HomeMy WebLinkAbout1190 4. That he will pey all taxes, asses~ments. vratar retes. and dher aovernmental ot municipal charges. fipes,
or impositions, foz which pruv?sion has not beeo made hereinhetae. and in defsult thereof the moctgagee may pay
the same; and that he will promptly deliver the ot[icial ~eceip~s theretor to the a~ortgagee.
S. That he wilt pecmit. com~it. or su[[ec no waste. impaicment. or dete~ioratioa ot ssid ptope~ly or any pad
the~eof; and i~ the event of the failu~e oE the mortgagor to lceep the buildi+?gs on said premises and those tobe
erected on said p~emises, or imp~ovements theceon. in good repair. the mortgagee may make such ~epairs as i~ its
disc~etion it may deem necessary for the proper preservatio~ thereof. aad the full amount of each a~d e~ery such
payment shall be immediately due and paysble, and shall be secured by the lie~ of this mortgage.
6. That he will pay all and singular the cosis. chacges. and expenses. including reasonable lewyer's fees.
and costs of abstracts of title, incurred or paid at any time by the mortgagee becausa of the failure on the pert ot
~ the mortgagoc p~omptly and [ully to perfocm the agreements and coven~nts of said p~omissory note and this mort-
gage. and said costs. charges, and expenses shall be imsaediately due a~d payable a~d shall be secured by the
lien of this matgage.
7. That he will keep the improveme~ts now existing oc herea[ter erec;ted on the modgaged pcoperty. 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 for such periods as may be required by mortgagee. and will pay promptly. when due,
any premiums on such insurance for payment of which, provisiun has not been made hereinbefae. All insurance
shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort-
gagee and have attached therelo loss payable clauses in favoc of and in form acceptable to the mo~tgagee. ln
ea~ent of loss he will give immediate notice by mail to mortgagee, artd mortgagee may make proof of loss if not
made ptomptly by ~nortgagor, and each insurance company concerned is hereby authaized and directed to make
payment foc such t: :s dicectly to mottgagee instead of to mortgagor and mortgagee jointly, and the i~surance pro-
ceeds. or any part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness
hereby secured o~ to the restoration or cepair of the property damaged. In event ot foreclosure of this mortgage or
other transfer of titie to the mortgaged property in extinguishment of the i~debtedness secured hereby, all right,
title, and interest of the mortgaga i~ and to any insurance policies then in force shall pass to the purchaser or
grantee.
8. That the mortgagee may. at any time pending a suit upon this mortgage. ap~?ly to the court having jurisdic-
tion thereof Eor the appointment of a receiver, and such coud shall foithwith appoint a rec:eiver of the premises
covered hereby all and singular, including all and si~gutar the income, profits, issues. and ~evenues from whatever
sou~ce derived, each and every of which, it being expressly understood, is hereby modgaged as if specifically set
forth end described in the granting and habendum clauses hereof, and such receive~ shall have all the broad ano
elfecti~e functions and powers in any~wise entrusted by a court ta a receiver. and such appointment shall be made
by such eoud as an admitted equity and a matter of absolute right to sai~ mortgagee. and without reference to the
adequaey or inadequacy of the value of the propedy morigaged or to the solvency oc insolvency of said mortgagoc
or the defendents, and that ~uch rents, protits, income, issues, and ce~•enues shall be applied by such receiver
according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the
mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for
the premises an amount at least equivalent to one-twel[th (1!12) of the aggregate of the twelve monthly install-
ments payabie in the then current year plus the actual amount of the annual taxes, assessn:ents, water rates, and
insurance premiums [or such year not co~~e~ed by the aforesaid monthly payments.
9. That (ol in tbe event of any breach of this mortgage or deEault on the part oE the modgagor, or fb/ in the
-~nt 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 o[ said note and
this mortgage, are not duly. promptly, 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 s
hereby, shall become due and payable forthwith, or thereaftec, at the option of said mortgagee, as fully and com- 3
pletely as if all of the said sums of money were originally stipulated• to be paid on such day, anythirtg in said .
' rtote a in this mortgage to the contrary notwithstanding; and thereupon or thereaftcr, at the option of said moctga- '
; gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had
i matured prior to its institution. The mortgagee may fureclose this mortgage, a~ 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 mortgaged ~remises shall be sold subject fo the con-
~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisi~ns ot
this paragraph may again be availed of thereaEter Erom t~me to time by the mortgagee.
10. That the mortgagor will give immediate notice by mail to the mertgagee of any conveyance, transfer, or
change of ownership af 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 waivec of the terms hereof or of the note secured hereby.
12. That if the mortgaga default in any of the covensnts ot agreements contai~ed hecein, or in said note, then -
the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the
mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shatl be repayable
immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing
thereon, shall be secured by this mortgage. *
13. that the mailing of a written ndice or demand addressed to the owner of record of the mortgaged premises.
or directed to the said owner at the last address ~•tually furnished to the mortgagee, ot directed to said ovvner at
~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notire and demand in any
case arisir.g under this instrument and tequired by the provisions hereof or by law.
14. The mortga&or further covenants that should this mortgage and the note secured hereby not be eligible
for insurance`under tl~e National Nousing Act within ~~YS from the date hereof (writte~statement
of any officer of ti~e Depactment of Housing and Urba'l bevetopment or authorized a~gent qf th~Secretary of Hous-
ing and Urban Development dated subsequent to the 3p pqyg time from the date of this mortgage,
declining to insure said note and this mortgage, being deear~d conclusive proot of such ineligibility), the mortga-
gee or the holder of the note-~nay, at its option, declare all sums secured hereby immediately due and payeble.
The covenants hereir. contained shall bind, and the beneiits and advantages shal! inure to, the respective
heirs, executors, administrators, successws, and assigns d the parties hereto. Whenever used, the singular num-
ber shall include the Plural, the plural the singulat, and the use of any gender shall include all genders. ~
. , _
- . soo~ 193 1189