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Home My WebLink About1760 ~ S. That he wilt permit. commit. o~ su[ie~ no waste. impairment. oc deteriaat~o~ oE said Froperty or any ?act lheceof; and in the event of the failu~e of thc mortgagoc to keep lhe b~~ildings on said p~emiscs and thoss tobe e~ected o~ said premises, oc improvements thereon. ia g•~od repair. the mortgagee R.ay make such repeirs as in its disccetion it may deem necessary foc the proper preservation thereof. and the full amount ot each and evecy such paymertt shall be immediately due and payable. and sl?all be secured by the lien oE this mortgage. 6. That he will pay all aad singular the casts, charges. and expe~ses. including ceas.x~able lawye~'s fees. and costs of abstracts of title. incuned oc paid at any time bythe mortgagee because uf the failure on the part of the mortgagoc promptly and fully to perfam the agreements-and covenants of said promissury note and this ~nort- gage. and said costs, ~charges. and expenses shall be immediately due and payable and shall be secured by the lien af this matgage. 7. That he will keep the impcovements now existing or hereafter e~ected on the mortgaged property, insured as may be required from time to time by the mo:tgagee against loss by fire and other hazards, casualties. and cont~n- gencies in such amounts and foi such periods as may be required by mortgagee. and will pay promptly, when ~ue. any premiums on such insurance [o~ payment of which pcovision has ~ot been made hereinbefore. Ali insuraace shail be cacried in companies approved hT aortgagee and tt ~ policies and renewals the*eof shall be held by mort- gagee and have attached thereto la.~~ payable clauses in favor of and in form acceptable tu the mortgagee. !n event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make piooE of loss if not made promptly by matgagor. and each insurance company ca~cerned is hereby authocized and directed to make payment fa such loss dicectly to mortgagee instead of to mortgagoc and mo~tgagee jointly. and the insurance pro- ceeds. or any part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness he~eby secured or to the restoratian a repair of the prw,~edy damaged. In eveat of foreclosure oE this mortgage o~ _ other transfer of title to the mortgaged propeny in extinguishment of the indebtedness secured hereby. all right, title, and interesi of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the modgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointmcat of a receiver, and such coart shall forthwith appoint a receiver of the pcemises covered hereby all and singular, including all and singulac the income, prufits. issues. and revenues from whatever source derived. each and every of which. it being expressly understood. is hereby mortgaged as i( specifically set forth and described in the granting and habendum c[auses hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such coud 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 property mortgaged or to the solvency or insolvency of said mortgagor or the defendeats. and that such rents, pso[its, income. issues, and revenues shall be applied by such receiver according to the lien of this r~ortgage and the practice of such cond. In the event of any detault 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-twei[th (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 ~reroiums for such year not covered by the aforesaid monthly payments. 9. That (al in the event of any breach of this modgage or deEault on the part of the mortgagor. or (6/ in the event that any of said sums of money herein referred to be not promptly and fully paid without decand or notice, or (r~ in the~ event that each and every the stipulations, agreements, conditions, and covenants oE said note and this mortgage, are nd duly. promptly, and fully performed; then in eithe~ or any such event, the said aggregate ~um 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 Eully and com- pleteiy as if all of the said sum.s of money were originally stipulated to be paid on such day, anything in said I, note or in this modgage to the contrary notwithstanding; and thereupon or thereatter. 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 institation. The mortgagee may foreclose this mortgage, as to the amounE so declared due and payable, and the said premises shall be sold to satisfy aad pay the same togeth~r with costs, expenses,and allow- ances. In case of pertial 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 martgagee. 10. That the morfgagor will give immediate notice by mail to the ~ortgagee of any conveyance, transfer, or change of ownership of the premises. 11. That no waiver of any covenant_ hPrein or of the obligatioa secured hereby shall at any time thereaEter be held to be a waiver of che terms hereof or of the no:e secured hereby. 12. That if the mortgaga uefault in any of the covenants or agreements contained ~erein, a in said note. then the mortgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the , ~ mortgagee in so doing shall draw interest at the rate set forth in the note secured heceby, and shall be repayable immediately and without demand by the mortgagor to the modgagee, and. together with interest and costs accruing thereon, shall be sccured 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 modgagee, or directed to saidowner at said modgaged premises, and mailed by the United States mails, shall be sufficient notice and dernand in any case atising under this instrument and required by the provisions hereof or by law. 14. The mortgagor covenants and ag~ees that so long as this mortgage and the said note secured hereby are insuced under the provisions of the National Housing Act, he will not execate or [ile for record any instrument ` which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis oE race, color, or creed. Upen any violation oE this undertaking, the :nortgagee may, at its aption, declare the unpaid balance of the ~ debt secuced hereby immediately due and payable. ~ 15. The mortgagor farther covenants that should this mort age and the note secured hereby not be eligibie for insurance under the National Housing Act within 30 DAYS~ from the date hereof (written statement ~ of any otficer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 3~ DAYS time from the date of this mortgage, y declining to insare said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- ~ gee or the holder d the note aray, at its option, dectare all sums secured hereby immediately due snd payeble. • The covenants herein contained shail bind, and the benefits and advantages shail inure to, the respective 1 ~ heirs, exe~utors, administrators, successurs, and assig~s of the parties hereto. 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