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Home My WebLink About2725 t . , ~ ~.b. ~ . ~ • ~ i , S. Thet he will permit, commit. oc sutter eo waste. impai~ment. or deterioration ot said propeny o~ any part ihereof; aod in the e~ent ot the failu~e ot the mortgago~ to keep the buildi~gs on said premises end those tobe erected on said pcemises. or improvecne~ts theceon. ie goad repair. the mo~tgagee may meke such repaics es in its discretion it may deem oecessa~y tot the propet pteservation theceof. and the tull amount of each and evecy such payment shall be immediately due and peyable. and shall be secuced by the lien of this mortgage. 6. That he will pay ell and singular the costs, charges. and expenses. including ~easonable lawyer's fees. and costs of abstracts of title, incurred or paid at any time by the matgaeee because oi the failuce on the part of the mortgagoc promptly and fully to pe~Earm the agceements and cove~snts of said 'promisso~y note and this mort- gage, er~d seid costs. charges, end expenses shell be immediately due and payable and shall be secured by the lieo ot this mortgage. 7. That he will keep the improvements now existing or hereafter erected o~ the mo~tgaged propeKy. insured as mey be ~equired [wm time to time by the mortgagee against loss by fire and other hasards, cesualties~ and contin- gencies in such emounts and for auch periods es mey be required by moctgagee. and will pay pwmptly. when due. any pcemiums on such i~surance for peyment of which pwvision has not been made he?einbefae. All insurance shell be canied in companies approved by mo~tgagee and the pnlicies and renewefs thereof shell be held by mort- gagee a~d heve attached thereto loss payeble clauses in favor of and in form acceptable to the modgagee. ln event of loss he will. give immediate notice by meil to matgagee. and mortgagee may make proof of-loss if not made promptly by moctgagor. and each insurance company concemed is heceby authorized and directed to make payment for such loss directly to mortgagee instead ~ to moctgagor and mortgagee jointly. and the insurance pro- ceeds. or aay pad thereof, awy be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or cepair of the propedy damaged. In event of foreclosure of this mortgage or other trensfer of title to the mortgaged property i~ extinguishment oE the indebtedness secured hereby. all right. title. and intecest of. the moctgagar in and to any insu~ance policies thea in force shall pass to the purchaser or grantee. 8. That the mortgagee mey. at any time pending a suit upon this mortgege. epply to the court having jurisdic- tion thereof fo~ the appointment of a ceceiver~ and sucfi coud shall forthwit6 appoint a receiver of the premises coveced hereby all and singulac. including all and singuler the income. profits. issues, and revenues from whatever source derived, each and every of which, it being expressly understoad, is hereby mortgaged as if specifically set forth and described in the gca~ting end habendum clauses hereof. and such receiver shall have all the broad and ~ effective functioas and powers in enyarise entrusted by a court to e receiver~ and such eppointment shall be mede by such coud as an admitted equity and a matter of absolute right to seid 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 revenues shall be appiied by such receiver according to the lien of this mortgage ~and the practice of snch coud. In the event of any default on the pad oE the mortgagor hereunder. the moctgagor agrees to pey to the matgagee on demand as a reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actuat amount of-the annual taxes. assessments. water rates. and insurance premiums fdt such •yea~ not covered by the aforeseid monthly peyments. 9. That (a) in the eveat oE any b~c~~ af this modgage or default on t6e pad of the mortgagor~ or (b~ in the event that any of said sums of moaey herein referred to be not ~promptty and fally paid without demand or notice. or (~1 in the event that each end every~the atiputations. agreemeats.-conditions. and covenants of seid note and this mortgage, are not duly. promptly, and fully pedormed; then in either or any such event. the said-aggregate . sum mentioned in said note then remeining unpaid, with intecest accrued to that time. and all moneys secured hereby. shall become due and payable foithwith. or thereafter. at the option of said moctgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid a~ such day. anything in seid note or in this moctgage to the contrary notwitf~standing; and thereupon ~ thereafter, at the optioa af said mortga- gee, without notice or deanAnd,. Suit at lew or in equity, may be prosecuted as if all moneys secured hereby had matured pria to its ins~itution. The mortgagee may foreclose this mortgege, as to the amount so declared due and payable, and the said pcemises shall be sold to satisfy end 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 pravisions of - this paragraph may again be avaited of thereaher from tiaie to time by the mortgagee. ~ 10. That the aadgagor will give immediate notice by mail to the modgagee of aay conveyance. transfer, a ' change of awnership 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. Tf~at if the mortgagoc default in eny oE the covenants ~ agreements contaiaed 6eceia. a in said note, then the modgagee may perform the samg. snd all expendit~es (including reasonable ettocney's fees) made by the mortgagee in so doing shall draw interest at t6e rate set fath in the note secnred hereby, and shall be repayable immediatety and without demand by the mortgagor to the mortgagee, and. together arith interest and costs accruing thereon. shall be secured by this modgage: ~ 13. t6at the mailing of a written notice or demand addressed to the owner of record of the mortgaged pcemises, ~ or directed to the said aarner at the last address actually furnished to the modgagee. or directed to saidovvner at said modgaged piemises, and mailed by the United States mails. shall be sufficient notice and demand in any case arising under this instrumeat and required by tbe pcovisions hereaf or by lew. 14. The nwrtgagor further coveaants tbat should this matgage end the ~note secured hereby not be eligible'~ ~ for insuraace under the Natiaaal Honsing Act witbin ~(~yS fcom tbe date hereoE (writtea statement of any officer d the Depadment of Housing and Ucban Developmeat or authocized ageat o[ the Secretary of Hous- ing and Urban Development dated subsequent to~ the _~,;~YS time Erom ihe date of this mortgage, decliaing to insure said nde and this matgpge. being deemed canclusive proof d such iaeligibility), the mortga- gee or the 6older aE the aote mey, at its option. declare all sums secwed bereby immedietely due and payable. Tbe coveeants herein coatained shaU biad. and the beaefits and advantages shall inare to, the rcspective heirs, executas, administrators, successocs, aad assigns d the pedies hereto. Whenever used, the siagular num- ber shall include the plural, the plural the singular. and tbe use of any gender shall include all gendecs. ~ ~ ~i88 ~2?2Q ~ i ~ . _ _ _ _ M._ _