . . . . .