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Home My WebLink About1503 S. Thdt he wtll permit, cummtt, or su~(er no waste, impelrmenl, or rleter~oration of suid proExr~y o? any pa~t thereuf; and in the event of the failure uf the mortKagor to keep the buildingc on said premises and ihose tobe er~•cted on said premise~, or impro~~ements thrreon, in good repair, the mortgagee may make such rep:~irs as in its discretion it mey deem necessary [oc the proper preservation thereo(, and the tull amount ot each and every such payment shull be immediately due and pa~~abt~, :+nd shall be secun•d by the lien of this mortgage. ~ (i That he wiU p:iy alt and singular the costs, charges, and expenses, includ~ng reasonuble lawyer's [ees, a~d custti of abstr~cts ot title, incurred or paid at any time bythe morigagce.because o( the (ailure on Ihe part oi the mortKaKor promptly and fuliy to petform Ihe a~teements and covrnants of said prom~ssoty note and th~s mort- gage, und said costs, charges, and expenses shall be immedialely due and p:iyable und shall be secuted by the lien of this mortgd~e. 7. That he wili krep the impru~•ements now existing or he~r:+(ter erected on the mortgaged p~operty, insured ati may be required from time to hme bt~ the mortg~+gee against loss by fire and other hazards, casualties, and contin- genc?es in such amounts und tor such periods ~,s ma}• be required by mortgagee, and will pay prompUy, when d~e, any premiums on such insurance for payment of which provision has not been made hereinbefore. All ~nsurance shall be carried in comp~nies appro~•ed b~~ mortgagee and the policie~ and renewals the~eoE sh~ll be held by mort- K.~gee and ha~•e attached thereto loss pa~•able clauses in f.ivor of and in form acceptable to the mottg~gee. In e~•ent of loss he will give ~mmediate notice by mail to mortgagee, and mortgagee may make proof of loss i( not m~de promptlp b~• mortgagor, and each insurance company conrerned is hereby anthorized and di~ected to makE• p:+~•mrnt for such loss directly tu mortgagee instead of to mortg~gor and mortgagee joinUy, and the insu~ance pro- ceeds, or any p~rt thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or tu the restoration or repair of ihe property damaged. ln eveM of (oreclosure of ihis mortgage or other trans[er of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mo~tgagor in and to any insurance policies then in force shall pass to the purchaser or ~rantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tinn thereof for the appointment of a receiver, and such court shall forthwith appoint a rece~~~er of the premises co~•e~ed heceby~ att and singular, including all and singular the ~ncome, profits, issues, and revenues from whatever ~ource derived, each and every o[ which, it being expressly understood, is hereby mortgaged as i( specificatly 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 shail be made b~• such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy oc ~nadequacy of the value of the property mortgaged or to the solvency or insotvency of said mortgagor ur the detendents, and that such rents, profits. income, iSsufs. aod revenues shall be applied by such receiver ~+ccording to the lien of this mortgage and the practice ef such•coutE. In the event of any default on the part of the mortgago~ hereunder, the mortgagoc agrees to pay to the moctgagee,op demand as a reasonable monthly rental for ;he premises an amount at least equivalent to one-twelfth (1/12) of the aggregate oi the twelve monthly instali- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance prem~ums for such year not covered by the aforesaid monthly payments. 9. That ~ in the e~~ent of any~ breach of this mortgage or default on the part ot the mortgagor, or <1~t in the e~~ent that an~~ oE said sums of money herein referred to be not promptly and fully paid without demand or notice, vr ~~;~n the e~•ent that each and every the stipulations, agceements, conditions. and co~enants 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 all moneys secured ; hereb~•, shall become due and payable forthwith, or thereafter, at the option ot said mortgagee, as fully and com- pletel~• as if al: u( the said sums of money were originally stipulated to be paid on such day, anything in said ~ note or in this mortgage to the contrar}• notwithstanding; and thereupon or the~eatter, at the option of said mortga- ' 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 Eoreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and altow- ` ances. ln case of partial foreclosure of this mortgage, !he mortgaged 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 from time to time by the mortgagee. ~ f 10. That the mortgagor wil! give immediate notice by mail to the mortgagee of any conveyance, transfer, or < change ot ownership of the premises. 'S 11. That no waiver of any covenant herein or of the obligation secured hereby shali at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagcx default in anp of the covenants or agreements contained herein, or ~n said note, then y the mortgagee ma}• perform the same, and all expenditu~es (includ~ng 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 shatl be repayable ~ immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accru~ng s thereon, shall be secured b}• this mortgage. ' 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actualty furnished to the mortgagee, or directed to saidowner at ~ sa~d mortgaged premises, and mailed by the United States mails, sha11 be sufficient notice and demand in any ; rase aris~ng under this instrument and required by the provisions hereo( or by law. a 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~ ~{~1~ from the date hereof (written statement - uf am• officer of the Department of Nousing and Urban Development or authorized agent of the Secretary oE Nous- = ing and Lrban Development dated subsequent to the ~Q ~~i time from the date of this mortgage, = declining to insure said note and this mortgage, being deem•~d conclusive proof of such ineligibility), the mortga- gee or the holder ~ the note may, at its option, declare all sums secured hereby immediately due and payeble. ` The co~•enants herein contained shall bind, and the bene(its and advantages shall inure to, the respective ~ ~ he~rs, executors, administrators, successors, and assigns of the parties hereto. Khenever used, the s~ngular num- _ ber shal! ~nclude the plura2, the piural the singular, and the use of any gender shall include all genders. ~ s ~ _Y ~ ~ P1 L~' ~ soo~ 191 15fl1 ~ ~ ~ ~x:_, - _ _ =