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Home My WebLink About0903 { iL . , ~ .S ~ ' t .1 + ~ ~ ~ ~ i S. That he will peqnit, cummit, cx sutfet no waste, impairment, or deterioration of said ptopetty or uny pa~t j theceof; and in the event o( the tailure ot the mortgago~ to keep the building~ on said premises and those tobe ~ e~c~ted on ~aid premisc~, or improvements thereon, in good repair, the mottgegce ms~y make such repairs as in its disc~etion it may deem necessary (ot the propet preser~ation the~eot, and the full amount of each and every surh ' payment shall be immediately due and pay~able, and shall be secured by the lien o[ this mortgage. 6. That he will pay all and singula~ the costs, charges, aad expenses, including reasonable lawyer's fees, and costc of abstracts ot titte, incurred or paid at a~y time bythe mortgagee.because o( the failure on the part of the mortgagot promptl~~ and fully to pertorm the ag~eements and covenaats of satd ~promissory note and this moti- gage, and said cosis, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. That he will keep the improvements now existing or hereatter erected on the mortgaged property, insured as map be requi~ed from time to time by the morigagee against loss by [ire and other hazards, casualties, and contin- ~ gencies in such amounts and for such periods as may be required by mortgegee, and will pay promptly, when due, any premiums on such insorance for payment of which provision has not been made hereinbetoce. All insurance ' shall be cerried in companies approved by moctgagee and the policies and renewals thereof shall be held by mort- gagee and have attached theceto loss payable clauses in favor o( and in form acceptable to the mortgagee. ln e~~ent of luss he will give immediate notice by mail to mortgagee, and mortgagee may make proo! of loss if not made promptly by mo~tgagor, and each insurance company conce~ned is hereby authoriaed and directed to make pa~~ment foc such loss dicectly to mortgagee instead of to mortgagor aad moctgagee jointly, and the insurance pro- ceeds, or any pan thereof. may be applied by mortgagee at its option either to the rediiction of the indebtedness hereby secured or to the restoration ot repair ot the property damaged. ln event oE foreclosure o[ this morigage or other trans[er of title to the mortgaged property in extinguishme~t ot the indebtedness secured hereby, all right, ~ title, a~d interest of the mortgaga in and to any insura~ce policies then in force shall pass to the purchaser a grantee. t i 8. That the mortgagee may. et any time pending a suit upon this mortgege, apply to the court having jurisdic- I tion thereof for the appointment oE a receive~, and such court shall forthwith appoint a receiver of the premises j covered hereby all and singular. including all and singular the income, profits, issues. and revenues from whatever ( source derived, each and every of which, it being expcessly understood, is hereby•s~pttg~~ as if speci[ically set ~ forth and described in the granting a~d habendum clauses hereof. and such recciver shall heve all the broed and effective functio~s and powers in anywise entrusted by a court to a receiver, and ~such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to ~hg sqlyen~x or insolvency of said mortgagor or the defendents, and that such rents, pcofits, income, issues. and revenues sha~i~6~' ~P l~ed by such receiver acco~ding to the lien of this martgage and the practice of such court. In the event of any de~ault on the part of the mortgagor hereunder, the mortgagoc agrees to pay to the mortgagee on demand as e t~asanable monthly rental for the pcemises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes. assesS~nts, water rates, and ~nsurance premiums for such year not covered by the aforesaid monthly peyments. ' 9. That I in the event of any breach o[ this mongage or defeult on the part of the modgagor. or (h) in the e.•ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or r; r in the event that each and every the stipulations. agreements, conditions. and covenants of said note and r this mortgage, are not duly, promptly, and Eully performed; then in eitfier os any such event, the said aggregate sum mentioned in said note then remaining unpayd, with interest accrued to that time, and all moneys secured I hereby, shall become due and payabte forihwith, oc thereafter, at the option of said mortgagee, as fully and com- ` pletely as if all oE the said sums of money were originally stipulated to be paid on such day, anything in said ; note a in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution_ The mortgagee may foreclose this moctgage. as to the amount so declared due and ; payable, and the said premises shali be solc( to satisfy and pay the same together with costs, expenses,and allow- ` ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- s tinuing lien of this mortgage for the amount of tbe debt not then due and unpaid. In such case the provisions of s this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the morlgagee of any conveyance, transier, oc g change of ownership of the premises. ' ~ 11. That no waiver of any covenant herein or o[ 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 mortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditu~es (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 shall be repayable ~ ~mmediately and without demand by the modgaga to the mortgagee, end, together with interest and costs accruing thereon, shaU be secured by th~s modgage. ~ 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, or directed to the said aRrner at the last address actually furnished to the mortgagee, or directed to saidowner at ; said mortgaged p:emises, and mailed by the United States mails, shall be sufEicient notice and demand in eny ~ { case arising undet this instrument and required by the provisions hereof or by law. ~ ~ 14. The mortgagor further covenants that should this mort a e and the note secured hereby not be eligible ~ ~ for ~nsurance under the National Nousing Act within ~~Y~ from the date hereof (written statement ~ ~ of any ofticer of the Department of Housing and Utban Development or authorized agent of the Sectetary o[ Hous- ~ -x ~ng an~ Urban Development dated subsequent to~ the ~~YS time from the date of this moctgage, dec;ining to insure said note and this mortgage, being deert~?d conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immedietely due and peyHble. ~ The covenants herein contained shall bind. and the benefits and advantages shall inure to~ the resQective ~ heirs, e~c~uRots, admin~~sto~?~+pcCes,9ats; and assi~ns bt tl?ei-pattiis=heieto. Whenever used, the singuler num- # r ber shal! include the plural, the plural the singular. and the use oi any gender shall include all genders. ; ~ ~ • ~ . 1 =a i' .F ~ i v ~ " ~~i9i 90~ ' I ~f: ~ _ ~ _ _