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Home My WebLink About1887 ' • ~ S. That he uili permit, commit, or suffer no waste, impairment, or deterioration of said p~operty or any part thereof; and in the eve~t of the failure of the mortgagor to keep the buildings on said premises and lhose tobe erectcd on said premises, or impro~~ements the~eon, in good repair, the mortgagee may make such ~epairs as in its discretion it may deem necessary for the proper p~eservatio~ the~eof, and the full amount ot each and every such pavment shall be immediately due and payable, and shall be secured by the lien of this mo~tgage. 6. That he will pay all and singular the costs. charges, and expenses, i~cluding ~easonable lawyer's fees, and costs of abstracts o[ titte, incurred or paid at any time by~the ttottgagee.because of the failure on the part of the martgagor promptly and fully to pe~torm the agreements and covenants of said ~promissory ~ote and this mort- gage, and said costs. charges, and expenses shall be immediately due and payable and shall be secuced by the lien oi this mortgage. . 7. That he will keep the improvements now existing or herea(ter erec~ed on the mortgaged pcoperty, insuted as ~ may be required irom time to tirtte by the moctgagee agaiast loss by fire ancl other hazards. casualties, and contin- gencies in such amounts and for such periods as may be required by mortga6ee, and will pay promptly, when due, ~ any premiums on such insurance [or payment of which provision has not been made he~einbe[ore. All insurance j shall be cacried in companies approved by mo~tgagee and the policies and renewals thereof shall be held by mort- ~ gagee and have attached thereto loss payable clauses in favor of and in (orm acceptable to the mortgagee. In e~~ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if 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 mortgagee jointly, and the insurance pro- ceeds, or any part thereo[, may be applied by mo~tgagee at its option eithe~ to the reduction of the indebtedness hereby secured or to the restocation or cepair oE the prope~ty damaged. In event of foreclosure o[ this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secared hereby, all right, ; title, and interest o[ the mo~tgagor in and to any insurance policies then in force shall pass 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- .::r:C'w i'v. .::C ~1~:~iiSi:iL,u2:iSi ui a LL:~.L:i~ti~ w,iu ou~.i~ ~.viiia ji~a~l iV~l~tilllt~ BNNCvfi~t tf ICtC~VCf Ut tl'1 . . e prem~ses covered hereby all and singular. including all and singular the income, profits, issues. and revenues from whatever ~ suurce de~ived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~~e Eunctions and powers in an~~wise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the 9 adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor / or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~+ccording to the lien of this mortgage and the practice of such court. ln ihe event ot any default on the part 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-tweifth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, aad insurance premiums for such year not covered by the aforesaid monthly payments. 9. That in the event of any breach of this mortgage or default on the part of the mortgagor, or ~h/ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, vr ~ in the event that each and every the sCipulat ions, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and fuliy 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 secu~ed ~ 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 therea[ter, at the option of said mortga- gee, w ithout 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 foreclose this mortgage, as to the amount so declared due and ~ payabte, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case of partia! foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- y tinuing lien of this mortgage for the amount oE 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 mottgagee. 4 10. That the mortgagor will give immediate notice by mail to the mortgagee of any canveyance, transfer, ~ ~ change of ownership of the premises. ~ I1. 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 iE the mortgaga default in any of the covenants or agreements contained hecein. or in said note, lhen E ~ the mortgagee may perfocm the same, and all expenditutes (including reasonable attaney's fees) made by the i mortgagee in so doing shall draw interest at the rate set forth in the note secuced hereby, and shali 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. i 13. that the mailin of a written notice or demandaddressed to the owner of record of the mort a ed e g g g premises, ~ or directed to the said owner at the last address actuatly furnished to the moctgagee, or directed to saidowner at = 3 said mortgaged premises, and mailed by the United States mails, shail be sufficient notice and demand in any ; case arising under this instrument and required by the provisions hereof or by law. ~ ' 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 30 pAYS from the date fiereof (written statement Y ; of an}~ officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ~ ing and Urban Development dated subsequent to~ the 30 ~YS time Erom the date of this mortgage, ~ : declining to insure said ote and this mortgage. being deem~~d conciusive proof oE such ineligibility), the mortga- ~ s gee or the holder of the may, at its option, declare all sums secured hereby immediately due and payeble. k { The co~enants h contained 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 shall include the plural, the plural the singular, and the use of any gender shali include all genders. - '"s' ; ~ ~ ~ s 7 ; ~ E 's ~ 600KiL.~+ ~ ~ ~ ~ . - , ~ F ~ ~ . : . . _ ..e