HomeMy WebLinkAbout0569 4. That he wiil pay all taxes. assessments, water rates, and other governmentat or mu~iciPal charges, [ines,
or impositions, for which provision has not bee~ made~heceinbefore, and in default thereof the mu~tgagee may pay
the same; and that he will pramptly deliver the official receipts therefor to the mortgagee.
S. That he will permit, commit, or suEfer no waste, impairment, ot deterioration of said property or any part
thereof; and in the event of the failu~e of the mortgagor to keep the buildings on said premises and those tobe
erected on said premises, or improvements thereun, in good repair, the mortgagee may make such repairs as in its 4
discretion it may deem necessary for the propec p~eservation thereof, and the full amount of each and every such ~
payment shall be immediately due and payable, and shall be secuced by the lien of this mortgage. +
6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's tees, '
and costs of abstracts of title, incurred or paid at any time bythe mortgagee because of the failure on the part ot :
the mortgago~ promptly and Eully to perEorm the agreements and covenants of said promissory note and this mort-
gage, and said costs, charges, and expenses shall be immediately due and peyabte and shall be secured by the
lien of this mortgage.
7. That he will keep the impcovements now existing or hereafter erected on the modgaged property, insured- as
may be required from time to time by~ the mortgagee against loss by fire and other ha2ards, casualties, and contin-
gencies in such amounts and for such periods as may be required by mwtgagee, and will pay promptly, vehen due,
any premiums on such insurance for payment of which provision has not b~en made hereinbeEore. All insurance
shall be carried 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 favor of and in form acceptable to the mortgagee. In
e~•ent of loss he will 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 concerned is hereby authorized and directed to make
` payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro-
; ceeds, or any part thereof, may be applied by mortgagee at its option eiti?er to the reduction of the indebtedness ~
' hereby secured or to the restoration or repair of the property damaged. ln event of foreclosure of this mortgage o~
other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, ~
title, and interest of the moctgagor in and to any insurance policies then in force shall pass to the purc}:aser or ~
~ grantee.
~ 8. That the mortgagee may, at any time pending a suit upon this matgage, apply to the court having jurisdic-
tion thereof for the appointment ot a receiver, and such court shall forthwith appoint a receiver of the premises
3 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 if specifically set
x forth end described in the granting and habendum clauses here~f, and such receiver shall have all the broad and ~
~ effective functions and powers in an~•wise 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 reEerence to the ~
adequacy or inadequacy of the value of the pro~erty mortgaged or to the solvency ot insolvency of said mortgagor ~
or the defendents, and that such rents, profits, income, issues, and revenues shail be applied by such receiver ~
according to the lien of this mortgage and the practice of such coud. In the event of any deEault 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 !~ast n:,::i:~a!~nt to one-twelfth (1 `12) of the aggregate of the tweive monfhiy insiall- -
ments pa~~able in the then current year plus the actual amount oE the annual taxes, assessments, water rates, and
~ insurance premiums for such year not covered by the aforesaid monthly payments.
9. That i in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the r
,x ~
~ event that an~• of said sums of money herein referred to be not promptly an~ fully paid without demand or notice,
or in the e~~ent that each and every the stipulations, agreements, conditions. and covenants oE 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 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- ~
- pletety as if all of the said ~ums 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 thereatter, at the option of said mortga- #
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 pa~~ the same together ~rith costs, expenses,and allow- t
ances. In case of partial foreclosure of this 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 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 gi~•e immediate notice by mail to the mortgagee o( any conveyance, transfer, or
- change of ownership of the premises.
x;;' 11. That no waiver of any co~~enant herein or of the obl~gation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
12. That iE the mortgagor default in any of the cocenants or agreements contained herein, or in said note, then •
the mortgagee may perform the same, and all expenditures (includ~ng reasonable attorney's fees) made by the ~
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mortgagee in so doing shall draµ interest at the rate set forth in the note secured heceby, and shall be repayabfe I
= immediately and without demand bp the mortgagor to the mortgagee, and, together with interest and costs accruing s
thereon, shali 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 at the last address actually furnished to the mortgagee, or directed to said awner at
= sa~d mortgaged premises. and maeled b}~ the United States mails, shall be sufficient notice and demand in anp ,
_ case arising under this instrument and required by the pro~~isions hereof or b~~ 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 an}~ officer of the Department of Nousing and Urban De~elopment or authorized agent of the Secretary of Nous- ~
- !~g and lirban Development dated subsequent to the 30 days time from the date of this mortgage,
- declining to insure said note and this mortgage, being deem.~d conclusive proof of such ineligibil~ty), the mortga-
gee or the holder o( the note may, at its option, dec[are 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 ~ 4
heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num-
ber shali include the plural, the plural the singutar, and the use of any gender shall inctude all genders. '
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