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Home My WebLink About0888 i ~ ~ ~ . _ S. Thet he will permit. commit. ot =vit~~ o ste~ im i~ment, a dtte~ioration of said p~opedy or any patt thereot; a~d in the event of the feilure of; th~~eagor t the buildi~~s on soid pr~mise~ and those tode erected on spid promises~ w improvements theteoe. ia good . the mottgagee may make such ~epoi~s as in its discretion it may deem necessary fot the ptope~ p~senratio~ thereof. •ed the (ull amount of each end eve~y such poyment shell be immediately due and poyable. and shall be secuced by the lieo oE this moctgage. 6. Thal he will pov all and sjo~tular the cuats. chorges, e~d expenses. including cea~s~neble lawy~r'4 le~e~~, and costs of abst~acts ot title. iacurred a poid at any time by the matgagee because ot the toilure on the part of the mo~tgagor promptly and fully to pecfocm the egreements and coveaants of seid'ptomissory note and this mart- gage, and said costs, charges, and expe~ses shalt be immtdiately due and peyeble and shall be secured by the lien af this mortgege. 7. That he will keep the imp~ovementa now existing or heaafter erected on the enortga~ed pcoperty, insured os may be cequiced fwm time to time by the mortgagee against loss by flre'and othec hazords. cesualties, and contie- gencies in such amounts and tor such perioda es may be requited by mort~agee. and aill pey promptly~ when due. any pren?i~ms oe such lnsu~ance [o~ payment af whfch provision has not been made heceinbeEore. All insurance shall be canied in compenies approved by matgegee aed the policies and renewats theceof shall be held by mort- gagee and have attached thereto loss payeble cleuses in fevor ot and in form acceptable to the mortg,agee. ln event oE loss he will give immediate notice by mait to mortgagee. aad mwtgagee may makc proof of loss ii oot made promptly by matgagor. and each insurance compeny concemed is heroby puthorized end directed to meke payment for such lass dttectly to moKgegee instead of to mortgagot and mo~tgagee jointly. aod the insurance pro- ceeds. or any part thereoE. may be appiied by mottgagee et its option either to the reduction of the indebtedness hereby securtd oc to the restoration oc repair of the ptopeKy denwged. ln event oE foreclosu~e oE this mortgage a other t~ansEer ot title to the awrtg+rged propeKy in extinguishment o[ the indedtedness secured hereby. ali right. title. and intecest ot the martgagor i~ ~od to eny insurence policies then in force shall pass to the purchaser or grantee. 8. That the matgagee may. at eny time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereaf for tiie appointment oE a ceceiver. and such court shall forthwith appoint a receiver of the premises covered here6y atl end singular~ including all and singular the income. pcofitl~, , uts. ~d revenues from whatever source derived, cach and every ot which, it being expressly undecstood. is ~dfot{~ed as if specifically set forth and described in the granting a~d habendum clauses hereof. aed such ceceivec shall have all the broad and effective functions and powers in anywise entcusted by a court to a receiver. and •uC6 +i p'~o}e~tlaent shell be made by such cou~t as en admitted equity and a metter oi absolute right to said mortgagee. ond"witbout reference to the adequacy or inadequacy of the value of the property mortgaged or to the ~olvency ot insolvency of said mortgagor or the defendents, and that such rents. pcofits. income. issues. and tevennes slwll be ~pplie~ by auch receiver according to the lien of this moctgage and the practice of such court. !n the event oE any dlefault on the pert of the mortgagor hereunde~. the matgagor agcees to pay to the mortgagee on deawad ~s a ta~asw~able monthly rental for the premises an amount at least eqpivelent to one-twetEth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the ennual taxes. assessments. water rates, end insurance premiums for sueh year not covered by the af~esaid monthly peyments. 9. That (a 1 in the event of any breach o[ this mortgage or default on the pad oE the mortgagor. or (b) in the eve~t that any oE said sums of money herein referred to be not promptly and fully psid without demand or notice. or (~•J in the event that each and every tbe st'ipulatiorts. ~greements, cooditions, and covenants of said ~ote aad this mo~tgage, are not duly, promptly. end fuUy pcrformed; t6en in either or any such event. the said aggregate sum mentioned in said note then remeining unpaid. with intereat accrued to that time. end all moneys secured hereby. shall b_ecome due and peyable forthwith. a theceaket. at the option of said moctgagee, as fulty and com- ~ pletely es if all of the said sums of money wece originally stipulated to be paid on such day. anything in said note ar in this modgage to the contrary notwithstaading; end thereupon oc thereaEter. at the option of said matge- ; gee, without notice or demand, suit at lew or in equity, may be prosecuted aa if all moneys secured hereby had j matured prior to its institution. The mortgagee may forecloee this mortgage. as to the amou~t so declared due and ~ payable, and the said premises shall be sold to satisfy and poy the same together wlth costs. expenses,and ellow- ~ ances. ln case of p~ctial forectosure of this matgage, the mortg~ged premisec slwll be sold subject to the con- ! tinuing lien of this moctgage Ea the amount d the debt not then due and unpaid. In such case the provisions of f this peragraph may again be availed of thereafter from time to time by the mortgagee. ; 10. That the mortgc+gor will give immediate notice by mail to the mortgagee oE any conveyance. transfer, or ~ change of owners6ip of the ~emises. ~ 11. Thet no waiver of sny covenant herein or of the oblig~tion secured hereby shall et any time thereafter be ~ held to be a waiver of the terms hered oc of the note secured hereby.~ 12. That if the matgagor default in any oE the covenants or agreements contained herein, or in ssid note. then the mortg,agee may pedorm the samg, and all expenditutes (including ceasonable attarney's fees) made by the mortgagee in so doing shall draw interest at the rate set Eath in the note secured hereby, and shall be repeyable immediately and without demand by the mortgaga to the mortgagee, and. together ~rith interest and costs accruing ~ thereon. shall be secured by this mortgage. 13. tt?at the mailing oE a vircitten notice a demandaddressed to the orvner of recocd of the mortgaged premises, or directed to the ssid ow~r at the last address actually furnished to the mortgagee. or dtrected ta said avner et said moctgaged pcemises, and mailed by the United States mails. shell be sufEjcient notice end demaad in any case arising under this instrument end required by the pcovisioas hered or by laMr. 14. The mortgagor further covenaats that should this mat&age and tFie note secured hrreby not be eligible ~ for insurance under the National Honsing Act withio (j~lt~ty l~d)'S from the date hereof (vrritten statement ~ of any otficer of the Oepa~tmeat of Housing and Urbaa Development or authocized agen! af the Secretary oE Hous- ~ ing and Urban Development dated subsequent to~ the . time from the date af this mortgage. ~ declining to insure seid note and this moitgage, being dee~aac~t sive pcoof of such ieeligibility), the mortga- ; gee a the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ~ The covenaats herein contaiaed shaU bind, and the benefits and advantoges shall inure to, the respective ~ heirs, executors. edministrators. successars, and assigns of the perties hereto. Whenever used, the singufar num- ber shall include t6e plurel, the plurel the singular, and the use of any gender shall include oll genders. ~ ~ ~ ~ ~ ~ • ~ ~ - ~ ~ ; N _ _ _ . _ . ~s..~~~>, " w?'~~`_ _ _