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Home My WebLink About1559 S. That he will permit, commit, or sutfer nn weste, impaicm~~lt,io~ deterioration ot said property or any part thereof; and in the event of the [ailure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or imp~ovements theceon, in good repair, the mortgagee may make such repairs as in it~ discretion it may deem necessary [o~ the proper p~ese~vation the~eo[, and the full amount of each and every such payment shall be immediately due and payable, a~d shall be secured by the lien oE this mo~tgage. 6. That he will pap all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incu~red or paid at any time bythe mortgagee.because of the failure on the part of the mortgagor p~omptly and fully to perfam the agreements and covenants of said promissory note and th~s mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien o[ this mortgage. 7. That he will keep the improvements now existing oc heceafter erected on the mortgaged Froperty, insured as may be required [rom time to time by the mortgagee against loss by fire and other hazards, casuatties, and cuntin- gencies in such amounts and Eor such periods as may be required by mortgagee, and will pay promptly, when due, any pcemiurt~ on such insurance (or payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by moctgagee and the paticies and renewals thereof shall be held by mort- gagee and have attached theceto loss payable clauses in favor of and in to~m acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mottgagee may make proof ot loss if not made promptly by mottgagor, end each insucance company concerned is hereby authorized and directed to make payment Eor such loss ditectly to mortgagee instead of to mo~tgagoc a~d mortgagee jointly, and the insurance pro- ceeds, or any part thereoE, may be applied by mortgagee at its option either to the ~eduction of the indebtedness hereby secured or ta the restoration a repair of the property damaged. ln event o[ toreclosure of this moctgage or othe~ transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby, all cight, title, and interest of the mortgagor in and to any insurance policies then in focce shall pass to the purchaser or grantee. 8. That the modgagee may, at a~y time pending a suit upon this moctgage, apply to the court having jurisdic- tion thereoE for the appointment of a receiver, and such court shall forthwith appoint a recei~•er of the prem~ses covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whate~•er source derived, each and every of which, it being expressiy understood, is hereby mortgaged as if specificatly set forth and described in the granting and habendum ctauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and snch appointment shall be made by such court as an admitted equity and a matter of adsotute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency oE said mortgagor or the detendents, and that such rents, profits, income, issues, and revenues shall be applied b~~ such receiver according to the lien of this mortgage and the practice of such coud. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay ta 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 insurance premiums for such year not covered by the aforesaid monthly payments. 9. That ~ in the event of any breach of this mortgage or default on the part of the mortgagor, or it, ~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or I 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 ~ hereby, shall become due and payable Eorthwith, or thereafte~, at the option of said mortgagee, as fully and com- I pletely as iE ait of the said sums of money were originally stipulated to be paid on such day, anything in said i note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ; gee, withaut notice or demand, suit at law or in equity, may be prosecuted as if alt~moneys secured hereby had s matured prior to its institution_ The mortgagee may foceclose this mortgage, as to the amount so declared due and $ payable, and the said premises shall be sold to satisEy and pay the same together with costs, expenses.and allow- ances. ln 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 ihen 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 will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. ~ I1. That no waiver of any covenant herein or of the obligation secured hereby shal! at an~• time thereafter be ~ held to be a waiver of the terms hereoE or of the note secured hereby. ~ 12• That if the mortgagor default in any of the covenants or agteements contained herein, or in said note, then the mortgagee may per[orm the same, and all expenditutes (including reasonable attaney's fees) made by the ~ mortgagee in ~o doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record oE 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 pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ; case arising under this instcument and required by the provisions hereof or by law. ~ 14. The mortgagor iurthec covenants that should this mortgage and the note secured hereby not be eligibte `j for insurance under the National Housing Act within ~•h;,.ri. from the date hereof (written statement = of any ofticer of the Department of Housing and Urban evelopm nt or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to~ the 'j~y Ua~~ time Erom the date of this mortgage, ~ declining to insure said note and this mottgage, being deem?d conclusive proof of such ineligibility), the mortga- ' gee or the holder of the note may, at its option, declace all sums secured hereby immediately due and payable. : The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective = heirs, executors, administrators, successors, and assigns of the parties hereto. Khenever used, the singular num- = ber shall include the plurai, the plural the s~ngular, and the use of any gender shall include all genders. ~~=i ~:z y:~~ ao~K199 ~cE1558 _ _ - - - ~ : -