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Home My WebLink About2505 a. That he will permit, commit, or suffer no waste. impairment, or deterioration of said prope~ty or any part thereot; and in the event of the tailure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good repair, the mortgagee may make such cepairs as in its discretion it may deem necessary for the proper p~eservation thereof, a~d the tul! amount ot each and every such payment shali be imlr?ediately due and pay~able, and shall be secured by the lien of this mortgage. G. That he will pay all and singular the costc, charges, and expe~ses, including reasonable lawyer's (ees. and costs of abstracts of title, incu~red w paid at any time bythe moctgagee.because o[ the failure on the ~art of the mortg~go~ promptly and fully to per[orm the agreements and covenants of said ~promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secu~ed by the lie~ of this mortgage. 7. That he will keep the improvements now existing or herea[ter erected on the mo~tgaged property, insured as may be required from time to time b~~ the moctgagee against lass by fire and other 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 hereinbetore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals the~eof shall be heid by mort- gagee and have attached thereto loss payable clauses in favor o! and in Eorm acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make prooE of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead o[ to mortgagor and mortgagee jointly. 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 eveN of foreclosure of this mortgage or other transfer of title to the mo~tgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the morigagoc i~ 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 tor the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have aU the b~oad and effecti~~e functions and powers in anywise entrusted by a court to a receiver, and such appo}Nment s~all be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without teEe[eace to the adequacy or 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 oE this mortgage and the practice of such court. ln 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 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 (ul in the event of any breach of this mortgage or default on the part of the modgagor. or (h/ in the event that any of said sums of money herein refe~red 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 duly, promptly, and fully performed; 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, shatl become due and payable forthwith. oc thereafter, at the option of said mortgagee, as Eully and com- 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- 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 instituli~n. 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- 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 s~ch case the provisions of " i this ra a h ma a ain be availed of thereafter from time to time b the m • Pa 6~. P Y g y ortgagee. . i 10. That thQ mortgagor will give immediate notice by mail to the mortgegee of eny conveyance, transfer, or ~ change of ownership of the premises. ` ~ I1. That no waiver of any covenant herein or of the obligation secured hereby shell 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 j mortgagee in co doing shal! draw interest at the rate set fotth in the note secured hereby, and shall be repayable I immediately and without demand by the mortgagor to the mortgagee, and. together with interest and costs accruing i thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice oc demandaddressed to the owner of record of the mwtgaged premises. f or directed to tfie said owner at the last address actually furnished to the mortgagee, or directed to saidowner at i said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any i case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mort age and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ;~Q Q~~ from the date hereoE (written statement s of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to~ the ~ ~J~~ time from the date of this mortgage, declining to insure said note and this mortgage, being deem?d cone}trsive proof 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 co~enants 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 singular num- ~ ber shalt include the piural, the piural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ € ~ . ~ i ~ i ~ ~ eooK195 ~cE2503 ~ ~ ~ _ _:Yt rt ~ _ , '~~-~.:~FV~_:. -