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HomeMy WebLinkAbout2176 4. That he wil! pay all taxes. essessmeats. w~tet cotes, and othe~ gove~clmentsl oc municipol ch~rges. tines. - oc impositiona. for which pcovision hes not beea a~d~ ce:nbajete. apd in defo•rlt theceof the mortgagee maY W+Y the same; a~d that he r?ill pcomptly delivM the atfidial t~ipts t~lcefer to the mortgagee. 5. That he will peca~it, commit. ec suffe~ no waste. imQeirment, or dete~iocatio~ of said propecty o~ any pact thercoE; and ia the event oI the [ailure ot the moctgagoc to keep the buildings on said premises and those tobe ? ecected oa said prewises. oc improvements thereon, i:? good repair. the matgagee may make such repairs as ie its discretion it awy deem ~ecessa~y fo~ the pcope~ pcese~vatioe thereof. end the Eull amount of each and every such payme~t shall be immediately due a~d poyeble~ a~d shall be secured by the tien of this moctgage. 6. Thet he wili pay all and singular the costs. charges. and expenses. including reasoneble lawyer's [ees. and costs of abstcacts of title. incurred or paid at any time bythc matgagee because oE the failure on the pert of the mortgegoc pcompily end fupy to perfa~m the agreements and covenaets of said promissocy note and this mort- gage. and said costs. charges, and expenses shell be immediately due a~d payable and shall be secured by the lien af this mortgage. t 7. That he will keep the improvements eow existing or hereafter erected a~ the moctga~ed property. insurcd es may be required from time to time by the moctgagee against loss by tire and othe~ hasards~ casualties. and contin- gencies in such emounts end Eor such periods es may be requiced by mohgagee. and will pay promptly. when due. ~ any premiurt~s on such i~surance [or paymeRt of which provision has not been made hereinbefore. All insurance shal! be carried i~ compe~ies approved by mortgagee a~d the policies and ren~v~als theceof shall be held by mort- gagee and have attached thereto loss payable clauses i~ fevor o[ and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and moctgegee may make proof of loss if not made promptly by mortgegor. arid each insurance compeny concerned is hereby authorized and directed to make payment tor such loss dicectly to moctgagee instead of to mortgago~ a~d modgagee jointly. and the insurance pto- ceeds, oc any part thereof. mey be applied by matgagee at its option either to the reduction o[ the indebtedness heceby secured or to the restoratioo a repair af the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mongaged propedy in extinguishment of the indebtedness secured hereby. all right. title, and interest of the mortgaga in and to any insurance policies then in force shaU pess to the purchaser or. gcantee. . 8. That the mortgagee may~ an~r tia~e pending a suit upon this mortgage. apply to the court havi~g jurisd~c- tion thereaf for the appointment of a~receiver. a~d such coud shall torthwith appoint a receiver of the premises covered hereby ell and singulat. including ell and singular the i~ome,'profits. issues. and revenues fcom whatever source derived. each and every of ahich. it being expctssly understood. is heceby mortgaged as iE specifically set fodh erd described in the granting and habendum clauses hereof, and such receiver shall ha~e all the broad an~ effecti~e functions a~d powers in anywise entrusted by a caut to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mottgagee. and aithout refereace to the adequacy or inadequacy ot the value of the p[ope~ty moctgaged or to the solvency or insolvency of said modgagor or the deEendertts, and that such rents. pro[its. income, issues. end revenues shall be applied by such receiver according to the lien of this mortgage end the practice of such covrt. In the event of any default on th~ part oi the ~ mortgagor hereunder, the mortgagor agrees to pay to the mortgagee en demand as a reasonable monthly rental for the ~remises an amount at least equivalent to one-hvelfth (1/12) of ihe aggregate oE the twelve monthly i~stall- ments payable in the then current year plus the actual amount ot the annual taxes. assessments. water-rates, and insurance premiums for such year not covered by the aforesaid monthly paymeats. 9. That (~J in the event of any breach ot tt~is mbtlgage or default an the part of the mortgagoc, or (b} in the event that any of said sums of money l~erein referred to be not promptly and fully paid without demand or notice, - or (~1 in the event that each and every the'stipulations. agceements. 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 accraed to thet time. and all moneys secured I hereby, shall become due and payable focthwith. a thereafter, at the option of said matgagee. as fully and com- pletely as if all of the said sums of money vvece originally stipulated to be paid on such day, anything in said - note oc in this modgage to the contrary notarithsta~ing; and thereupon or thereafter, at the option af said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prioc to its institution. The mortgagee may foreclose this morlgage. as to the amou~t so declared due and payable. and the said premises shall be sold to satisfy and pay the saoAe togeiher with costs, expenses,and allowr- ances. In case of partial Eoreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mo:tgage for the amount oE the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereaEter from time to ti.ae by the mortgagee_ 3 10. That the mortgagur will give ima~.ediate notice by mail to the mortgagee of any conveyence, transfer, or ! change of ownership oE the premises. i 11. That no waiver of any cove~ant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hcreof or of the note secured hereby. 12. That iE the mortgaga default in any of the covenants or agreements contained herein, or in said note, thert the modgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draa interest at the rate set fath in the note secured hereby, and shall be repayable ~ immediately and without deciand by-the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. ~ 13. that the mailing oE a~vritten notice a demandaddressed to the owner of record of the mortgaged premises. ~ R or directed to the said ovvaer at the tast address actually furnished to the mortgagee, or directed to seid oavner at > said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ` case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby ~ot be eligible for insnrance undrr the National Housing Act with'sn ~~YS fcom the date hereof (written statement of any ofEicer of thr Departe~ent of Housing and Urban Development or authoriued agent of the Secretary of Nous- ing and Urban Development dated subsequent to the 30 DAYS time from the date of this mortgage, ; declining to ias~ue said note and this mortgage, being deem•~d conclusive proof oE such ineligibitity), the monga- gee oc the holder af the note may, at its option, declare all sums secured hereby immediately due and peyeble. ; The covenanls herein contained shall bind, and the benefits and adventages shell inure to, the ~espective j heirs, executas, edministrators, successocs. and essigns d the parties hereto. Whenever used, the singular num- ber shall inclode the piural, the plur~l the singular, and the use of any ger.dec shali include ell genders. _ ~ # ~ , s~193 2174