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Home My WebLink About2244 ~ ~ ~t: • • i` ' i S. Tha~ he w•~U {x•~mN, cummlt, or Fultet oo waste. ~m~umrnt, o~ detenotal~on ut sa~d proExtty ot any {wtl themo(. ~~nd ~n the ~vcnt ot 1h~ (:ulure d•'t~e~~t~l~ot1~ the bu~id~ngx un r.a~d prem~~es and tho.se lobe e«Y•tcd ~~n ta~d pmm~se~, ot ~mptovi ments lhbt~e ~n ~oC~ ' 1~, the mottg~gc~ m~y make ruch tepai~s as ~n it~ disrret~on ~t may deem necessw~y tor the pcoper prese~vation thereot, and the full amount o( each end e~•e~y .uch payment shalt be ~mmediately due aod peyable, and shall be secured by the lien o( th~~ mortgage. ~ 6 That he w~ll pay all and singular the costs, chat~es. and expenses, including ceasonablP lawyer's tees, ~ and rostc o( abstracts of titte, incurred or paid at uny time bythe matgagee brceuse of the fe~lure on the pert ot the moctgag~ ptomptl~~ end (ully to perfo~m the ag~eements and covenents ot said promissory n~te a~d Ihis mort- R gage, and said costs, cha~ges, and expenses shall be immed~ately due and payable and shall be secured by the l~e~ oE this mortgage. _ 7. That he will keep the improvements now existing or herea(ter erected un the moKgaged property, insured as may be required from time to time by the mortga~ee agai~st loss by (ire and other hazards. casualties, and contin- ge~cies i~ such amounts and (or such periods as mey be required by mortgegee, end will pay promptly, when due, any premiums on such insucence for payment ot which provision has not been made hereinbetwe. All insurance shall be carried in companies approved by mortgegee and the policies and renewals thereof shall be held by mort- gagee and ha~•e attached thereto loss payable clauses in favor oE and in form acceptable to the mortgagee. In e~•ent o( loss he will give immediate notice by mail to moctgagee, and moctgagee may make pcoof of loss iE not made promptly by mottgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof. may be applied by mottgagee at its option either to the reduction of the indebtedness hereby securnd or to the restoration oc repair of the propeNy damaged. In event of fweclosure of this mortgege or ~ i other transfer of title to the moKgaged property in extinguishmeM ot the indebtedness secured hereby, all right, ~ , title, and interest of the matgaga in and to any insurance policies then in force shall pass to the purchaser oc ~ gra~tee. i 8. That the mottgagee may, at any time pending a suit upon this mortgage, apply to the court fiaving jurisdic• ' tion thereof tor the appointment ot a receiver, and such court shall forthwith apPoin~ a re~eiver of the premises coveced hereby all and singular. i~cluding all and singular the income, profits, issuea; and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby moctgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receivPr shall have all the broad and effective tunctions and powers in anywise entrusted by a court to a receiver, a~d such appointment shall be made by such court as an admitted equity and a matter of absolute right to said ~nCttgagee; aAd without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the so~vency or insolveh~4'of said mortgagor or the defendents, and that such rents. pro[its, income. issues, and re~enues shall be applied by such receiver according to Ihe lien of this modgage and the practice of such court. In the event of any default on the pad of the mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as a reasoneble monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the eggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insucance premiums for such year not covered by the aforesaid monthly payments. 4. That 1 in the event of any breach of this modgage or default on the pad of the modgagor. or (6) in the e~•ent that an~ of said sums of money herein referred to be not promptly and fully paid without demand or notice. or in the event that each and every the st'ipulations. agreements. conditions. and covenants of seid note and this mortgage, 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 accroed to that time, and all moneys secured hereby, shalt become due and payable forthwith, or thereafter, at the option of said mortgagee. as fully and com- pietely as if ali of the said sums of money were originally stipulated to be peid on such day, anything in said note a in this modgage fo the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- 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 forec~lose this mortgage, as to the amount so declared due and payable, and the said p~mises shall be sold to satisfy and pay the same together with costs, expenses,and allow- k 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 oE the debt not then due and unpaid. In such case the provisions of this paragraph may agein be availed of thereafter from time to time by the mortgagee. ; 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ' change of ownership of the premises. . ! E ; 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 oE the note secured hereby. ~ 12. That if the mortgaga defaalt in any of the covenants a agreements contained herein. or in said note, then ~ ~ the mortgagee raay pedorm the same, and all expenditutes (including reasonable attocney's fees) made by the i ~ mortgagee in so doing shail draw interest at the rate set Eorth in the note secured hereby, and shall be cepayable ~ ~ immediately and without demand by the mortgagor to the mortgagee, and, together aith interest and costs acccuing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice a demandaddressed to the owner of recotd of the mortgaged pcemises, ~ or directed to the said owner at the last address actualiy furnished to the modgagee, or directed to said ovvner at ~ said mortgaged premises, and mailed by the United States mails, shall be sutficient notice and demand in any case arising under this instcument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenents that should this mortgage and the note secured hereby not be eligible q for insurance under the Natia~al Housing Act within ~ QAY$ from tl~e date hereof (written statement ' of any officer of the Depa~iment of Housing and Urben Development a authorized agent of the Secretary of Hous- y ing and Urban Development dated subsequent to~ the 3Q time from the date of this martgage, ~ declining to insure said note and this mortgage, being deem~d coa-c7usive proof of such ineligibility), the modga- y gee or the holder of the ~ote may; at its option, declare all sums secured hereby immediately due and psyeble. ? ~ The covenants her~ein contained shall bind and the benefits and, advantages shall inure to, the respective ~ heirs, executors, administratocs, successors, an~ assigns of the parties liereto. K'henever used, the singular num- ~ ber shall include the pl4rai, the plural the singular, and the use of any gender shal( include all genders. ~ ~ ~ ~ . ~ ~ ~ ~ ~ ~ ~i89 ~~"~7 ~ ~ ~ ~ ~ _ - _ ~Y _ _ ~