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Home My WebLink About1396 ; That he u~iU perrr~t, cumm~t, or sufler no aa>te, impairment, or deterioral~on of sa~d propert~~ or any~ part ihereof; and in ihe event of the [a~lurc uf the mortgagor to keep the build~ngs on said prcm~ses and thuse tobe er~•rted on said p~emise~, or impto~rment~ thereon, ~n good repair, the mortgaKee me+y make such repairs as in its d~ccret~on ~t ma~~ deem necessar~• for the prope~ preserration there~x~, ~nd the full amount of each and e~•ery such pa~•ment shall be immediatelp due aod pa~•able, and shaU be secured b~~ the i:en of this mottgage. 6. That he w~ill pay all and s~ngular the co~t~, charges, and expenses, includ~ng reasonable lawyer's tees, ~ dnd cost~ af abstracts ot title, incurred ot paid at an~• t~me b~•the mortgagee.because of the fa~lure on the part o[ the mortgagor promptl~~ and fully to perform the agreements and co~~enants of said promissor~~ note and this mort- ~ gage, and said costs, charges, and expenses shall be immed~atel}• due and pay~abie und shall be secured b~• the ' l~en of this mortg;~ge. t That he w~ill keep the ~mpro~•ements nou• e~isting oi hemaftec e~ected on the mortgaged prope~t~~, insured as ~ ma~~ be req~ired Erom time to time b~~ !he mortgagee against loss by tire and other hazards, casualties, and contin- Rencies in sucfi amounts and for such periods as ma~• be requ~red b~~ moctgagee, and will pay promptl~~, when due, ; ~n~• premiums on such insurance for pa~~ment of which provision has not been made hereinbefore. All insurance ~ shall be carried in companies appro~•ed b~• mortgagee and the pol~cies and renewals thereof shall be held by mort- gagee and ha~•e attached thereto loss pa~•able clauses in fa~•or of and in form acceptable to the mortgagee. ln ~ e~~ent ot loss he u~ill gi~~e immediate notice b~• mail to mortgagee, and mottgagee may make proof of loss iE not made promptlp b~~ mortgagor, and each insurance company concerned is hereby authorized and directed to make , pa~~ment,for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ~ : ceeds, or any part thereof, may be applied b~~ cnortgagee at its option either to the reduction of the indebtedness ~ nereby c~ured ur to the restoration or repair of the propert~• damaged. !n e~•ent of foreclosure of ihis mortgage or F other transfer of title to the mortgaged propert~~ in extinguishment of the indebtedness secured hereby, all right, ; title, and interest of the mortgagor in and to an~• 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 thereo( Eor the appointment of a recei~•er, and such court shall forthwith appoint a receiver oi the Pcemises cu~~ered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever wurce 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 all the broad and etfeci~~•e func!ionc and powers in an}~wise 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 without reference to the ~ adequacy o~ inadequac~~ ot the ~•alue of the propert~ mortgaged or to the solvency or insoivency of said mortgagor ~ ~r the defendents, and that such rents, profits, income, issues, and revenues ~ha1! be applied by such receiver ~ ~ccording to the lien of this mortgage and the practice of such court. In the event oE any default on the part of the ' mort~agor hereunder, the mortgagor agrees to pa}• to the mortgagee on demand as a reasonable monthly rental for ~ the premises an amount at least equh•alent to one-twelfth (1 `12) uf the aggregate of the twelve monthly install- ~ents pa~~able in the then current ~•ear 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 rr, ; in the e~~ent of an}• breach of this mortgage or defautt on the part of the mortgagor, or !b) in the ~ ' e~ent that am~ of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~ .~r - ~~n the e~•ent that each end e~~er~~ the stipulations, agreements, conditions. and covenants of said note and ~ this mortgage, are not dulc, 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 ~ hereb~, shall become due and pa~•able forthwith, or thereafter, at the option of said mortgagee, as fully and com- ~ ; pletelc 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 mortga- i gee, u~itiiout notice or demand, suit at law or in equity, ma~~ be prosecuted as iE all moneys secured hereby had i matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and 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 the provisions of ' this paragraph may agaSn be availed of thereatter from time to time by the mortgagee. } ~ 10. That the mortgagor will gi~e immediate notice by mail to the mortgagee of any com~eyance, transfer, or ~ change of ow•nership of the premises. 3 ' 11. 7'hat no waiver of ant~ covenant herein or oi the obligation secured hereby shall at any time thereaEter be = held to be a waiver of the terms hereo( or of the note secured hereby. ~ 12- That if the mortgagor default in an~~ of the cocenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the = z mortgagee in ~o doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ ~mmediately and without demand b~~ the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, sha11 be secured by th~s mortgage. Y s 13. that the mailing of a written notice or derr~andaddsessed 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 premises, and mailed by the United States mails, shall be sufficient notice and demand in any = case aris~ng under this instrument and required by the provisions hereo[ or by law. ~14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligibie for insurance under the National Housing Act within 30 DAYS from the date hereof (wtitten statement ~ j of an~ officer of the Department of Housing and Urban Development or auYhorized agent of the Secretary of Hous- ing and Urban Development 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 payeble. The covenants h~rein contain~d shall bind, and the benetits and advantages shall inure to, the respective heirs, executors, administrators. successors, and assigns of the parties hereto. H'henever used, the singular num- : ber shal! include the plural, the plural the singular, and the use of any gender shall inciude all genders. . aoo~198 ~i~94