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Home My WebLink About1533 ~ ~ , , . S. That he will permit, commit. ot s~tfec, no waste.' ihpairment, or deterioration of said property or any part the~eoE; and in the event o( the failure o[ the mortgagor to keep the buildings on said premises and those tobe erected o~ said premises, or improvements thereon, in good repair, the mortgagee may make such repairs a~ in its discretion it may deem necessary fo~ the propet p~eservation thereot, and the tull amount of each and eve~y such payment shall be immediately due and payable, and shall be secured by the lien oE this mortgage. 6. That he will pay all and singular the costs. charges. and expenses, including reasonable lawyer's tees~ and costs of abstracts of title, incur~ed or paid at any time bythe moctgagee.because of the failure on the part o[ the mortg~gor Promptly and fully to perform the agreements and covenants of said'promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable a~d shall be secured by the ~ lien ot this mortgage. 7. That he will keep the improvements noW existing or hereafter erected on the mortgaged property, insured as may be required [~om time to time bY the mortgagee against loss by fire and othec hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due. any premiums on such insurance for payment of which provision has not been made hereinbefore. Ail insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable lo the moctgagee. !n e~~ent of loss he will give immediat~ notice by mail to mortgagee, and mottgagee may make proof of loss if not ~ made promptly by mortgagor, and each insurance company concerned is hereby authocized and ditected to make ~ payment [or such loss directly to mortgagee instead of to mortgagor and rtiortgagee jointly. end the insurance pro- ' ceeds. or any part thereot, may be applied by mortgagee at its option either to the reduction of the indebtedness ~ hereby secured or to the restoration or repair of the property damaged. In event o( (oreclosure o[ this mortgage o~ t other transfer of title to the mortgaged property i~ extinguishment of the indebtedness secured hereby, all right, title, and interest of ihe 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 jurisdic- ~ tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the Qremises covered hereby all and singula~, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly undecstood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof~ and such teceiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver,' and such appointment shall be made b~~ such court as an admitted equity and a matter of absolute right to sai8+mortgagee,'and without refecence 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 shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event 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 for the premises an amount at least equivalent to one-twel[th (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus 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 breach of this mortgage or defautt on the pad of the mortgagor. or (6~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (~•I in the event that each and every the st'ipulations, agreements, conditions, and covenants of said note and this mortgage, are not dul}~, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in saed note then remair.ing unpaid, with interest accrued to that time, and ali moneys secured hereby, shall become due and payable forthwith, a thereafter, at the option of said mortgagee, as fully and com- ; pletely 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 mortgage to the contrary notwithstanding; and thereupon or thecea[ter, at the option of said mortga- ? gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ payable, and the said premises shali be sold to satisfy and pay the same together with costs. expenses.and allow- ~ ances. In case of partial foreclosure of this mottgage, the mortgaged ptemises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due end unpaid. ln 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 of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereaEter be ~ held to be a waiver of the terms hereof or of the note secured hereby. ` 12. That if the mortgaga default in any of the covenants or agreements contained herein. or in said note, then the mortgagee may perform the same, and a!! expendituies (including reasonable 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 mortgagee, and, together with interest and costs accruing thereon, 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, f or directed to the said owner at th~ last address actually furnished to th~~todgagee; Or directed to saidowner'at • ~ said mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ( case arising under this instrument and required by the provisions hereof or by taw. i 14. The mortgagor further covenahts that should this mortgage and the note secured hereby not be eligible s for insurance under the National Housing Act within ~~y~ [rom the date hereof (written statement of any officer of the Department of Housing and Urban Developme~i'( or authorized agent of the Secretary of Hous- . ~ ing and Urban Development dated subsequent to the 30 time fcom the date oE this mortgage, declining to insure said note and this mortgage, being deem•~d conc usive Qroof of such ineligibility), the mortga- gee or the hoider of the note may, at its option, declare all sums secured hereby immediately due and pa}eble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to. the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used. the singuler num- ~ ~ ber shall include the piural, the piural the singular, and the use of any gender shall include ali genders. ~ . ~ _ ~ ~ ao~i95 ~i531 . ! ; _ ~ ~ , - - ~ _ _ -