HomeMy WebLinkAbout1570 A. That he will pay all taxes, assessments. weter rates~ a~d dher governmental or municipet charges. ti~es.
oc impositioc~s. for ahich provision has not been made heceinbefae. and i~ default thereof the mortgagee may pay
the same; and that he will promptly deliver the o[ficial receipts therefor to the mortgagee.
5. That he will permit. commit, or suffer no waste, impaicment. or deterioretion of said property or any part
thereof; and in the event of the feilure of the mortgegor to keep the buildings on said premises and those tobe
erected o~ said p~emises. or improveme~ts thereon, i~ good repair. the modgagee may make such repeirs as in its
discretio~ it may deem necessary for the proper preservation thereof. and the full amount of each and every such
payment shall be immediately due end payable. and shell be secured by the lien of this mortgage.
' 6. That he will pay all and singular the costs, charges, and expenses. including reasonable lawyer's fees.
and costs of abstracts ot title. i~curred oc paid at any time bythe matgagee because of the failure on the part of
the mortgagor promptly and fully to perform the agreements and covenants of said promissory note end this mort-
gage. and said costs, charges, end expenses shell be immediately due and peyable and shell be secured by the
lien of this mortgage.
7. That he will keep the improvements ~ow existing or heceafter erected on the mortgaged property~ insured es
may be required from time to time by the mortgagee against loss by fire and other hazards. cesualties. and contin-
gencies in such amounts and tor such periods as may be required by moctgagee. and will pay promptly. when due.
any premiums on such insurance Eoc payment of which provision has not been made hereinbefore. All insurance
shall be carried in companies approved by mortgagee and the policies and renewals theteof shall be held by mort-
gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In
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 hereby authorized and directed to make
payment for such loss dieectly to moctgagee instead of to mortgegor and mortgagee jointly. and the insurance pro-
ceeds. or any pad thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness ~
hereby secured or to the restoration oc repair of the property damaged. In event of foreclosure of this mortgege or
other transfer oE title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right,
title, and interest of the mortgagor in and to any insurance policies then in Eorce shall pass to the purchaser or
grantee.
8. That the modgagee may. at any time pending a suit upon this mortgage, apply to the ~ourt having jurisdic-
tion thereof for the appointment of a receiver, and such court shall focthwith appoint a receiver of the premises
covered hereby all and singular, including all and singular the income, profits. issues. and revenues from whatever
source derived, each and every of which, it being expressly unde~stood. is hereby modgaged as if specifically set _
Eorth ~and described in the granting and habendum clauses hereof, a~ such receiver 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 coud as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the
adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor
or the defendents, and that such cents, 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
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 in the then current year plus the actual amount of the annual taxes. assessments, water rates, and
insurance premiums Eor such year not covered by the aforesaid monthly peyments.
9. That (n) in the event of any breach of this mortgage or default on the pavf 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 (c) 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 such event, the said aggregate
sum mentioned in said note then remaining unRaid, with interest accrued to that time, and all moneys secured
' hereby, shall become due and payable forthwith, or 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 or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga-
E gee, without notice or d"emand, suit at law or in equity, may be prosecuted as if all moneys secuced 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 with costs. expenses,and allow-
ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the con-
~ tinuing lien of this mortgage Eor the amount of the debt not then 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, a
change of ownership of the premises.
11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time t~ereafter be
held to 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 pedorm the same, and all expenditures (including reasonable attaney's fees) made by the
mortgagee in so doing shall draw interest at the rate set fath in the note secured heceby, and shall be repayable
immediately and without demand by the modgaga to the mortgagee, and, together with interest and costs accruing
thereon, shall be secared 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 at the last address actually furnished to the modgagee, or dicected to said owner at
~ said m~rtgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any
y case arising under this instrument and required by the provisions hereof or by law. ?
~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible
for insurance under the National Housing Act within 30 days from the date hereoE (written statement
~ of any o[ficer of the Departrt?ent of Housing and Urban Development or authorized agent of the Secretary of Hous- ;
- ing and Urban Development dated subsequent to the 30 daye time from the date oE this modgege,
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 secured hereby immediately due and payeble.
The covenants herein contained shall bind, and the benefits and advantbges shall inure to, the respective
heirs, executors, administrators, successors, and assigns of the padies' hereto. Whenever used, the sin~ular num-
~ ber shall include the plural, the plural the singutar, and the use of any gender shall include ell genders.
BOOK 1y5 P~~E1568 ~i
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