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Home My WebLink About0154 . . 4. Tha1 he will pay all taxes, assessments. ~xet~r-teies, and other go~•ecnmental u: municipi.l cha~ges, f ines, or impositions, for which p~ovision has not been m~de he~einbe[ore, end in defuult the~caf the mortgagee rt:ay pay the same; and thal he will promptly deli~•ar the o((icial eeceipts theretor to the mo~tgugec. 5. That he will permit. commit, oc sufEe~ no waste, impairment, ot detecioration of said property o~ any pa~t the~eof: and in the event ~f the [ailure of the mortgago~ to keep the baildings on said p~ea:ises an~! thc..se tobe e~ected on said premises, or improvement~ thereon, in ~ood cepai~, the mo~lgagee r.~ay make such ~epairs as in its discretion it may deem nec~ssa~y fo~ the propet preservation thereof, and the [uli amount of Each a~d every such pa~•ment shall be immcdiately due and payable, and sball Se secured by the lien of this mortgage. 6 That he will pay all and si~gular the costs, charges, and expenses, including reasaaable lawyer's fees, and costs of abstracts of title, incur~ed o~ paid at any +ime bythe mottgagee becau~e of the failuce un the ps~rt oE the mortgagor pramptly and fully to perEocm the agreemeots and covenants of said promiscory note and this mort- gage, and said costs, charges, and expenses shall t?e immediately due and payabie and shal) be secu~ed by the li~n ot this mortgage. i. That he v~ill keep the impro~•ements now existi~g o~ heteafte~ erected on the modgaged pr~perty, insured as may be ~equi~ed f~om time to time by the mwtgagee against toss by (i~e and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be ~equired by mortgagee, artd will pay p~omptly, when due, an~• premiums on such insurance for payment of which provision has not been made hereinbefoce. All insurance shall be carried in rumpanies approved by mortgagee and the ~wlicies and renewals thereof shall be held by mort- gagee and ha~•e attarhed thereto luss payable clausrs in (avor o( and in form acceptable to the mortgagee. In e~•~ nt of lv~s he v?il1 gi~~e ~mmediate notice by mail to mortgagee, and mor~gagee may make proof ~of loss if not made promptly by m~rtgagor, and each insurance ~ompany conc-erned_ is hereby authorized and directed to r.~ake payment for such iuss dicectly to mortgagee instead o[ to mortgag~x and mortgagee jointly, and the insurance pro- ceed~. a~.• nart thereof, mav be applied bv mortRagee at its option either to thP ~eduction o( the indebtednecs hereby secured o~ to the ~estoration or repair of the p~operty damaged. In event of foreclosure of this mo~tgage or other tr:+nsier of title to the mortgaged property in extinguishment o[_ the indebtedness secured hereby, a11 right, t~tle, and interest oi the mortgagor 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 ju~isdic- tton thereof tor the appointment of a receiver, and such cou~t shall forthv?ith appoint a recei~~er of the premises co~~ered hereby all and sinv,•slat, including all and singular the income, proEits, issues, and :evenues irom uhatever source derived, each and every of which, it being exp~essly understood, is hereby mortgaged as if specifically set forth end desc~ibed in the granting and habendum clauses hereof, and such receiver shall have all the broad artd efEecti~•e functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absol~:te right to s,:id mortgagee, and ~:•ithout refe~ence to the adequac~~ or inadequac}• of the value of the propedy 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 according to the lien o[ this mortgage and the practice of such court. ln the event of any default on the part o[ the . murtgagur hereunder, the mortgagor ag~ees to payy to the mortgagee on demand as a reasonabie monthly rental for the premises an amount at^Jeast equi~altnt tc~~ne-twel[th (1!12) of the aggregate of the twelve monthlyinstall- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance prem~ums for such year not covered by the aforesaid manthly payments. 9. That in the event of any breach of this mortgage or defauIt on the part of the mortgagor, or (bl in the e~~ent tha*. an~ o[ said sums of money herein referred to be not promptly and fulty paid without demand or notice, j or ~ in the e~~ent ti:at each and e~ery the stipulatiuns, agreements, conditions. and covenants of said note and j this mvrtgage, are not duh~, promptly, and fully performed; then in either or any such e~~ent, the said aggregate i sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereb~•, shall become due a~d 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 or~ginally stipulated to be paid on suwh day, anything in said I note oc in this mortgage to the c~ntrary notwithstanding; and thereupon or thereafcer, at the option of said mortga- j gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had j matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ pa}•able, and the said premises snall be sold to satisfy and pa}• the same together with costs, expenses.and allow- ances. In case of part~al foreclosure of this mortgage, the murtgaged premises shall be sold subject to the con- ~ t~nuir.g lien of this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be a~•ailed of therealter from time to time by~ the mortgagee. - 10. That the mortgagor w~tl give immed~ate notice by mail to the martgagee of any com•eyance, transter, or ~ change of ownership of the premises. 11 . That no Kai~•er of any covenant herein or of the obligation secured hereby shall at an_r• time thereafter be ~ held to be a a~ai~•er of the terms hereof or of the note secured hereby. ~ 12. That i( the mortgaga default ~n any of the covenants or agreements contained herein, or ~n said note, then the mortgagee may perform the same. and all expendit~ues (includ~ng reasonable attorney's fees) made b~• the mortgagee in so ~+oing shall drav? interest at the ra:e set forth in the note secured hereby, and shall be repayab!e immediatel}- and vrrthout demand by the mortgagor to the mottgagee, and, together with interest and costs accruing ~ thereon, shall be secured bp this m~rtgage. ~ 13. that the mailing of a wr~tten notice a demandaddressed to the owner of ~ecord of the mortgaged premises, ~ or directed to the said awner at the last address actually Eurnished to the mortgag~e, or directed to said owner at ~ said modgaged premises. and mailed by the United States mails, shall be sufticient notice and demand in any - case aris~ng under this instrument a:~d required by the ~?ro~•isions hereof or by law. 14. The mortgdgor further covenants that shouid thes mort a e and the note secured hereby not be eligible " for ~nsurance under the National Nousing Act within 30 DAY~ irom the date hereof (written statemec~t ~ of any~ oEficer of the Department of Housing and Utban Deveiopment or authoriEed agenl of the Secretary of Hous- ~ng ar.d Urban Development dated subsequent to the 3~l ~~f~+:. time from the date of this mortgage. ~ decGn~ng to insure said note and th~s mortgage, being deem~~d conclusive ptoof o[ surh ineligib~lity), the martga- ~ gee or the ho:der cS the note may, at ~ts option, declare all surr.s secured hereby immediately due and paycible. ~ The co~•enants herein contained shaU bind, aod the benefits and advantages shall inure to, the respective y he~rs, executors, administrators, successocs, and assigns c~f the partiPS hereto. Whenever used, thP s~rtgular num- ~ ber shal! include the plural, the plural the singular, and the use of any gender shall inclede all Renders. ~ _ - ~ , ~ ~ ~ ~ ~ ec~M ' ~~4 154 ~ ~ - - _ z_;. k._ _ 'a ~=F- ~