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Home My WebLink About2607 ~ , ; ; S. That he kill permit, commit, or sufter no waste, impairment, or dete~ioration of said propetty or an~~ pArt ! thereof; and in the event ot the fail~~re oI the ~mp~tgagot to ktep the buildings on said premises and those tobe t e~ected on said premises, o~ improvements tbeteon, in good repair, the mo~tgagee may make such repaits as in its s disc~etion it may deem necessary [or the proper presenation theceot, and the futl amount of each and evecy such ~ payment shall be immediately due and pa~~able, and shall be secuced by the lien o[ this mortgage. ~ 6. That he will pay all and singular the casts, char~es, and expenses, including reasonable lawyer's fees, f and co~t~ of abstracts of tiile, incurred or paid at any time bythe mortgagee.because of the failu~e on the part ot ~ the mortg:igor promptly and tully to petform the pgreements and covenants o( said 'promissory note and this mort- ~ gage, and said cost~, chargc*s, and expenses shall be immediately due aod payable and shall be secured by the ~ lien of this mortgage. } That he will keep the improvements now existing oc herea(ter erected on the moKgaged property, insured as may be required from time to time by the mortgagee against loss by iire and other hazacds, casualties, and contin- gencies in such amounts and fot such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance tor payment of which provision has not been made hereinbefore. All insurance shall be carried in companies app~o~~ed by mortgagee and the policies and renewals the~eof shall be held by mort- gagee and ha~~e attached thereto loss payable clauses in favor of anci in form acceptable to the mortgagee. In ` e~~ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ; made promptly by mo~tgagor, and each i~surance company concerned is hereby authorized and directed to make ~ payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the i~surance 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 of the property damaged. In event of foreclosnre of this moKgage or ~ other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, ~ title, and interest of the mortgagoc 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 for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises ~ covered hereby ail and singular. including all and singular the income, p~oEits, issaes, and revenues from whatever source derived, each and every of which, it being expressly understood, is fiereby mortgaged as if specifically sei forth and described in the granting and habendum clauses hereof, and such receivet shall have all the broad and effecti~•e functions and powers in anywise entrusted by a court to a ~eceiver, and such appointment shall be made ~ by such court as an admitted equity and a matter of absolute tight to said mottgagee, and without refe[ence to the ; adeauacy or inadequacy of the vatue of the propedy 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 ceFei~er according to the lien of this mortgage and the practice of such coud. In the event of eny default on t1~e pert~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 ot the twelve monthlyinstall- ments payable in the then cuc~ent year plus the actual amount o[ the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That I in the event of any breach of this mortgage or default on the part of the mortgagor, or in the f event that any oE said sums of money hecein referred to be not promptly and fully paid without demand or notice, ~ or i in the event that each and every the stipulations, agreements. conditions. and covenants of said note and this mortgage, are not duly, Qromptty, 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 secuced t hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- 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 moctgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- ~ gee, without notice or demand, suit at law or in equity, may be ptosecuted as if all moneys secured he,reby 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- ~ ances. In case of partial foreclosure of this mortgage, the mo~tgaged 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 ot 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 o[ ownership ot the premises. 11. That no waiver oE any covenant herein or oE the obligation secured hereby shalt at any time thereafter be held to be a waiver ot the terms hereaf or of the note secured hereby. I2. 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 .eo doing shall draw interest at the rate set forth in the note secured hereby, and shall.be repayable immediately and without demand by the mortgagoc to the modgagee, and, together with interest and costs accruing thereon, shalI be secured by this mortgage. 13. that the mailin~ of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ ur dirrctrd tu the said owner dt thr fast addcess actually furnisfied to the rr~ortgagee, ar directed ta saidoovner at ~ said mortgaged pcemises, and mailed by the United States maiis, shell be sufficient notice and demand in any ~ cdse arising under this instcument and tequired by the provisions hereof or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for ~nsurance under the Nationai Housing Act within from the date hereo( (written statement ~ ~ of an~~ officer of the Department of Housing and Urban Development or authorized agent of the Secretary o[ Hous- ~ ~ng and Urban Development dated subsequent to~ the pA~ time from the date of this mortgage, ; ~ decGning to insure said note and this~ortgage, being deem•~d conclusive proof of such ineligibility), the mortga- ~ gee or the fiolder of the note may, at its option, declare all sums secured hereby immediately due and peyeble. The covenants herein contained shal! bind, and the benefits and advantages shall inure to. the respective he~rs. 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 gendet shall include all genders. e~195 ~2605 f _ ~s~ ~ - - ~ - - ~~-.c -