HomeMy WebLinkAbout2801 4. That he will pay all taxes. assessments. wate~ rates. aad dher gover~meatal o~ municipal cha~ges. tiaes.
oc i~:positions, [or which provision has not beea made hereinbefae. pad ia default thereal the martgagee may pay
the sume; and lhat he will p~wnptly deltvec the o(IiC~al receipts therefor to the mortgagee.
S. T}?nt he will pe~mit, commit, a sutEer no waste. impaicmeat, or deterioratton of said property or any part
theceot; and in the event of the tailure ot the mortgagor to keep the buildings on said premises aod those tobe
erected on said premises. or improvements therecu~. in good repair. the mo~tgagee may make such ~epeirs es in its
discretion it may deem ~ecessary fot the proper preservatio~ thereo[. and the Eull amount ot each end eve~y such
peyment shall be immediately due and peyable, and shall be secured by tl~e lien of this mottgage.
6. That he will pey a!1 and singular the costs. cherges, and expe~ses. including reaso~able lawyer's fees.
and costs of abstcacts of title, incurced or peid at any time bythe mortgagee because of the faiture on the pert of
the moctgagot pcomptly and [ully to perfotm the agceements and covenants of said pcomissory note and this mort-
gege, and seid costs. cha~ges. and expenses shall be immediately due end payable end shall be secured by the
lien of this mcxtgagt. ~
7. That he will keep the improveme~ts now existing or hereafte~ erected on the mortgaged propedy. insured as
may be required from time to time by the moctgagee against loss by fire a~d other hazacds, cesualties. and contin-
gencies in such amounts and for such periods as may be reqvi~ed by moctgagee. and will pay promptly. wheo due.
any premiu~ on such insu~ance for peyme~t of which pcovisioa has not been made heceinbefae. All insurance
shell be carried in companies approved by mo~tgagee and the policies and renewals thereof shall be held by mo~t-
gugee and have attached the~eto loss payable cleuses in favo~ ot and in focm acceptable to the moctg,agee. In
event of loss he will give immediate notice by mail to mortgagee. and mo~tgagee may make proof of loss if not
made promptly by mwtgagot. and each insurance company concerned is hereby authoriaed and directed to make
payment Eoc such loss dicectly to mortgagee instead oE to matgagor and mortgagee jointly. and the insurance p~o-
ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedoess
herAby secured or to the restoration or iepair of the property damaged. In event of foreclosure ot this mortgage or
othe~ transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right.
title, and interest of the mortgagar in aRd to any insurance policies then in force shall pess to the purchaser or
grantee_
8. That the mortgagee may. et any time pending a suit upon this moctgage. apply to the court having jurisdic-
tion thereof foc the appointment of a ceceiver. and such coud shall forthwith appoint a receiver of the premises
covered hereby all and singular. including all and singular the income. proEits. issues. and revenues from whatever
source derived, each and every of which, it being expressly understood, is hereby mwtgaged as iE specifically set
forth end described in the graniing and habendum clauses he~eof. and such ~eceiver shali have all the broad and
effective functions and powers in anywise entrusted by a court to a receiver,~nd such appointment shall be made
by such court as an admitted equity and a!natter of absolute right to said lnortgagee, and without reference to the
adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor
or the detendents, 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 coud. In the event of any default on the part of the
moctgagor 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 in the then current year plus the actuai amount uE the annual taxes. assessments, water rates, and
insurance premiums fo~ such year not covered by the aforesaid monthly payments_
9_ That (o/ in the event of any breach of this mortgage or default on the part of the mortgagor. or (b) in the
event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice,
or (rJ in the event that each and every the stipulations, agreements, conditions. and covenants of said note and
this mortgage, are not duly, promptly, and fully pedormed; then in either or any such event, the said aggregate
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sum mentioned in said note then remaining unpaid, with interest acccued to that time, and a!1 moneys secured
hereby, shall become due and payable forthwith, or thereafter, at t6e option of said mortgagee, as fully and com- ~
~ pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said
` note oc in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the optio~ of said mortga-
~ gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had
matured prior to its institution. The mortgagee may foreclase this mortgage, as to the amount so declared due and
payable, and the said psemises shall be sold to satisfy and pay the same together with costs, expenses,and allow-
ances. In case of pertial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
tinuing lien of tNis mortgage for the amount of the debt not then due and unpaid. In such case the provisions of
this paragraph may again be availed of thereafter fc~ 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 oi o~vnership of the premises.
11 _ That no waiver of any covenant herein or ot the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
12. That if the mortgagor default in any of the covenants or agreements contained 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 interest at the rate set Eocth in the note secured hereby, and shall be repayable
immediately and without demand 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 written notice a demandaddressed to the owner of record of the mortgaged premises.
or directed to the said owner at the last address actually fcrnished tb the modgagee, or directed to said oarner ar
said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any
case arising under this instrument and required by the provisions hereof ot by law_
14. The mortgagor (urther covenants that should this mort a e and the note secured hereby not be eligible
Eor insusance undet the National Nopsing Act within ~ QA~~ from the date hereof (written statement
of any officer oE the Department of Housing and. Urban Development or authorized agent of the Secretar9 ot lfinus-
ing and Urban Development dated subsequent to the 3Q j~j4YS time from the date of this mortgage,
declining to insure said note and this mortgage, being deea~?d concissive proof of such ineligibility), the mortga-
gee o~ the hotder d the note may, at its option, declare all sums secured hereby immediately due and payeble.
The covenants herein contained shall bind, and the benefils and advantages shall inure to, the respective
heirs, executors, adrninistrators, successocs, and assig~s af the parties hereto. Whenever used, the singutar num-
ber shall include the plural, the plural the singular, and the use of eny gender shall include atl genders.
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