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Home My WebLink About0500 ; ~ . ` That hi• will pe•rrt:~t, c.~mm~t, .u ~ufle~ no ~va~te, imp:+~rment, or detetiorat~on ~~f sa~d ptopetty or any pact thc~rc.~i, :~nd in the ~~~ent ot t~e fi.~lure .~f the mort~;aKo~ to keep ihe build~ngs on ~a~d pren~scs and those tobe er~rt~d c~n sa~d prem»ec, .ir imprort~ment~ there~~n. ~n good repa~r, ihe mottga~ee m.+~ make ~uch re~airs as ~n ttc diccrcleon rt ma~ deem neces~ar~• far the proper pr~sen•at~on thereof, and the lull amount ~~ti each and e~•ery such pa~ment chall be immc~~atel~ due and ~a~•able. ~+nd shall be securc~d b~• the I~en of th~. mortga~e. h Th:+t he w•311 pay all and s~npu;)ar the cacts, charges, and ex}~nses, including ted~onablF law•~•er's fres, and c~:~tc ~,t abctr~+ctc of t~tle. ~ncurre~d ot pa~d at an~• t~me bcthe mortgagee.because ot the (a~lure on the p.~ct of the m~rtga~or pcomptl~ and full~• to perfarm the aR:eements and co~~ena~ts of said pr.~m~ssor~~ note and th~s mort- ~;~~;e, and caid costs, ch:ir~es, dnd ex~nses shall be ~mmed~alcl~• due and pa~able and shaU be secured b~• the lien .ii th~c rnortg~~e. That he w•~11 {:rep the impro~•ements nou• exi~ting oc herea[tet erc~cted on the mortgagc~d propert~•, insured as r,,a~ be rrqwred (rom time to time b~ the m~tga~ee aga~nst loss b~• fire and other hazards, casualties, and cont~n- ~,eni-ies in ~uch amounts and for such penods as ma~• be required b~• mottgagee, and w~ill pay promptly, when due. am• premiurr~c on such ~n~urance for pa~•ment of w•hich pro~•ision has not been made hereinbefore. All in~urance ~hall he . arried in com~nie~ appr.~ved b~• mort~agee and the policies and renew•ais thereof shal! be held by mort- ~a~,ee and ha~e atteched thereto lo~s ~vabie clauses ~n fa~•or of and ~n form acceptable to the mortgagee. In e~ent oi lo~s he wil! ~~~•e immed~ate not~ce b~• ma~i to moctKagee, and mortgaRee ma~• make proot o( loss ~t nut made prarnptl~ b~ mortgagor, and each in~urance compan}• cortrerned is hereb~• authorized and directed to make pd~ ment for such 1~~.~c directly to mortgagee instead of to mortgagor and mortgagee jo~nUy, and the insurance pro- ceeds, or am part thereof, ma~• be appl~ed b~ mort~agee at its opt~on either to the reduction ot the indebtednes~ herebti• secured or to the restoration or repa~r of the propert~~ damaged. ln e~•ent of f~eclo~ure of th~s mortgage or other transfer of t~tle to the mortgaged propert~• ~n ext~nguishment ot the ~ndebtedness secured hereb~~, aU r~ght, t:tle, and ~ntere~t of the mortgag~ in and to an~• in~urance policies then in torce ~hail pass to the purchaser or Ktantee. S. That the mortgagee ma~, at an~• time pend~ng a su~t upon th~s mortgage, apply to the court ha~~~ng jurisd~c- tion thereof for the appointment oi a recei~~et, and such court shall forthW rth appoint a rece~ver of the p~emises covered hereb~ alt and singular, including ail and singular the ~ncome, prufits. issues. and revenues from whatever .uurce den~•ed. each and e~•er~• ot Khich, it being expressl}- understood, is hereby motlgaged as if speciEica115~ set forth ana aE ~~t~t~a ~n the granting and habendum clauses hereof, and such receivet shall have all the broad and eifec:~~•e iunct~ons and pc~wers in an~•u•ise entrusted b~• a court to a reetiver, and such appoiptment shall be made b~ such court ac an adm~tted equ~t~• and a matter of absolute right to said mortgagee. •wd i~jthout reference to the :-x~P.'~U2C\~ OI inadequac~~ of the ~•atue of the propert~• mortgaged or to the solvency or insolvenc~> of said mortgagor t or ?he dPfendents. and that such rents, profits, ~ncome, issues, and revenues shall be app~Tied b}' such receiver ~s~c,~Tding to the l~en of th~s mortgage and the practice of such court. In the event of any defaul' on the part of the ::,.