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Home My WebLink About2081 ~ i . , , f 9 5. That he wiU permit, commit, w su(fer no" waste~ impaltme~t, o~ deterioration oE said property or any pa~t thereof; and in the event of the tail~ue of the mortgagor to keep the buildi~gs on said premises and those tobe erected on said premises, or improvements thereon, in good ~epai~, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation theceot. and the full amount ot each and every such pbyment shall be immediately due and payable, and shall be secured by the lien of this mortgage. ~ 6. That he will pay all and singular the costs~ charges. and expenses, including reasonable lawyer's fees. and co~ts of abstracis of title, encurred or paid at any time by the mortgagee .because of the [ailure on the pa~t o[ the mortgagor promPtly and [ully to perform the agreements and covenants of said 'promissory note and this mort- gage, and said costs, charges, and expenses shail be immediately due bnd payable and shall be secured by the lien oE this mo~tgage. ~ 7. That he will keep the improvements now existing or herea[ter erected on the modgaged propeny. insured as ~ may be required from time to time by the mortgagee against loss by fire and other hazards, casualties. and contin- ~ gencies in such amounts and fo~ such periods as may be requited by mottgagee, and will pay promptly. when due. ~ any p~emiums on such insurance [or payment of which provision has not bee~ made hereinbefore. All insurance shall be catried in cumpanies approved by mortgagee and the policies and renewals iheceof shall be held by mwt- ~ gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will gi~~e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ; made promptly by mortgagor, and each insucance company concerned is hereby authorized and directed to make ! payment for such loss directly to mortgagee instead of to moctgagoc and mortgagee joinUy. and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair oI the property damaged. ln event of [oreclosure of this mortgage or other trans[er of title to the mortgaged property i~ extinguishment o( the indebtedness secured hereby, all right,, title, and interest of the mortgagot 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 jucisdic- ~ tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises ~ _ cove~ed he~eby all and singular. including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being exp~essly understood, is hereby moctgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have alt the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and ~rithout reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency a 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 coud. 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-twelfth (1/12) of the aggregate of the twelve monthlyinstall- 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 in the event ot any breach of this mortgage or default on the part of the mortgagor. or (b~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or r,•~ in the event that each and every the stipulations, agreements, conditions. and covenants of said note and ~ this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with inte~est accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said moctgagee, as fully and com- ;E pletely as it 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 contcary notwithstanding; and thereupon oc theceafter, at the option of said matga- ' gee, without notice or demand, suit at taw ur 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 shall be sold to satisfy and pay the same together with costs. expenses,and allow- E ances. In case of partial foreclosure of this mortgage, the 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 time by the mortgagee. € 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ow~ership of the premises. _ . . ~ 11. That no waiver of any covenant herein or of the obligation sec~ted hereby~shall at any time thereafter be held to be a waiver 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 in said note, then the mortgagee may perform the same, and all expenditutes (including reasonable attaney's fees) made by the " mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shalt be repayable immediately and without demand bS the mortgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this mortgage_ 13. that the ma~ling 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 mortgagee, or directed to said owner 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 law. ~ 14. Th~ mortgagor further covenants that should this moct age and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~~Y$ from tt~e date hereof (aritten statement - of ant• officer of the Department of Housing and Urban Development or authotized agent of the Secretery of Nous- ~ i x ing and Urban Development dated subsequent to the 30 time Erom the date of this mortgage, ~ ~ declining to insure said note and this mortgage, being deenr~d conclusive p:oof 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 contained shall bind, and the benefits a~ advantages shall inure to, the respective ~ heirs, executors, administrators, sucCessots, and assigns d the parties hereto. Whenever used, the si~gular num- ~ ber shal! include the plural, the plural the singular, arid the use of any ~gender shall include all genders. ~ . _ ~ ~ ' • 660K iAi'~E ~ ; ' ~b~-~.~~