Loading...
HomeMy WebLinkAbout0106 ~ , . , ; 4. Tfiat he will pay all taxes, assessments, wetet cetes. and oth~r governmentel or municipel cherges, fines, or impositions, for which provision has not been enade hereiobefore, ~pd in default thereoE the mortgagee may pay ~ the same; and that he will promptly dellver the o[ficial ~eceipts therefor to the modgagee. ~ 5. Thet he will permit, commit. cx suEfe~ no waste. impeirment, or dete~iwetion oE said propeny or eny part ~ theceoE; and in the eve~t of the failure of the mortgagor to keep the buildings an said premises and those tobe ~ erected on said premises, or impcovements thereon, in good repair. the mortgegee may make such repeirs as in its discretion it may deem necessa~y for the pcope~ preservation thereof. end the Eull amount oE each and every such payment shall ba immediately due and payable, aad shall be secured by the lien oE this mortgege. 6. Thet he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's fees, e~d costs oE abstracts of title, incurred or paid at a~y time bythe mortgagee beceuse of the feilure o~ the pert of the moKgagoc promptly and fully to pertorm the agceements and covenenls oE said promissory note and this mort- gege. and said costs, cherges, end expenses shall be immediately due ond payable and shall be secured by the lien d this mortgege. 7. That h~ will keep the improvements now existing oc heceafter erected on the mortgaged propedy. insured as mey be requiced fcom time to time by the mo~tgagee ageinst loss by tice and other hazards. casuelties. and contin- ge~cies in such amounts and tor such periods as mey be required by moctgagee, and will pey promptly. when due. any premiums on such insurence for payment of which provision has not bc•en made hereinbefote. All insurance shall be carried io companies approved by mortgagee and the policies and renewals thereof shall be held by moct- gagee and have attached thereto loss peyeble clauses in favor ot and in focm acceptable to the modgagee. In ~ event of loss he wili give immediate notice by mail to moctgagee, and mortgagee may make prooE of loss iE not R made promptly by mortgagor, end each insurance compeny concerned is hereby authaized and directed to make ; peyment for such loss dicectly to mortgagee instead ot to moctgagor and mortgagee jointly. and the insurence pro- ' ceeds, or any pert thereof. may be applied by mortgagee et its option eithec to the ~eductlon of the indebtedness ~ hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage oc i other transfer oE title to the mortgaged property in extinguishment oE the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pess to the purchaser or grentee. _ 8. That the mortgagee may, et any time pending a suit upon this mortgage~ apply to the court having j4trisdic- tion thereof for the appointme~t of a receiver. and such court shall forthwith appoint a ceceiver of the premises covered hereby all and singuler, including all and singular the income. profits, issues~ end revenues from arhatever source derived, each end every of which, it being expressly understood, is heceby moctg,eged as if specifically set fodh end described in the granting and habendum clauses hereof, and such receivec shall have all the broed and effective Eunctions and powers in anywise entrusted by a court to a receivec. end such appointment shall be mede by such court as an admitted equity and a matter of absolute right to seid mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagoc 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 prectice nt such court. 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 prnmises 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 actual amount of the annoal taxes, assessments. water rates, and insucance premiums for such year not covered by the aforesaid monthly payments_ 9. That (ol in the event of any breach of this modgage or de[ault on the pad of the modgagor. or (6) in the e~~ent that any of said sums of money herein refecred to be not promptly and fully paid without demand or notice, or /c1 in the event that each and every the stipulations, agreements. conditions, and covenants of said note~and • this mo~tgage, are not duly, promptly, and fully performed; then in either or anjr such event. the said aggregate r sum mentioned in said note then remaining unpaid, with interest accrued to that tia?e, and ell moneys secured ; hereby, shall becorae due and payable forthwith. or thereafter, at the option of seid mortgagee, as fully and com- : ' pletely as if all of the said sums of money were originally stipulated to be peid on such day, anything in said ` ~ note or in this modgage to the cont~ary notwithstanding; and thereupon or thereafter, at the option of said matga- + i gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had i ~ matured prior to its institution. The moctgagee may foreclose this mortgage. as to the amuu~t so declared due and E payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ances. In case of partial foreclosure 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 thei~ due and unpaid. In such case the provisions 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 of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hered or of the note secured hereby. ; 12. That if the mortgaga default in any of the covenants a 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 ir. so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repeyable immediately and without demand by the modgaga to the mortgagee, and, together with interest and costs accruing thereon, shall be secuced by this modgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to saidowner at f said modgaged premises, and mailed by the United States mails, shal! be sufficient notice and demand in any i ~ case arising under this instrument and required by the provisions hereof or by law. # 14. The mortgagor further covenants that should this mortgege and the note secured hereby not be eligible i ~ for insurance under the National Housin Act within ~ ~y!~ from the date hereof written statement of any officer of the Department of Hous ng and Urban D~v~loQmenf or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the time Etom the date oE this mortgage, ~ declining to insure said note and this mortgage, being deem•~d concluslve proof oE such ineligibility), the moctga- gee or the holder d the note may, at its option, declere all sums secured hereby imrnediately due and peyable. The covenants he~ein contained shall bind, and the beneEits and,advantages shall inure-to, the nspective heirs, executors, administrators, successas, and assigns oE the parties hereto. Whenever used, the singular num- ~ ber shall include the plurel, the plural the singular, and the use of eny gender shall include all genders. ~ ~ ao~ i95 ~ i06 . ~ . _ _r:~~ - .:s