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Home My WebLink About0873 4. That he will pey all taxes, a~sessments, watet ~a~es. aad o~er gove~nmeMal or municipal cherges, fiRes, or impositions. for which p~ovision has not been made heceinr~fott. and in default theceot the mortgagee may pay the same; and that he will pcomptly delive~ the ofticial :eceipts therefor to the modgagee. S. That he will permit, commit, or sulfer ~o waste. impairment. o~ detecioration ot said propecty or any part theceoE; and in the event of the failu~e ot the mortgagoc to keep the buildings o~ said premises and those tobe erected on said premises. or improvements thereon, in good repair, the mortgagee may make such cepaics as in its discretion it may deem necessary [or the proper preservation thereof, and the full amuunt of each end eve~y such payment shell be immediately due and payable. and shall be secured by the lien of t!~is mortgage. 6. That he will pay all and si~gular the costs, charges, and expenses. including reaso~able lawyer's fees. and costs of abstrects oE title, incurted or paid at any time bythe mottgagee becsuse of the failure on the part of the moctgagor promptty a~d fully to perfocm the egreements and cove~ants o[ said promissory nete and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mottgage. 7. That he wilt ke~p the impcovements now existing or hereafter e~ec!ed on the mortgaged propedy, insured as may be required from time to time by the m~igagee against loss by fire ~nd o!her hazards, casualties, and contin- gencies in such amounts a~d for such periods as may be required by mortgagee. and will pay p~omptly. when due. any premiums on such insurance for payme~t of which provisio~~ has not been made hereinbeEore. Atl insurance shall be canied in companies app~oved by mo~tgagee and the policies and renewals thereof shall be held by mort- gagee and ha~~e attached thereto loss payable clauses in favor of ..ad in form acceptable to the mortg,agee. In e~•ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ~ made promptly by mortgagor, and each insurance company concerned is hereby autharized and directed to make = ment [o~ sueh loss direct! to mort a ee instead of to mort a or and mort a ee ointl and the insurance ro- j P~Y Y g B 8 8 g B 1 Y. P i ceeds, or any pan thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness ~ hereby secured or to the restoratiat ot repair of the property damaged. In event of foreclosure o[ this mortgage or othe~ transfec of title to the mo~tgaged property in extinguishment of the indebtedness secured hereby, all cight, title, and interest of the mortgagor in and to any insurance policies then in fotce 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- tion thereof for the appaintment of a receiver. and such court shali forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. profits, issues. and revenues from whatever soutce derived, each and every of which, it being expressly understood, is heceby mortgaged as if speciEically set Eorth end described in the granting and habendum clauses hereof, arsd such receiver shall have all the broad and effective [unctions and powess in anywise entrusted by a court to a receiver, and such appointmenf shall be ~ade such court as an admitted equity and a matter oE absolute right to said mortgagee, and without re[erence to the adequacy or inadequacy of the value of the propedy mortgag~d 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 suzh receiver ~ according to the lien of this mortgage and the practice of such court. In the event of any default on the part o[ the s mortgagor hereundec, the mortgagar agcees to pay to the mortgagee on demand as a reasonable monthly rental for ~ the premises an amount at least equSvalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ~ ments payable in the then current year ~lus the actual amount of the annual taxes, assessments, water rates, and ~ insurance premiums for such year not covered by the aforesaid monthly payments. ; 9. That (uJ in the event of any hreach of this mortgage or default on the part oE the morlgagor. or (6/ in the event that any of said sums af money herein referred to be not promptly and fully paid without demand or notice, or (r1 in the event that each and every the stipulations, agreements, conditioc~s. and covenants of said note and this mortgage, are not duly, promptly, an~ Eully perEormed; 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 secured hereby, shail become due and payable forthwith, or lhereafter, at the option of said mwtgagee, as full~ and com- pletely as if all of the said sums of money were originally stip~lated to be paid on such day, anything in said Ii f note or in this modgage to the contrary notwithstanding; and thereupon or thereatter, at the option of said mortga- I gee, without notice or demand, suit at law ot in equit~ , may be prosecuted as if all moneys secured hereby had i matured pcior to its institution. The mottgagee may foreclose this mortgage, as to the amourtt so decl::ed d~e and I payable, and the said gremises shall be sold to satisfy and pay the same together with costs, ex~Znses,and allow- ~ ances. In case of partial fnrec;osure of this mortgage, tne 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 ticr~e by the mortgagee. 10 That the mortgagor wiil give immediate rtotice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 11. 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 he~ebv. 12. That if the mortgagoc default in any of the covenants cx agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditures (including ~easonable attorney'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 mortgaga to the modgagee, and, together with interest and costs accruing ~ tnereon, 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 dicected to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ~ said mortgaged pcemises, and mailed by the United States mails, shalt be suffirient notice and demand in any ` case arising under this instrument ar.d required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mo:tgage and the note secured hereby not be eligibie ~ for insurance ur.der the National Housing Act within (rom the date hersof (written statement ~ of any officer of the DepartmEnt of Housing and Urban Development or authorized agPn< <.F the Secretary of Nous- ~ ing and Urban Development dated subsequent to the ~~~~j time from the date ot this mortgage, ~ declining to insure said note and this mortgage, being deem•~d conc~usive proof of ~such ineligibility), thr mortga- ~ ~ gee or the holdrr af the noEe may, -at its optioA, declare a1l~sums secured hereby immedia!ely due and payeble_ ~ ~ The covenents herein contained shall bind, and the benefits and advantages shatl inure to, the cespective ~ heirs, executars, administrators, su~cessors, and assigns o[ the parties hereto. Whenever used, the singular num- ~ ber shatl in~ludc the plu~al, the piural the singular, and the use o[ any gender shall include alt genders. ~ ~ . ~ ~ go~x1~9~- . . 873 - . 3 ~ a ~ _ _ _ _ - - _ ~~y