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Home My WebLink About1317 . ' . '1 -~'i . ,t • S. That hc~ ~vill permit, cummit, or sufter no waste, impairment, oc deteriorat~on of said ptoperty or any pa~t thcreot; ~+nd in the event of the failure of the mortgagor to keep the buildings on said premises and tho~e tobe er~cted on sAid p~emises, o~ ~mprovements thereon, in good repai~, the mortgage~ may makc such repairs as in its discretion it may deem nece~sary for the propet preservation thereof, and the (ull amount of each and every such payment shall be immediately due and payable, and shall t~e secured by the lien o[ this mortgage. 6 That he will pay all and singular the costs, charges, and expenses, including ieasonable lawyer's fees, and costs ot abstracts of title, incur~ed o~ paid at any time by the mottgagee because of the failure on the part oE the mortg:igor promptly and fully to perform the ag~eements and covenaots oE said ~p~omissory note and this mort- gage, and said costs, charges, a~d expenses shall be immediately due and payable and shall be secured by the licn ot this mortgage. 7. That !:e K ill keep the improvements nuw existing or herea[ter erected on the mortgaged property, insured as m~+y be required (rom time to time bp the_ mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and [or such periods as may be requi~ed by mortgagee, and will pay p~omptly, wl~en due, f any~ premiums on such insurance (or payment of which provisio~ has not been made he~einbefore. All insucance shall be carried in companies approved by mortgagee and the policies and renewals ihereof sfiall be held by mort- } g:~gee and ha~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~•ent of loss he wilt give immediate notice by mail to mortgagee, and mortgagee may make proof of loss iE not = made promptl~~ by mortgagor, and each insurance company concerned is hereby authorized and directed to make ' payment for such loss directly to mortgagee instead of to mortgagor and mo~tgagee 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 hereby secured or to the restoration or repair of the property damaged. ln e~•ent of foreclosure of this mortgage or other transfer of title to the mortgaged propecty in extinguishment of the indebtedness secured hereby, ail right, title, and interest oi the mortgagot in and to any insurance policies then in force shaU pass to the purchaser or gra nt ee . 8. That the morigagee 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 shall forthwith appoint a receiver of the premises 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 mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, an~lt~uch rec~jv~r, 1 ave all the broad and ef[ecti~•e functions and powers in an~wise entrusted by a court to a receivei, and sucti p ntment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee..aqdyrjthput reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency oc insolvency of said mortgagor or the detendents, and that .such rents, profits, income, issues, and revenues shali be applied by such receiver according to the lien of this moctgage and the practice of such court. In the event of any default on the part o[ the mortgagor hereunder, the mortgagor 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 twelve monthlyinstall- ments payable in ihe then current year plus the actual amount of the annual taxes, assessments. water rates, and ~nsurance premiums for such year not covered by the aforesaid monthly payments. ~ 9. That !~l j in the event of any breach of this mortgage or default on the part of the mortgagor, or (b~ in the F e~>ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, ur ~ in the event that each and every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are nnt duly, promptly, and fu11~~ 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, snd all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, 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 thereupon or thereatter, at the option of said inortga- gee, without notice or dertiand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had 4 F inatured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and < ; payable, and the said premises shatl be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. [n case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tjnuing 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 thereaiter from time to time by the mortgagee. g 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, trans(er, or s 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 mortgagor default in any oE 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 ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be cepayabie immediately and w~thout demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by th~s mortgage. ~ ~ 13. that the mailing of a written notice or demandaddressed to the awner o! record of the mortgaged premises, ; ~ or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at ; said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereaf or by law. ~ I4. The murtgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Hausing Act within ~~Y~ from the date hereof (written statement of an~~ officer of the Department of Housing and Urban Deve opmen or authorized agent of the Secretary of Nous- ~ ing and Urban Development dated subsequent to~ the ~~Y$ time from the date of this mortgage, declining to insure said note and this mortgage, being deem~_d concIusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may, at its optid~n, declare<all-suips secyred hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, exe~utors, administrators, successocs, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall inciude all genders. ~ t ~o~~19i i315 ' ~ ~ ~ _ ~ - _ - . T_y _ , ~ N _ . , _ . _ : ~ . _