~rtQa~or hereunder, the mortgagor agrees to pa~~ to the mortgagee on demand as a rea~onable monthly rental for :he~ pre^~ases an amount at least equiralent to one-tv?elfth (1 12~, of the aggregate of the twelve monthly install- ~,ent~ p:~~ah:e ~n the tfien current year piuc the actual amount of the annual taxes, assessments, water rates, and insurance prem~un:s for such ~•ear not co~•ered b~• the aforesa~d monthty payments. Q T`at in the e~~ent oi an~~ breach oi th~s mortgage or default on the part of th~ mortgagot, or /h ~ in the e~ent that anr of sa~d sums of r.ione~• here~n referred to be not promptly and fvllY paid without demand or notice, ~~r in the e.•e~t that each and eti•er~• the siiFulations, agreements, conditions. and covenants of said note and thi~ mortgage. are not dul~, procr.ptl~~. and full~• performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpa~d. w•~th interest accrued to'that time, and all moneys secured ; hereb~~. shall become due and pa~•eble forthw•~th, or thereafter, at the option of said mortgagee, as fully and com- E ~leteh os i! aU of the sa~d sums of mone~• were originalh• stipulated to be pcaid on such day, an~~thing in said ~ no*e or in this mortgage to the cont:an• notw•~thstanding: and thereupon or thereatter, at the option of said mortga- ~ gee. u~ithout notice or demand, suit at law• or ~n equitp, may be prosecuted as if all moneys secured hereby had 6 matured prior to ~ts institut~on. The mortgagee ma}• foreclose this mortgage, as to the amount so declared due and ~ pa~~able. and the said premises shall be suld. to satisf}• and pa~• the same together with costs, expenses,and allow- ~ ances In case of parUal foreclosure of this mortgage, the mortgaged premises shall be so.d subject to the con- ~ t~nuing lien of this mortgage for the amount of the debt not then due and unpaid. ln sucfi case the pro~•isions of E this paragraph may~ again be availed of thereaftec from time to time by the mortgagee. ~ 1~ That tne mortgagor will gi~~e immediate notice by~ ma~l to the mortgagee of any convey~ance, transfer, or ~ change of ox•nership of the premises. ~ 21. That no aai~~er of an}• co~~enant here?n or of the obi~gation secured hereby shall at any t~me thereafter be ~ neld to be a w•ai~•er of the terms hered or of the note secured hereby. ~ 1~. That if the mortgagor default in an~• of the cocenants or agreements contained herein, w in said note, then ~ the mortgagee ma~~ perforrn the same. and all e~penditujes (including reasonable attorne~'s fees) made b~• the 3 meztgagee in so duing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ :~mediatel~~ and w,thout demand b}• the mortgagc,• to the mortgagee, and, together with interest and costs accruing ~ ihe:eon, shal: be secu~ee~ b~• this mortgage. _ ~ ? 3_ that the r>~~3:ng of a wr~tten notice or demand addressed to the owner of record of the mortgaged premises, ~ _~r d::ected to the sd~d ou~ner at the last address actuall}• furnished to the moctgagee, or directed to saidowner at ~ said mortgaged premises, and mailed 5~ the United Siates mails. shall be suf(icient notice and demand in any ~ ~ case arismg under thss instrument and tequued b~• the pruvisions hereof or by law. I4_ The mortgagor fnrther covenants that should this mortgage and the note secured hereby not be eligible for rosurance under the National Housmg Act wrtn~n from the date hereof (wntten statement _ c,f dnti off~cer of the Departrteent of Hous~ng and tlrban Develo ment or authorized agent of the Secret~rp of Hous- ing and Urben De~•elopment dated subsequent to the t~me from the date ot this mortgage, = declining to insure said nc~te and this mortgage. being deem~~d conclus~ve proof of such ineligibility), the mortga- ~ gee or the holder d the note cs?dy, at its opt~on, declare ~!l sums secured hereby immediately due and payable. 7~he cu~•enants herein conta~n~d shall bind, and the benefits and advantages shall inure to, the respective ~ heus. exrcutors, edr.i~nlstratoss. successc~rs, and assigns of the parties heteto. W'henever used, the singular num- : t,er s^a'.', in: iude the piural, the plural the singu.ar. and the use ot an}~ gender shall include all genders. ~ z~ •~t ~ ~ ~ ~i9i ~ ~ ~