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Home My WebLink About0572 S. That he w~l1 pc~mit, commit. a sutler ~o waste, impaitment. or detecioratio~ o( said property or any part thc~ec,(; Hnd in thc evcnt ot the fvifuie o[ the mu~tgagoc to keep the buildings on said p~emises atr! those lobe erected an said premises, or impro~~ements thereon. in good repai~, the mortgvgee may make such repaics as in its disc~etion it may deem necessary tor the pto~3et pcesereation the~eo[, and the full amount ot each and eve~y such papment shall be immediately due and pa~~ble, und shall be secured by the lien of this mortgage. 6. 'fhat he will pay :+11 and ~ingula~ the costs. charges, and expenses. including reasonable lawyet's [ees. und costs uf abstracis of title. incurred ar paid at any time bythe mortgagee.because oE the (ailure on the part of the mortgagor promptl~ and fully to pertorm the agceements and covenants of said ~promissory note a~d this mort- gage. ~+nd said costs. charges, and expe~ses shall be immed.ately due and payable and sh:~ll be securcd by the lien of this mo~tgage. , 7. That he will keep the improrement~ now existing oc hereatter e~ected an the modgaged p~operty. insu~ed as may be requir~d (rom time to time b~ the mortgagee against loss by fire-an~other hazards, casualties. and contin- gencies in such amounls and for such periods as may be tequired by mortgagee. a~d will pa~ promptly, when due. ~ any premiums on such insurance tor paymeM of which provision t.as not been made hereinbetore. All insurance # ~hall be ca~ried in companies approved by mottgagee and Ihe policies and re~ewals thereof shall be held by mat- ; gagee and have Httachrcl thereto loss ~ayable clauses in favo~ ~f and in forrR acceptable to the moctgagee. [n ~ event of toss he will give immediate ~otice by mail to mortgagee, and moctgaRee may make proof of loss if nQt } made promptl~• by moctgagor, and each insurance company concerned is hereby authorized and directed to make _ ' p:iyr.-et~t fcx such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insuraace pro- _ ceeds, or any part theceof, may be apptied by moctgagee at its option either to the reduction of the indebtedness hereby secared or tu the restoration or repair o( the propeny damaged. 1~ event of foreclosure of this mo~tgage or other trans[er of title to the mortgaged p~operty in extinguishment of the indebtedness secured hereby. all right. title, and interest of the mortgagor in and to any insurance policies then in focc~e- shall pass to ihe purchaser cx grantee. ~ ~ 8. That the mortgagee may, at any time pending a'suit upon this mortgage, apply to the court having jurisdic- tion thereof fo~ the appointment of a receiver, and such cau~t shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the ie~come, profits, issues. and revenues from whatever ~ource derived, each and every of which, it being expressly understeal, is hereby mottgaged as if specifically set focth and described in the granting and habendum clauses hereof. aed.sur_h receivet shaf( have all the broad and effecti~•e functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made bl such court as an admitted equity and a matter at absolute right to said mortgagee, an~ without reference to the adequacy oc 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 shal! be appiied by such receiver according to the lien oE this mortgage and the practice of sui:h court. In the event o( any default on t:~e part of the mortgagor hereunder, the mortgagor agrecs to pay to the mortgagee on demand as a reasonable n:onthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggtegate of the -iserelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, Kater rates. and insurance premiums Eor such year not coveced by the aforesaid monthly payments. 9. Tfiat (~,J in the event of any breach of this mortgage ar default on the part ot the mortgagor, or !h~ in the event that any of said sums of money herein ceterred to t,e not promptly and fully paid without demand or notice, ; or i~! in the event that each and every the stipulations, agreements. conditions. aed covenants of said note and ; this mortgage, are not duly, promptly, and tully pecformed; then in either or any suctrevent, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that tiroe, and •all mo~eys secured ~ hereby, shall become due and payable forthwith, or ihereafter. at the option of said mortgagee, as fully and com- ~ letel as if all of the said sums of mone were ~ri inall sti ulated to be ~ p y y g y p paid on such day. anything in said• ~ note or in t~is m~~tgage to the contrary notwithstanding; and thereupon or thereafter, ~t the ~ption of said matga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if a!1 moneys secured hereby had ~ matured prior to its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and ; i payable, and the said premises shall be sold to satisfy and pay the same together with costs. espenses,and allow- ~ ances. In case of partial foreclosure ot this mortgage. the mortgaged premises sha!! be sold subject t~ the con- tinuing lien of this mortgage for the amount of the debt not then due and un~said. In such case the provisions of ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change ot ownership of the premises. ~ 11. "fha[ no waiver of any coeenac: !~~rein or of the obligation secnced hereby shall at any time thereafter be ~ heid to be a waiver of the terms hereof or of the n~~ secured hereby. ; 12. That if the mortgagor default in any oE the covenants or agreements conteined herein. ot in said note, then ~ the mortgagee may pedorm the same. and all expenditu~es (including reasonable attarne~•'s fees) made by the ~ mortgagee in so doing shall draw interest at the rate set fotth in the note secured hereby, and shall be repayable immediately and without deman~ by the mortgagor tc+ the mortgagee, and, together with intzrest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice « demandaddressed to the owner oE recad of the mortgaged ~remises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to saidowner at said morigaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the pcovisions hereo[ or by law. ' ~ 14. The r.~ortgagor Eurther covenants that should this mortgage and the note secured hereby not be ~ligible ~ for insura~ce under the National Housing Act within jQ ~YS from the date hereof (written statement ~ of an~~ officer of the Department of Housing and Urban Development or authorized agent o[ the Secretary of Hons- ` ing and .Urban Devclopment dated subsequent to~ the ~V ~Y5 time from the date of this mortgage, _ ~ declining to insure sai~note and this mortgage, bein~ deem•~d conclusive proof of such ineligibility), the-rqortga- ~ ee or the holder of the note ma at its tion, declare a!1 s~ms secured hereb ~ g y, op ~ y immediately due and pa~eble. : ~ The covenants herein contained shall bind. and the benefits and ad ~antages shall inure to, the respective ; heirs, executors, administrat~rs, successors, and assigns af the parties heteto. Whenever used, the singe~lar num- ; ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. i t . ~~i~3 572 . ~ - - - - -