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Home My WebLink About2334 ~ 5. That he wil! permit, commit, or suffer no waste. imps~irment, or deterio.ation of said prope~ty or any part thereof; and in thc- event ot the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises. or improvements thereon. in good ~epair. the mortgagee may make such repai~s as in its discretion it may deem necessary for the proper preservation thereot. and the full amount ot 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 pay alt and singular the costs, charges, and expenses. including reasonable lawyer's fees. and costs of abstracts of title, incurred or paid at any time bythe mortgagee because of the failure on the part of the mortgagor promptly and fully to pe~form the agreements ar?d 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 mortgage. 7. That he will keep the improvements now existing or hereafter erected o~ the modgaged property. insured as may be ~equired from time to time by the mortgagee against loss by fire and other hazards. casualties. and contin- gencies in such amounts and fo~ such periods as may be requi:ed by mortgagee, and will pay promptly. when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance ~ shall be carried in companies approved by 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. ]n event of loss he will give immediate notice by mail to mortgagee, a~d 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 oE 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 ~ hereby secured or to the restoration or repair of the property damaged. In event oE foreclosure of this mortgage or ; 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 i~surance policies then in force shall pass to the purchaser or i. grantee. ~ 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- ~ tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises ~ 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 specitically set forth and described in the granting and habendum clauses hereoE, and such receiver shall have all the broad an3 ~ efEective 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 property mortgaged or to the solvency or insolvency of said mortgagor ~ or the defendents, and that such rents, profits, income, issues, and reve:?ues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. 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 oae-twelfth (1/12) of the aggregate of the twelve monthl}• install- ~ ments payable in the then current year plus the actual amount of the annuai taxes, assessments, water rates, and ~ insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (o) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or 1 in the event that each and every the stipulations, agreements, conditions. and covenants of said note and ~ this mortgage, are not duly, promptly, and fully per[orrt:ed; then in either or any such event, the said aggregate ; sum mentioned in said note then remaining unpaid, H ith 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- ~ pletely as if all of the said sums of money wete originally stipulated to be paid on such day. anything in said 3 II 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 Eoreclose this mortgage, as to the amount so declared due and a payable, and the said premises shall be sotd to satisfy and pay the same togethec 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 mortgage Eor 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 give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby sha;l at any time thereafter be held to be a waiver of the terms hereoE or of the note secured hereby. 12. That if the mortgagor 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 interest at the rate set forth in the note secured hereby, and shall be repayable imme~iately and without demand by the mortgagor 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 actually fu;nis:~ed to the mortgagee, or directed to said owner at - said modgaged premises, 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 covenants and agrees that so long as this mortgage and the said note secured hereby are _ insured under the provisions of the Nationai Housing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mottgagor further covenants that should this mortgage and the note secured hereby not be eligible ` for insurance under the National Housing Act within Th LTty D~yS 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 Th LI'ty Day8 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 of the note may. at its option, declare all sums secured hereby immediately due and pa~able. ~ s The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ; heirs, executors, administrators, successors, and assigns of the pacties hereto. Whenever used, the singular num- ~ ber shall include the plural, the piural the singular, and the use of any gender shall include all genders. ! ~ ~ : f ~ 800K ~ r ~ PAGE 2327 ~ ; , ~ vr,~ -~,y . , z- ~ s . ; ~ • < = ~ , , ; - - _ _