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HomeMy WebLinkAbout2462 4. That he wlll pay all taxes. assessmeats~ rv~tet cetcs. end other govecnmental or munic~pal.cherges. (ines. or impositions. for Rhirh p~ovieion hes not been made he~einbefore. and in default thereof the mortgages may pay the ~amc; a~d that he vnill pranptly deliver the official receipts therefoc to tfie~aoctgsgee. S. That he will pecmit. canmit. or sutte~ no waste. impai~meot. a deterioration of said p~opeKy o~ eny part thereo[; aod ia the event o[ the fail~e~e of the mortgsgor to keep the buitdiogs o~ said premises and those tobe ecected on said premises. or i~aprovements thereon. in good [epbit. the mo~tgagee may make such cepai~s as in its discretion it may deem necessary [oc the propet preservation theceot. and the full amount of each and eve~y such payment shall be immedietely due and peyable, and shall be secured by the lien of this mortgage. 6. That he will pey r~ll and singular the costs. cherges. and expenses, including reasonabie lawyer's fees. and costs of ebstracts of title. incurred or paid at any time bythe mortgagee because of the failure on the pert ot ~ the mortgagor promptly acid fully to perfocm the eg~eements and covenants of sai~ promissory ~ote and this mo~t- ~ gage, and said costs. charges. and expenses shall be immed'eately due anfi payable and shall be secured by the lien of this mortgage. _ 7. That he ti~ill keep the improvements now existing oc herea[te~ erected on the modqaged property. insured as may be required trom time to time by the mortgagee against loss by fire a~d other hazards. casualties. a~d contin- gencies in such amounts and tor such periods as may be required by mortgagee. and will pey prompily. when due. any premiuaLS on such insurance for payment of which provision has not been made heteinbeEore. All insurance shall be carried in compa~ies appr~ved by mortgagee and the policies and renewals the~eof shall be held by moct- gagee and have atteched thereto loss peyable clauses in lavor oE and in form acceptable to the mortgagee. ln ; event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not ; made ~ promptly by mortgagor. and each insurance company concerned is heceby authorized and directed to make ~ payment foc such loss directly to modgagee instead of to moctgagor and mortgagee jointly, and the insucance pro- ' ceeds, or a~y part thereof. may be epplied by mottgagee at its option e[ther to the reduction of the indebtedness s` hereby secu~ed or to the restoration oc repair of the pcoperty damaged. In event ot foreclosure of this mortgage or = other tcansfer of title to the mortgaged propedy in extinguishment ot the indebtedness secured hereby, n!! right. i title, and interest oE the modgagor in and to any insurance policies then i~ force shall p~ss to the purchaser or 3 grantee. ; 8. That the modgagee may. at any time pending a suit upon this mortgage. apply to the court havi~g jurisdic- . ' tion thereof for the appointment of a receiver. and such court shall torthwith appoint a receiver of the premises ; covered hereby all and singular. including ali and singular the incc~me, profits. issues. a~d revenues from whatever ; source derived, each and every of arhich, it being expressly understood,-is hereby mortgaged as ii specifically set torth end described in the g~ar~ting and habendum clauses hereof, and such receiver shall have all the broed and ' eftective functions and powers M ag~ise 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 or inadequacy of the valu~ of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profits. income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such couirt. 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-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable i~ the then cucrent 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 (ol in the eve~i of any breach of this mortgage or default o~ the pad of the modgagor. oc (6~ in the event that any of said sums of money herein referced to be not promptly and fully paid without demand or rtotice, oc (c/ in the event that each and every the stipulations, agreements, conditions. and covenants of said note and ~ I'I this mortgage, are not duly. promptly, and fuUy performed; then in eithPr 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 I hereby, shall become due a~d peyable forthwith, a thereaEter, at the option oE said mortgagee, as fully and com- ~ t pletely as if all of the said sums of moneS were originally stipulated to be paid on such day, anything in said 4 note a in this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said mortga- gee, without notice or demarid, suit at law or in equity, may be prosecuted as if all moneys secared hereby had matured pcior to its institution. The mortgagee may foreclase this mortgage, as 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- ~ snces. In case of partial foreclasure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount oE the debt not then due and unpaid. In such case the provisions of this peragraph may agai~ 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, or change of ownership of the premises. 11. 'That no waiver of any covenant herein oc of the obligation secured hereby shail at any time thereafter be ~ held to be a waiver of the terms hereof or of the note secuced hereby. 12. That if the matgagor default in any o~fxhe covenants or agreements contained herein, or in said-note, then the mortgagee may pedorm the same, and aU expenditures (including reasonable attaney's (ees) made by the moctgagee in so doing shall draw interest at the rate set forth in t!~e note secured hereby, and shall be repayable immediately and without demand by the mortgaga to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. ~ 13. that the r~ailing of a written notice a demand addressed to the owner of rec;ord of the mortga: ed premises, or direeted to the said oaner at the last address ectually furnished to the modgagee, or dicected to said ownec 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 hereot ar by law. 14. The mortgagot further covenants that should this mortgage and the note secured heteby not be eligible ; for insurance undec the National Housing Act within ~~y, from the date hereoE (written statement of any officer af the Depa~tment of Housing and Urban Devel ment or authorized agent of the Secretary of Nous- ; ing and Urban Development dated subsequent to the ~~Y$ time from the dete of this moctgage, _ - declining to insure said note and this mortgage, being deem•~d conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secuced hereby immediately due and payeble.- The covenants herein contained shail bind, and the benefits and advantages shall inure to,-the respective heirs, executors, administratcrs, successocs, and assigns a[ the parties hereto. Whenever used, the singular num- ber shall inclode the plural, the plural the singular, and th~'~se of any gender shall include all genders. , _ 6~R~ ly~i 2460 ~