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Home My WebLink About0397 , 1 {"J~ 4. `i'hat he will psy all taxes, assessments, wetec ~ates, and othe~ gove~nmerttal or ~unicipal cha~ges. [i~cs. o: imposilioas, which p~w isian has not been made tiereinbefore, and in defautt thereoi the mortgegee may pay the seme; a~d that he will promptly delive~ the otticial receipts the~efor to the ~uortgagee. S_ That he will permit, commit. or su(Ee~ no wa~te. impairment, or detetio~a~ion of seid ~coperty o~ any part thece~f; end in the event oi the failure ot the mortgagor to keep the buildi~gs on seid premises and those tobe ecected on said premises, or improvements theceon, in good repair. the morlgagee may make such repairs as i~ its disccetio~ it may deem necessacy foc the pcoper prese~vation thereo[. aod the full amounl of each and every su~h payment shall be immediately due and payable, and shall be secu~ed by the lien oE this moctgage. 6. That he will pay all end singular the costs. charges, and expens~s. including ceaso~able lawyer's fres, aad costs of abst~acts ot title, incurted or paid at any time bythe mUNgagee because of the failure on the part of the mo~tgagor promptty and Eully to pertorm the agreements and co~~enants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the iien of this mo~tgage. 7. That he will keen the improvements now existing or hereafter erected un the modgaged propecty. insured as may be required from time to time by the mortgagee agai~st loss by (ire and other hazards, ci~sualties. and contin- . gencies in such amounts and Eoc such Feriods as may t+e required by mo.tgagee, a~d will pay p~omptly, when due, an~• premiue~ on such insurance foc payment of which ~rovi~ion fias not been made herei~be[ore. All insurance shall be carried in companies app~oved by mortgagee and the policies and ~enewals thereo[ shall be held by moct- gagce and ha~•e attached thereto toss payable clauses in favor oE and in form acceptabls to the mortgagee. In e~•ent o[ loss he Kill give immediate notice by mail to mo~tgagee, and mortgagee may make prooE of loss i[ not made promplly by mortgagar, and each i~surance company concerned is hereby authorize~ snd directed to make pa~ ment for such loss directly to modgagee instead of to cr~octgagor and mortgagee jointly, and the insurance pro- ceeds, o~ any part thereof. may be applied by mortgagee at its optiao either to the reduction of the indebtedness heceby secu~ed or to the cestoration or repair of the p~operty damaged. ln event oE foreclosure of this mortgage or oihe~ transfer oE title to the mortgaged propetty in extinguishment oi the indebtedness secured hereby, all right, title, and interest o[ the mo~tgagor in and to any insurance policies then in (orce shall pass to the purchaser or gcantee. 8. That the moiigagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion theceof (oc the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises co~•ered hereby all and singula~, including all and singular the income, profits, issues. and cevenues from whatever source derieed, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set iorth ead described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•e functions and powers in anywise entrusted by a court to a ceceiver, and such appointment shall be made b~ such court as an admitted equity and a matter of absolute right to said mortgagee, and without re[e~ence to the adequac}• or inadequacy of the value of the propedy mortgaged or to the sol~~ency or insolvency of said mortga~or _ u: the deEendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver . according to the lien of this mortgage and the Nractice of such court. In the e~~ent o{ any default on the part of the ~ m~rtgab~~r hereunder, the mortgagor agrees io pay to the mortgagee on demand as a reasonable monthly rental fo~ the preciises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthlyinstall- _ snents Ev~yabie in the then curr~nt year plus the actnel-amount of the annual :axes, assessments, water rates, and ~nsurance premiums for such year not covere~by the aforesaid monthly pay~ents_ _ 9. That + in the event of any breach of this modgage or deEault on the part of the mortgagor, or (6) in the , e~~ent that any of said sums ot money herein referred to be nol p~omptly and fully 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 [ully performed; ther. in either or any such event, the said aggregate sum mentioned in said note then temaining unpaid, with interest accrued to that time, and all moneys secured ~ herebp, s6all become due an~i pa~abte forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletety as if all of the said sum~ of money were origznaliy stipulated to be paid on such day, any-tning in said ~ ncte or in this mortgage to the contrary notwithstanding; and thereupon or therea[ter, at the option of said matga- gee, WT~hout notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to us institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ pa}•able, 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- tinuin~ lien of this mortgage [or the amount of the debt not then due and unpaid_ In such case ti~e provisions of this paragraph may again be availed oE thereafter from time to time by the mortgagee. 10. That the mort~agor will give immediate notice by mail to the mor*gagee of any conveyance, transfer, or change of ovenership of the premises. 11. That no waiver of any covenant herein or ot the obligation secured hereby sha{l at any time thereafter be held to be a veai~er of the terms hereof or of the note secured hereby. 12_ That if the mortgagor default in any of the covenants or agreements contained herein, or ~n sa~d note, then - the mortgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made b~ the ~ mortgagee in so doing shall draw interest at the rate set Eorth in the note secured hereby, and shall be repa~~able ~ immeciately and without demand by the mortgagor to the mortgagee, and, together with interest and co~ts accruing _ ~ thereon, shall be secured by this r~ortgage. ` 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 moctgagee, o~ directed to saidowner at ~ said mortgaged premises, and mailed by the United Stateg mail~, shall be sufficient notice and demand +_n any case aris~ng 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 herebS not be eligible for insurance ander the National Housing Act within ~~YS ftom ti~e date hereof (vrritten statement ~ of any officer of the Department of Nousing and Urban Development or authorized agent of the Srcretary ot Hous- ~ ing and Urban Development dated subsequent to the 3Q Q~Y$ time from the date of this mo~tgage, ~ declining to insure said note and t~is mortgage, being deearrd conclusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein coniained sha1) bind, and the benetits and advantages shail inure to, the respertive ~ he~rs, executors, admin~strators, successors, and assigns of th~ ~arties hereto. Whenever used, the singutar num- ~ ber shall ~nclude the pfural, the plural the singular, and the use of any gender shall inc!sde all genders. ~ ~ ~ ~ 11 k ~v e~~~ 134 397 ~ ~ _ : . _ - _ = =