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HomeMy WebLinkAbout2487 ; ~ ~ i i i 4. That he will pay all taxes. assfs~ments. wat~ cates. and othec governme~tal or municipal cherges, tines. or impositions, for which provisia? hag not been made herei~befae, and in default thereof the moctgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. t S. That he will permit. commit. oc suffer ~o waste, impairment, or deterioration of said propetly or any part ; theceof; a~d in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe j erected on said premises, or improvements thereon, in good repair, the modgagee may meke such cepei~s as in its discretion it may deem necessary for the proper prese~vation thereof, and the full amou~t of each arid every such payrt:ent shall be immediately due and payable, and shall be secured by the lien oE this mortgage. 6. That he will~ pay all and singular the costs, charges. and expenses. including reasonable lawyer's fees, and costs of abstracts of title, incurred or peid at any time by the modgagee because oE the failure on the part of the mortgagor promptly and fully to perform the agteements and covenants of said promissoiy note and this mod- gage, and said costs. cl?arges, and expenses shall be immediately due and payable and shall be secured by the lieo of this mortgage. 7. That he will keep the imp~ovements now existing or heceafter erecied on the mortgaged property, insured as may be required from time to time by the moctgagee against loss by fire and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due, any premiums on such insurance foc payment of which p~ovision has not been made hereinbefore. All insurance shall be canied in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in fevor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee mey 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 dicectly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pco- ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereb~ secured or to the restoration oc repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of .the indebtedness secured hereby, all right, title, and intecest of the mortgagor i~ and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, 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 coud shall forthwith appoint a; ceceivet 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 modgaged as if specifically set fodh end described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointmeot 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 inadequacy of the value of the propedy mortgaged or to the soivency 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 moctgage and the practice of 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 premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the tvdelve monthly install- ments payable in the then current year plus the actual amount of the annuai taxes. assessments, water rates, and insurance premiums for such year not covered by theaforesaid monthly payments. 9. That i in the event of any breach of this mortgage or default on the pad of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid without dem~t~d-or notice, or in the event that each and every the stipulations. agreements, conditions. and covenants of sai~ note and F this mortgage, are not duly, promptly, and fully perEormed; 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 all moneys secured hereby, shall become due and payabie 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ~ gee, without notice or demand, suit at low 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 this mortgage, the modgaged premises shall be sold subject to the con- tinuing lien of this mortgage for 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, or change of ownership of the premises. 11. That no waiver of any covenant herein or ot the obligation secured hereby shalt at any time thereafter be held to be a waiver of the terms hereot 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 perform the same, and all expenditures (including reasonable attorney's Eees) made by the mortgagee in so doing shall 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 mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this modgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of cecord of the mortgaged premises, or directed to the said owner at the last address actually furnished to the modgegee; or directed to said o~vner at said mortgaged 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 mortgagor further covenants that should this mortgage and the note secured hereby not be eligible i ~ for insurance under the National Housing Act within 30 days from the date hereof (written statement of any officer of the Department of Housing and Urban Development or euthorized agent of the Secretary of Hous- ~ ~ ing and Urban Development dated subsequent to the 30 ~yg time from the date oE this mortgage, ! ~ declining to insure said note and this mortgage, being deem?d cooclusive proof of such ineligibility), the mortga- gee w the holder of the note may, at its option, declare all sums secured heceby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shatl include the plural, the plural the singular, and the use of any gender shall include all genders. Bo~ ~95 ~ 2485 ~ ~~~~--~-=u_.h_,~ .