HomeMy WebLinkAbout0194 S. That he v?i11 Exrmit, c~~mmit, oc su(tc~? no waste, impairment, or detetio~s+tion of sa~d pro~~~ty or any part
thrr~ut; und in the evc~t o[ tF~ tuihue of the moctgagor tu keep the buildinRs on said p~emises and lhose tobe
cr~Y•ted on said pmmisc~, or improvements thtvqdri ~ in giwd ~ep~;r, the mort~agci muy makr such repairs as in its
disri4tiun it may deem necessary (or the proper preservation thereo[, and the full Amount ot each and eve~y such
papment shall be im~ned~titely due and psiy~+blr, and shall be secuced by the lien of this mortguge.
6. Th:+t he w~ll pay nll and siogular t~-crosts, charges, and expeoses, inciudinK ~eason:ible lawye~'s ires,
and cust~ o[ abstracts of title, inrurrcd paid at any time bythe mortgagee.Mrau~p of the [ailure on the patl oi
the muetga~cx promptly s~nd (utly to perfcxm the ag~c~:ments and covenants of sa~d ~promisso~y oote and this murt-
guge, and said costs, cFuuKes, a~d expe•~ses shull be immedic~tely due and p.~ydble and shall be srcurcrd by the
lien of this mortgage.
7. That he will k~ep the i:npro~•ement~ now existing oi heceu[icc crccted on thc mortgaged p~opettp, insured as
ma~• be required (rom time to time b~• the mo~tgagee against loss ~y (ire :+nd other haznrds, casualt~es, and contin-
gencies in such amounts and tor such peri«1s as may be required by mcxt~agee, and will pay promptly, when due,
an~ prrmiums on such insurance (or p~yment ot which provision has no! been made hereinbelore. ALI insu~unce
shall bc i-arried in companies approved by mortgagee artd the pol~cies and renew~ls thereot shall be held by mo~t-
K~~Ker :ind h:i~•e attached thereto lo~s puyablr clauses in favur ot and in form acceptable to the mortgagee. In
e~•~•nt of luss he will give immediate notice bg mail to moctga~ee, and moctgaRee may make proo( o( loss if not
made p~omptly by mortgagor, and each insurance compaoy concerned is hereb~• authorized and direc~ed to make
p:+~•ment Eot such lo.tis directly to moctgdgce instead of to mortgagor and mo~tgagee jointly, and the insur~nce pro-
ceeds, or eny part there~f, may be applied by mattgagee at its option either to the reduction of tfie indebteclness
heceby secured ur to the ~estoration oc cepair of the prope~ty damaged. ln event of toreclosu~e o( this mortgage o~
.sther trans(er of title to the mortgaged pcoperty in extinguishment of the indebtedness secured hereby, all right,
title. ~and i~teiest of the mortgagat in and to an~~ insurance policies then in [otce shall pass to the purchaser or
granlee.
8. That the mottgagee may, at any time pending a suit upon this mortgage, apply to the court }saving jurisdic-
tion thereof for tiie appointment of a receiver, and such court shall fodhwith appoint a receive~ o( the premises
covered hereby all and singular. including ail and singuiar the income, profits, issues. and revenues from whatever
source derived, each and every of which, it being expressly understood, is hereby mottgaged,as if seecifically set
forth and descriUed in the granting and habendum clauses hereof, and such receiver shall• bavt pll~the broad and
effectn•e functions and powers in anl~wise entrusted by a court _o a receiver, and such appQintment shait be made
by such coa~t as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the
adequacy o: inadequacy of the value o( the p~opedy mortgaged or to the solvency or insolvency of said mortgagor -
oc the defendents, and that such rents, profits, income. issues, ane~ revenues shall be applied by such receiver
according to the lien of this mortgage and the practice of such court. ln the event of any default on the part of the :
mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly ~ental for
; the premises an~ amount at least equivalent to o~e-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, assessmrnts, water cates, and ~
insurance premiums for such year not covered by the aforesaid monthly payments. _
9. That (u ~ in the e~•ent of any breach of this moKgage or default on the part of the mortgagor, or (b/ in the ~
e~•ent ihat any of said sums o[ money herein referred to be not promptly and'fully paid without demand or notice, ~
or ? in the e~•ent that each and every the stipulations. agreements, conditions. and covenants of said note and ~ ~
this mortgage, are not duly, promptly, and fully per[ormed; then in either or any such e~ent, the said aggregate '
sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ;
hereb~•, 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at t_he oE+tion oE said mortga- ~
gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys ~ecured hereby had ~
m~t~red prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
Pa~•able, and the said pcemises ~hall be sold to satisfy and pay the same together with costs, expenses,and allow-
dnces. 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 oE the debt not then 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 ot any conveyance, transfer, or ~
change of ownership of the premises. '
lI. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
'?eld to be a Maiver of the terms hereof or of the note secured hereby.
1?_ That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then
the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the
r~ortgagee i~ So doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayabie
immediately and without demand b~r the mortgagor to the mortgagee, and, tqgether with interest and costs accruing
thereon, shal! be secured by this mortgage.
13. that the mailing aE a wfitten notice a demandaddressed to the owner of record of the mortgaged premises, ~
, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at
said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any -
case arising under this insttument and required by the provisions hereof or by law.
14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~
~ for insurance under the lYational Housing Act within from the date hereof (written statement
of any offic~r of the Department of Housing and Urban Development or authori:.ed agent of the Se~:etar} Hous-
ing and Urban DevelopmenE .dated subsequent to~ t}1e~30 Q/~~ time from the date of this mortgage,
declinin~to iii~ire said fiote•ahd this mo~tgpg~, bem`~ de~n~ednchfsive j?soof=o~ suC1~ ineligibitiry), the mortga-
gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable.
The co~~~nants herein contained shall bind. and the benefits and advantages shall inure to, the respective
heirs, executors, administrators, successors, and assigns ofjthe parti~s~,hereto. Whenever used, the singular num-
ber shall include thp plural, the plural the singular, and the use of any gender shall include all genders.
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