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Home My WebLink About1661 ~ ! -1 hat ne w~ii pe~mu, cummu, or suifer no waste. ~mpa~rment, oc detertoraiion ot said prope~ty or any part thereof; and i~ the eaent ot the tailure ot the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or imp~ovements thereon, in good repait, the mo~tgagee may make such tepai~s es in its discretion ~t may deem necessary for the proper preservatio~ thereof, and the [ull emounl ot each and every such payment shall be immedialely due and pa~~able, a~d shall be secu~ed by the lien of this mortgage. 6. That he ~i11 pa~• all and singular the costs, charges, a~d expenses, including reasonable lawye~'s [ees, and cost~ o[ abstracts of title, incurced or paid at any time bythe mortgagee.because of the failure oo the part o[ the mortgagor ptomptty and tully to pertorm the agreements and covena~ts of said ~ptomissory note and this mo~t- gage, and said costs, char~es, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. , 7. That he will keep the improvements nou existi~g or heceafter erected on the mortgagcd property, insured as may be required from time to time b~• the mortgagee against loss by (ire and other hazards. casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when d~e, any premiums on such insurance toc payment of which provision has not been made hereinbefore. All insurance shall be ca~ried in companies appro~•ed by mortgagee and the policies and reaewals thereof shall be held by mort- gagee and ha~•e attached thereto loss payable clauses in favor of and in fo~m acceptable to the mortgagee. In event of loss he wilf gi~•e immediate natice by mail to mo~tgagee, and mo~tgagee may make proof of loss i[ not made promptly b~~ mortgagor, and each insutance company concerned is heteby authorized a~d directed to make payment fcx such loss directly to moctgagee instead of to mortgagor and mortgagee jointly, and the insutance 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 ot the property damaged. In event of ioreciosure of this mortgage or other transler of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all ?ight. title, and interest of the mortgagor in and to any insurance policies then in tocce shall pa~ss to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof [or the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises co~•ered hereby all and singular. including all and singula~ the income, profits, i~sues, and revenues f~om whatever source derived, each and every of which, it being expressly understood, is hereby mortgage~ as,if ~pecit`ically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the braad and effective functions and powers in an~~wise entrusted by a court ta a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absoiute right to said mongagee, and without reference to the adequacy or inadequacy of the value of the ptopecty mortgaged or to the solvency oc insolvency of said mortgaga or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver : acco~ding to the lien of this mortgage and the practice of such court. In the event ot any default on the pad of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental Eor the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate oE the tweive monthly install- ~ ments payable 'sn the then current year plus the actual amount of the annual taxes, assessments, water cates, and insurance premiums for such year not covered by the a[oresaid monthly peyments. ~ 9. That in the e~•ent of any breach ot this mortgage ot default an the pad of the mortgagor, or (b) in the : e~~ent that an~• ot said sums of money herein refe~red to be not promptly and Euliy paid without demand or notice, or ~ in the e~•ent that each and every the stipulations, agreements, conditions. and covenants 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 noie then remaining unpaid, W ith interest accrued to that time, and all moneys secured ~ hereby, shall become due and pay~able forthwith, or thereafter, at the option af said mortgagee. as fully ared com- pletel}~ as i[ all of the said sums of money were originally stipulated to be paid on such day, anything in said f note oc in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option oE said matga- ~ gee, without notice or demand, suit at !aw or in equity, may be prosecuted as if all moneys secured hereby had E matured prior to its institution_ The mortgagee may foreclose 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 allow- ~ 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 ! this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will giee immediate notice by mai[ to the mortgagee of any conveyance, transfer, or ~ c6ange oi ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secuted hereby shall at any time thereatter be ~ held to be a waiver of the te~ms hereot or of the note secured hereby. 12. That it the mortgagor defauit in any of the co~•enants ot agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditutes (including reasonable attaney'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 ~ immediately and without demand by the mortgagor 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 or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the modgagee, or directed to saidowner at ~ ~ said madgaged 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 ptovisions hereof or by law. ` 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible I ~ Eor ~nsu~ance under the National Nousing Act within 3U V/~Y.~' fcom the date hereof (written statement _ of an~~ officer of the Department of Housing ar.' Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban De~elopment dated subsequent to the 3U ~AY~ time from the date ot this mottgage, - ' declining to insure said note and this mortgage, being deem•~d conc usive proof of such ineligibility), the mortga- • ~ gee or the hotder oE the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contain~d shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ~ ber shail include the plura:, the plurel the singular, and the use o[ any gender shall include all genders. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~0~192 1657 ~ . . t . ~ ~ ~ ~ ~ _ ~ e__~Y _ - - ~