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Home My WebLink About1596 T'hut he w~ill pe~mil, cummit, ot Su(~et n0 waste~ is? itment, or deteriaral~on of s.iid pro~xcty or any p:,rt thcmu(, a+nd in 1hc rrent of the• [a~lure of the mo~tg.~got ~t~keep ihe buitdings on said premi~es and those tobc erc~rted on ~~id p~rm~ses, or imptut~cmeots thercon. ~n good ~ep:~ir, the mottgagce m.~y make such repai~s a+s ih its discret~on it may deem nrcessary [oc the proper prese~vation the~eo[, and the tull amount o( ecich and ever~• surh paymenl shali be ~mmcd~ately due and ~yable, and shall be secured bp the licn of :~~s mor!gage. b That he w~iU pay all and singul~r the cacts, charges, ~nd expen~es, includinR re:+sonable lawyec's tee~, and cost~ uE abstrac;s of title. incurred or paid at anp time b}•the mortgagee.bec~use of the failur~ o~ the part of the m~~rtgugor promptl~• and full~~ to per[cxm the Hgrecrr.ents and covenaMs of said promissory note and this murt- g;ige, ~ind sHid costs, char~;es, iind ex~enses shal! be imm^diately due vr.d pt~~•able and shall be secured b~• the lien of this moriguge. 7. Th.~t hc H ill keep the im~roycment~ now existing o~ hereatter erected on the mortgaged property, insured us ma}• be required from time ta t~me b~• the mortgi~gee against loss b~- fire and othec haza~ds, casu~lties, and contin- Kencies io such c+mounts und tor ~uch period~ as map be required b}• mortgagee, and will pay promptly, when due, .~m~ premium.s on such ineurance for ~+yment af which pro~~ision has not been made hereinbetore. All ~nsur~ace .hall be carried ~n cumpanie~ appro~~ed b~~ mortgagee and the policies and tenewals thereof shall be held by mort- ~;ager and hc~~•e att:~ch_•d theretu loss pa}~able clauses in favor ot and in form acceptable to the mortga~ee. In e•~•ent of luss he w~ill ~;i~•e immediate notice by ma~l to mottgagec, and mottgagee may make ptoof oi loss i( not made promptl~• h~• mortgagor, and earh insurancr compam• concerned is hereby aulhorized and d~rectcd to make ~+~•mt~nt fur tiuch loss directl~• to mortgagee instead o( to mortgagor and mortgagr.e jointly, and the insurance pro- ceeds, or anp part thereo(. may be applied by mo~tgagee at its option either to the reduction of the indebtedness herebv secured or to the restor~t~on or repair of the properi~ damaged. In event o[ foreclosure o( th~s mo~tg:ige ar uther transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, aU r~ght. t~tle, and interest of the mortgagot in and to an~~ insutance policies then in force shall pass to the purchasFr or grantec. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the coutt hav~ng jurisd~c- t~on thereof tor the appointment o[ a receiver, and such court shaU Eorthwith appo~nt e receiver ot the premises co~~ered hereby all and singular, including all and s~ngular the income, profits, issues, and reve~ues irum whatever .r~rce derived, each and every oi which, it being expressly understoed, is hereby mortgaged es if specifically set t~~rth and described in the granting and habendum clauses hereof, and such receiver shall ha~•e all the broad and e•ffecti~~e functions and powers in an~•wise entrusted by a court to a receiver, and such appoi~tment shall be made hv such court as an admilted equity and a matter ot absolute right to said mortgagee, and without reference to the ,adequacy .u inadequac~• of the ~~alue o[ the property mortgaged or to the solvency or insolv,ency of said mortgagor or the defendents, aad that such rents, profits. income, issues, end reve~ues shall be applied b~~ such rece~ver ~+ccurdin~ to the lien of this moctgage and the practice oi such court. ln the event of any default on the part of the murtgagor hereunder, ihe mort~agor agrees to pay to the mortgagee on demand as a reasonable monthly rental tor thc premises an amount at least equivalent to one-twelfth (1'12) of the aggregate of the twelve monthlyinstali- ments pat~:~ble in the then current year plus th~ actual amount of the ennual taxes, assessments, water rates, and ,nsurance premiums for ~uch }•ear not co~~ered by the aEoresaid monthly paymenls. That 1 ~n the e~•ent o[ any bceach of .his mortgage or default on the part of the mortgagor, or /t.; in the e~~ent that am~ ot said sum~ of money herein reEerred to be not promptly and full}~ paid without demand or notice, rr - in the e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and th~~ mortgage, are not dul}~, promptly, and tully performed; then in either or any such event, the said aggregate ~um mentioned in said note theo remaining unpaid, with interest accrued to that time, and all moneys secured = hereb}•, shall become due and pay~able forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletelp as if all of the said sums of money were originally stipulated to be paid on such day, anything in said n~.te or in this mortgage to the contrary notwithstanding; and thereupon or therea[ter, 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 institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and pa~•able, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and aliow- ~ ances. In case ot partial foreclosure of this mottgage, 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 prov:sions of this paragraph may again be availed of thereatter from time to time by the mortgagee. ~ 10. That the mortgagor will giee immediate notice by mail to the mortgagee of a~.y conveyance, transter, or ~ change ef owner~hip of the premises. ~ 11. That no wai~•er of any covenant herein or of the obligation secured hereby shall at any time theceafter be held to be a wai~•er of the terms hereof or of the note secured hereby. 12. That if the mortgagor detault in an}• of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonabie attocney's feesl made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately 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 a demandaddressed to the owner of recotd ot the mortgaged premises, ur directed to the said rnvner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case acising under this instrument and required by the provisions hereof or by law. 14. The mortgagor further covenants that sfiould this mortgage and the note secu~ed hereby not be eligible ~ for insurance under the National Housing Act within ~ Q/+?y, [rom the date hereof (written statement oE any ofticer of the Depactment of Nousing and Urban Development or auth~rized agent of the Secretary of Hous- . ing and Urban De~~elopment dated subsequent to the ~~YS time from the date of ihis mortgage, declining to insure said note and this mottgage, being deem~~d conclusive Qroof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secu~ed hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respe..tive heirs, executors, administrators, successors, and assigns of the parties hereto. 11'henever 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~96 ~ -