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Home My WebLink About0197 ; S. That he will permit, commit, or su(te~ no waste, impairment, o~ deteriocation of said propetty or any pact ~ thereu(; and in the event ot the tail~?re ot the; mortgagoc ?to ¢c~ep the buildings on said premises a~d those tobe s e~ected on said pcemises, or improvements thetebn, in goaid'repair, the mortgagee may make such repairs as in its disrretio~ it may deem necessary fo~ the proper preservation the~eo[, a~d the tull emount of each and every such payment shall be immediately due end pa}~able, and shall be secured by the lien of this mortgage. 6 That I~e will pay all and singular the cosis, charges, and expenses, including reasonable lawyer's fees, and ca~ts of abst~acts of title, incurred or paid at any time by the moctgagee .becau~e of the failure on the p~rt o( the mu~tgagor promptly and fully to pectorm the agreements and cove~ents of said ~promisscry note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable a~d shall be secured by the , lien o[ this mortgage. That he will keep the improvements now existing oc herea[ter erected on the moctgaged property. insured as ~ may be required from time to time by the mortgagee against loss by fire and other hazacds. casualties, and contin- gencies in such amounts and tor such periods as may be required by moctgagee. a~d will pay promptly. when due, j any premiums on such insurance [or peyment of which provision has not been made hereinbefore. All insurance ; shall be catried in companies approved by ~oHgagee and the policies a~d renewels theceot shall be held by mort- ~ gagee and ha~•e attaQhed thereto loss payable ciauses in favo~ of end in form acceptable to the mortgagee_ In ~ e~~ent o( loss he wili give immediste notice by mail to mortgagee, and mortgagee may make proof of loss i( not ~ made promptl~~ bp mortgagor, and each insurance company conce~ned is hereby authotized and directed to make pa~~ment fcx such loss dicectly to moctgagee instead of to mortgaga and moctgagee joi~tly. and the insurance pro- ceeds, or any part thereof, may be applied by morlgagee at its option either to the reduction of the indeMed~ess ~ hereby secured or to the restocation or repair of the property damaged• In event of foreclosure.of this mortgage or ~ other transter of title to the mortgaged property in extinguishment of the irdebtedness secuced hereby. all right, , title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser o~ 4 grantee. i 8. That the matgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- ~ tion thereaf for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covcred hereby all and singular, including all and singular the income, protits, issues. and revenues from whatever ~ source derived, each and every of which, it being exp~essly understood, is hereby mortgaged as if speciEically set ` torth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•e functions and powers in any~vvise entrusted by a court to a receiver, and such apPoiMment shall be made by such court as an admitted equity and a matter oE absolute right to said mwtgagee. and without reference to the adequac~• or inadequacy of the value of the ptoperty mortgaged ot to the solvency or insolvency oE said mongagor or the de[endents, and that such rents, profits. income. issues. and revenoes shall be applie¢~ by cuCh~ receiver according to the lien of this mortgage and the practice of such coud. in the event tbl~ anj deEauH'oA th~'Qart of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonabte moatbly reatal fo~ the premises an amount at least equivalent to one-twelfth (1/12) of the aggregete of the twelve mwtthly instali- ( ments payable in the then current year plus the actual amount of the annual taxes. assessments. weter rates, end ; ~nsurance premiums for such year not covered by the atoresaid monthly payments. ~ 9. That r„ ~ in the event of any breach of this mortgage or default on the pad of the matgagor, or (b~ in the e~~ent that any of said sums of money herein reEerred to be not promptly and fully paid withou: demand or notice, ~ or ~ in the event that each and every the stipulations, agreements, conditions. and covenants ot said note and 3 th~s mortgage, are not duly, promptly, :,nd (ully 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, or thereafter, at the option of said mortgagee, as fully and com- ~ pleteiy 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 thereafte~, at th•~ 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 foteclose this mortgage, as to the amount so declared due and ; payable, and the said premises shall be solc~ to satisfy and pay the same together with costs, expenses,and allow- ; ~ ances. In case of partial foreclasure 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 provisions of ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. } ]0. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, tcansfer, or ~ change of ownership of the premises. ; ll. 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 hered or of the note secured hereby. ~ 12. That if the mortgagor delault in any of the covenants a agreements contained herein, oc in said note, then ~ the mo~tgagee may perform the same, and all expenditujes (including reasonabie attorney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the moctgagor to the mortgagee, and, together with interest and costs acccuing ~ thereon, shail be secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said rnxner at the last address actuaily furnished to the moRgagee, or directed to said owner et ~ said mortgaged pcemises, and mailed by the United States mails, shall be sufEicient notice and demand in any ~ case arising under this instrument and required by the provisic~ns hereot or by law. ~ 14. The mortgagor further coveaants that should this mortgage and the note secured hereby not be eligibte ~ for insurance unc3er the National Housing Act within j~8yi from the date hereoE (written statement ~ ut an~• ofticer oE the Department of Housing and Urban Development or authocized agent of the Secretery of Hous- ~ mg and Urban Development dated $ubsequent to~ the ~~=Ji ~va,ya time Erom the date of this modgage, declining to insure said nate and this mortgage, being deecned conclusive proof of such ineligibility). tbe mortga- = gee or the holder of the note may, at its option, declare all sums secured hereby i~nmediately due and payeble. The covenants herein cootained shall bind. and the be~e{its and advantages shatl inure to, the respective ~ " heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- =3 ber shall include the plural, the plural the singular, and the use ot any gender shall include all genders. ~ ~ ~ 1~ ~ ~ ao~K1~ 1y6 ~ ~ . ~ ~ ~ ~ _ ~ - r~ ~ ~ . : _ ~ - ~ - ~ . ,tz