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Home My WebLink About2051 ~ ~ , ~ f . { S. That he a~ill permit, commit, or ~u(fe~ no waste, impai~ment, o~ deterioration of said p~operty or an~• part ~ thereof; and i~ the event of the tailure ot the morigagor to keep ihe buildings on said premises and those tobe erectcd on said p~emi~es, or impr~vemeMs thereon, in good re~air, ihe mortgagee mAy make cuch repairs as in its ! discret~on it may deem necessary Eor the ptoper preser~~ation ihereof, and the full amount of each a~d every such pay~ment shall be immediately due and payabie, and shall be secured by the lien of this mortgage. 6. That he weli pay al! and singular t4?e costs, charges, and expenses, including ceasonable lawyer's [ees, dnd cost~ of abstracts uf title, incurred o~ paid at any time bythe mortgagee.because of the failu~e on the part o( ! the mortgagor prompttp and fully to per[orm the agreements and covenants of said ~promissory note and this mort- ~ gage, ~nd said costs, charges, and expenses shall be imenediately due and payable and shall be secuced by the ~ lien o( this mo~tgage. 7. That he will keep the improvements now existing or hema[ter erected on the mortgaged property, insured as may be required from time to time b}• the mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such pe~iods as may be required by moclgagee. and will pay promptly. when due, ~ any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance . shali be carried in companies appro~•ed by mortgagee and the policies and reneveals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the moct~aRee. ln event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not i made promptl~ by mortgagor, and each insurance company concerned is hereby authorized and directed to make ~ pa~~ment fcx such loss directly to mottgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereoE, 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_ ln event of foreclosi~re of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgaga in and to any insurance policies then in force shal! pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the courf having jurisdic- tion thereof (or the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every o[ which, it being expressly understood, is.hereby mqttgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall 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 adeauacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagoc or the defendents, and that such rents, profits, income, issues, and reventtes shall be applied by such receiver according to the lien oE this mortgage and the practice of such court. In the event oE 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 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 amount of the annual taxes, assessments, water rates, and ~nsurance premiums for such year not covered by the aforesaid monthly payme~ts_ 9. That (u/ in the event of any breach of this modgage or default on the part of the mortgagor, or (bl in the { e~~ent that any oE said sums of money herein reEerred 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 •.n said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully 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 modgage 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 prosecuted as if all moneys secured hereby 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 ~ay 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 E this paragraph may again be availed ~f thereafter from time to time by the mortgagee. t ' 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change ot ownership o[ the premises. ~ 11. That no 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. ~ ~ l2. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then 4 ~ the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's tees) made by the f ~ mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and without demand by the mortgagot to the modgagee, and, together veith interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demand addressed 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 saidowner at : said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any - cdse arising under this instrument and required by the pcovisions hereof or by law. =s: 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the Nationai Nuusing Aci wiihin ~S~ [rum ihe dete hereot ~writ'te~~ aiai"r~"i8iii ; ~ uf any o[ficer of the Department of Housing and Urban Developmenf or authorized agent of the Secretary of Hous- ; - ing and Urban Development dated subsequent to~ the 30 pAYS 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 al! sums secured hereby immediately due and payeble. = The covenants herein contained shall bind, and the benefits and advantages shatl inure to. the respective • = heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singutar num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ` _ f a i - ~ ~ i BooK 198 Pa~2048 ~ ~ = ~ _ _ . _ - ~-r - . . . , : u: ~ : - n _ _ . ~