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HomeMy WebLinkAbout1565 , „ 4. That he will pey all ~taxes, assessments. watet rates, end other governmental or municipal charges. fines, or impasitions, tor which provision has ~ot been made hereinbefo~e. and in deEault thereoE the mortgegee may pay - the same; and that he will promptly deliver the officiel receipts thecetor to the moctgegee. 5. That he wiU permit. commit. or suffer no waste. impairment, ot deterio~ation o[ said pcoperty or eny pact thereof; and in the event o! the failure oE the mortgagot to keep the buildings on said premises and those tobe ` erected on said pcemises. or improvements thereon. in good cepair. the mortgegee mey make such repeirs as in its ! discretion it may deem necessary for the proper preservetion thereof. and the tull amount of each and every such payment shall be immediately due and peyable, end shall be secured by the lien of this'mortgage. 6. Thet he will pay all and singular the casts, charges. and expenses. including reaso~eble lewyer's fees, a~d costs of abstracts o[ title, incurred a paid at any time bythe mortgagee because oE the failure on the pc+rt of t the modgagoc promptly end fully to pe~form the egreements and covenents of said promissory note and this mort- { gage, and said costs, charges, and expenses shell be immediately due and payeble and shall be secured by the lien of this moctgage. 7. That he will keep the improvements now existing or hereafter ecected on the mortgaged propedy. insured as may be required from time to time by the moctgagee.against loss by fice and other hazerds. casualties. and contin- ge~cies in such amounts and Eor such periods as may be required by mottgagee. and will pay promptly. when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance y shall be carried in compenies approved by moctgagee and the policies and renewals thereof shall be held by mort- i gagee and have attached thereto loss payable cleuses in favor of and in form acceptable to the mottgegee. ln event of loss~ he will give immediate notice by mail to moctgagee, and mortgagee mey make proof of loss if not made promptly by moctgagor, and each insurance company conce~ned is hereby authocized and directed to make payment for such loss dicectly to mortgagee instead o[ to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof~ may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repaic oE the property damaged. In event oE foreclosure of this mortgage oc other transfer of title to the mortgaged property in extinguishment oE the indebtedness secured hereby. ell right, ~ title. and interest of the mortgagor in and to any insurence policies then in Eocce shall pass to the purchaser oc grantee. 8. That the modgagee mey. at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall fodhwith eppoint a receiver of the premises covered hereby all and singular, including all and singuler the income, profits. issues, and revenues from whatever , source derived, each and every of which, it being expressiy understood, is hereby modgaged as if specifically set ~3 Eocth end described in the granting and habendum clauses hereof, and such receiver shall have all the broad and i 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 mortgagee, and without reference to the , adequacy or inadequscy of the value 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 coud. In the event of any default on the pad of the i mortgagor he~eunder, 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 instal!- ~ ments payable in the then current year plus the actual amount of the annual taxes. assessments, water rates. and ` insurance premiums for such year not covered by the aforesaid monthly peyments_ 9_ That (aJ in the event of any breach of this mortgage or default on the pad of the modgagor, 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 /~J 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 performed; then in either or any sach event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable focthwith, oi thereafter, at the 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 a in this mortgage to the contrary notwithstanding; 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 iE all moneys secured hereby had ~ matured prior to its institution. The mortgagee may foreclose 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 aith costs, expenses,and allow- f ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- j ~ tinuing lien of this mortgage for the amount oE the debt not then due and unpaid. In such case the provisions of i ~ this paragraph may again be availed of thereafter from time to time by the mortgagee- ~ 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, a ~ change of o~wnership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held ta be a waiver of the terms hereaf 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 perfocm the same, and all expenditures (inciuding reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repeyable immediately and without demand by the mortgaga to the modgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. ~ ~ 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 et the last address actually furnished to the mortgagee, or dicected to said o~vner at ~ said mortgaged premises, and mailed by the United States mails, shell be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor fiuther covenants thet should this mortgage and the note secured hereby not be eligibte ~ for insurance under the Nationai Housing Act within 30 days from the date hereof (written statement • of any of[icer ot the Department of Housing and Urban Development or authorized agent of the Secretary oE Hous- i ~ ~ng and Urban DeveloPment dated subsequent to the 30 deys time from the date of this modgage, ~ decl~ning to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- gee or the holder d the note may, at its optian, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shell bind, and the beneEits end adventeges shall inure to, the respective ~ he~rs, executors, edministrators, successors, and assigns o( the parties hereto. Whenever used, the singuler num- ~ ber shall include the plural, the plural the singuler, and the use of eny gender shell include ell genders. ~ . dooK 195 P~~E 1563 ~ - - - ~ - - ~ .