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Home My WebLink About0560 f ; r 1 'i 1~ ` ~ ` 11`.j 5. That he w~ill permit, commit, or su([er no 4uaste. impai~ment, or deterioration of said property or any part the~eof; and in the event ot the fAilu~e of the mortgagor to keep the buildings on said premises and those tobe e~ected on said premises, or improvements thereon, in good ~epai~, the mortgagee may make such ~epairs as in its discretion it may deem necessacy tor Ihe prope~ preservation thereof, and the full amount ot each and every such payment shall be immediately due a~d payable, and shaU be secuced by the lien of this n?ortgage. 6. That he wil! pay all and singular the costs, chacges, and expenses, including ceasonable lawyer's fees, and costs of abst~acts o[ title, incur~ed or paid at any time bythe mortgagee.because ot the failure on the part of the mortgagur promptly and fully to per[orm the agreements and covenants of said'promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien o( this mortgage. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required [rom time to time b~~ the mortgagee against loss by fire and other hazards, casualties, aod contin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance [or payment of which provision has not been made hereinbefo~e. All insurance shall be carried in companies approved by mortgagee and the policies and cenewals thereof shal! be held by roat- gagee and have attached thereto loss payable clauses in favor of and in fo~m acceptable to the mortgagee. In e~•ent of loss he will give immediate notice by mail to moctgagee, and mortgagee may make proof of loss if not made promptl~ by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment fcx such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insucence pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the ~eduction of the indebtedness hereby secured or to the restoration or ~epaic of the prope~ty damaged. In event of foreclosure of this mortgage or other transfer oi title to the mortgaged property in extinguishment of the indebtedness secured hereby, all ~ight. title, and intecest of the mortgagoc in and to any insurance policies then in fotce shall pass to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon t{iis mortgage. apply to the court having jurisdic- tion thereof fot the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singularthe income, profits, issues, and reveoues Erom whatever source derived, each and every oi which. it being expressly understood, is hereby matgagld as if apecifically 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 appoi~tment shall be made by such court as an admitted equity and a matter of ebsolute right to said mortgagee~ a ~}t~4u~.re[~ e~nce to the adequacy or inadequacy of the value of the property mortgaged or to the solved~r~ ins~'v~l~S1~~i~d mortgagor ur the defendents, and that such rents, profits, income, issues. and revenues' sha"lI be applied b h receiver according to the lien of this mortgage and the practice of such court. In the eveat of any defau, pn,the pad of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a teasonable md~ithly rental for the premises an amount at least eqpivalent to one-twelft6 (1/12) of the aggregete cf the twelvgttwnthly install- ments payable in the then current year plus the actual amount of the annual taxe~, assessaieAts.~~veter rates, and insurance premiums for such yeac not co~ered by the aforesaid monthly payments. 9. That ~ 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 without 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 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 accrued to that time, and a!1 moneys secured ; hereby, shall become due and payable forthwith, o~ thereafter. at the option of said mactgagee. as [ully and com- i pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in said E note or in this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all mot~eys secured hereby had ~ matured prior to its institution. The modgagee may foreclose this mortgage~ as to the amount so declated due and payable, and the said premises shall be sold, to satisfy and pay the same together with costs, expenses,and ellow- 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 fcom 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. ~ 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 hereo[ oc of the note secured hereby. 12. That if the mortgaga default in any of the covenants oc agceements contained herein, or in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable attaney's fees) made by the mortgagee in so doing shali draw interest at the rate set forth in the note secured heceby, and shall be repayable immediately and without demand by the mortgaga to the moctgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mocigage. 33, that the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, ~F- directed to the said owaer at the last address actually futnished to the modgagee, or directed to said rnvner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ ~-g case arising under this instrument and required by the provisions heceof or by law. ~ 14. The mortgagor further covenants that should this mortgege and the note secured hereby not be eligible ~ f~r insurance under the National Housing Act within from tbe dete hereof (written statement of any~ officer of the Depa~tment of Housing and Urban Development or authorized agent of the Seccetary of Hous- ~ng and Urban Development dated subsequent to~ the ~ time Erom the date of this mortgage, declining to insure said note and this mortgage, being deem?a-conclusive proof of such ineligibility), the moctga- gee or the holder of the note,~ay, at its opiion, declare ~ll~su~"secuild•f?ereby immeiliately due and payeble. ~ - '~'he covenants herein contained sheU bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the partie~ hereto. Whenever used, the singular num- ber shall include the plaral, !fie plural the singular, and the use ot any''gender shalt include all genders. :`r; :k.i fr~ ~ ~~K 191 5~i9 ~X ~ %~~@ ~ +l--k . ' ~ iF y ~ ~ ..1~~:. ~ ~ c. . : j w_ r ~ .~s . .T _ r` _ . ~ . . _ • . _ ~ "S~'~