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HomeMy WebLinkAbout1184 4. 'that he will pay alt taxes, es~essme~ts. wate~ ~ates. and other gove~nmentel or municipel chacges, fines. o~ impositio~s, Eot which prcwision has ~ot been ~r~ade he~cinbelore, end i~ default theteoE the mo~tgagee may psy the same; and that he wilt pcomptly deliver the ofticial ~eceipts theceto~ to the mortgagee. S. That he will permit, commit, oc sufEe~ no waste, impeirment, o~ detetioration oE said propeny ot any part thereof: and in the eveat of the [ailu~e of the moctgagot to lceep the buildings on said pcemises and thost tobe e~ected on said premises. or imp~oveme~ts theceon, in good repair. the muttgagee may make such repeirs as in its discretion it may deem necessa~y fa ihe propec prese~vatioe the~eof. and the full amount of each and evety such peyment shall be ime~~ediately due and payable, aad shuli be secured by the lien oE ihis mo~tgage. 6. That he witi pay all and singular the costs, charges, and expenses, includi~g reasonable lawyec's fees. and costs of abstcacts ot title. incuued or paid at any time bythe moKgegee because of the Eailure on the pert ~E the mortgagor p~omptly and [ully to perfam the agreements and covenants of said pcomissoty note and this morl- gage, and said costs. charges, and expen~es shall be imaediately due and payable and shall be secured by the lien af this mortgage. 7. That he will keep the improveme~ts now existing or hereafter e~ected on the mottgaged property. insured as may be required from time to time by the mo~tgagee against loss by tire and other hazards, casua[ties. a~d contin- genries in such amounts and for such pe~iods as a~ay be required by martgagee. and will pay pcomptly. when due. any premiums on such insursnce for payment of which provision has not been made heceinbefore. All insurance shall be carried in companies app~oved by m~tgagee and the policies and renervals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor o( and in Eorm acceptable to the mortg,agee. ln e~~e~t of loss he will give immediate notice by maii to mortgagee, and moctgagee may make proof of loss if not made promptly by mortgagoc, and each insurance company concerned is heceby authocized and directed to make payment foc such loss directly to mortgagee instead of to mortgagor and mo~tgagee jointly. and the insurance pro- - ceeds, or any part thereof, may be applied by mottgagee at its option either to the redection of the indebtedness - hereby secu~ed or to the restoration or repai~ of the propedy damaged. ln event of foreclosure of this mortgage ot ' other transfer of title t~ the mortgaged propedy in extinguishment of the indebtedness secured hereby, all right. ~ title, and interest of the mortgagor in aed to any insurance policies then in Eorce shall pass to the pucchaser or " grantee. i 8. That the moctgagee may, at arty time pe~ding a suit upon this mertgage. app1Y to the court havi~g jurisdic- tion thecPof for the appointR~ent oE a receiver, and such cou~t shall fodhwith appo~nt a receiver ot the premises covered hereby alt and si~gular, including ait and singular the income, psofits, issues, and revenues from whatever source derieed, each and eve~y of which, it being expressly understaod, is~he~eby modgaged as if specifically set forth end described in the graating and 6abendum clauses hereof, and such ceceivec shall have all the broad and etfe~tive functio~s and pc+wers 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 oE absolute right to said mort~agee, and without refe~ence to the adequacy ar inadequacy oE the value of the propedy mortgaged or to the solvency or insolvency oi said mortgagcx or the detertc~ents, and that such rents, proSits, income, issue~, and revenues shall be applied by such .receiver : accocding t~ the lien of this mortgage and the practice of such court. In the event of any default on the part of the ~ ~nortgagor hereunder, the mortgagor agrees to pay to _the mortgagee on demand as a reasonable monthly rental Eor ' the premises an amount at least equivalent to one-tweitth (1!12) of the aggregate of the twelve monthly install- Y ments payable in the then current year plus the actual amount oE the annual taxes, assessments, water rates, and E insurance premiums for such year not covered by the aforesaid monthly payments_ - 9. That (vJ in the event uf any breach of this mortgage or default on the pad of the mongagor. or [b/ in the event that any of said sums of ineney herein referred to be not promptly and fully paid without demand or notice. or in the event ihat each and every the stipulations, agree~aents. conditions. and covenants of said note and this m~xtgage, are not dulv. p~omptly, and fully performed; then in either or any sach 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 pa~able forthwith, oc thereafter, at the option of said moctgagee, as fully and com- ~ pletely as if alt 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 contcary notwithstanding; and thereupon or thereaEter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as iE ali moneys secured hereby had Ij matured prior to its institution. The modgagee may foreclose this rt:ottgage, as to the amount so declared due and " ~ payablc, and the said premises shalt be sold to satisfY artd pa~ the same together with costs, expenses,and allow- i ances. In case o[ partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- i tinuing lien of this mortgage for the amount of the debt not then due an.~ unpaid_ In such case the provisions o[ this paragraph r.~ay again be availed ot thereafter from time to time by the mortgagee. 10. That the mortgagor wiil giv~ immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. ! 11. That no waivec of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a wai~'er of the tecros hered or of the note secured hereby. € 12. That i[ the moctgagoc 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 ceasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set fotth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagot to the mortgdgee; and, togethec with inte:est and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the uwner of rece?d oE the mortgaged premises, ; or directed to the said owner at the last address actually furnished to the modgagee, oc directed to saidowner at ; said modgaged premises, and mailed by the United States mails, shall be suEficient notice and demand in any _ ~ case arising under th~s instrument and rzqu~red by the pr~visi.x~s hereof or by law. , 14. The mortgagor f~~rther covenants that should this mortgage and the note secured hereby t~pt be ~Ijg~bJ~• ~ for insu~ance under the fiational Housing Act within [rom the date'he~eof (written statement of any oNicer of tk~ Department of Housing and Urban Development or ~uthorized agent of the Serretary of Hous- ~ng and Urban Development dated subsequent to the ~Q p~'y~c • time from the date of this mottgage, • ; declining to i~JLre said note and this mortgage, being deertN~d concYusive:+proof of such ineligibility), the mortga- ; gee or the hotder d the note u~ay, at its option, dectare all sums secured hereby immediately due and ; ayeble. " The covenants herein contained shall bin~l, and the beneEits and adv~ntages shall inure to, the re~pective ? he~rs, executors, administrators, successors, and assigns of the parties hereto. Whenevrt used, the singuler num- ~ a ber shall include the plural, the ptural the singular and the use of any gender shail include ell Renders_ ~ < i _ ; 1.~3 i~g3 i _ _ ~ p ~ ..z_.