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HomeMy WebLinkAbout1198 , ~ . ~ ~ w+v ~ ` - . . v ~ ~ i._~~t T lali'E i ! ~ ; ~ i ~ ~ . ~ 5. Tl~t he ~wiU ~ecmlt. comait, a suEEec no w~ste. impelrmeot, a deteriastloa of s~Id pcopertp ot any P~iE theieof; and ia We ~vent of the foilure of the aaortgoga to keap the buil?i~s on said ptamtses oad those tobe erect~d op sai~ preauses. a iaaprovemeats tbereon, in good ~cQau. the morfgagee awy nwke such cep~irs as ia its discretio~ It a~y_ depm e~ecessaty fa~ the proper presenration thereof. •ad ~be full amouat of 'e~ch and every ancL po,yment ~hall be:imAedi~tely due sad p~yable. w~d shall be sec~ued by tbe lleaof this mo~tgage. 6. T6at he'pill~poy all and siagular the costs. char~es. and expe~se~. iacl~iag rersoaable lawyer's fee#, a~d co~ta of abshac~s oi tltle. Incurred a paid at any time by the matgagae becouse of the fajluce oa the part af t1f~ mortgaga promptly and fully to perEo~m tbe pgreeme~ts ard covenaats ~of s~Id praoissory aote And this moe~• g~age. and said costt, clwrges. a~:d expeases slwll be immediately du~ auil poyable and slull be secured by tllt liea af thls matgage: = - • 7: That he will teep t6e improvements aow existin~ a heceaftec erecte~ oa the mo~tgaeed ptopedy. Inaured +!s may be required froa~ time to time by the matga~ee agaiast loss by fire ~nd ot6er 6azards, casu~lties, and coati~- gencies ih such amounts and for such periods as awy be required by matgagee, aad will pay promptly. whea d~. any pcemiums on sncb insucance for payment of which pcovision has not beea nwde hereinbefore. All iasuraace sball be carried in compaaies epproved by matgpgee ~nd the policies and renewals thereot shall be held by mat- gagee and have attached thereto loss poyable clauses In Eavoc of end ia form acceptable to the modg~gee. ln event of loss he alll glve immediate notice by mall to matgagee. and mortg~gee mey ~nske ~oof of loss if aot awde prompcly by m«tgagoc, s~nd each .insucance company concerned is heceby authaised and directed to make poyment fa snch lo~s dlrectly to moctga(ee instead ot to matgago~ and matgagee joiatly. and the insurance prw ceeds. or any pact thereot. mqy be applisd by matgagee at its option either to the reduction of the indebtedaess 6ereby secured or to the restaatiae ot re`pair of the pcopedy damaged. Ia eveat of faeclo~ure af this modgage a other tranafer of title to the mort~aged pcope~ty in e:tinguishmeat of the indebtedness secured becebyt all dght. title, and iMerest of the m«tg,ngac In and to aay iasurance policiea thea in focce shall pess to the purchaser oc ~rantee. - . 8. That the matga~ee eaey,_at any time.pending a snit dpon this matgage, apply to the court having jurisdic- tion thereuf for the appointmeat af a-receiver, aad such caut shall fathwitb appoiat a receiver af the premises covered heceby all aad siagular, including all and singular the inco~e, proflts. issues. aad cevenues f~om vvhatever source derived, each and every ot which. it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and hebendum clauses hereof. and such receiver shall bave all the broad and effective functia~s aad poaers in anywise eatrusted by a eaurt to a receiver, and sach appoiataieat shall be made by such court es an admitted equity and s matter of absolute right to said mortgagee. and ~vithout refereace to the adequacy or iaadequecy of the value of the propedy matgaged or to the solvency ac iasolvency of said mortgagor or the defendents. and that such rents, profits. iacome. issces, and reveaues shall be applied by sach receiver according to the Uea of this matgage and the practice of suc6 caut. In the eveAt of any default on the pad of the modgegor hereunder. the matgaga agrees to pay to the mortgagee on demand as a reasaaeble moathly rental for the premises an amount at least eqqivalent to one-twelfth (1/12) of the aggregate d the twelve monthly iaatall- ments peyable in the then curcent year plus the actual amount of the anaual ta~ces. assessroeats, water rates, and insurance premiums for auch year oqt covere@ by the afocesaid monthly peymeats. 