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Home My WebLink About1176 • L . ~ That he w•iU permit, commit, oi suffFr no w•este, impa~rment, or detetioration of sa~d pro~ett} or an~• port thc•re•ti~t; and ~n the e~•ent of the idilure af the mortg~gor to keep the buildings on said premises and those tobe erc•cted on said prem~ses, or ~mpro~~rments theteon, ~n good rr~~r, the mort~dgc•e ma~• ma{:e ~uch repair~ as ~n its discretion it ma~ deem necessarp (or the proper presen•atson thereof, and the full amount ot each and erer~~ such pa~~mrnt shell be immediatel}• due and payable, and shall be sccured b~• the l~en of th,s mortga~e. 6 That he w•ill pa~• all and singular the c0..ts, charges, and expenses, includ~ng teasanable laK•~~er's fees, dnd costs of abstracts of tit1P, incurred or paid at anp t~me b~•the mortgagee.berause of the fa~lure on the parl of ih~~ mnrtn:+vnr nroR,ntlc and full~~ to cerform the aereements and co~•enants oi said oromisson~ nole and this mort- gugr, and said costs, chdr~es, and expenses shall be immediatel}• due and pa~~able and shall be secured b~• the lie•n of thi~ mortgxge. That he u•ill krep the impro~•ements now• existing or hereafter erected on the mortgaged ptoperty, insured as md~ be ~equired from time to time b~• the mortgagee against loss by~ fire and other hazards, casualties, and conhn- ~enc~es in such dmounts and for such per~ods as ma~~ be reqwred by mortgagee, and w~ili pay promptl~~, when due. an}• premiums on such insurance for pa~•ment of u~hich pto~•ision has not been made hereinbefore. All insurance ~:h~ll be carried in companies appro~~ed b~~ mortgagee and the policies and renewals thereoi shall be held by mort- gagee dnd hu.~e attached thereto luss pa~•able clauses in f~~•or of and in torm acceptable t~ the mortgagee_ ln E•cent of lo~s he will gn•e immediate not~ce b~• mail to morigagee, and mortga(~ee may make proof of loss if not made promptl~• b~• mc~rtgagor, and edch insurance compan~• concerned is hereby authorized and directed to make , pa~•ment for tiuch loss directl~~ to mortgagee instead of to mortgagor and mortgagee jointiy, and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at us option either to the reduction of the indebtedness hereb}• secured or to the restorat~on ot repair of the propert}• damaged. ln event of foreclosure of this mortgage or other transfer of title to the mortgaged property in ext~nguishment ot the indebtedness secured hereb~~, all right, tit3e, and interest of the mortga~or in and to an~• insurance policies then in force shall pass to the purchaser ar ~r~ntee. That the mortgagee ma~~, at an~• time pending a swt upon this mortgage, apply to the court having jurisdic- tion thereof tor the appointment of a receiver, and such court shaU torthu•ith appoint a receit•er of the premises cocered hereby all and singular, including all and singular the income, profits, issues, and re~•enues from uhate~•er ~uu~ce denved, each and ever~• of which. it be?ng expressl}• understood, is hereby mortgaged as if specificaUp set forth anc3 described in the grant~ng and habendum clauses hereof. and such receiver shall ha~~e all the broad and effect~~~e f~nctions and powers in an~•wise entrusted b~~ a court to a recerver, and such appointment shall be made b~ such court as an admitted equity and a matter of absolute right to said mortgagee. and without teference to the adequac}• csr inadequacp ot the ~•alue of the property mortgaged or to the solvency or insolvenc}~ of said mortgagor or the defendents. and !:~at such rents, profits, income, issues, and revenues shall be applied by such receiver ; accurdtng to the lien of this mortgage and the practice of such court. !n 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 i the premises an amount at least equi~•alent to one-twelfth (L'12) of the aggregate of the twelve monthly install- m~ntc n:~~~:~biP ~n thP then current vear o3us the actual amount of the annual taxes, assessments, water rates, and ; insurance premiums for such year not covered b~• the aforesaid monthly payments. ~ 9. That ~ in the e~~ent of an}- breach of this mortgage or default on the part of the mortgagor, or /h i in the 's ` e~•ent that an~~ of said sums of mone~• herein referred to be not promptly and full}• paid without demand or notice. ; or • in the e~•ent that each and every the stiputat~ons, agreements, conditions. and covenants of said note and ~ this mortgage, are not duly~, promptly, and fuli}• performed; then in either or any such event, the said aggregate sum mentioned in sdid note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereb~•, shail become due an~ pa}•able forthwith, or thereafter, at the option oi said mortgagee, as fully and com- ; pietel~• 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 contrar~• notwithstanding; and thereupon or thereaiter, at the option of said mortga- # gee, w•ithout notice or demand, suit at law or in equity, ma~~ be prosecuted as if all moneys secured hereby had ~ matured prior to its institution. The mortgagee ma~~ foreclose this mortgage, as to the amount so declared due and ~ pd~~able, and the said premises shall be sold. to satisf~• and Pa}• the same together with costs, expenses,and allow- ~ ances. In case of partiai toreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- < t~nuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions ot ~ th~s paragraph ma}~ again be availed of thereafter from time to time by the mortgagee. ~ ]U. That the mortgagor u•ill give immediate notice b}• mail to the mortgagee of anp conveyance, transfer, orf` F• chdnge of or~~nersh~p of the premises. ~ 11 . That no u~ai~~er of any covenant herein or of the obligation secured hereby shall at an~• time thereafter be r: hrl~ tv be a w~ai~•er of the terms hereof or of the note secured hereby. F 12. That if the mortgagor de(ault in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditules (includmg reasonable attorney's fees) made by the w ~ mortgagea in so doing shall draw interest at the rate set fotth in the note secured hereby, and shall be repa}'able ~ ~r*.imediatei~~ an~ Kithout demand by the mort a or to the mort a ee, and, t ether with interest and costs accruin g" g S 8 ~ B thereon, shall be secured by th~s mortgage. ~ 13. that the mailing ot a written notice or demandaddressed to the owner of record of the mortgaged premises, ur directed to tfie said owner at the last address actuall~• furnished to the mortgagee. or directed to said owner at S~id mortgaged premises, and ~r:ailed b~• the United States mails. shall be sufficient notice and demand in any = case arising under th~s instrument and required by the provisions hereof or by law. l4. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible = for insurance under the Nationai Housing Act w~rthin 30 DAYS from the date hereof (written statement uf en~ officer of the Department of Housing dnd Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the ?v ~~t1~j time from the date of this mortgage, - deciining to insure said note and th~s mortgage, being deem~~d conclusive 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 covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective - he~rs, executors, administrators, successors, and assigns of the parties hereto. N'henever used, the singular num- ber shall include the ptural, the plural the singular, and the use of any gender shall include all gendecs. i+j - BDQIC ~~Q P1tt~1~~