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Home My WebLink About1979 . . ~ i S. That he will permit, commit, or suffer no waste, impaitment, oc deterioration of said property or any part thereof: and in the event of the failure of the mortgagor to kee,p the buildings on said premises and thuse tobe erected on said premises, or ~mpro~•ements thereon, in good repai~, the mortgagee may make such repairs as in its discretion it may deem necessary tor the p~ope~ preservation thereof, and the full amount of each and eve~y ~uch payment shall be immediately due and payable, and shall be secu~ed by the lien of this mortgage. 6. That he will pa~~ all and singular the costs, charges, a~d expenses, including ceasonable lawyer's [ees, and cost~ of abstracts of title, incurred or paid at any time bythe mortgagee.because o( the failure on the part of the mortgagor promptlp and fully to pertorm the agreements and covenants ot said promissory note and thes mort- gage, and said.costs, cha~ges, and expenses shali be immediately due and payable and shall be secured by the ~ lien oi this mortgage. 7. That he will keep the impro~~ements now existing or hereafter erected on the :nodgaged property, insured as ~ may be required from time to time b~• the mortgagee against loss by fire and other hazards, casualties, and contin- ~ encies in such amounts and for such riods as ma be re uired b mort a ee, and will rom tl when due, ~ g Pe Y 9 Y B g PaY P P)'• any premiums on such insurance [or paymen! of which provision has not been made hereinbe[ore. All insurance i shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- i gagee and have attached thereto loss payable clauses in favor of and in form acceptabte to the mortgagee. In ~ e~~ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss it not made promptl~~ by mortgagor, and each insurance company concerned is hereby authorized and directed to make pdpment for such loss directly to mortgagee instead of to mo~tgagor and mortgagee jointly, and the insurance pro- ceeds, or any part theceof, 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 foreclosure o[ this morigage or other transter of title to the mortgaged property in extinguishment of the i~ebtedness secuced hereby, all right, title, and interest of the mortgagor in and to anp insurance policies then in force shall pass to the purchaser or grantee. 8. That the mottgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- Iion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver o[ the premises covered hereby all and singular, including a!1 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 i[ specifically set forth and described in the granting and habendum clauses hereof, and such receiver shatl have all the broad and effective functions and powers in anywise 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 or inadequacy oE the value ot the property mortgaged ur 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 of this mortgage and the practice of such court. In the event of any deEault on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly ~ental 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 amoun? of the annual taxes, assessments, water rates, and ~nsurance premiums for such year not co~~ered by the aforesaid monthly payments. ; 9. That (o~/ in the event of any breach of this mortgage or default on the part of the modgagor, or (h/ in the f event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or ~ in the event that each and every the stipulations, 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 E hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as [ully 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 contrery notwithstanding; and thereupon or the~ea[ter, at the option of said mortga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had f matured prior to its institution. The mortgagee may foreclose this mo~tgage, 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- i, ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the con- r 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 of thereafter from time to time by the mortgagee. = 10. That the mortgagor wil[ give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. ~ 11. That n~ waiver of any covenant herein or of the obligation secured hereby shall 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 o[ the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable K~ immediately and without demand bp the mortgagor to the mortgagee, and, together with inte.est and costs accruing ~y thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner ot record oE the mort~aged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at < said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any = ~case arising under this instrument and required 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 insu~ance under the [Vational Housing Act within a~tily Lays from the date hereof (written statement = of an~- 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 :~[ty Ld)~ time from the date of this mortgage, - declining to insure said note and this mortgage, being deeltH~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 shail bind, and the beneEits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and thP use oE any gender shall include alt genders. ~s a°ooK ~98 racf 197'6 r - - - - L. _ _ r