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Home My WebLink About2897 l . ' 1 S. That he will pe~mit, camm~t, or sut[e~,n0 ~raste, impeiitfnent. or detetiocwtion of seid ptopeny or any p~tt thc~rof; and in the evenl of the failurc o( tae mortgagor to kecp the buildines oo said premises en~i those tnbe e~ected oo said ptemiseR, ot improvements thereon. in good rcpair, the mottgagee may make such ~epeits as in its discretioe it ~y dee~n necess~~y for the proper presecvation thereo[. and the tull amount ot each and every such paymeot shall be ~mmediately due at~d peyable, and shall be securcd by the lieo o( this mortgage. 6. That he will pay all and singular the costs. charges. and expenses, including teason~ble lewyet's fees, and costs of •bstracta o( title, i~cuned a poid ~t any time bythe mottga~ee because of the tailure on the pett of the mortgagor ptomptly and fuliy to perfotm the agceements atxl covena~ts of said 'ptomissoty ~wte and this mort- gage, and said costs, cha~ges, and expeuses shall be immediately due and peyable and shall be secuced by the lie~ d this moctgage. 7_ Tlwt he will keep the improvements ~ow existi~g or hereafter erected on the matgaged pcoperty, insured as may be requiced from time to time by the matgagee against lass by [ire and other hasards. casualties. and contin- gencies in such amounts and toc snrh pe~iods as may be required by mort~agee, and ~rill pey pron~ptly. when due, any premiua~s on such insuraoce Eoe payment of ~vhich pwvisio~ has not beee made hereinbefore. All insurance shall be carried in compaoies appcoved by mortgagee aed the policies •nd-renewals thereof shall be held by mort- gagee and have attached thereto loss peyable clauses in favor of end in form acceptable to the modgagee. l~ event ot loss he will give immediate notice by mail to moctgagee, and mortgagee may meke proof of loss if noe made promplly by matgagor. end each insurance company ca~cemed is hereby authorized end directed to make ~ payment for such loss directly to mortgagee instead of to matgaga and moctgagee joinlly, and the insurance pro- ceeds. or any part thereot. ~aay be applied by mottgagee at its option either to the reduction of the indebted~ess h~reby secared or to the restoratioo ot repair of the propetty domaged. ln event of (oreclosure oE this mortgege or other ttanster of title to the mortgaged pcopeHy in extinguishment of the indebtedness secured hereby. alt right. title. and interest of the mortgago~ in end to any insurance policies thea in force shall pass to the purcheser or grantee. . 8. That the matgagee may. at any time pendi~g a suit upon this mortgage. apply to the court heving jucisdic- . tion thereaf for tl~e appoint~oent of a receiver., and such court shall forthwith appoint e receiver of the pcemises coveced hereby all a~d singular, includiag all and singuler the income. profits, issues~,~ ~eveAUes from whatever source de~ived. each and every of.which. it being expressly understood. is hereby {nortgaged as if specifically set forth and descriDed in the granting and habendum clauses hereof. and such receiver shall have all t~ broad and effective functions and powers in anywise e~trusted by a court to a receiver. ae~d(Et~rh adpoi~tmeet ~11 be made by such court as an admitted equity and a matter of absolute right to said mortgegee.'and ~vithout re~e~ence to the adequacy or inadequacy o! the value of the pcopeKy mmtgaged or tQ the solvency or insolvency ~ 38i~"moctgegor or the defendents,• and thet such rents, proEits. income. issues. and revenues shall be applied by such receiver according to the lie~ of this matgage and the practice of such coud. In the event of any defauk on the pad of the mortgagor hereunder, the m«tgagoc agrees to pay to the mortgagee on demand as~a reasoaable mon~ly rental for the premises an eawunt at least equ~valent to one-twelfth (1/12) of the aggregate" of the twelve toonthly instell- ments payable in the then current year plus the actual amount of the annual taxes, essessments, water rates. and insurance premiums for such year not covered by the aforesaid monthly peyments_ 9. That (o ? in the event of any breach of this mortgage or default on the part of the moirtgagor, or (61 in the event that any of said sums of money herein refer:rd to be not promptly and fully paid without demand or notice. w(~~ in the event that each and every the stipulations. agreements. conditions, and covenants of said note and this matgage, are not duly. promptly, and fully performed; then in either ot any such event, the said aggregate sum mentioned ia said note then remaining unpaid, with interest accrued to that time. and all moneys secured hereby, shall become due and peyable forthwith, oc thereaher, at the option of said moctgagee. as fully end com- pletely as if all of the said sums of money were originally stipulated to be peid on such day, anything in said note oc in this modgage to the contrary notwithstanding; and thereupon oc thereaftet, at the option of said muttga- gee, without notice or demand. suit at law or in equity. may be prosecuted as if ell moneys secured hereby had matured prior to its institution. The mortgagee. may foreclose this mortgage. as to the amount so declared due and payable. end the said pcemises shall be sold to satisfy end pey the seme together with costs, expenses.and altow- ances. In case of pertial fo~eclosure of this mortgage. the moctgeged premises shall be sold subject to the con- f tinuing lien of this matgage for the amount d the debt not then due and unpaid. In suc6 case the provisions of f this paragraph awy agaia be availed of thereafter from time to time by the mortgagee. ~ 10_ That the mortgagot will give immediafe notice by mail to the mortgagee of any conveyance, transfer, or ~ change of awnership of the premises. ~ 11. That ao waiver of any coveaant herein or of the oblig,ation 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 mortgaga default in any of the covenants or agxeements contained herein, or in said note, then the moctgagee may pedorm the samg, and all expenditutes (i~luding reasonable attaney's fees) made by the mortgagee in so doing sh~ll draw interest at the rate set fath in the note secured hereby, and shall be repeyable ~ immediately and ~vithout dea~and 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~vritten notice a demand addressed to the mivner of recotd of the mortgaged premises. or directed to t6e said owaer at the last addcess actually furnished to the mortgagee, or directed to said orvner at said a?ortg,aged preauses, and mailed by the United States mails, shall be sufficient notice and demand in eny case acising under t6is iastrument and required by tbe pcovisions heeeo[ a by la~v. 14. The mortgsgor further coveaants that should tbis mat~gage and t6e note secured hereby not be eligible ~ far insurance under the Natiooal Nousing Act withia ~~Y5 from the ds?te hereof (written statement ~ of any officer d the Depactment of Housing and Urban Development or au~haized ageat of the Secretary of Hous- ~ ing and Urban DtvelopmeM dated sulfsequent to~ tbe p~y~ time from the date of this mortg,age, ~ declining to ias~ue sajd nae a,d chis mcrtgege, being d~a}~"cali~lusive pcoof of such iaeligibility), tbe mortga- ~ gee a t'~e 6older af the note may, at its option, declare all sums secured hereby immediately due and peyable. ~ The covenantc heceia ceatained shall bind. and tix benetits acd advantages sh~ll ieure to, tbe respective heirs. executocs, administcators, successars, and assigns d ttre padies hereto. N?henever used. the singular num- ber shall inctude the pl~ual, the plural the singular, and t}~e use of any gender shall include ell genders. ~ g~~88 P~2~92 _ _ - . - r~