HomeMy WebLinkAbout0305 4. "That he will pay~ all t~xes, ~~ssessments, wate< <ates, and othe~ go~•ecnmental ur municipal charges, fines, ,
;.~r ?mpusilions, for which provision has not beeo made hereinbefore, and i eEault thereof the mortgagee may pay
the ss~me; and that he will p~omptly deliver the otficial receipts therefor to~ mortgagee.
5. That he will permit, commit, or suf[er no waste, impaitment, or detetioration o( said property or any part
thereof; <+nd in the e~•ent ot the failure of the mortgagor to keep the buildings on said premises and those tobe
erected on said premises, or improremenis thereon, in good repair, the mortgagee may make such repairs as in its ~
d~scretion it maY deem necessacp to~ the proper pceservation theteo[, and the fuli amount ot each ~nd every such +
pa~•ment shatl be immediatelti~ due and pa}~able, and shall be secured by the lien of this mortgage. y
6. That he will p:+y all and singular the costs, charges, and expenses, including reasonable lawyer's fees,
and custs of abstracts of title, incurred or paid at any time bythe mortgagee because of the failure on the part of
the moctgagor promptly and fuUy to perform ihe agreements and covena~ts of said promissory note and this mort-
gage, and said costs, c}wrges, and expenses shall be immediatety due and payable and shall be secused by the
lien of this mortgage.
7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as
may be required from time to iime b~~ the mortgagee against loss by fire and othe~ hazards, casualties, and contin-
gencies in such amounts and foc such peciods as may be tequired by mortgagee, and will pay promat.q, when due. ;
an~~ premiums on such insurance for papment of which provision has not been made hereinbefore_ All insuiance
~hall be ca~ried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort-
RaKee and ha~~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In
e~~ent of loss he vei{1 gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not
made promptly by mortgagor, and each insurance company concecned is hereby authorized and ditected to make
payment for such loss directly to mortgagee instead of to mortgagor and morlgagee jointly, and the insurance p~o-
ceeds, or an}~ part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
hereby secured or to the restoration or repair o[ the property damaged. In e~~ent of foreclosure of this mortgage or
other transfec of title to the mortgaged property in extingaishcnent of the indebtedness secured hereby, a11 right,
title, and interest of the mortgagor in and to any insurance policies then in torce shatl pass to the purchaser or
gruntee_
2S. `l~hat 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 court shall fotthwith appoint a receiver of the premises
ravered he~eb~• all and singular, including all and singular the income, profits, issues, and revenues from whatever j
source derived, each and every of which, ii being expressly understood, is hereby mortgaged as if specifically set
forth end described in the granting and habendum clauses hereo[, and such receiver shall have all the broad and
eifech~•e functions and pow~ers in anywise entrusted by a court to a receiver, and such appointment shall be made
bv such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the
- adequac~~ or inadequacy oE the value of the property mortgaged or to the solvency or insolvency oE said mortgagor ~
ur the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~
_ ~+ccordin~ to the lien of this mortgage and the practice of such couR. 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 equi~•alent to one-twelEth (1'12} of the aggregate o[ the twelve monthlyinstall-
ments pa}•abie in ihe then carrent year plus the actuai amount of the annual taxes, assessments, water rates, and
insurance premiums Eor such year not co~~ered b}• the aforesaid monthly payments. ~
9. That i in the e~•ent of any breach of this mortgage or default on the part of the mortgagor, or (b~ in the
;3 e~•ent that an~~ ot said sums of money herein referred to be not promptly and fully paid withaut demand or notice,
F~ or in the e~~ent that each and every the stipulations, agreements, conditions. and covenants of said note and i
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this mortgag,e, are not dul}~, promptly, and full}~ performed; then in either or any such event, the said aggregate ;
sum mentioned in said note then remaining unpaid, w ith interest accrued to that time, and all moneys secured
hereb~~, shall become due and pa}•able forthwith, or thereafter, at the option of said mortgagee, as fully and com- ~
ptetely as if all oE the said sums of money were originall~ stipulated to be paid on such day, anything in said ;
note or in this mortgage to the contrary notwithstanding; and thereupon or theceattec, at the option of said mortga- f
_ 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 institutian. The mortgagee may foreclose this mortgage, as to the amount so declared due and
pa~able, and the said premises shail be sold to satisfy and pay the same together with costs, expenses.and allow- ~
_ ances. In case af partial foreclosure oE this moctgage, the mortgaged premises shall be sold subject to the con- ~
t~nuing lien of this mortgage for the amount of the debt not then due and unpaid_ In such case the provisions of
= this paragraph ma}' again be a~•ai(ed uf therea[tet from time to time by the mortgagee.
]0. That the mortgagor will gi~•e ~mmediate notice by mail to the mortgagee of any com~eyance, transfer, or
change aE ownership of the premises.
= 11 . That no wai~•er of any covenant hereir? or oE the obligation secured hereby sfia11 at any time thereafter be
e held to be a w•aiver of the terms hereof or of the note secured hereby.
12. That if the mortgagor default ~n any of the covenants or agreements contained herein, or in said note. then _
the mortgagee ma~~ perform the same, and all expenditures (including reasonable attorney's fees) made by the ;
mortgagee in ~o doing shall draw interest at ihe rate set forth in the note se~ured hereby, and shall be repayable _
ir:mediatclti~ and w•ithout demand b~• the moctgagor to the mortgagee, and, tagether vtith interest and costs accruing
thereon, shall be secured by this mortgage.
_ 13. that the mail~ng of a written notice oc demandaddressed to the owner of record of the mortgaged premises,
= or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at
sasd mortgaged premises, and mailed by tfie United States m~ils. shall be sufficient notice and demand in any
case arising under this instrument and regu?red by the pro~•is~ons hereot oc by law.
ld. The mortgagor further cove~ants that should this mortgage and the note secured hereby not be eligible ~
for ~nsuranre under the National Housing Act within 30 days (rom the date hereof (wriiten statement
_ of an~~ officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- _
~ng and Urban Development dated subsequent to the 30 days time from the date of this mortgage,
= declining to insuce said note and this mortgage. being deem~~d conciusive proof of such ineligibility), the mortga-
= gee or the holder o( the note may. at its option, declare all sums secured hereby immediately due and payable.
The co~•enants herein contained shall bind, and the benefits and advantages shall inure to, the respective
~ heirs, executors, admin:strators. successors, and assigns of the parties hereto. Whenever used, the singalar num-
ber shall inc?ude the plural, the ptural the singular, and the use of any gender shall include al! genders.
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= aooK1~ Pacf 305
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