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Home My WebLink About0153 s 7 S. That he will permit, rummit, or su[(et no weste, impairment, ot deteriotation ot said propetty or any parl thereo(; end in the event of the (ailure at the mortgagot to keep the buildings on said premises and ihase tobe erected on said premises, or improveme~ts thereon, in good repair, the mottgagee mHy make such repc+irs as in its disc~etion it may deem ~ecessary fw the pcoper prese~vation thereot. a~d the (ull amount of each and every ~uch payment shall be immcdiatcly due and payable, a~d shall be secured by the lie~ of this mortguge. 6 That he will pay all and si~gular the costs, charges, and expepses, including reasonable lawyer's tees, and costs of abstracts of titte, incurred ot paid at any time by the mortgagee .because ot the failure oo the part ot the mortgagoc promptly and fuliy to per[orm the agreements and covenants of said ~promissory note and this m~rt- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereatter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casuatties, and contin- gencies in such amounts and tor such periods as may be required by mortgagee, and will pay promptly. when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be ca~ried in companies approved by mortgagee and the policies and renewals thereof shall 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 proo( of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectl~ to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance pro- ceeds. or any part thereof, may he applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoratial or ~epair of the propecty damaged. In event of Eoreclosure of this mortgage or other transfer ot title to the mortgaged property i~ extinguishment of the indebtedness secured hereby. a[1 right, title, aad interest oE the mortgagor in and to any insurance policies then in force. shall 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 for the appointment of a receiver, and such court shall fo~thwith appoint a receiver of the premises covered hereby all and singular, includi~g all and singular the i~come, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood. is heteby moctgaged as if specifically set fo~th and described in the granting and habendum clauses hereof. and such receiver ahell hav~"pll the broad and effective 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 ot absolute right to said 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 revenuegahail'be AP~~d b~y ~d~h receiver accocding to the lien of this mortgage and the practice of sach court. In the event oI ~ny default~ on ~iie part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonabla ~aKhlyrrental for the premises an amount at least equivalent to one•twelfth (1/12) of the aggregate of the twelve mpnthly install- ments payable in the then current year plus tt~e actual amount of the annusl taxes, assessmeats, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments_ 9. That fu/ in the event oE any bceach of this mortgage or default on the pact of the mortgagor. or (6) in the event that any of said sums of money herein referred t'o be not promptly and fully paid without demand or natice, or in the event that each and every the stipulations. agreements, conditions, and covenants of said note and , this modgage. 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, and all moneys secured ` hereby, shall become due and payable forthwith, a thereafter, at the option of said mortgagee, as fully and com- Ij 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 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 secuced hereby had t matured prior to its institution. The mortgagee may foreclose this mortgage, as to~the amount so declared due and payable, and the seid premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ances. In case of partial foreclosure oE 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 modgagee. 10_ That the mortgagor will give immediate notice by mail to the moetgagee of any conveyance, transfer, or ~ change of ownership of the premises. ~ 11. That no waivec of any covenant herein or of the obligation secured hereby shal! at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. ` 12. That if the mortgagor default in any of the covenants or agreements contained herein. or in said note, then the modgagee may pedorm the same, and all expenditu~es (including reasonable attaney's fees) made by the mortgagee in so doing shal! draw interest at the rate set~forth 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 mortgage. 13. that the mailing of a wcitten notice or demandaddressed 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 dicected to said owner at said modgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor furthei covenants that should thi ~,oj~ e and the ~ote secured hereby not be eligible ~ ~ Eor insurance under the Natia-~a! Housing Act within ~~T~ from the date hereoE (written statement ~ of any otficer of the Department of Housing and Utban Development or authorized agenE of the Secretacy of Hous- ~ ~ ing and Urban Development dated subsequent to~ the ~~Y$ time from the date of this modgage, ~ declininb to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- ~ gee or the holder d.the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shell bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assig~s of 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 alI genders. ~ ~ ~ ~ ~ ~ ' ~ . . . i ~ ioo~1£~9 ~ 153 ~ ~ ~ ~ . ~ k~~ ~ _ _ . ~ ~ _ _ - _ _ y _