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Home My WebLink About1658 S. That he will permit. commit, or sufte~ n9 waste. impairmeM, o~ deterioration at saed property o~ any part themof; and in the event of thc [ail~ue of the ~nptt~agor to` R~esp.the buildings on said p~rmises and those tobe e~ected un said p~mises, or impro~•ements the~eon, in gbod-repai~, the mortgagee may make such ?ePaics as in its disccetion it may deem necessary foc the proper p~ese~vsstion thereof, and the tull amount of ea~h aod eve~y sucF pa3•ment shall be immediately due and pa~~able, and shall be secused by the lien of ihis moctgage. 6. That he will pay all an~ singuia~ thL costs. charges, and expenses, including reasonable lawyer's fees, ~ and costs o( adstracts of tille, incurred or paid at any ti:ne bythe mortgagee.beceuse of the failure o~ the part o[ ' the mo~tgagoc pcomptly and [ully to pecform the agreements a~ covenants of said promissory note and this mort- $ gage, and said costs, charges, and expPnses shall be immediately due and payabie and shall be secured by the ` lien of this m~~tgage. . ~ 7. That he will keep the improvements now existing oc he~eatter ecected on the mortgaged prope~ty, insured as i may be required from time to time by the mortgagee against loss by tire and other hazards; casualties. a~d contin- ~ gencies in suci~ amounts and for such periods as may be requiced by mortgagee, and will pay promptly. whe~ due. any premiums on such insurance Eor payment of which provision has not beee made hereinbefore. Alt insurance shall be caicied in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- ~ ~agee and have attached thereto loss payable clauses in favor ot and in fo~m acceptable to the mo~tgagee. l~ erent of loss he x ill give immediate notice by mail to mortgagee, a~d mortgagee may ceake proof o! lass if not ' made promptly by mortgagor, and each i~surance company concerned is heteby authorized and directed to make ~i payment fcx such loss dicectly.to moslgagee instead o[ to moctgagor and mortgagee jointly. and the insurance pro- E ceeds, or any part thereof. may be applied by moctgagee at its option either to the ceduction of the indebtedness here~y secured or to the restoration or repair of the property damaged. ln event of foreclosu~e ot this mortgage or ! other irans[er of title to the mortgaged p~operty in extinguishment of the indebtedness secured hereby, all right, ~ title, and inte~est of the mortgagoc in and to any insurance policies then in force shall pass to the purchaser or grantee_ - . s 8. That the moctgagee may, at any time pending a suit upon this mortgage, apply to the court having ju~isdic- ' tion thereof [or the appointment of a receiver, and such coart shall forthwith appoint a receive~ of the premisec } covered hereby all and singular, including all and singular the income, prc~fits, issues, and revenues from whatever source derived, each and eve~y of which, it being expressly understood. is hereby mortgaged as if specifically set forth and described in the granting and habe~~dum clauses hereof, a~d such receiver shall have all the broad and effecti~~e functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be mede ` bv such couct as an admitted equity and a matter of absolute right to said m~rtgagee, and without teference to the adequac~ or inadequacy of the value ot the propedy mortgaged or to the solvency or insolvency of said moitgaga or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by &uch receivet accocding to the lien of this modgage and the practice of such court. In the eve~t of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental tor the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- mentc payable in the then current year plus the actual amount of the annual taxes. assessme~ts, water rates, and ins~rance premiums for such year not covered by the afocesaid monthly payments. 9. That 1 in the event of any breach of this moctgage or default an the part of the mortgagor. or (b) i~ the event that an~ of said sums of money herein referred to be not promptly-and fully paid without demand o~ notice, or i~~ i in the event that each an`d every the st'ipulations. agreements. conditions. and covenants of said note and this mortgage, are not duly. promptly. and fully per[ormed; then in either or any seich event, the said aggtegate sum mentioned in said note then remaining uopaid, with interest accrued to that time, and all moneys~ secured ~ nereby, shall bec:ome due and payablc [orthwith, or thereafter, at the option of said moctga3ee, as fully and com- j pletel~ as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ! note or in this modgage to the contrary notwithstanding,~ and theceupon or thereafter, at the option of said matga- ~ gee, withaut notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its inslitution. The martgagee may foreclose this mortgage. as to the amount so dectared due an~ payable, and the said premises shall be sold to satisf~ and pay the same together with costs, expenses,and allow- ~ ances. In case of partial for~c~les~re of this martgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this moctgage for the amount of the debt not then due and unpaid. In such case the provisions of I this paragraph may again be availed of thereafter from time to time by the mortgagee. 10_ That the mortgagoc will give immediate notice by mail to the modgagee 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 shali at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby_ 12. Tkat if the mortgaga default in any of the covenants or agreemrnts contained herein, or in said note, then the mortgagee may perform the same, and all expenditttces (including reasonable attorney's fees} made by the mortgagee ir. so doing shall draw interest at the rate set fotth in the note secured hereby, and shall be repayable immediately and without demand b~ the mottgaga to the moctgagee, and, together with intetest and costs accruing ; thereon. shall be secured by this modgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the matgagea premises, o~ directed to the said ownet aCTh~-last address actually furnished to the mortgagee, ot directed to saidowner at said modgaged premises, and mailed by the United States mails, shall be suEEicient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The morigagur further covenants that should this moctP~~ e_and the note secured hereby not be eligible ~ for insurance under the Nationat Hcusing Act within ~T Erom the date hereof (aritten statement , of any otfice~ oE the ~epactmeM o( Housing and Urban Development or authorized agent d the Secretary of Hous- ing and Urban Development dated subsequent to the ~y ydyi time from the date of this martgage, declining to insuce said note and this mortgage, being dee~a~d conclusive proof of such ineligibility), the mottga- gee or the holder of the note may, at its option, declace all sums secured hereby immediately due and payable. The covenants herein •concained st~all bind. and the benefits aesd advantages shall inure to, the respective heirs, executors, administratocs, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shali include all gendecs. i , p~193 1656