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Home My WebLink About0360 • ~ 5. That he w~~il permit, comm~t, oi suffet no waste, impairment, or dtterioration of sa~d property or any part themut; and in the event o( the fail~ire of the mortgagor to keep the buildings on said p~emises and those tode erected on said prem~ses, or ~mprovements thereon, ~n good repair, the mongagee may make such cepairs as in its disc~etion ~t may deem necessary tor the proper preservetion thereo[, end the tull amou~t of each a~d e~~ery~ such pa~•ment shall be ~mmediately due and pe~~able, and shall be secured b~• the lien of this mortgage. 6 That he M~11 pa~~ all and singular the costs, charges, and expenses, including reasonable lawy~ec's tees, and cost~ of abstracts c~fi title, incurred or paid at any time bythe mortgagee.because of the failure on the part of the moctgagar promptly and fully to perfam the agteements and co~~enants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immed~atel~~ due and pa~~able and shall be secured by the lien o[ th~s mortgbge. That he w~ill keep the impru~•ements now ex~sting or hereafter erected on the mo~tgaged p~operty, insured as ma~• be requued from time to time b~~ the mortgagee against loss b~~ fire and othe~ ha2ards, casualties, and contin- gencies in such amounts and fot such periods as may be required by mortgagee, and will pay promptly, ~hen due, am• premiums on such insurance tor pa~~ment of ahich provis~on has not been made hereinbefwe. All insurance shall be carcicd in companies approved by mortgagee and the policies and cenewals thereof shai! be held by mort- gagee and ha~•e attached thereto loss pa~•able clauses in favor ot and in form acceptable to the mortgagee. In e~•ent of loss he w•il! gi~~e immediate notice by mai! to mortgagee, and moctgagee ma}• make proof of l~ss it not made promptl~• by mortgagor, and each insurance companp concerned ~s hereby authorized artd directed to make pa~•ment fat such loss d~rectly to mortgagee instead of to mortgagor and mottgegee jointly, and the insurance pro- ceeds, or am• par: thereof, may be appiied b~~ mortgagee at its option either to the reduction of the indebiedness heceb~~ secured or to the restoration or repa~r of the propert~~ damaged. ln e~~ent of foreclosure of this mortgage or other transfer of title to the mottgaged property in extinguishment of the indebtedness secuted hereby, all right. title, and interest of the martgagor in and to an~~ insurance policies then in force shall pass to the purchaser or gra ntee . 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court heving jurisdic- tion thereo[ fot the appointment of a recei~•er, and such court shall forthwith appoint a receiver of the premises co~~ered hereby all and singular, including all and singular the ~ncome, profits, issues, and revenues from ahate~~er source derived, each and e~~ery• of which, it being expressly understood, ic hereb~• mortgaged as ii specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•e functions and powers in an~~•ise ent:usted by a court to a receiver, and such appoiatment shall be made by such court as an adm~tted equity and a matter of absolute right to said mortgagee, and without reEerence to the adequac~• or inadequac~• of the value of the propertS mortgaged or to the solvency oc insolvency of seid mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to !he lien of this moctgage and the practice o[ such court. in tbe eveat of ~ny defeult on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on deroand s,~ a teasdnpplq inonthl~ rental for the premises an amount at least equivalent to one-twelfth (1'12) of the aggregate of the twelve menthlyinstall- ments pa~~able in the then current year plus the actual amount of the annual taxes, assessmCftts, wate~ rates, and insurance prEmiums fot such ~~ear not co~~ered by the aforesaid monthly payments. _ 9. That ~ in the e~•ent of any breach of this mortgage or default on the part o! tl~e mortgagor, or /.1 in the e~~ent that am• of said sums of money herein referred to be not promptly and fully peid without demand or notice, i or in the e~~ent that each and every the stipulat~ons, agteements, conditions. and covenants of said note and this mortgage, are not duh~, promptly. and fully pertormed; then in either or any s:ich evertt, the said aggregate sum mentioned in said note then remaining unpaid, W ith interest accrued to that time, and all moneys secured hereb~•, shall become due and payable forthwith, cx thereaRer, at the option of said mortgagee. as fully and com- pietet~• as if all of the said sums of money wete originally stipulated to be paid on such day, anything in said note or ~n this mortgage to tfie contrary notwithstending; and thereupcm or thereafter, et the option of said martga- ' gee, w•ithout notice or demand. suit at law or in equity, may be prosecuted as if ali moneys secured hereby had ~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amour.t so declared due and pa~•able, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- f ances. In case of partial foreclosure of this mortgage, the moRgaged premises shall be sold subject to the con- f tinuing lien of this mortgage for the amount af the debt not then due and unpaid. In such case the provisions of ~ this paragraph may agein be a~~ailed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor w~ill give immediate notice by mail to the mortgagee of any conveyance, transfer, or { change of ownership of the premises. ¢ 11. That no waiver of an~~ co~•enant herein or of the obligation secured hereby shall at an~ time thereaEter be ~ hrld to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor default in an~• of the co~enants ot agreements contained herein, or in said note, then ~ the mortgagee ma}• perform the same, and all expenditu=es (including reasonable ettaney's fees) made by the : mortgagee in so doing shall drsw interest at the rate set forth in the note secured hereby, and shall be repeyable ~ immediately and v?ithout demand b}• the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by thxs mortgage. 13. that the :nailing of a written notice or demandaddressed to the oavner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at ~ sa~d mortgaged ptemises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and required by the ptovisions hereof ot by law. ~ 14. The mortgagor further covenants that should this mort age and the note secured hereby not be eligible ' for insurance under the Natiottial Housing Act within ftom the date hereof (written statement ~ of ~n~ officer d the Department of Housing and Urban Deve_lopment or authorized agent of the Sectetacy of Hous- ~ ing and Urban Development dated subsequent to the .~J Wi~ tiine from the date of this mortgege. ~ declin:ng to insure said note and this mortgage, being deem?d conclusive proof o[ such ineligibility), the moctga- $ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and Ra~eble. ' s _ The co~•enants herein contained shall bind, and the benefits and advantages shall inure to, the respective ? heirs, executors, admic~istrators, successors, and assigns of the parties hereto. N'henever used, the singular num- ber shai'. include the plural, the plural the singular, and the usr of any gender shall include all genders. s ~ ~ ~ a~i91 359 ~ ~