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HomeMy WebLinkAbout1654 4. That he will pay all texes~ aseessments. watet rates, and other governmentel o~ municipal cherges, tines, or impositio~s, for ~rhich provision hes not been made heceinbefate. and in default thereof the mortgagee may pay the same; and that he will promptly deliver the otficial receipts theretor to the mo~tgagee. 5, That he will permit. commit. or suffer no waste~ impeicment~ or deterioration oE said property or any pprt thereoi; and in the event of the Eailure of the mortgagor to keep the buildings on said pcemises and those tobe erected on said pcemises. or imptovements the~eon. in good repeir. the modgagee may make such repeirs as in its discretion it may deem necessary Eor the proper presenration the~eof~ and the full amount of each and every such payment shall be immediately due end peyeble, and shall be secuced by the liee oE this mortgage. 6. Thet he will pay ell and singular the costs. charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title. incurred ot peid at any time bythe mortgagee because oE the feiluce on the pert of the mortgagor promptly end fully to perfam the agceementa and covenaats of said promissory note and this mort- gage. and said costs. charges, and e:penses shall be immedietely due and payable and shell be secured by the lien oE this mortgage. Thet he will keep the improvements now existing or hereafter erected on the modgaged pcope~ty. insured as may be requiced from time to time by the moctgagee against toss by fire and other hazards, casualties. end contin- gencies in such amounts end for such periods as may be required by mortgagee. and will pay promptly, when due. any premiums on such insurance for payment of which provision hes not b~en made hereinbefore. 1111 insucance shall be canied in companies approved by mortgagee and the policies and renewels thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in farm ecceptable to the mortgagee. In event o[ loss he will give immediate notice by mail to mottgagee. and mortgagee may make proof of loss if not made ptomptly by mortgagor, end each insurance company concerned is hereby authoriaed and directed to make payment for such loss dicectly to mo~tgagee instead of to mortgagor and mortgagee jointly. and the insure~ce pro- ceeds. or any part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured oc to the restoration or repair of the property damaged. In event of foreclosure of this modgage or other transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby, all right, title, a~d interest of the mortgagar in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the modgagee may. at any time pending a suit upon this mortgage. apply to the court havin~ jurisdic- tion thereof for the appointment of a receiver, and such coud shall fodhwith appoint a t~ceivet 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 understood. is hereby mortgaged as iE specifically set forth end described 'eA the granting and habendum clauses hereof, and such receiver shall have all the broed and efEecti~e 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 refereace to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or iasolvency 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 court. In the event of any default on the Qad 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 monthlyinstall- ments payable in the then current year plus the actual amount of the annual taxes. assessments, water rates, and ~nsurance premiums Eor such year not covered by the aforesaid monthly payments. 9. That (Q) in the event of any breach of this mortgage or default on the part 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 fc/ 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 i sum mentioned in said note then remaining unpaid, 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 iE 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 contrary notwithstanding; and thereupon or thereafter, at the option of said matga- 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 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 t6is 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 and unpaia. 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 thereaEter be held to be a waiver of t6e terms hereof or of the note secured hereby. 12_ That if the mortgagor default in any oE the covenants oc agreements contained herein, or in said note, then the _mortgagee may perform 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 hereby, and shall be cepayable 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 demand eddressed to the owner of record of the modgaged premises, or directed to the said owner at the last address ectually furnished to the mortgagee, or directed to said o~vner at said modgaged Premises, and rt?ailed by the United States mails, shall be su[Eicient notice and demand in any 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 ~ecured hereby not be eligible ~ for insurance under the National Housing Act within 30 days (rom the date hereo[ (written stetement of any officer d the Department of Housing and Urban Development or authorized agent of the Secretary of Nous- ' ing end Urban Development dated subsequent to the 30 daqs time from the date ot this mo~tgage. declining to insure said note and this mortgage, being deem~d conclusive proof of such ineligibility), the mo~tga- ~ gee ot the holder d the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and edvantages shall inure to, the rcspective ~ heirs, executors, s.dministrators, successors. and assigns of the parties hereto. Whenever used. the singular num- ! t,er shell include the plural, the plural the singular, and the use of any gender shall include all qenders. ~ . ~ ~ ( ~ooKsy5 ~1652 - ~1i_ ~ - ~ - i