HomeMy WebLinkAbout1196 4. That he will pay all taxes, assessmeats, water ~ates. and dher governmental a municipal charges, fines,
o~ impositso~s, Eor which p~uvision has not been made hereinbefae. and in default theceof the mwtgagee may pay
the same; and that he will promptly deliver the otticial rcceipts thereto~ to the mortgagee.
5. That he will pecmit. commit. oc sutfer no waste. impai~ment. ot deteriocatioo ot said ptoperty or an~ patt
thereo(; aod in the Pvent o[ the teilu~e ot the mortgagor to keep the buildings on said p~emi~es and those tobe
e~ected on seid premises, or improvements thereon, in guod repair, the mortgagee may make such repa+rs as in its
disc~etion-it may deem necessa~y [or the proper presecvation the~eo[, end the (ull amou~t of each end eve~y such
paymeot shall be immediately due and peyable, and shall be secu~ed by the lie~ o( this mortgage.
6. That he will pey ell and singular the costs. cha~ges, and expenses. including reasonable lawyrr's fees.
and costs of ebstracts of title, incurretl o~ paid at any time bythe mortgagee because of the failure on the part ot
, the mortgagot promptly and fully to pectorm the agceements and cove~ants of said promissoty note and this mort-
gage, and said costs, charges, and expenses shall be ~mmediately due a~d payable a~d shal! be secured by the
lien o[ this mortgage.
7. That he will ke.p the improvements now existing or hereafter erected on the mo~tgaged property. insured as
may be cequiced from time to time by the mortgagee against loss by fire end othe~ hazardc, casuaities. and contin- ~
ge~cies i~ such amuu~ts a~d for such prriods as may be requi~ed by mwtgagee. end will pay p~omptly. when due.
an~ premimns on such insurance for payment of which provision has not been made hereinbefoce. Ali insurance
shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mcxt-
gagee and ha~•e attached thereto toss payable cleuses in Eavor of and in form acceptable to the mortgagee. In
e~•ent of l~s he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not
made promptly by mortgagor, and each insucance company concerned is hereby authorized and directed to make
payment for such loss di~e: tly to mortgagee instead of to mortgagor and mo~tgagee jointly. and the insura~ce pro-
ceeds, or any part the~eo(, may be applied~by mortgagee at its option either to the reduction of the indebtedness
hereby secured or to the restoration or repair of the propetty damaged. In eve~t of forecl~ure of this mortgage or
other transfer of title to the mortgaged propcrty in extinguishment o[ the indebtedness secured heceby. all right,
title, and interest of the mortgagoc in and to any insurance policies theo in [o~ce shall pass to the purchaser or
grantee.
8. That the mortgagee may, at any time pendi~g a suit upon this mortgage. apply to the court having jurisdic-
tion thereof for the appointment of a receivec, and such coud 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 mortgaged as if specifically set
fodh end aescribed in the granting aad habendum clauses hereof, and such rzceiver shatl have all the broad and
effectiti•e functions and ipowers 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 of absolute right to said mortgagee. and without reference to the
adequacy o~ inadequacy of the vatue of the prope~ty mortgaged or to thE solvency or insolvency of said mo~tgagor
or the defendents, and that such rents, profits, income, issues. and revenues shall be applied by such receiver
according to the lien oE this mortgage and the practice of such court. [n the event of any default on the part of the
mortgagor hereunder, the mor*.gagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for
the premises an amount at least equivalent to one-twelEth (1!12) oE the aggregate of the twelve monthlyinstall-
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 covered by the aforesaid monthly payments.
9. That t in the event of any breach of this modgage or default on the ped of the mortgagor, or (b) in the
e~~ent that any oE said sums of money herein referred to be not promptly and Eully paid without demand or notice,
or <i J in the event that each and every the stipulations, agreements. conditions. and covenants of said note and
this mottgage, are not duly, promptly, and Eully performed; then in either oc any such event, the said aggregate
sum mentioned in said note then remaining unpaid, with interest accrued te that time, and all moneys secured
hereby, shall become due and payabie forthwith, or thereafter, at the ophon oE said mortgagee, as fally and com- •
pletely as if all of the said sums of money were otiginally stipulated to be paid on such day, anything in said
note or in this mottgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga-
gee, without notice or demand, suit at law or in equity, may be prosecuted as if a!1 moneys secured hereby h~d
~ matured prioc to its institution. The mortgagee may foreclose this mortgage, as to the amount so declated due and
i
i pat•able, and the said premises shal! be sold to satisfy ~:~d pay the same together with costs, expenses,and allow-
ances. In case of Fartial foreclosure of this mottgage, the mortgaged premises shall be sold subject to the con-
tinuing lien of tht~ mortgage for the amount of the debt not then due and nnpaid. In such case the provisions of
:his paragraph may again be avaiied of thereafter from time to time by the mortgagee.
10_ That the mortgagor will give immediate notice by mail to the r.~ortgagee ot any conveyance; transEer, or
change of rnvnership of the premises.
11. Th3t no waiver of any covenant herein or of the obligation secured herehy shall a: any time thereafter be ~
held to be a waiver of the terms heceof or of the note securecl hereby.
12. That if the mortgago~ default in any oE ihe covenants a agreements con~ained herein, or in said note, then
the mortgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the
mortgagee in so doing shall draw-in~erest at the rafe set fath in the note secured hereby, and shall be repayable
~mmediatel~ and without demand by the mortgagor to the mo~tgagee, and, together with interest and costs acc~uing
thereon, shal: be secured by this mortgage.
13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ;
or directed to the said oarner at the last address actually furnished to the mortgagee, w directed to saidawner at `
sa~d mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any 4
case arising un~er this instrument and required by the provisions hereof or by law. ~
14. The mortgagor further coves~ants that should this mortgage and the note secured hereb~ not be eligibte
for ~nsurancg und~r jhe National Housin~Act av" i~ ~~YS _ from the date hereof (written statement
of a~{f~a~flter bf tlte~ Department of Hou ng a~r ' n DevelopmenC6f authorized agent~ bf the~•le~rret~ty of Hous-
ing and Urban Development dated subSequent to the 30 pq~ time from the date of this moctgage,
declining to iqsure said note and this mortgage, being deem~~ conclusive proof ot such ineligibility), the r_:ortga-
gee or the holder d the note may, at its option, declare all suins secure~ hereby immediately due and pa~eble.
The covenants hcrein contained shall bind, and the benetits and advantages shali inure to, the respective
~ lsesss, execsstoss, ~la:iaistratars, successots, end essi~s ot ihe pariies hereto. Ikhenever used, the singuier num-
ber shall include thr plural, the plural the singular, and the use of any gender shall include all genders.
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