HomeMy WebLinkAbout0145 1'h:it i~e~ ~~•1~~ ~~~•nn~t, i'umtn~t, ut ~iit~rr Ro w.~5te. ~mp.urmt'nt. O~ t~tlrn~jratluq c~~ sald ptc~p~~~t~ ut .u~~' (~:~rt
t1~~ n•„[. :~nd ~n the• ~~t•~•nt „t t}~e• iculu~~~ ~~f tl~t~ +r.urt~;;~~;ot tu kei•p tht~ bu~ldinRs un tiatd prrmist~ti an~1 thuse tub~~
~•r~ ~ te•d un sa~d prrn,~se•~, ~~r ~mpr.~ce~me~nts th~•n•un. ~n Kui~ rep:+?r, thr muttKcike~e ma~ m,:{~e• such te~k+~rs ,~s ~n ~t~
J~~.~~rc•t~un ~t m.+~• de~•m nrc~~ssar~' for the pcopt•r presc~n~.ittc~a thc•rf~u(. ..nd the (ull .+rt,uunt ~•ach .~nd e•~•et~' ~uch
~~:~~r:rnt ~hall be ~~r,m~•d~:~lrl~• du~• and p.~~.~ble•, and ~hall hr secutrd b~~ the lien th~s murtl;~~K~'
h"1'hat he w•~11 pa~ al) .:nd s~n~;ular the costs, cliar~;c~s, and t•xp~•nti~•~, ~ncludinR r~•asunabit~ 1aw•~•~~r's (ees,
anil ~•~»t~ abstr;u•t~ ~,i trtlc~. ~ncurre~d uc E~.~id :~t ~~n~~ time h~• tht~ mott~;ageE~ becautie of the fa~lu~r ~~n tht~ ~k+rt e~f s
thr m~~rt~;aR~.~t prurnptl~ .~nd full~• t~~ prrfurm the a~;~e~emc•nts and co~~enants ot s;+~d prumissur~~ nutt~ und this murt-
F;aRr. .+nd x:~id c~i~t~, ch;~r~;~•s, .~nd ~•x~x•n~c~s sh.~ll bt ~mmed~~~tel~~ dut~ and E~:i~'<ible :,nd shall be ~rcurr~d b~• th~~ ;
:
L•~•:i ~,t thi~ rt<<,rt~;a~;e. ;
~ 1'hat hr ~ti•itl kc~e~p ih~~ impru~•e•:r.~•nts nu~c e•x~st~ng or herea+tter erected on thc~ mort~;aked propert~•, ~nsured as ;
rn:~~ bc~ rc•yu~r~~d Irum t~me t~ timc• b~• the mort~;aKe~c aK~unst loss b~~ f~re .+nd o!her h~zards, casualties, and ront~n-
krnc~e~s in such amuunts :+nd lor ~uch pen~~cls ~~s ma~• be requ~ted b~~ mortg.~Kee. ~+nd W~iU pay promptl~•, when due,
.~nt~ pn~~n~ums un surh tnsur.+nce for pa~~mc•nt of w~hich pro~•ision has nat been rrade heteinbefure. All ~nsurance
tih.~ll bc~ ~•arr~ed ~n cc~;np.,mc~s .ippro~-ed b~• mortKaKee and the policie•s and renew•als thereof sh.+U be held by mort-
F,,~,e~c~ and h.~~~e .~ttac•hrd then•to luss pa~able clauses in fa~•or of ~nd in form acceptable to the mortKaKee. In
c~~e•nt uf luti~ h~• ~riil Kice immedt~+tE• not~c~• b~~ ma~l to morlKaKee, and mortgaKee mav make proof ol los~ if nut
r.::ide~ prurt~ptl~• h~• murtkagor, and et+ch ~nsutance cumpan}• conc~~med is herkb~• authonzed and d~tected to make
pa~;nrnt f~~r such l~~tis directl~• to morlgaKee instead of to mortga~u~ and morlgagee jointly, and the ~nsurance pro-
cec•ds, ur ~:n~~ p.~rt thereol, may be applied b~• mort~;aRee at ?ts option either to the reduction of the indebt~•dness
hrr~~b~• secured ur to tne restur~~tion or repa~r of the property dama~ed. In e~•ent of (oreclosnre o[ this mortKa~;e or
utt~er transler of title to the mortKaged prupert~• m extinguishment of the indebtedness secured herrhy, all n~ht.
