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Home My WebLink About1324 : S. That hc will pcrmit, commit, o~ suffer no waste, impnirment, or deterioration of said property or any part thereot; and in the event of the i:iilnre of the mo~tgagor to keep ihe buildings on said premises and Ihose tobe ' erected on said premises, or improvements theteon, in good repair, !he mortgagee may make such repaits as in its discretion it may deem necessary fo~ the proper p~eservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien o( this mortgage. G. That he will pay all and singular the costs, charges, and expenses, including ~easonable lawyer's tees, and costs of abstracts ot title, incucred o~ paid at any time bythe mo~tgagee.because oE the failure on the part of the mortgagor promptly and fully to per[orm the agreements and covenants of said ~promissory note and this mort- gage, and said costs, charges, and eapenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he +vill keep the impro~~emenis noW existing or herea(ter erected on the mortgage~ property, 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 promptly, when due, any premiums on such insurance tor payment o[ which provision has not '•een made hereinbe[ore. All insurance shall be carried in companies approeed by mortgagee and the policies and renewals thereof shall be held by mort- K~6ee and ha~~e attached thereto loss payable clauses in favo~ ot and in form acceptable to the mortgagee. ln e~•ent 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 comnany concerned is hereby authorized and dicected to make p~~•ment for such loss directly to mortgagee instead o( to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof, may be applied b}~ mottgagee at its option either to the ~eduction of the indebtedness hereby secured or tu the restoration or repair of the property damaged. In event of foreclosure of this mortgage or uther trans[er of title to the mortgaged property in extinguishment of the indebtedness secured hereb~~, all right. titie, and interest of the mortgagor in and to any insurance policies then in force shal} pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof (or the appointment of a receiver, and such court shal! forthwith appoint a receiver of the premises covered hereby all and singular, including ali and singular the income, profits, issues, and revenues from whatever ~ource deri~~ed, each and every of which, it being expressly understooci, is hereuy mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall ha~•e all the btoad and effective functions and powers in anywise entrusted by a court to a receiver, and ~uch appointmeqt ~11 be made b~~ such court as an admitted equity and a matter of absolute righi to said~nattgagee, ynd yt~thaut cef nce to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor ~ or the defendertts, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ; :~ccording to the lien of this mortgage and the practice of such court. In the event of any default on the part o[ the mortgagor hereunder, the martgagor agrees to pay to the mortgagee on demand as e reasot~Rble monthly rental for the premises an amount at least equivalent to one-twelfth (1'12) of the aggre~att O~~the ~(welve monthly install- ments payable in the then current year plus the actual amount of the ann~al taxes, assessments, water rates, and } ~nsurance premiums for such year not covered by the a(oresaid monthly payments. f 9. That ~ in the e~~ent of any breach of this mortgage or deEauit on the part of the mortgagor, or (b/ 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 every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and fuiiy performed; then in either ot any such event, the said aggregate sum mentioned in said note then remaining unpaid, with inte~~est 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 were originally stipulated to be paid on such day, anything in said - note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the optian of said mortga- ~ gee, without noiice 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 mortgsge, 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 aliow- ~ ~ 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 ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. f ° 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 oE the obligation secured hereby shall at any time thereafter be a held to be a wai~•er of the terrt:s hereof or of the note secured hereby. ~ 12. That if the mortgagor default in any of the covenants or a~reements contained herein, or in said note, then ~ the mottgagee may perform the same, and all expenditutes (including reasonable attorney's fees) made by the ~ mortgagee in so doing shail draw interest at the rate set forth in the note secured hereby, and shall be repayable F ?mmediately and without demsnd by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by tf~is mortgage. ~ 13. that the mailing o[ a written notice or demandaddressed to the owner of record oE the mortgaged premises, ~ or directed to the said o~vner at the last address actually furnished to the mortgagee, or directed to saidowner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ;5 case arising under this instrument and required by the provisions hereof or by law. ~ 1~. The mortgagor fnrther covenants that shoutd this mortgage and the note secured hereby nof be eligible - for insurance under the National Housing Act within ~~YS from the date hereof (written statement - of any otficer of the Department of Housing and Urban Development or authorized agent of the Sacretary of Hous- ~ ing and Urban DQVelopment dated subsequent to~ the ~~Y$ time from the date oE this mortgage, deciining to insure said note and this mortgage, being deem•~d conclusive proof of such ineligibility), the moctga- ~ gee or the holder o( 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 advantages shall inure to, the respective ~ hei~s, executors, administrators, successocs, and assigns of the parties hereto. R'henevet used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ti ~3 ~ . ~ i ~ t - aooKi87 ~i324