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Home My WebLink About2212 • • ~ ' S. That he will pc~mit, cumm~t, ot sutte~~ ~ 1~wSt~~•~r~nt, or deter~oret~on ot se~d ptopeny ot any part . ~ themof; Nnd ~n the event ot the fail~i~e of the mortgegot to kcep the buildin~s o~ seid premises and those tobe ~ erc~c•ted on said premi~e~, or improveme~is thereot~. i~ ~oc~d repei~, the mottgagee may make such ~epeirs as in its ~ discretion it may deem necesse~y tot the prope~ prese~vatioe thereot. and the full emou~t ot each at~d every such ~ payment shall be immedietely due and payable, and shall be secured by the lien ot this mortgege. 6. That he will pay a!1 end si~gular the casts. charges. aod expensea, including ~easo~able la~ryer's tees, ~ and casts of abstracts ot title, incurred or paid at eny time bythe m«tgagee because of the fsitu~e on the prr~t ot ~ the mortgagoc promptly and fully to per[am the ag~eements and covenents oE said ~promisso~y note and this moct- i gage, and said costs, charges, and expenses shall be immediately due and peyable and shall be secu~ed by the ~ lien oE this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mottgaged propeKy. insured as may be tequired fcom time to time by the matgagee against loss by [ire and othe~ hazards. casualties, and contin- ~ gencies ia such amounts and for such periods as may be required by mortgagee, and will pay ptomptly. when due, any premiurns on such insurance for peyment of which provision has not beee made hereinbeEore. All i~surance , shatl be carcied in companies approved by matgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor oE and in fwm acceptable to the mortgagee. In event of loss~ he will give immediate notice by mai! to mortgagee, and moctgagee may make proof of loss if not made promptly by mortgsgor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and matgagee jointly. and the insurance pro- ceeds. or any part thereof. may be epplied by mortgagee at its option either to the reduction of the ir~debtedness hereby secured or to the restoratioa or repair of the property damaged. In event of foreclosure of this moctgage oc other transfer of title to the mortgaged propedy in extinguishment of the indebtedness secured hereby. all right, title. and interest of the matgagor 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 oE a receiver, and such coud shall forthwitfi appoint a receiver of the pcemises covered hereby all and singular. including ell and singular the income. profits, issues, and revenues from whatever soucce derived, each and eve~y of which. it beitig expeessly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all 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 of absolute right to said mortgagee, and aithout reference to the adequacy or inadequacy of the valu~of.the propec~y mortg ged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents; piofits. iACOl~yr ~i~$ues. and revenues shall be applied by sach receiver according to_the lien of this mortgage and the Exactice of such coutt. In the event of any default on the part of the mortgagor hereunder, the moctgagor agrees to pay to tli~'1M~Rgagee on demand as a reasonable moathly rental for the premises an amount at least eqpivalent to one-tarelfth (1/12) oE the aggregate of the twelve monthly install- ments payable in the then current year plus the acttiel a~ount of the annual taxes, assessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (~1 in the event of any breach of this mortgage_ or default on the part of the mortgagor. or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid withoat demand or notice, or in the event that each and every the st'ipulations. agreements, conditions, and covenants of said note and this mortgage, are not duty, promptly, and fully performed; then in either w any such event. the said aggregate sum me~tioned in said note then remaining unpaid, with interest accrued to that time. and all moneys secured hereby, shall become due and payable forthwith. or the:eafte~. 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, anyihing in said note or in this modgage to the contrary notwithstanding; and thereupon or therea[ter. at the option of said mortgs- gee, without notice or demand, suit at law or in equity. may be prasecuted 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 payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses.and allow- ances. In case of partial foreclosure of this mortgage, the modgaged 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. i E 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance. transfer. a ` change of ownership oE the premises. 4 11. That no waiver of any covenant herein or of the obligation secured hereby shell at any time thereaEter be . ~ held to be a waiver of the terms hereof or of the ~ote secured hereby.~ 12. That iE the mortgagor default in any of the covenants or agreements contained herein. or in said note, then the mortgagee may perform the same, and all expenditutes (including reasonable attocney's Eees) mede by the mortgagee in so doing shall draw interest at the rate set fath in the note secured heceby, end shall be repayable immediately and without demand by the modgagor to the mortgagee, and. together with interest and costs accruing thereon, sha[i be secured by this modgrage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of recor~ of the modgaged premises. or directed to the said ov~rner at the last address actually furnished to the mortgagee, or directed to saidowner at ~ said modgaged premises, and maited 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 mongagor further coveaants that shauld th:s mortgage and the note secured 6ereby not be eligible ~ for insurance under the National Nousing Act within ~~YS from the date hereof (written statement ~ of any officer of the Depadment of Housing and Urban Development or authorized agent of the Secretary of Nous- y~ ing and Urban Development dated subsequent to~ the time from the date of this mortgage, ~ declining to insure said note and this mortgege, being deem?d con"c'~usive proof of such iaeligibility), the modga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and edvantages shall innre to, the rcspective ~ heirs, executors, administrators, successors, and assigns 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 all genders. ~ - . ~ ~ ~ ~ . ~ ~ ~ ~ ~i~fl ~ ~ ~ _ _ ~ 5 ~ _ ~ - ~ ~ -