HomeMy WebLinkAbout0939 4. That he will pay all taxes. q.ssessments. water rates. 2nd othe~ governmentel oc municipal charges. [ines.
a impositions, tor which provision has not bee~ made hereinbeioce. aud in default thereof the mortgagee mey pay
the saiae; and that he will pcomptly deliver the ot[icial ~ec~ipts theretoc to the modgagee. '
5. That he will permit. commit. a suEfer no waste. impai~ment. or deteriocation of said property or any part
thcreot; and in the event of the failure of the murtgagor to keep the buildings on said premises and those tobe
e~ected on said premises. or improvements thereon. in good repair. the r.~odgagee may make such cePaics as in its
disc~etiun it may deem necessary Eor the proper pcesenration thereof. and the Eull amou~t o[ each and every such ~
payment shall be immediately due and payabte. and shall be secuted by the lien of this mo~tgage. ~
6. That he will pay all a~d singular the co¢ts, charges. and expenses. including ~easo~able la~vyer's [ees. ~
end costs of abstracts of title, incurred or paid at any time byLhe mo~tgagee because of the failure on the pert of
thf mortqag~x prcmptly and (ully to perform the agreements and covenants oE said promissory note and this mort-
gage, ar~d said costs, charges. and expenses shall be immediately due and payable and shall be secured by the
lien of this mortgage. . _ _
7. That he will keep th:: improvempnts rtow existing or herea(ter erected on the mortgaged property. insured as
may be required from time to tin~e by the mortgagee against loss by fire and other hazards, casualties. and contin-
gencies in such amounts and Eor such peciods as may be required by morigagee. and will pay promptly. when~due.
a~y premiums on such insurance for payment of which provision has not bee~ made hereinbeEoce. All insu~ance
shall be carried in compa~ies approved by mo~tgagee and fTie policies a~id renewals thereof shall be held by mort-
gagee and have attached thereto loss payable ctauses in Eavor of a~a in fo~m acceptable to the mortgagee. in
event of loss he will give immediate aotice by mail to modgagee. and mortgsgee 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 dicectly to mort~agee instead of to mortgagor and mortgagee joint!y. and the insurance pro-
ceeds, or any pad thereof, may be ap~'.ied by mortgagee at its option eithPr to the reduction of the indebtedness
liereby secured or to the restoration or repair of the propedy damaged. !n event of foreclosure of this mortgage or
othe~ t~ansfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, ail right,
titie. and interest of the mortgagor in and to any insurance pc~licies then in force shall pass to the purchaser or
grantee.
8. That the modgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic-
tiun thereaf for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises
covered hereby all and singular. including all and singular the income, profits, issues. and revenues from whatever
source derived, each and every of which. it being expressly understood. is hereby modgaged as if specifically set
forth end described in the g~anting and habendum clauses hereof, and such receiver shall have aU the broed and
effective functiuns and powers in anywise entrusted by a court to a receiver. and such appointment shall be made
by such coud as an admitted equity and a matter of absolute ~ight to said mortgagee. and without reference to the
adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvenc~ of said modgagor
or the defendents, and that such rents, profits, income, issues. and revenues shall be ap~lied by such receiver
according to the lien oE this modgage and the practice of such coud. In the event of any default on the part of the
mortgagor hereunder, the mortgagoc 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 taxes, assessments, water rates, and ~
insurance premiums for such year not co~ered by the aforesaid monthly payments_
9. That (a ~ in the event of any breach of this mortgage or default on the part of the mortgagor, or (bl 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 event that each and every the stipulations, agreements, conditions, and covenants of said note and
~ this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate
i sum mentioned in said note then remaining unpaid, with interest 8ecrued to that time. and all moneys secured
hereby, shall become due and payable forthwith, or thereatter, 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 on such day, anything in said
note a in this mortgage to the contrary notwithstanding; and thereupon or theceafter, at the option oE said matga-
gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured heceby had
~ matured prior to its institution. The mottgagee may foreclose this mortgage, as to the amount so declared due and
payable; and the said premises shali be sold to satisfy and pay the same together with costs, expenses,and allow-
ances_ In case of partiat foreclosure of ihis moctgage, the mortgaged premises shall be sold subject to the con-
tinuing lien of this mortgage for the amount of the debt noc then due and unpaid. In such case the provisions of
this paragraph may again be availed of thereafter from time to time by the mortgagee.
10_ That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, oc
change of ownership of the premises.
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 hereof or of the note secured hereby.
12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then
the mortgagee may perform the same, and all expenditures (including reasonable attorney's Eees) made by the
mortgagee in so doing shall draw interest at the rate set forth in ti~e note secured hereby, and shall be cepayable -
immediately and without demand by the mortgagor to the modgagee, and, together with interest and costs accruing
thereon, shall be secured by this mortgage.
13. that the mailing oE a written notice a demandaddressed to the owner of record of the mottgaged premises,
or directed to the said owner at ihe last address actually furnished to the mortgagee, or dieected to saidowner at
said modgaged premises, aod mailed by the Un~ed States mails, shall be sufficient notice and demand i~ any
ca~e arising under this insttument and required by the provisions hereo[ or by law_
14. The raorlgagor further covenants that should this mortgage and the note secured hereby not be e~igible
for insurance ~nder the Nationa~ Housing Act.sirithin 3Q Q~YS from the date hereof (written sfatement
of any officer of the Dep~rtmeitt of Nousing and Urban Develop rtient or authorized agent of the Secretary oE Hous-
ing and Urban Development dated subseq=ient to the Q~Y~ time from the date of ihis mortgage,
declining to insure said note and this mortgage, being deem~d conclJsive proof of such ineligi~ility), the mortga-
gee or the holder d the note may, at its option, decla~e all sums seturec~ hereby immediately due and payc~ble.
The covenants herein ca:tained shall bind, and the benefits and advantages shall inure to, the respective
heirs, exPcutors, administrators, successocs, and assigns oE the parties hereto. Whenev~r used, the singular num-
ber shall include the plural, the plural the singular, and the use of an~r gender shall include all genders.
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