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HomeMy WebLinkAbout2807 ` .i , tt t ~ ~ . . 1 4. That he wiil pay all taxes. assessments. wate~ cates. end other governmeatal or mu~icipal charges. fines. . or impositions, fo~ Nhicb pcovisio~ hes not bcen mede hereinbeface. and in defeult theceof the moctgagee may pay the same; and that he witl p~anptly delive~ the official :eceipts ti~erefot to the mortgagee. . 5. That he will permit. canmit. a suffe~ no waste. impairment. or deteriocation of said propeny or any pad thereof; r~ed ie tl~e event of the failuce of the mongagor to keep the buildings on said premises and those tobe : erected on said premises. or improvements theceon. in good repair. the matgegee may make such repeirs as in its discretion it mey deem necessary fo~ the p~ope~ preservatioe thereof. and the fuU amount of each a~d every such ~ payment shall be immediately due and payable. and shall be secured by the lien of this mortgage. : 6. That he will pep all e~d singula~ the caets. charges. and expenses. ir~ciuding ceasonable lewyer's fees. i a~d costs of abstracts oE title. incurred a paid at any time bythe mortgagee ~r:ssse af t!:c fai:ure aa thc pect af ; the iaortgagor promptly and futly to perEorm the agreements and cove~ants of seid promissory note and this mort- gage. and said costs, cherges, and expenses shall be immPdiately due and payable and shall be secured by the ~ lien of tbis -mo~eage. ~'hat he will keep the imp~ovemeets now existing or hereaEter erected on the mo~tgaged propedy. insured as * may be cequired from time to tiaQe by the moctgagee agair~st loss by fire and othec hazards. casualties. and corttin- ~ gencies in such amounts and for such periods as a~ay be requiced by matgagee. and aill pay promptlY. when du~. any premiua~ o~ such insutance [or payment of a?hich pcovision has not been made hereinbeEore. All insurance shall be carried in companies appcoved by modgagee a~d the policies and renewals thereof shali be held by mort- ; gagee and have attached thereto loss payabie clauses in fevor of and in focm accepteble to the mortgagee. ln ~ ~ event of loss he will give immediate aotice by nail to mortgagee. and mortgagee may make proof oE loss if aot ~ made promptly by moctgagw, aad each insurance company concemed is hereby authorized and d'uected to make = payment foc such loss directly to mortgagee i~stead of to matgago~ ar~d matgagee jointly. and the insurance p~o- ~ ceeds, or any part the~eof, may be epplied by mottgagee at its option either to the reduction oE the indebtedness ' hereby secured or to the restoration a repair of the propedy damaged. In event of foreclosure of this mortgage oc other transfer of title to the moctgaged property in extinguishment o[ the indebtedness secured hereby, all right. title, and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or L gcantee. 8. That tt.e modgagee may. at any time pending a suit upon this mortgage. apply to the courf having jurisdic- ~ tion thereof [oc the appointment of a receiver, and such court shall fo~thwith appoint a receiver of the premises covered ~ereby all and singular, including all and singular the income. profits, issues, and revenues from whatever source derived, each and every oE which, it being expressly understood, is hereby mortgaged as if specifically set forth end described in the granting and habendum clauses hereoE. and such rece;ver shall have all the broad and effective functions and powers 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 modgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged o~ to the sotvency or insolvency of said modgagor or the defendents, and that such rents, profits. income, issues, and revenues shall be applied by such receiver according to the lien of this modgage and the practice of such coud. 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 pcemises an amount et ~least equivaleat to one-twelEth (1/12) of the aggregate of the twelve monthly in~tall- ments payable in the then current year plus thre'actual amount of the annual taxes. assessments, water ~ates~and ' insurance premiums for such year not covered by the aforesaid monthly payments_ ~ ~ 9. That (ol in the event of any breach of this mortgage or default an the ped of the mortgagor. or (b~ in the ~ event that any oE 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 of said note and t this modgage, are nd 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 ali moneys secured ~ hereby, shall become due and payable forthwith. a thereafter, at the option of said mortgagee, as Eully 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 a in this moctgage to the contrary notaithstanding; and thereupon or thereafter, at the option of said mortga- gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secared hereby had matured prior to its institution_ The modgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy aad pay the same together with costs, expe~ses,and allow- f ances. In case of partial forecfosure of •this mortgage, the mortgaged premises shall be sold subject to the con- _ tinuing lien of this mortgage for the amount of the debt not then due ana unpaid. In such case the Qrovisions of • this paragraph may again 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 oE ownecship of the premises. ; 11. That no waiver of any covenant h~:eia ar of 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 cove~ants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, and all expenditures (including reasonable attocney's fees) made by the - mortgagee in so doing shal! draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the modgagee, and, tugeti~er aith interest and costs accruing thereon, shall be secured by this modgage. 13. tl~at the m:.iling of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to tne said owner at the last address actua:iy furnished to the mortgagee, or directed to saidorvner at ; said modgaged 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 mor~gagor Eurther covenants that should this mortgage and the note secured hereby not be eligibie - for insurance under the National Housing Act within ~~YS from the date hereof (written statement : of any ofEicer oE the Depactment oE Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development ~ated subsequent to the 30 ~~S time from the date of this modgage, declining to insure said note and this mortgage, being deem?d conclusive proof of such ineligibility), the mortga- gee oc the lrolder of the note a~.ay, at its option, declare all snms secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the bengfits and advantages shal! inure to, the res~ctive heirs, e~c~*ors, administrators, successocs, and assigns of the pa~+ies hereto. Whenever used, the singular num- ~ ber shall inciude the plural, the plural the singular, and the use of ar,y gender shall include all genders. ~ _ . ~ ~ - - - . BoQ~ 193 2804 . ~r w. ' . . ~ •