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Home My WebLink About1973 1 . } f , i 5, That he will pe~mit, commit. ot suff~r no`weste,'i~npoit~nent, o~ detecioration of said propeny or any part ~ the~eo[; and in the eve~t ot the feiluce o[ the mortgagor to keep the buildings on said premises and those tobe erected oo said premises, or improvements theceo~, in good repair, the modgagee may meke such repeirs as in its disccetion it may deem ~ecessery for the ptoper pceservation thereot, and the futt amount of each and every such payment sh~ll be immediately due and payable, a~d shall be secured by the lien ot this mortgage. 6. That he will pay all and singulat the costs~ charges, and expenses. ieclading reasonable lawyer's [ees, ` and costs of abstracts of title, incurred or paid at any time by the mortgagee .because o( the failure on the part of the mortgagor promptly and (ully to perEorm the agreements and covenants of said'promissory ~ote and this mort- ; gage, and seid costs. charges, and expenses shall be immediately due at~d payable and shall be secured by the ` lien ot this mortgege. i 7. That he will keep the improvements now existing or herea[ter erected on the mortgaged prope~ty. insured as may be required from time to time by the mortgagee against loss by tire a~d other hazacds. cesuelties. and contin- gencies in such amounts and tor such periods as may be required by mortgagee. and will pay promptly. when due, any premiums on such insurance [oc payment of which provision has not been made hereinbetore. All insurance shall be carried in companies approved by mortgagee and the pc~licies and renewals thereof shall be held by mat- gagee and hp~~e attached thereto toss payeble clauses in favor o( and in [orm acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mongagee, and mortgagee may make proof of loss it not made promptly by mortgagw, and each insurance company concerned is hereby authoriaed and directed to make payment foc such loss directly to mortgagee instead of to mortgagor and moctgegee jointly. and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its optio~ either to the reduction of the indebtedness hereby secured or to the restoration oc repair of the propedy damaged. ln event of Eoreclosure oI this mortgage or othe~ transfer of title to the mo~tgaged p~operty in extinguishment ot the indebtedness secured hereby, all right, title, and interest of the moctgaga in and to any insurance policies then in (orce shall pass to the purchaser or grantee. 8. That the modgagee may~ at any time pending a suit upon this martgage. apply to the court having jurisdic- tion thereof foc the appointment ot a receiver, and such court shall forthwith appoint a receiver of the premises covered he~eby all and singular. including ail and singular the income. profits. issues, ~ud revenues from whatever source derived, each and every of which. it being expressly understood, is hereby mottgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have ali the broad and ~ effecti~e functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made f by such court as en admitted equity and a matter of absolute right to said mortgagee. and withou~ ceference to the f adequacy or inadequacy of the value of the property moctgaged or to the solvency or insolvency of said mortgagor ; or the defendents, aad that such rents, profits. income. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In th~ event of any default on the part bf the mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggreg,ete of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes. assessments, water retes, and insurance premiums for such year not covered by the aforesaid monthiy payments. 9. That 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 paid aithout demand or notice, or (~J in the event 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 note then remaining unpaid, with interest acccued to that time, and all moneys secured he~eby, shall become due and payable forthwith, o~ thereaker, at the option of said matgagee. 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 o~ in this mortgage to the contrary notwithstanding; and thereupon or tfisreafter, at the option of said matga- 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 foreclose this mortgage, as to the amount so declared due and ; payable, and the said premises shall be sold to satisfy a~ pay the same together With costs, expenses,and allow- ; ances. ln case of partial foreclosuce of this mortgage, the mortgaged premises shal! be sold subject to the con- i tinuing lien of this mortgage for the amount of the debt not then due and unpaid. in such case the provisions of E this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mort a oc will ive immediate notice b mail to the mort a 8 8 B~ y g gee of any conveyance, transfer. or ~ change of ownership of tfie pcemises. ~ 11. That no waiver of any covenant herein w of the obligetion secured hereby shall at any time thereafter be held to be a waiver of the terms hereoE or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agceements contained herein. or in said note, then the mortgagee may perform the same, and ell expenditutes (including reasonable attarney's fees) made by the murtgagee 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 mortgaga to the modgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice o~ demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mor!gagee. or directed to saido~vne~ at ( said mortgaged premises, and mailed by the United States mails, shall be safficient notice and demand in any { case arising under this instrument and required by the provisions hereaf ot by law. - ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ fo~ insurance under the Nationei Housing Act within 30 from the date hereof (written statement ~ of any officer of the Department of Housing and Urban Development or authorized agent oE the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ,3U QA~ time from the date of this mortgage, ~ decli~jr~ to~ry ~r~~,p{d rRQt~ a ~is mort~ga~e, being de~ gaM~d conclusive_ proof of such ineligibility), the modga- 5 gee or tfip'hot~r 6TRh!•i~bfe ma~ne~tit5 ~ptibn,~ e~l+elare al~ suin~'secured-~Iktte~y imme~`~te~ly tfue 6nd peytibie. ~ The cQ • ts herein cont~ined shall bind. and the benefits and advantages shall inure to, the ~espective ~ heirs, exec~tt~aaininistrators, succesaors, and assigns ot the parti~s hereto. Whenever used, the sangular num- ~ ber shall include the plural, the plutal the singular, and the use of any gender shall include all genders. .~i • ~b r: ' ' F ~ _ ' ~ ~ ~ ~ ~ ~ ~ ~ ao~1~2 1969 ~ ~ ti ~ _ _ . - _ . ~