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Home My WebLink About0569 ~ r ~ ~ • • t~ E ~ ~ S. That he will permit, commit, or su(te~ nd waste. impai~m~nt, or detetio?ation ot seid property or any part thereo[; And i~ the event ot the tailii~e of the mort~agoc to keep the buildings on said premises and those tobe erected on said premises. o~ improvements thereon. in good repai~, the mongagee may make such repaits as i~ its discretion it may deem necessa~y fot the p~oper preservation thereot, and the full amounl of each and every such payment shall be immediately due and payable, and shali be secured by the lien ot ihis mortgage. 6. That he will pey all and singular the costs, charges. and expenses, including ~easonable lawyer's tees. a~d costc of abstracts o( title, iocurred w peid at any time by the mortgagee .because of the Eaiture on the pert ot the mortgagoc p~omptly arid fully to perfotm the agreements end covena~is oE said ~promissory nde and this mort- gage, aad said costs, cha~ges, and expenses shal) be immediately due and peyable and shall be secured by the lien ot this mortgage. 7. That he will keep the improveme~ts now existing or hereaEter erected o~ the mo~tgaged property. insured as may be required [rom time to time by the mortgagee against loss by [ire end other hazards. casualties. and contin- gencies in such amounts and for such periads as may be required by matgegee. and will pay promptly. when due. a~y premiums on such insurence foc payment of which provision has not been made hereinbetwe. All insurence shell be carried in companies approved by mortgagee and the policies and tenewals thereof shall be hetd by mort- gagee and ha~~e attached thereto loss payable clauses in favor of and in form acceptable to the mottgegee. 1~ event of loss he will give immediate notice by mail to mortgagee, ar~d mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is heceby euthorized and directed to make payment Eor such loss dicectly to mo~tgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereoE, may be applied by matgegee et its option either to the ~eduction of the indebtedness hereby secured or to the restoretion or repair of the propetty damaged. ln event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title. end intecest o[ the moctgago~ in and to any insurance policies then in force shall pess to the purchaser or gtantee. 8. That the mortgagee may, et any time pending a suit upon this mortgage, apply to the court having jurisdic- s tion thereof fo~ the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises - covered hereby all and singular~ includi~g all and singular the income, profits, issues. end revenues from whatevet ' source derived. each a~d every of which, it being expressly understood, is hereby mortg,aged as if specificAUy set torth and described in the granting end habendum ctauses hereof. and such receiver shall have_alI jFye btoad and efEective functions and powers in a~ywise entrusted by a court to a receiver. and such appoi~tuat~~ shali be made by such court as an admitted equity and a matter of absolute right to said mwtgagee, and without reference to the ; adequacy o~ inadequacy of the value of the property moctgaged or to the solvency or i~solv,eacy of said~ mortgagor ' or the defendents, and that such rents, profits, income, issues, and revenues~slu~ll be applied by sueh receiver acco~ding to the lien of this mortgage and the practice of such court. in the event of any de(ault on the Qan of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a teasoneble monthly rental fot the pcemises an amount at least equivalent to one-twelfth (1/12) of the aggregate o[ the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes. assessments. weter rates, and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (oJ in the event of any breach of this mortgage or default on the part of the mortgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully peid without demand or notice. ; or (c1 in the event that each and every the stipulations, agreements. conditions. and covenents of said note and this mortgage, are not du~yr. promptly, and fully perEormed; then in either or any such event. the said aggregete sum mentioned irt said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, a thereafter. at the option qf said mortgagee, as fully and com- pfetely as if all of the said sums of money were originally stipulated to be peid on such dey, snything in said note ar in this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- gee, without notice or demand, suit at law or in equity, may be pr~ecuted as if all moaeys secured hereby had matured prioc to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and- payable, and the said premises shall be solc~ to satisfy and pay the seme together with costs, expenses.and allovv- ' ances. In case of partial foreclosure of this mortgage, the 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 k ihis peragraph may again be availed of thereafter from time to time by the moctgegee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. € I1. That no waiver of any covenant herein or of the obligation secured hereby shell at any time thereafter be ' held to be a waiver of the terms hereaf or of the note secured hereby. ~ 12_ That if the mortgagor default in any oE the,covenants a agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditutes (including reasonable ettorney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. ~ ~ 13. that the mailing of a written notice a demand addressed to the owner of record of the mortgaged premises, ~ ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said ownet at ~ said modgaged pcemises, 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 hereof or by law. } 14. The modgagor further coveaants that should this matgage and the note secured hereby not be eligible ! for insurance under the National Nousing Act within~ u/?Y, from the date hereof (written stateroent ~ ` of any otficer of the Depattment of Housing and Urban Devetopment or authorized agent of the Secretery of ~ous- ~ ing and Urban Development dated subsequent to~ the 30 Q~~ tiibe ~ from the date of tHis modgage, ; ~ declining to.insure said note and this mortgage;'being deemed conclusive proof of such ineligibility), the mottga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successocs, and assigns of the parties hereto. Whenever used, the singulac num- ~ ber shall include the plural, the plucal the singular, and the use of any gender shall include all genders. ~ ~ ` ~ { ~ ~ ~ ~ ~ ~ b~ ~ ~ ~ ~ - ~ ~ r~, - - - _ . . - . ~ 3.~ ~ _ ; - - ~ < ~ ~ ~ . . - ~ ~ ~ ~