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HomeMy WebLinkAbout2887 ~ ~ 4. That he will pay ell taxes, assessments, water rates. and other governmental or municipal charges. fines, oc impositior~s. for which provision haa not been made hereinbefort. and in default thereof the mortgagee may pay the seme; and that he will promptty delive~ the official receipts therefor to the moctgagee. 5. That he wiU permit. commit. or sutfec no waste. impeirment. or deterioration of said property or any part j thereof; artd in the event of the failure of the mortgagor to keep the buildings on seid premises end those tobe { erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repeirs as in its ~ discretion it may deem necessary for the proper presen~ation thereoE. and the full amount of each and every such payment shall be immediately due and payeble, and shall 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 of title, incurred oc paid at a~y time bythe mortgagee because of the failure on the pert of the mortgagor promptly and fully to perfam the agreements and covenants of said promissory note and this mort- ~ gage, and said costs, charges, and expenses shall be immediately due a~d payable and shall be secured by the lien of this moctgage. 7. That he will keep the improvements now existi~g or hereafter ecected on the modgaged propedy. insured as may be required from time to time by the mortgagee agaiast loss by fire and othec hazards, casualties. and contin- gencies in such amounts and f~ s~u 'P ~~iods as may be required by mortgagee, and will pay promptly. when due. any premiums on such insura ce Ed or payment of which provision has not been made hereinbefo~e. All insurance ~ shall be carried in companies appcoved by mortgagee and the policies and renewals theceof shall be held by moct- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. 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 matgagor, and each insurance company concerned is hereby authorized and directed to make payment [or such loss directly to mortgagee instead of to mortgagor and moctgagee jointly. and the insurance pro- ceeds, or any 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 of the propedy damaged. In event oE foreclosure o[ this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, ail right, title, and interest of the mortgagoc in and to any insarance policies then in force shall pass to the purchaser or gcantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- t tion thereot for the appointment of a receiver. and such court shall fodhwith appoint a receiver of the premises ~ covered hereby all and singular, including all and singular the income. profits, issues, and revenues from ahatever source derived, each and every of which, it being expressiy understood, ~s hereby modgaged as:if specifically set forth end described in the granting and habendum clauses hereof, and such receiver shall ~Ve ati ihe broad and effective 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 reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgegor 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 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 aggregete of the twelve monthly install- ments payable in the then current year plus the actual amount o the annual taxes~ assessments, water rates, and insurance premiums for such year not covered by the aforesaid m~nthly payments_ 9. 'i'hat (oi in the event of any breach of this mortgage or default on the part of the mortgagor, or (6) in the ; event that any of said sums oE money herein refe~red to be not promptly and fully paid without demand or notice. ~ or (~I in the event that each and every the stipulations, agreements, conditions, and covenants of said note and ' this modgage, 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 fotthwith, or thereafter, at the option of said mortgagee, as fully and com- E 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 notwitlwtanding; and thereupon or thereaEter, 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 shali be sold to satisfy and pay the same together with costs, expenses,and allow- ? ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ' tinuing lien of this crortgage for the amount of the debt not then due and unpaid. In such case the provisions oE - 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. ~ I1. That no waiver of any covenant herein or of the obligation 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 if the mortgagor default in any of the covenants or agreements contained hecein, oc in said note, then ` ~ the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the 4 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, shal! be secured by this mortgage. 13. chat 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 Eurnished to the modgagee, or directed to said owner at ~Y said mortgaged premises, and mailed by the United States mails, shall be sufficient nohice 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 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 authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the 30 days time from the date ot this mortgage, - declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortge- j gee or the holder oE the note may, at its option. declare all sums secured heceby immediately due and payeble. # 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 shall include the plural, the plural the singular, and the use of any gender shall include all genders. # boo~3.97 ~2882 op ~arr~~j p~~ ~ - D01!lI~W ~I10C y - . ~