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HomeMy WebLinkAbout2215 4. That he will pay all taxes, assessments, water rates, and Other go~•ernmental oc municipal charges, t~nes, or impositions, for which provision has not been made hereinbetoce, and in default thereol the mortgagee ma~• pay ~ the same; and that he will promptly deliver the otficial ~eceipts therefoc to the mortgagee. 5. lhat he wiii permit, COR1Rlil, Ot SUttet I10 WiiSle, IRl~iiilfttiCii~, UI ueieiiv:afiuii Cs~ ~di~ ~I~~+i:i~j' OS ntt~ ~saii thereof; and i~ the event of the tailu~e oE the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good repair, the mottgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and pay~+ble, and shall be secured b~~ ihe lien of this mortgage. ~ T1..+• {.e ..:I1 0ll ..d ..lsr li.o ~..cfc ~6nrosac ~nrl PYMOCPC irv~l~u~i~no ~PACII(~A}fIP IAWVPf~\ ~PPC. . ..e.. o--- c...n _ - . a-- . . _ _ _ - - _ _ ~ . • and costs af abstracts of title, incurted or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly srtd fully to perform the agceements and covenants of said pcomissory note and this mort- gage, and said costs, charges, and expenses shall de immediatel~~ due and payable and shall be secured by the lien of this mortgage. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as map be required from time to time by the mortgagee against loss b}• fice and other hazards, casualties, and contin- gencies in such amounts and for such periods as ma}• be required by mo~tgagee, and will pay promptly, when due, a~~~ premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be car:ied in companies approved b~~ mortgagee and the policies and renewals thereof shall be held by mort- 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 give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly b~~ mortgagor, and each insurance compan~• concerned is hereb~~ authorized and directed to make pa~-ment 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 either to the reduction of the indebtedness hereb} secured or to the restoration or repair of the property damaged. ln event of foceclosure ot this mortgage oc other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. ; 8. That the mort a ee ma at an time ndin a suit u n this mort a e, a i~ to the coart havin urisd~c- ~ g g Y. Y Pe g Po g g PP ) B J tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singutar, including all and singular the income, profits, issues, and revenues from whatever source derived, each and e~•ery of which, it being expressly understood, is hereby mortgaged as if specifically set forth end described in the granting and habendum clauses hereof, and such receiver shall ha~•e all the broad and ~ effecti~•e functions and powers in an}~wise entrusted by a court to a receiver, and such appoiniment shall be made ; by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequac~~ or inadequacy of the value of the property mortgaged or to the solvency or insolvency 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 deEault on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demartd as a reasonable monthly rental for ' the premises an amount at least equivalent to one-twelfth (1,`12) of the aggregate of the twelve monthly install- g ments papable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and 3 ~nsurance premiums for such year not covered b}~ the aforesaid monthly payments. ~ 9. That ~ in the event of any breach of this mortgage or default on the part of the mortgagor, or /L ~ in the ~ e~•ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~ ~ or ~ in the event that each and everp the stipulations, agreements, conditions. and covenants of said note and ~ this mortgage, are not dul~~, 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 _ hereb~•, shatl become due and pa}~able forthwith, or thereafter, at the option of said mortgagee, as Eully 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 contrar}~ notwithstanding; and thereupon or thereafter, 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 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 !ien 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 thereaEter irom time to time by the mortgagee. 10. Thdt the mortgagor wi;i give immediate r~otice by ifiali 4a ihe nortgagee of any conveyance, transfer, or change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereb~~ shall at any~ time thereafter be held to be a wai~•er of the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the co~~enants or agreements contained herein, or in said note, then ' the morlgagee may perform the same, and all expenditures (including reasonable attorney's fees) made b~~ the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable '=3 immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing ~ thereon, shall 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 actuaily furnished to the mortgagee, or directed to saidowner at said mortgaged premises, and mailed by the Linited 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 tor insurance under the National Housing Act within from the date hereof (written statemeat - of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Nous- ing and Urban Development dated subsequent to the time from the date of this mortgage, = declining to insure said note and this mortgage, being deem~~d.conclusive proof of such ineligibility), the mortga- gee or the holder ot 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, administrators, successors, and assigns of the parties hereto. 1A'henever used, the singutar num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ; ~y `"_~r aooK 1~g P~?~~ _:.~3