The URL can be used to link to this page

Home My WebLink About0566 ~ s } : t 5. That ~e will permit, cummit, or suffer no aaste, impai~qen~. o~ deterioration of said prope~ty or any part thereof; and in the eve~t ot the faiiure of the ~ortgagor to keep Me buildings oo said premises and those tobe i erected on said p~emises, or improvements theceon, in good tepair, the mortgagee ma~~ make such repairs as in its discretion it ma~• deem necessary for the ptoper preservation thereot. and the full amount ot each and e~~ery such pa~~ment shall be immediately due and pe~~able, and shall be secured by the lie~ o( this mortgage. 6. That he veill pey all and singular ihe costs, charges, and expenses, including reasonable lawy~~'s fees, and costs ot ebstracts of title, incurred or paid at any time Dythe moctgagee.because ot the failu~e on the part o[ the mortgagor promptly and full~~ to perform the agreements and covenants of said'promissory note and ihis moct- gage, and said costs, charges, and expenses shall be immediately due and pa}•able and shall be secured by the lien of th~s morigage. 7. That he will keep the imp~rn~ements ~ow existing or hereatter erected on the mortgaged propedy, insured as may be required from time to time by the matgagee against loss by fire end other hazards. casualties. and contin- gencies in such amonnis and tor such periods as may be required by mottgagee, and will pay p~omptly, when due, any premiums on such insurance for payment of which provision has ~ot been made hereinbefore. All insurance shall be carried ia companies approved by mortgagee and the policies and renevrrals thereof shall be held by mort- ~ gagee and have attached thereto loss payable clauses in [avor of and in form acceptable to the moKgagee. In 1 e~~ent of toss he will gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptl~~ b~~ mortgagor, and each insurance company conce~ned is hereby authaized end directed to make pa~•ment for such loss directly to mortgagee instead of to mortgagoc and mortgegee jointly. and the insurance pro- ceeds, or any part the~eot, may be applied by mortgagee at its optio~ either to the redaction of the indebtedness hereby secured or to the restocation a repair of the propecty damaged. ln event of foreclosure of this mortgage or other transfer oi title to the mortgaged property in exti~guishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in aod to any insurance policies then in force shall pass to the purchaser or grantee. 8. Tha1 the mortgagee ma~, at any time pending a suit upon this moctgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises coti~ered hereby all and singular, iacluding all and singular the income, profits, issues, and revenues from whatever source derived, each and ever~~ of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have ali the broed and effect~~•e functions and powers io anS~wise entrusted by a court to a receiver, and such appointment shall be made b}~ such court as an admiited equity and a matter ot absolute right to said mortgagee, and without reference to the adequary~ or inadequacy of the value of the property mortgaged ot to the sotvency or :nsolvency of said moctgaga or t!~e defendents, and that such rents, profits, income, issues, and revenues shall be app[ied by suc}~receiv accarding to the lien of this mortgage and the practice of such court. !n the event of any ~ii14•on t1~e~r~4~~~~ morigagor hrreunder, the mottgagot agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1:/12) of the aggregate of the tNrelve moothly`?nsTa1l~" rments payable in the then current year pius the actual amount of the annual taxes, assessmeMs, watet cetes, and insurance premiums for such year not covered by the afotesaid monthly payments. 9. That io i in the event oE any breach of this mortgage or default on the part of the mortgagor. ot (b) in the e~•eni ihat 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 stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fuliy pertormed; then in either or any such event, the said sggregate sum mentioned in said nole then remaining unpaid, with interest accrued to that time, and ali moneys secured hereb~~, shall become due and payable forthwith, or 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 note or in this mortgage to the contrary notwithstanding; and theceupon oc thereafter, at the option of said moctga- gee, v?ithout notice or demand, suit at law or in equity, may be prosecuted as if ail moneys secured hereby i:ad matured psior to its institution. The mortgagee may foreclose this mortgage. as to the ama~nt so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ances. Ia case of partial foreclasure of this mortgage, the mortgaged premises shall be sold subjeCt to the con- tinuing lien of this mortgage fa the amount d 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. 10. That the mortgagor ail! give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises_ 11. That no waivec of any covena~t herein or oi the obligetion secured hereby shal! at any tiR,e thereafter be held to be a waiver of the terms hered or of the note secared hereby. 12. That if the mortgagor default in any ot the covenants a agreements contained herein, or in said rtote, then the mortgagee may perform the same, and all expenditures (including reasonable attorney's [ees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the maiIin~ of a written notice a demandaddressed to the owner of record of the moKgaged premises, or direcied to the said owner at the last address actually lurnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be suificient notice and demand in any case arising under this instcument and requzred by the provisions hereof or by law. 14. The mortgagor further covenants that should this mortgege and the note secured hereby not be eligible for insurance under the Ivational Housing Act r~ithin [rom the date-hereof (~+ritten statement ~ of any~ officer of the Department of Housing and Urban Development ot authorized agent of tbe Secretary of Hous- ing and Urban DeveJopment dated subseyuent to~ the time from tbe dete of this mortgege, declining to insure said note and this mortgage, being dee conclusive proof of such ineligibility), the mortga- gee or the holder d the note may, at its option, declare all sums secured hereby immediately due and payabte. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assig~s d the parties hereto. N'henever used, the singular num- ber shall include !he plural, the plutal the singular, and the use ot any gender shall include al! genders. ~~i9i 565 =~v~. _ „ _u, ~ e~ , _ ~ _ L. ~ ~ . r _ ~