t~tlf~, and intc~rest of the mortgagor in and to .+ny insurance pol~cies then in (orce shall pass to the purchaser or
~;rantet~
R. That thc mor~K.,Kee ma}~, at an~~ time prnding a suit upon th~s mort~ake, appl)• .o the court having jurisdic-
t~~~n ther~of tor the appointment uf a recei~~er, and such court shall forthw~~th eppoint rece~vec of the premisc~s
c~~~~er~~d hereF.y .~U <~nd s~nKular, including all and s~ngular the ~ncome, proi?ts, ~ssues, and revenues from whate~•er
s~~urc~~ d~ ri~~ed, each and e~•en• of u~hich, it being expressl~~ understood, is hereby mortgaged as if speciticall~~ ~et
furth and desc:ribed in the ~ranting and habendum clauses hereof, and such rece~ver shall ha~~e all the broad and
e•flE•ct~~e functiuns and po~t•ers ~n ~,n~~w~~se entrusted b}• a court to a rece~~~er, and surh appo~ntment shall be made
b~~ tiuch c~.urt as an admitte~d equ~t~~ and a matter of absolute riKht to ~a~d mortRaKee, and without reference to the
,+dc•:~uac~• c~r ~naedrquac~• of the ~•alue ot the propert~• mortKa~ed Qr to the solvency or tnsolvency of said mortgagor
ur the def~~ndents, and t!iat ~uch rents, profits, income, issues, and re~•enues shall be applied b~• such receiver
~,cr~~rd~nk to the !ien uf th~s murtKage and the practice of such court. In the e~~ent of any default on the part of the
r.~urtKa~ur he:e~~nder, the mor!~a~ar aKrres to pa~• to the mortgdgee on demand as a reasonable monthl~• renta) for
tt:e prc~~u~c~ ~+n ~+muunt at lea~t equi~~aient to one-;~cel[th (1'12) of the aggre~ate oE the tw~eive monthl}'install-
^~c•nts pat.~ble ?n the then current ~ear plus the actual amount c~f the annual ta~es. assessments, u•ater rates, and
~n~~iranre pre~miums for such ~~ear not cu~emd b~ the afores~~id monthl~• payments.
That ~n the e~•ent o( an~ breach uf this mort~age or de(ault on the part of the mortga~or, or ~~n the
t~~E•nt that an~ of sacd sums of rr,~met~ here~n referred to be nat promptl}~ and fully pa~d without demand oi not~ce.
nr ~n the e~•ent that each and e~•er~• the st~pvlat~ons, agreements, conditions. and coven:~nts ot said note ~+nd
thi> r-;ort~;aKr. tire not dul}•, promptiy, and fuIl~ performed; then .n either or any such e~ent, the said aggregate
ti::m r-~ent~uned ~n said note then rem~~ninK unpaid. u~~th interest accrued to that time, and all monc~•s secured
herE~b~, shall ~ecumr due and pa~able furthwith, ur therea(ter, at the option of sa~d mortgagee, as fully and com-
~ ptc~tr,~ as if al? of 'he said sum~ of mone~• w~ere oriR~nally stipulated to be paid on such daq, an~~thinR in satd
n~~te• ur ~n th~s murtKaKe to the cuntrar} notwithstand~ng; a~d thereupon or thereatter, at the opt~on of sa~d mortga-
~A ith~~ut n~~tice vr demand, cu~t at lau• or ~n equih~, mat be prosecuted as if al! moneqs secured herebv had
~<~tured pnur to ct~ instit~t~on. The mor,gaKee may foreclose th~s mortgage, av to the amount so declared due and
E~~~~.~bie, and the ~aid ptem~ses shall be sold to satisf~~ and pa~• the same to~ether with costs, expenses.and allow-
~+nc-es. In case of parti~+i f~xeclosure ot this mortgage, the mortgaged premises shall be sold subiect to the con-
t~nuinK I~en of this mortKaRe for the amount of the debt not then due and unpaid. ln such case the proti•iswns of
this para~;r~,ph rra~ aKa~n be atailed uf thereaEter from ttme to time by the mortgagee.
