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S. 7hat he will permit, oommit, or suffer no waste, impairment, the prac~ice of such oaurt. In the event of any default on the part
~or ~reterioration of said properry or any part thcrcof; and in thc of the Mortg,agon c~reund~r, the Mortgagor agrces to pay to thc
cvent of thc faiture of the Mortgagor to kccp the buildings on saici Mortgagce on dcmand as a rcasonable monthly rcntal for the .
premiscs and lhoae to be crccted on said premiscs. or improvemc~ts premi~es an amount at Icast equivalcnt to onc-twelfth (11121 oi the
thcreon. in good repair, the Mortgagec may make such repai~s as aggregate of the twelvc monthly installmcnts payablc in thc then
in its discretion it may deem nocessary for the proper preservation current year plus the actual amount of the annual taxes.
thereof. and the full amount ot each and every such payment shall assessments. water rates, and insurance premiums for such year not
be immediately due and payabk, and shall be secured by the lien covered by the aforesaid monthly payments.
of this Mortgagce.
10. That ta) in thc cvent of any breach of this rnortgagc or
6. That he wil! pay all and singular the coats. charges, and ex• default on the part ot the Mortgago~. or (b) in the event that any
penscs, including rcasonab~ lawycr's focs, and costs ot abstracts of of said sums of money hcrein referred to bc not promptly and fully
title, incurred or paid at any time by the Mortgagee because of the paid without demand or notice, or (c) in ti~e event that each and
failurc on thc part ot thc Mortgagor promptty and fully to pcrform cvcry !hc stipulations, agrccmcnts. conditions, and covenants of
ihc agrccmcnts and covenants of said promissory notc and this said notc and this mortgagc. arc not duly. promptly. and fully pcr-
ntortgagc, and said costs, chacgcs, and cxpenscs shall bc immcdiatc- formcd; thcn in cithcr or any such cvcnt, thc said aggrcgatc sum
ly due and payable and shall be securecf by the lien of this mentioned in said note then remaining unpaid. with interest ac-
mortgage. crued to that lime, and all moneys secured hereby, shall bocome
; due and payabk forthwith. or thercaftcr, at the option of said
; 7. That he will kcep the improvements now existing or Mortgagc~, as fully and completety as if all of the said sums of
~ hereafter erected on the mortgaged property insured as may be re- moncy were originally stipulated to be paid on such day, anything
~ quired from time to timc by the Mortgagee against loss by fre and in said note or in this mortgage to the oontrary notwithstanding;
other ha7ards, casual~ics, and contingencies, in such amounts and and thereupon or thercafter. at the option of said Mort
for such periods as may be required by Mongagee. and will pay without notice or dcmand. suit at law or in cquity. may be~pro-
~ promptly. when due, any premiums on such insurance for payment secuted as it a!I moneys secured hereby had matured prior to its in•
- of which provisior~ has not been made hereinbefore. All insurance stitution. The Mortgagee may forecbbc this mortgage, as to the
shall be carried in companies approved by Mortgagee and 1he amount so declared duc and payabk, and the said premises shall be
t policies and renewals thereof shall be held by Mortgagee and have sold to satisfy and pay the same together with oosts, expenses. and
~ attached thereto Ioss payable clauses in favor of and in form accep- allowances. ln case of partial foreclosure of this mortgage, the
~ table to the Mortgagce. In event of Ie~as he will givt immediate mortgaged premises shall be sold subject to the continuing lien of
notice by mail to Alortgagee, and Mortgagee may make proof of this mortgage for the amount oi the debt not then due and unpaid.
€ loss if not made promptly by Mortgagor, and each insurance com- [n sucfi case the provisions of this paragraph may again ba availed
pany concerncd is hereby authoriaed and directed to make payment of thcreafler from timc ta time by thc Mortgagee.
~ tor such loss directly to the Mongagec instead of to the Mortgagor
r and the Mortgagee jointly, and the insurance procoais. or any part 11. That he will give immediate nolice by mail to the Mor~-
~ ttiereof, may be applicd by the Mortgagee at i4s option, either to gagee of any conveyance, transfer, or change of ownership ot Ihe
~ the rcduction •of the indcbtedness hereby secured or to !he restora- prcmises.
~ tion or repair of thc property damaged. (n svent of foreclosurc of
this mortgage and other transfer of title to thc mortgaged property 12. That ~no waiver of any covenant herein or of the obligation
in extinguishment of the indebtedness secured hereby. all right, title secured hereby shall at any time thercafter be held to be a waiver
s- and interest of the Mortgagor in and to any iruurance policies then of the terms hereof or of the note secured hcrcby.
€ in force shaU pass ro the purchascr or grantee.
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13. That if thc Mortgagor defautt in any of thc covenants or
F 8. That if the premises, or an~ part thereof. be condcmned agrecments containcd herein. or in said notc. Ihan the Mortgagcc ~
~ urtder any power of eminent domain, or acquired for a public use, may perform the same, and all expenditures (including reasonabk
~ the damages, proccxcis, and in consideratan for such acquisition, to attorney's fces) made by the Mortgagee in so doing shall draw in-
E the extent of the full amount of indcbtedness upon this Mortgage, terest at the rale set forth in the note securcci hereby, and shall be
€ and thc Notc secured hereby remaining unpaid. are hereby assigned repayabk immediately and without demand by the Mortgagor to
~ by thc Mortgagor to thc Mortgagec and shall bc paid forthwith to the Mortgagcc, and, togclhcr with intcrest and costs accruing
thc Mortgagcc to bc applicd by it on account of thc indcbtcdncss thcrcon, shall bc sccurcd by this mortgagc.
~ secured hereby, whether due or not.
~ 14. 7'hat the mailing of a written notioe or dcmand addresscd
9. That the Mortgagce may. at any time pending a suit upan to the owner of reoord of the mortgaged premises, or dirocted to
i this mortg,agc, appty to the court having jurisdiction thereof for the the said owner at thc last address actualty furnished to the Mort-
~ appointment of a receiver, and such court shall forthwith appoint a gagee. or directed to said owner at said mortgaged premises. and
rcceiver of thc prcmises covercd hercby al! and singutar. including mailed by the United Stales mails, shall be sufficient notice and dc•
~ all and singular the income. profits, issues, and ~evenues from mand in any case arising uncler this instrument and required by the
whatever sou~ce derived, each and every of which, it being ezpress• provisions hereof or by law.
ly understood, is hereby mortgaged as if specifica0y set forth and
described in the granting and habendum clauses ixreof, and such ]5. The Mortgagor further covenants that shauld this mortgage
S receiver shall have all the broad and effective functions and powe~s and the note secured hereby not be eligible !or insurance ander the
, in anywise entrusted by a court to a teceiver, and such appoint• National Housing Act within 90 days
; ment shall be made by such court as an admitted equity and a from the date (written statcment of any ofGcer of the Department
~ mattcr ot absolute right to said Mortgagee, and without reference of Housing and Urban Development or authorized agent of the
~ to the adcquacy or inadequacy of the value of the property mort• Secretary ot Housing and Urban Devebpment date subsequent to
; gagcd or the solvency oi said Mortg,agor or the defendants, and the 90 days' time from the datc of this
~ that such rents, proGts, inoome, issues, and revenaes shatl be a~- mortgage, declining to insuro said note and this mortgage, being
' plied by such receiver according to the licn of this mortgage and deemed vonclusive proot of such i~wiegibility), the Mortgagce or
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Paga 3 of 4
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~ ° R 545 ~~f 986 • , .
BOOK
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