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Home My WebLink About0740 ~ jt ~ i ; ' That he u•?tl pecmit, comm~t, ot sut no waste, impaicment, or deteriorat~on of said prope~ty or any part thereoi; and in the e~•ent ot the failure of the mortgagor to keep the buildings on said premises and those tobe etected on said premises, or ~mpro~•ements thereon, in good repair, the mortgagee ma~~ make such repai~s as in its disc~etiort it ma~• deem necessar~~ for the proper presen~ation thereof, and the fuli amount o( eacfi and every such pa~ ment shall be ~mmediately due and pa~•able, a~d shall be secured by the tieo of this mortgage. 6 That he will pay all and si~gula~ the costs, charges, and expenses, including reasonable law~~er's fees, and costs af abstracts of title, incur~ed u~ paid at any time bpthe mortgageebecause of the failure on the pa~t of the mvrtgaguc promptl~• and full~~ to pe~fcxm the agceements and cove~ants of said promissory note and this mort- gage, and said costs, charges, and expenses sha:l be immediatel~~ due aad pa~•able and shall be secured b}• the lien of this mortgage. 7. That he will keep the impro~•ements now existing or herea[ter erected on the morigaged propecty, insured as ma~~ be required from tir.ie to time b~• the mottgagee against loss by [ire and other hazards, casualties, and contin- gencies in such amounts and ior such periods as ma~• be required by mortgagee, and will pay promptl~, when due, an~• premiums on such insurance fur payment of vehich pro~~ision has not been made hereinbefore. All insurance shatl be carried in compan~es approved bt• mortgagee and the policies and renevrals thereot shall be held by mort- ~agee and ha~•e attached thereto loss pa~•able clauses in fa~•or of and in torm acceptable to the mortgagee. ln e~~ent of lo~s he w•ill gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss iE not rnade promptl~• b~• mortgagor, and each insurance compa~y concerned is hereby authorized and directed to make pa~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or an~• part thereo[, may be applied by mottgagee at its option either to the reduction of the indebtedness hereb~ secured or to the restoration or repair of the propert~• damaged. !n e~~ent of foreclosure of this mortgage or other transfer ot title to the moctgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgaga in and to any insurance policies then in force shatl pass to the purchaser or ~ra nt ee _ ~ 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereot for the appointment oi a receiver, and such court shall forthwith appoint a receive~ af the premises co~~ered hereb~• all and singular, including all and singular the ~ncome, profits, issues, and revenues from whatever source deri~•ed, each and every of which, it being expressly understood, is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effect~~-e functions and powers in an~•wise entrusted by a court to a receiver, and such appointment shall be made b~~ such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequac~• or inadequac}• of the vaiue oE the propert_y mortgaged or to the sol~~ency or insolvency of said mortgagc,r or ?he defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ticcording to the lien o[ this mortgage and the practice of such court. In the event of any default on the part of the -:ortgagor hereundei; the ~ortgpgpr, agrees to pay~ to the mortgagee on demand as a reasonable monthly rental for :'r.e premises an amount at lea'st eq~tivaiBnR io one-twelfth (1'12) of the aggregate of the twelve monthlyinstall- -~eats pa~~able in the then current y.ear ~lus the actual amount of the annual taxes, assessments, water rates, and :asuzance pre:r.~ums for such year not covered by the aforesaid monthly payments. 4 That ,~n the e~•ent of any breach of this mortgage or default on the part of the mortgagor, or (?.I in the e~ent that an~ of said sums of money herein re(erred to be not promptly and fully paid without demand or notice, ur in ;he e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and ' this ~r:ortgage, are not dul~•, prompti~•. and fuUy performed; then in either or any such event, the said aggregate su:-: c:~entwned ~n said note then remaining unpaid, with interest accrued to that time. and all moneys secured ~ hereb~ . shatl become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletel}• as ~f all of the said sums of mone}• were originall~~ stipufated to be paid on such day, anything in said { note or in this mortgage to the contrary~ notwithstanding; and thereupon or thereaEter, at the option oE said matga- j gee, w•ithout notice or demand, suit at law or in equity, ma}~ be prosecuted as if all moneys secured hereby had ' :.*~aLUred pr~o[ to ~ts ~nstitution. The moctgagee may foreclose this mortgage, as to the amount so declared due and ; pa~able, and the said premises shall be sold, to satisfy and pay the same together with costs, expeoses,and allow- ; aaces. ln case of partial foreclosure of this mortgage, the mortgaged premises shaii be sold subject to the con- ~ t~nuing 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. ~ IU. Thai the r.zortgagor will give immediate notice by mail to the mortgagee of any conveyance, transter, or ~ change of vx~nersh~p ot the premises. ~ 11 _~fhat no waiver of any covenant herein or of the obligation secured hereby shall at any time thereatter be ~ ~:e:~ .o he a waicer of the terms hereoE or of the note secured hereby. ~ 12. That it the mortgagor detault in an~~ of the covenants or agreements contained here~n, or in said note, then ~ the rr.ortgagee may pedorm the same, and all expenditu~es (~nclud~ng reasonable attorney's [ees) made by the a ~ortgagee in so doing shail draw ~nterest at the rate set fath in the note secured heceby, and shall be repayable ~ :~-roed~ately and without demand b~• the mortgagor to the mortgagee, and, together with interest and costs accruing ~ therer~n, shalt be secured by th~s mortgage. 13 that the ma~ling of a wntten notice or demandaddrrssed to the owner of record of the mortgaged premises, z ~ ~.r d~rected to the sacd owner at the last address actually furn~shed to the mortgagee, or directed to saidowner at ~ sa3d cr,ortgaged pcemises, and mailed by the United States ma~ls, shall be sufficient notice and demand in any ~ case ar~ssng under th~s ~nstrument and requ~red by the pruvisions hereo[ or by law. ~ l4. The mortgegot further covenants that should this mortga e and the note secured hereby not be eligible g ~Q Q~ S from the date hereof (wrilten statement ~ fcr ,nsurance under the Ivationai Nousin Act within ~ ~,f an} oiEicer c~f the Department of Huus~ng dnd Urban Development or authorized agent o( the Secretary ot Hous, < mg end Urban Develuprr?ent dated subsequent to the ~,Q ~YS t~me trom the date of this mortgaqe, ~ dec!in~ng to insure said nute and this mortgage, being deem~'a conclusive proof o( such ineligibility), the mortga- gee or the holder d the note may, at its optiun, declare a!1 sums secured hereby immed~ately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective - he~ss, executors, vdmintstratots, successurs, and assigns of the parties hereto. whenrver used, the singular num- t,er sha:? include thr plural, ihe plural the s~nqular, and the use of any grndet shalt ~nclude all genders. ~ . r~j ~ ~V1K191 ~ Gy ?t L`:~ ~ . , . 4 : : . . - . . . ~:.~.'_S . . ~ ~ ` y-i `J-a`.~~. i~` .,~~x . .t . ~.ti. . . " . _ ~a- ~ ti