ls~ That the murt~e~ur w~ill R~ce~ ir^med~ate notice b~• mail to the mortgagee of an~~ com•e~~ance, transter, or
ch,,n~;e ~,f ~~~cnertih~p of the prem~~e~.
I1 l hat no wai~•er of an~• cu~~enant here~n or of the ub?~gation secured hereby shall at an~• time thereaiter be
!;~-ld t:~ hc~ a tia~~e>r uf the terms hereof or of the note secured hereby.
1' That ~1 the mort~aRor def<~ult in an~~ of the co~enants or agreements contained here?n, or in said note. then
!',e~ ~rrtR.~Fee perfr,rm ihe ~~.mr. and ai; exE~nditu~es (includtng teasonable attornep's ieesj made b~• the
c,~rt~;:,F~,~•e• in ce~ ~iuing sh~~tl drau intere5t at tht• rate ~et forth in the nute secuted hereb~•, and shail he repa}•able
i-- r ~ ir.~,c~:~ <~n~ ~c:thuat drr.i~~nd h~ the mortKaRur ti~ the murtgagee, and, tuKether w~th interesi and costs accruing
t::~~rr,,n. ~h;~!t he tic~~ured b~ th~~ r~i~rtKaKe.
13. th~i? ?he .^*:~ttinK ~~f a writt~~n n~~t~ce or demandaddressed to the owner of record of the mort~aged prem~ses,
.~r ~'.is~~e trci t~.~ the sa~d uw•ner at thc• l.+st acdress actuall~• furn~shed to the mort~;agee, or directed to said ou•ner at
-.,,,ci r~,:t~;c~Red pirrc~~es. ancl m:~tted bt the l,'n~ted St.~tes maiis. 5ha11 be su(ttctent nut~ce ~+nd demend in any
c,~~e~ .~risir.R unaer this instr~~r.ent ~~nd requited b}• ttie proc~sions hereuf or b~• ia~.
1-I Thr murtK.+Kur further covr•nant~ thdt .huuid this mortgage and the note secured herebt• not be eligiblc
t~~* in:~r.~ncr under the• \atiunal Hous~n~ Ac~t u•ithin ~ pq~ fr~m the d~te hereof (u•ntten staternent
:.t .+rn ~~(ficrr uf the~ Uep~rtment ~~t He~u~~nK ,~nd Urban Ur~•e opment or authorized aKent ~f the 5ec~retar~ of lious-
;:1~; ;~nd [,rb~+n L%c•~rlu}~r^ent d.it~•~' subsryuent tc~ ihe time from the date of this mort~aKe.
::t.•C;l~ifl,k', tn ~n,~re s:~id nute and thi~ murtga~e, bri~~ deem•~d cunclus~:~e proof of such ineLgib~i~tt•j. the mortga-
~,r thF~ hcrlder u( the note m>•~•. a~! ~ts ~~ptton, declarF ~11 sums secured hereby immediately due and payahle.
l i~e cu~rndnts herrin cont~~~n ~d shall bind, and the benefits and ad~~antages shalt inure :r::~-^c!ice
l~,t'1(~. t•\t'CU:t)f~. :~~i^:~nistr<~±tn~. ~uc:-ess~~rs, and :~ssiRns of the parties hereto. N-he~e~•er used. the sinRular num-
`•~•r :~~ii! mcIudr the p:ural thr piur.,l the ~~nqut.~r, and the use i~f ~n~ gender shall ~nclude .+1! genders.
~
e`~ R~ 1 y6 ~~E 1~5