9. Thst (o) ia the eveat of any bceach of this modgage or defanlt aa the pad of the neortgag~, or (b) in the event that any of said snms d money herein referred to be not pcomptly and fully peid ~?ithout demaad or aotice, or (~1 in the event that each aad every the stipulatioas, agreements, conditia~s, ac~ coveaaats of said aote and this mortgage, ere ad duly~ pmmptty. and fully pedormed; thea ia either or aay snch event, the said ag~regate sum mentioned in said. aote tbea remaining unpaid, ~vith iaterest accrued to t6at time, aad all moneys secured hereb~?, shall become due aad peyable focthwith, a thereafter, at the option of said matgagee, as fnlly aad com- pletely as it all of~{~ d~a~yqs of moaey wece originally stipuleted to be paid on such day, anything ia said note a in this mortgage'td"the ~otrary notwithstanding; and thereupon or t6ereafter, at the option af said moctga- Ii gee, wlthont notice or demand, sult af law or in eqnity~ may be prosecuted as if all moneys secnred hereby hed matured prioc to its iastitntiat. Tbe mottg,egee may foceclose this mo~tgage, as to tLe amonnt so declared due and i payabte, and tLe said premises shall be sold to setisfy and paq tbe same togethec witb costs. e:penses.aad allow- ~ ances. In case of partial ,faeclosure oi this mortgage, the mortgaged premises s}wll be sold subject to the con- tinuing lien of this mortgage for the amount af the debt not then due and unpaid. Ia such case the pcovisions of this pecagraph may again be availed of thereafter from time to time by the moctgagee. 10. Thet the modgagot will give immediate notice by mail to the modg,agee of any conveyance, transfer, a change of awnership of the pcemises. 11. That no ~vaiver of aay covenant herein o~ oE the obligation secnred bereby shell at any time thereafter be held to be a waiver of the tecros hereof or of the note secured hereby. 12. That if the moctgagoc default ia any of the coveaants or agreemeats contained hereia, oc in said note, then the modgagee may pedorm the samg. and all expeadituces (inclnding reasonable atterney's feea) made by the modgagee in so doing shall draw interest at the rate set fath in the• note secured hereby, and sball be repayable immediately and arithout demaad by the moctg,aga to tbe matgagee, and. together with iaterest and costs accruing thereon, stwll be secured by this modgage. 13. that the mailing of a wcitten notice ac demand addressed Eo the owner of recocd o# tl~e matgaged premises, or directed to the said awaer. at the last addeess actuelly furaished to the matg,aeee, or directed to said awner at said modgaged premises, and mailed by the Uaited States mails, shall be sufficient notice and demaad in any case arising under this iastrument and required bY the provisioaa hereof or by law. . 14. The modgaga covenants end ag~ees t6st so ~long as this matg,age and-the seid note secured hereby are ~ insuced nnder the provisions of the Natiaaal Ha~sing Act, he wiU not esecate or file fa cecord aay instrument ~ which imposes a iestrictlon upon the sale oc ocenpency of tbe mort&aged propedy oa the besis of race~ cola~. or ~ creed. Upon any vlolatian of t6is undertakiag. the matgagee mey, at its optiaa, declare the unpaid balance of the debt secured hereby immediately dne arid payable. , 15. The moctgagor f~uther covenants that s6onW tbis matgage aad the note sccnred heceby not be eli~ibk for ins~uance under the Notioaal Housiag Act within 30 ~aY$ from the date beceef (writtea statement of any officer af the Depeitment uf Housiag end Urban Developmeat or authodsed ogent af tbe Secretacy oE Hous- ing aad Urban Developmeat dated S~~~uept to tt~ -30 DAYS 4~ f~ ~ dete of tlus mortg,age, decliain~ to ins~ue said nde ~d this mortgagie, being dcemed caacl~sive proof cf sucb iaellglbi4ty). tbe moct~,a- gee oc tbe holder af t}ie note may, at its option, declare all aums aecnced berebq immediately due sad poyable.~ T6e coveaaats 6erein contained sball bind. and tbe benefits 4nd . adval~taged shall iawe to, the respective heies. e~cecutora, adminlstratoc"s. snece:ssers, and assig~s af the partles hereto. W6eaevec used. the singulor anm- ber shell iaclude the pl~ual, the plnral tbe singnlar, and the use of any geader shall incl~de all genders. SaoKi?~6 P~Ei~.97. . . - _ _ - .,.~~,h~1- '~'_N.6 ' _ 'L~..'',, a"'.;:-Y b '