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Home My WebLink About0785 5. That he will permit. cammit. or suffec qo waste, impairmeat. oc deterioration of said property or any part thereof; and in the event of the failure of the. morjgagor to keep the buildings on said premises and those tobe erected o~ said premises. or improvements thereon. in good repair. the modgagee may make such ~epaics as in its discretian it may deem necessary for the pcoper preservatio~ thereof. and the full amount of each and every such payment shall be immediately due ar~d payable. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the casts. charges, and expenses. including reasonable lawyer's fees. and costs of abstracts of title~ i~curred or paid at any time bythe mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mort- gage. and said costs. chacges, er~d expenses shall be immediately due and peyable and shall be secured by the lien oE this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged property. insured as may be required fcom time to time by the mortgagee against loss by fire and other haza~ds. casualties. and conti~- . gencies in such amounts and for such periods as may be required by mortgagee. and wil! pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbetore. All insurance ; shall be carried in companies approved by mortgagee and the policies and reaewals thereof sha11 be held by mort- 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 mortgagor. and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectly 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 = hereby secured or to the restoration a repair oE the propedy damaged. ln event of 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 ot the mortgagor in and to any insurance policies then in force shall pess to the purchaser or grantee. 8. That the mortgagee mey, 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 couct shall forthwith appoint a receiver of the premises ' covered hereby all a~d 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 specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and 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 propedy mortgaged or to the solvency ar insolvency of said modgagor 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 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 atoresaid monthly payments. 9. That (o~ in the event of any breach of this mortgage or default on the part of the modgagor, or (6) in the ? event that any of said sums of money herein referred to be not promptly and fully paid withou3 demand or notice, or (r) 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 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, aad 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 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 theceafter, 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 . ~ Fayable, 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 con- ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of x ~ this paragraph may again be availed of thereaEter 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 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 modgagor default in any of the covenants or agreements contained herein, or 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 focth in the note secured hereby, and shall be repayable ~ immediately and without demand by the modgagor to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. ~ 13. that the mailing of a written notice ~ demanda'ddressed 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 mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ; r 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 National Housing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale or occupa~cy of the modgaged 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 mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ ~3 for insurance under the National Housing Act within 60 days from the date hereof (written statement ~ ~ of any officer of the Department of Housing and Urban Development or aathorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to chesaid 60 days time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibitity), the mortga- ; - gee or the holder of the note may, at its option, declare all sums secured hereby 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 oE 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. ~ r`r~ ~ r z ao~181 ~~E..78~ ~ _ ~ -