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HomeMy WebLinkAbout2791 4. That he will pay ell taxes. assessme~ts. ~reter rates. ~ other governmental oc municipal cha~ges, [ines, or impositions. for which pcovision has not bee~ made hereinbe ore. end in default thereof the mortgagee may pay the same; a~d that he will promptly deliver the official receipts thecefor to the mo~tgagee. ~ 5. That he will permit. commit. a suffer no waste. impairment, or deterioration oE said property or any part ~ thereof; a~d in the event of the tailure ot the mortgagor to keep the buildings on said premises and those tobe erected o~ said premises. or improvements thereon. in good repair, the mo~tgagee may make such repairs as in its discretion it may deem necessary Eot the proper preservetion the~eof, and Ihe full amount of each and every such ; payment shall be immediately due and payable. and shall be secured by the lien of this mortgage. 6. That he will pey all and singular the costs. charges, and expenses. including reasonable lew}er's fees. and costs of abstracts of title, incurted or paid at any time by the mortgagee because oE the failure on the pert of the mortgagot promptly a~d fully to perfam the ag~eements and covenants of said promissory note and this mort- gage, and said costs, charges. and expenses shall be immediately due and payable and shall be secured by the lien of this mo~tgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged propedy. insured as ~ may be required from time to time by the mortgagee 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 p~omptly. when due, ~ any premi~ms on such insurance for payment of which provision has not been made hereinbefore. All iasurance ~ shall be carried in companies approved by mortgagee and the policies aud renewals thereof shall be held by moct- ~ gagee and have attached theceto loss payable clauses in favor of and in form acceptable to the mortgagee. ln event of loss he will give immediate notice by mail to modgagee, and mortgagee may make proof of loss if not i made promptly by mortgagor. at~d each insurance company concerned is heceby authorized and directed to make payment foc such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or any pad 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 property damaged. In event d foreclosure d this mo~tgage or other transfe~ of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagoc in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mottgagee may, at any time pet~ding a suit upon this mortgage. apply to the court having jurisdic- tion thereof 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 singutar the income, profits, issues. and revenues from whatever source derived, each and every of ahich, it being expressly understood, is hereby moctgaged as if speciEically set forth end described ~in the granting and habendum clauses hereof, and such ceceiver shall have all the broad and eEfective functions and powers in anywise entrusted by a court to a receiver, and such appoiatment shall be made by such coud as an admitted equity and a matter of absolute right to said modgagee, and without reference to the adequacy o: inadequacy of the value of the propedy mortgaged or to the solvency oc 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 coud. In the event of any default on the paR 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 twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~ insurance premiums for such year not covered by the aforesaid monthly payments. ~ 9. That (u/ in the event of any breach of this mortgage or default on the part of the modgagor, or (bl in the 5 event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. i or in the event that each and every the stipulations. agreements. conditions. and covenants oE said note and ~ this modgage, are not duly, promptly, and fully perEormed; then in either or any such event, the said aggregate t ~ 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- ~ ~ ptetely 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 notwithstanding; and thereupon or thereafter, at the option of said moctga- ~ ~ 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 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 ~on- ~ 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 moctgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, a ~ change of ownecship of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time therPafter be ; ~ held to be a waiver of the terms hereof or of the note secured hereby. ~ ? 12. That if the mortgaga 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 fees) made by the mortgagee in so doing shall draw interesi at the rate sei farth in the note secured hereby, and shall be repayable ~ ~ immediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. ~ ;=5 13. that the mailing of a wtitten notice a demandaddressed to the owner of record of the modgaged premises, ~ or directed to the said owner at the last address actually fucnished to the mortgagee, or directed to said owner at ~ ~ said mortgaged pcemises, 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 mort a e and the note secured hereby not be eligible Eor insurance under the National Housiog Act within 30 from the date hereof (written statement of any officer of the Department of Housing and Urban DeveloP~m~e t or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the ~ Vr+~S time from the date of this mortgage, _ declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibitity), the mortga- ~ gee w the holder ot the note may, at its option, declare all sums secured hereby immediately due and payable. - The covenants herein contained shall bind, and the benefits and adva~tages shall inure to, the respective ~ - heirs, executors, administrators, successors, and assigns of the padies 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. ~ _ ~ - i i ~ ~ n:y ~i~ ~ ~ ~u~ - _ _ - - - -