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Home My WebLink About1196 That hc~ w•ill pe~rmit, cumm~t, or su((e[ no ~raste, impai~ ~s, or deteriuration of sa~d pro~rt~ ~~r ~,n~- pc~rt ~ thrrc oi; <+nd in the e~•ent o[ the fa~lure uf the mott~a~;or t0 Re~p~the buildings on satd prem~srs and thuse tobc erec-ted OIl S.ild ~(et*1lSfS, or ~mpmcements thereon, !n gcwd repair, the mortgagee ma~~ make such rc Fv+irs as in ~ts d~srretion ~t may~ deem necessa~~• fo~ the proper presecc~t~on Ihereof, and the full amount of each ~nd eve~y~ ~uch pa~mc•nt shatl be immediately duc and pa~•able. and ~hatl be secured b~• the lien of th~s rnortRage. 6 Th~t he will pa~• all and singulc+r the costs, rh~+cges, and expenses, includ~ng re:~sonable laW~~•er's fees, ~ and cost~ o( abctracts of title, incurred ur paid at arty time bpthe mortgagee.because of the failu~e on the part ot ' the m~~rtRa~;or promptl~• and full~~ to perEorm the aKreement~ and co~•enants of sai~1 promis~or~~ note and th~s murt- ' ~~.~.i .-n<tc rh:..ovc and ~YnPncPC chall ha immt~diatelv due and m~~~able and chall be cecured h~~ the b=~F . . . _ c. . ' ` " ' !ien of th~s mortg~+gc. That he wiU keep the impru~~cment~ now• exist~ng ur hereafter erected on the mort~aged praperty, insured as ma}• be requ~red from t~me to time b~• the mortga~ee against loss b}• fire and other hazards, casualties, and cont~n- gencies in such amounts and for such periods as may be required by mortgagee, and wiU pay ptomptly, whPn due, an}• prem~ums on such ~n~urance for payment of which pro~~is~on has not been made hereinbefore. All insurance ' shall be carried in compan~es appro~~ed b~~ mortgagee and the policies and renewals thereof shall be held by mort- Kc+gee and ha~•e attached thereto loss pa~~able clauses in lavor ot and in form acceptable to the mortgagee. In e~•ent of lo~s he W ill gi~•e immediate notice b~• mail to mortgagee, and mortgagee may make proof of loss if not ~ made promptl}• b~• morigagor, and each insurance companp concerned is hereby authorized and directed to make pa~•ment for such loss directly to mortgagee ~nstead of to mertgagor and mortgagee jointly, and the insurance pro- ceeds, ~r any part thereof, may be applied by mortgagee at its option either to the reduction o[ the indebtednes~ hereby secured ot to the restoration or repa~r of the property damaged. ln e~~ent of foreclosvre o[ this murtgage o~ other transfer of title to the mortgaged propert~~ ~n extinguishment of the indebtedness secured hereb~~, all right, title, and interest of the mortgagor in and to any insurance policies then in force shatl pass to the purchaser or Krantee. 8. That the mortgagee may, at an}• time pending a suit upon this mortgage, appi~• to the court having jurisdic- tion thereof for the appointment of a recei~~er, and such court shall forthwith appoint a receiver oi the prem~ses co~~ered hereb~• all and singular, includ~ng all and cingular the income, profits, issues, and revenues from ~hatever suurce derived. each and every of which, it being expressl~~ understood, is hereby mortgaged as if specificaliy set forth and described in the granting and habendum clauses hereof, and ~uch r~ceiver shall 6ave all the broad and ef~ecti~~e functions and pow~ers in an~~wise entrusted by a court to a recerver, and such appointment shall be made b~• such court as an admitted equity and a matter ot absolute right to said mortgagee, and without reference to the ~~de~uac}~ or inadequac~~ of the ~•alue ot the property mortgaged or to the solvency or insolvenc~• of said mortgagor or the deiendents, and that such rents, pro(its, income, issues, and revenues shall be applied bp such receiver - :+ccordin~ to the lien of this mo:tgsge and the practice of such court. In the event oi any default on the part of the ^,ort~agor 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-tweiEth (1 ~12) of the aggregate of the twelve monthly instatl- ments pa~•ab;e in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~ncnran`-v nraminmc fnr c~~t`h vPar nnf rnvrrPri h~~ 1FiP 9fA(PS91(I filOflIF1I\' oa~ments. 9. That in the e~~ent of any~ breach of this mortgage or default on the part of the mottgagor, or l1./ in the f e~•ent that an~• of said sums of money herein referred to be not promptly and fully paid without demand or notice. ` or in the erent that each and every the stipulations, agreements, conditions. and covenants of said nete and ~ this mortgage. are not dui~•, promptly, and full}• performed; the~ in either or any such event, the said aggregate ; sum rnentioned in said note then remaining unpaid, K~ith interest accrued to that time, and all moneys secured ~ hereby, shall become due and pa~•able forthw~ith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of mone~• were originally stipulated to be paid on such day, anything in said ~ note or ~n this mortgage to the contrar~~ notv?ithstanding; and thereupon or thereafter, at the option of s~id mortga- j gee, without notice or demand, suit at law or in equity, ma~r be prosecuted as if all moneys secured hereby had s mat~red prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and l~ ~ pa}•able, and the said premises shall be sold. to satisfy and pa}• 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 such case ihe provisions of _ this paragraph may again be availed ot thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give ~mmediate notice by mail to the morigagee of any conveyance, transler, o: = change ot ow•nership oi the premises. a 11. That no waiver of any covenant herein or ui the obligation secured hereby shall at any time thereafter be ~ held to be a wai~•er 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 expenditu~es (includ~ng reasonable attorney's fees} made by the i ~ti mortga~ee in so d~ing s.hall draw interest at the rate set forth in the note secured hereby, and shal! be repayable ~ ' ?*imed~atel~• and ~eit~out demand b~• the mcrtgagor to the mortgagee, and, together with interest and costs accruing - ~ thereun, shall be secured by this mortgage. ~ 13. that the mail~nK of a written notice or demandaddressed to the owner of record of the mortgaged premises, ur d~rected to the said owner at the last address actually~ turnished to the mortgagee, or directed to saidowner at sa~d mort~aged pcemises, and mai3ed by the United States mails, shall be sufficient notice and demand in any y~~ c:.,se dns?ng under this instrument and required by the provisions hereof or by law. la. The mortgagor further covenants thal should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Nousing Act within ~ DAY$ from the date hereof (written statement = uf an~ officer of the Department of Housing dnd Urban Development or authorized agent of the Secretary of Hous- ing and Urban De~•elopment dated subsequent to the 30 DAYS time from the date of this mortgage. declining to insure said note and this 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 co~~endnts herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ - he~rs, executors, administrat~rs, successors, and assigns of the parties hereto. 1A'henever used, the singular num- ~ ' ber shall include the plural, the plural the singular, and the use of an}• gender shali include all genders. %1 zY `:>3 ; :j! . ~ ~~~x 198 fa~~ 1195 :V-3 ' ~ . .