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HomeMy WebLinkAbout1069 , ~ S. That h~ W~U pcrm~t, c~~mmtt, u~ s?ifier ni~ w~.~ste, impu~rme~t, or deteriur:+tiun o[ said p[o~Crty ot uny purt ~ thi~~~-of, ~~nd ~n thc• ~~•~~nt uf thc [t~ilurr uf thc mort~;agor to kcrp the building~ vn suid pn•mises and thuse tobc ~rrrted on ~i~~d pn•mist•~, or ~mpro~•ements ihcceun, m g~x~d rep;~i~, Ihr motigaR~•e muy make such reEx~ir~ as in iis di~crrtion ~t may derm n~cesseiry tor the pro{xr p~esen•at~on thereof, nnd the full amount ot ~iich and every ~uch pa>~ment shall be tmmc~lit+tcly due and pnyabl~, nnd shzill bc securod by the lien ot th~~ mort~uRe. b Th:~t he Nill ~x~}• t~ll i~nd sin~uli~t !he co.vts, chf~rges, :+nd ex~x•n~es, including reasonable Ixwyer's (ee~, and r~..t~ ~~t ab~tracts uf title, ~nru~red o~ paid at any time bythe mcxtg:~gee.becuuse o( the fa~lure on the p:+rt o( th~ murt~;a~;~~r ptumptly and full}• to pertcxm the agrecmcnts and covenants ot su~d pr~~missory note und this mort- Ka~;r. .~nd ~a~d c~~~ts, rh:u~e~, und expe~nses shHll be, imro~diat~ly due and {~~•:ible and ~hall be secuted by thc I~~~n .~I this m~~rt~:iKc. , ~ 7. That hc W ill krcp the impro~~emc~ts nuw cx~sting w hercaher erected on thc mortguged property, insured as ~ ma~• be tequirrd (rom time to time by~ the moctgagee against loss by tire .ind other haza~ds, cosualties, and contin- ~;ezrie:: in ,:uch amounts and for such petiods as may be required by mo~lgagee, and will pay promptly, when due, anv p~em~ums on surh insurance tor payment of which pcovision has not been made hereinbefoce. All insuranre ~hall be cHrned in cam{wn~es appru~•ed b~• mortgagee and the policies and tenewz+ls thereof shall be held by mort- Ragee and ha~•e .?tta~-hed thereto loss pa~•able clauses in favor of and in form acceptable to the mortgagee. !n ~ r~~c nt ~~f lu.c he w•~11 Kh~e ~mmedi.+te notice b~• mail to mo~tgagee, and mort~a~ee may makc ptoof of loss if not s m;+dr pn~mpily b~• mortKa~;or, and each insuranr~ company conce•rned i~ hcreby authorized and directed to m~+ke Ev~~ ment for surh lo.s dirertl~~ to mottgagec instetid o[ to mortgagor and mortgagee joinUy, and the insutance pro- i cee~ds, or am~ part 1he~eo[, may be ~pplied b~• moctgagec at its option cither to the ~educfion of the indebtedness hereb~• ~ecured .~r to the restorc~tion or repair of the propert~• dumaged. ln event of [oreclosure ot this mortgage or othr~ tran~fer of title to the mortgaged property in extinguishment of the indebtedness secu~ed hereby, all right, title, and inte~est ~f the mottgaga in and to an~• insurance policies the~ in (orce shall pass !o the purchaser o~ RraMee. 8. That the moctgagee may, at any time pending a suit upon this moitgage, apply to the court having ju~isdic- tian thereof (or the appointment ot a receiver, and such court shall forthwith appoint a receiver of the premises f co.•errd hereb~~ all and singulat, including ail and singular the income, profits, issues, and revenues from whatever ~ ~ource der~~•ed, each and e~~e~~~ of which, it being expressly understood, is hereby mottgaged as if speci[ically set forth :~nd deccribed io the gcanting and habendum clauses hereof, and such receivet shall have a!1 the broad and effect~~•e functions and powers in an~•wise enirusted by a court to a receiver, and such appointment shall be made bp such court as an admitted equity and a matter ot absolute right to said mortgagee, and without reference to the adequac~~ or madequacy o( the value of the property mortgaged or to the solvency or insolvency of said mortgagor ur the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~+ccordin~ to the lien of this mortgage and the Practice of such court. In the event of any de[ault on the part of the ~ mortgagor he~eunder, the mottgagor agrees to pay to the mortgagee on demand as a reasonable mo~thly rental for ~ the premises an amount at least equivalent to one-twel(th (1 ~12) of the aggregate of the twelve monthly install- mPnt~ ~~•able 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 r~, i~n the e~•ent of an~~ breach of this mortgage or detault on ihe part of the mortgagor, or (b~ in the e~•ent that am• of said sums of rrioney herein referred to be not promptly and fully paid without demand or notice, ~ or -~n the event that each and e~~ery the stipulations, agreements, conditions. and covenants of said note and ~ thi~ mortgaRe, are not daly, promptly, and full~~ 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 hereb~~, shall become due and papable forthwith, or thereafte~, 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 contrar~~ notwithstanding; and thereupon or thereafter, at the option of said matga- gee. Without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and > ; pa~•able, and tne sa~d premises shall be sold to satisfy and Pay the same together with costs, expenses,and allow- ~ ~ ances. 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 of the debt not then due and unpaid. In such case the provisions oi ~ ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. 1C1~T sa e mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ ~ change of ovunership of the premises. ~ ll . That no waivec of an ~ co~~enant herein or of the obligation secured hereby shall at any time thereafter be held to be a uai~•er of the te s hereof or of the note secured hereby. 12. That if the mortgag default in an}~ of the covenants or agreements contained herein, or in said note, then the mortgagee ma}• perform the same, and all expenditutes (including reasonable attorney's Eees) made by the ~ r..ortgagee in so doing shatl draw interest at the rate set forth in the note secured hereby, and shall be repayable i^~:nediatel}• and w•~thoat demand b~• the mortgagoc to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by th~s mortgage. 13. thai the ma~lirg of a written notice or demandaddressed to the owner of record of 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 rr:ortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ cese ar~s~ng under this instrument and required by the provisions hereof or by law. ' 14 The mortgagor further covenants that should this mort ga~ e d the note secured hereby not be eligible ~ ~ for insurance under the National Housing Act within ~ 17AY~ from the date hereof (written statement 4 of an} off~cer of the Department of Housing and Urban Development or authorized agent of the Secretaty of Nous- ~ ~ ing and L`rban Development dated subsequent to~ the ~p QAYS time from the date oi this mortgage, ~ ~ ~ec:ining to ~nsure said note and this mortgage, being deemedconclusive proof of such ineligibility), the mortga- ~ ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ ~ The covenants herein contained shall bind, and the benetits and advantages shall inure to, the respective ~ ~ heirs, executors, administrators, successors, and assigns of the parties hereto. VPhenever used, the singular num- ~ t,er shall include the plnral, the plural the singular, and the use of any gender sha11 include all genders. ` ~ i e ~ ;i S ~ } ~ ~ 4 /OOK~95 PACE1O67 { ? - _ . _ --~.~Y'