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Home My WebLink About0494 # . . 5. That he will pecmit, commit, or suf[er no Maste, impairment, o~ deterioratio~ o( said property o~ any part thcreaf; and in the event ot the [ailu~e oE the moitgagot to keep lhe buildings oo said premises and those tobe erected on said premises, or improvements th~~~f in good the mottgagee may make such repai~s as in its discretion it may deem ~ecessary for the ptoper preservation of, and the full amount of each and every such ' payment shall be immediately due and payable, and shall be secured by the lien o[ this moctgage. 6. That he will pay all and singular the costs, charges, and expenses, including teasonable tewyer's fees, and cost~ of abstracts of title, incu~red or paid at any time bythe mortgagee.because of the [ailure on the pact o[ the mortgagor promptly and fully to petform the agreements and covenants of said ~promisso~y note and this m~rt- gage, and said cosis, chatges, and expenses shall be immediately due and psiyable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or herea[ter erected on the mortgaged propeety, insured as may be required from time to time by ihe mottgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptty, when due, anp premiums on such insurance for payment of which pcovisio~ has not been made hereinbe(o~e. All insurance shall be cairied 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 ot and in form acceptable to the mortgagee. In event of loss he will give imr.iediate notice by mail to mortgagee, and mortgagee may make proof of loss it not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectly to mortgagee instead of to mortgegor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness F hereby secured or to the restoration 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 indebtedness secured hereby, al! right, { title, and interest o( the mortgagor in and to any insurance policies then in focce 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 shal! forthwith appoint a receiver of the premises ' covered hereby all and singular, including al! and singular the income. profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum ctauses hereof, and such receiver shall have, all tl~e brped and effective functions and powers in anywise entrusted by a court to a receiver, aad such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgageP, and without reference to the adequacy or inadequacy oE the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, protits, income, issues. and revenues shall be aRPlied by s~ca,~ceiver i according to the lien of this mortgage and the practice ot such court. In the event of any defenlt on tlie pb~t ~t~yg ~ mortgagor hereunder, the mortgagor agrees to pay to the mortgagee o~ demand as a reasonable monthly rental for j the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve morethly ins~alC-~" ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates. and insurance premiums for such year not covered by the aforesaid monthly payments. ' ~ 9. That in the event of any breach oE this mottgage or deEault on the pad of the mortgagor, or (b) in~the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~ Oi /ri in the event that each and every the stipulations, agreements, conditions. and Covenants of said note and this mortgage, are not duly, promptly, and fulty 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 moctgagee, as fully and com- ! pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said z note or in this mortgage to 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 ail moneys secured hereby had i 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 altow- i ~ ances. In case oE partial foreclosure 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 prov'ssiens of ; this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10_ That the mortgagor will give immediate not:ce by mai! to the mortgagee of any con~eyance, transfer, or ~ change of ownership of the premises. 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 of the note secured hereby. ~ 12. That if the mortgaga defautt in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perEorm the same, and all expenditutes (including reasonable attorney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shatl be repayable - ~ immediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing ~ thereon. shall be secured by this mortgage. ~ 13. that the mailing o[ a written notice ot demandaddressed to the owner 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 said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any ~ case arising under this instcument and required by the provisions heceof or by law. .x ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligibie ~ for insurance under the National Housing Act within ~~Yc from the date hereof (written stateme~t of any ofticer of the Department oE Nousing and Urban Development or authorized agent oE the Secretary o( Hous- ing and Urban Development dated subsequent to~ the j~j time from the date o( this mortgage. declining to insure said note and this mortgage, being deem~~d c~l~ive proof of such ineligibility), the mortga- ~ 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 advaatages shall inure to, the respective heirs, executors, administrators, successocs, and assigns of the parties hereto. Whenever used, th! -,inguler num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ 'a ~ j-?a ~sy f J 8~i9i 49~3 :~-A ~ _ _ _ ~