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HomeMy WebLinkAbout1082 'l~h:+t hc~ ~~~tll {~~~~mit, curncn~l, ~x suffrr nu ~c<~stE~, imp,uritunt. ut dete•riur~~tion cz1 sa~d proF,~~rt~' u? <~n~ p:~rt th~~rruf. :~nd in th~~ c~e•nt c~f thE~ tu!lurr uf the murtgagut to keep the build~nKs ~~n said prrmisc~s and thuse tobe rr~~ct~~d r,n ~aid E:re;n~.t~~. ur ~mpru~e~mc•nt~ t}~eteon. ~n ~o~xl ic~pa~r. the mo~tRaKee m.,~• n~ake such repa~rti .+s ~n its disct~~tion ~t ma~• deem nrc~•s5ar~• fot thc~ prope~r prrser~•<ition thrreof, .~nd the full amount c~f c~ach and e~•er~•. such E~~~~ ir;c•nt sh,+l! be~ immcdiatelt' d~~r :+nd pa~.~blr, .~nd ~hall be srcurrd b~~ the lien uf th~: m~rt~;aKe. ! 6'Ch.~t he w•ill pa~• all and s~n~;ular the custs, ch~~r~;~s, and ex~~risrs, ~nclud~nK reasonable law~~t•r's fr~•s, and cu~t. c~f abstracts uf t~tie. tncutre~d or paid at an~• tin;c~ bt~the mortk:igre.bc~cause of the failure ~~n the part i~f ' the~ murtK,~gur pron~ptl~• and fuli~• to Exrfurm thc aKrc:ements and co~~enants of said prumissory nuFe ~+nd this mort- z ~;.~~;c~, ~+nd ti.~id c•citit~;, c~ltar~;cti, ~ind ir~e°ntie~ tihall b~~ lmme•di:+te!)• due and Ek+~•.ible .ind tihall be ~c~cuted bti~ Ihe~ ~ li~•n uf th?~ murt~;aKe. ~ That he ;~•ill kc~rp the impru~e~mrnts nuu,~ existinK on c~•rru(ter erectecl un the mortKagcd propert}•, insured as m~+~~ be rc•Gu~md irom tim~~ to t~me bt the murt~;a~;~•e aK~~~nst loss b~ G~e and other hazards, casualties, and cc~nt~n- Kencics in surh .unounts and for such peri.~s ;~s ma~• be tequ~red b~ murtg~i~ee, and wtll pa~• promptl~~, u~hen due, an~~ premiums on such tnsurance (:~r p~+~•ment of u•h~ch pro~•~sion has nat been made here~nbefure. All ~nsurance s'e,+ll be carned ~n cumpunir~ app~o~ed b~~ mottg~,Kee and the pol~c~c~s and renew•als the~eof shc+ll be held by mort- K.~~;ee and ha~•e attached Iheret~~ luss pa~•able clauses in fa~~ur uf .~nd ~n form acceptable to the murtKaKee. In e~~~nt ut lu~s he ~~ill Ki~e immediate nut~te b}' matl to mortKaKee, and murtgaKec~ m~y make prcwf of loss ii nut ~wde ~~romptl~• b~• m<~rtKugor, and each ~nsurance compan~~ conc•~~rned is hrreb~• authorized and duerteci tu make p.~~•a;ent f~r such loss d~rectl~• to mort~;aKee instead of to murtg.iK~~r and mortgagee jo~ntl}•, and the insurance pro- ceeds, or am• part thereof, mdy be applied h~• mortga~{ee at its opt~on either tc~ the reduction of the indebtednes~ hereb~• secured or ta the restor~tion or repair af thepropert~~ damaged. In e~ent of (oreclosure of this murt~aRe or uther tran~fer of title to the mortKaged proPerty in extinguishment of the indebtedness securFd hereb~•, all r~Rht, t~tle, and interest of the mor?ga~or in and to an~• insurance polic~es then in force shalt pass to the purchaser or kr~~ nt ee . S. That the mortgagee may, at an~~ time ~ndin~ a suit upun this mort~age, apply to the court ha~•ing ~utisdic- 3 tiun thereo! fo~ the appointment of a recei~~er, and such court shall forthwith appoint a recei~•er of the premises c~~~crcd hereb~• all and s~nKular, includink al( and s~n~ular the income, prufits, issues, and revenues from w•hute~•er ~~~urce der~~~ed, each and eve:~~ of whuh. ~t beinK rxpressl~~ understood. is hereby mortga~ed ati if specificallp set _ furth and described in the gr~nhng and habendum clauses hereof, dnd such recei~•er shall ha~•e all the broad and c~flc~ct~~-e functions and pou~rrs ~n an~•wise entrusted b~• a court to a rece~~•er, and tuch appoinlment shall be made " b~• such court a~ an admitted equity and a matter of absolute right to said mortgagee, and without reference to the .+dequact~ .~r inadequa+c~~ of the ~•alue of the propert~~ mortgaged or to the solvency or insolvency of said mortgagor ur the defendc~nts. and that such rents, proEits, income, issues, and re~~enues shall be applled by such receiver .~ccordin~ to the lien of this mortRa~e and the pract~ce of such court. In the e~~ent of any default on the part of the ~ r.,~~rtK~,gus here!inder, the raortKa~or agrees to p~}~ to the mortKagee on demand as a reasonable monthly rental Eer the• prc m~sE~s ,+n amo~xnt at least equ~~~alent to one-t~~elfth (1 12) of the aggreKate of the tw•elve monthl} install- ^~:rnts F~~t•~+hle in the then ~urrent }~ear plus the ~,ctual amount of the annuat ta~es, assessments, water rates, and ~ ~nsurance premiums for such }•ear not co~•esed bti• the afores~+id monthlS~ pa}~menis. ~3 That ~ in the e~ent of any bre.ich of this mvrtKaKe or default on the part of the mortgagor, or in the : e~rnt that ~,m• of sa~d sums of T~one~- herein re(erred tu be not promptl~~ and fully p~~d w~thout demand or notice, ' ~~r ~n the e~•ent that each and e~•er~ the stipulat~ons, agreements, conditions. and co~~enants of said note and this r.:urtKa~e, are not dul~•, promptlv, and full~~ performed; then in either or an~• such event, the said aggregate 5um mentioned in sa~d note then remaining unpaid, With interest accrued to that t~me, and all moneys secured herebt, shall becume due and pa~•able forthw~ith, or thereafter, at the option ot sa~d mortgagee, as full~• and com- " pletei~~ as if all uf the said sums of mone~• v~ere origina(ty~ stipulated to be paid or. such da~•, anyth~ng in said n~~te ur m th~s murtga~e to the contrar~~ notu~ithstand~nR; and thereupon or thereafter, at the option of said mortga- ~ Ker, w~thout notice or demand, suit at lau~ or in equity. ma}~ be prosecuted as if all mone~~s secured hereby had r:,.~tured priur fo its institution. The mortgagee ma~• foreclose th~s mortgage, as to the amount so declared due and pacable, anc? the sa~d premtses shall be sold to satisf~~ and pa~• the same to~ether with costs, expenses,and allow- - ance~. In case of partial toreclosure of this mortgage, the mortgaged premises shalt be sold subject to the con- tinu~n~ lien of th~s mortKage for the amount of the debt not then due and unpaid. In such case the pro~•isions of thi~ paraKraph ma}• agatn be availed of there~fter from time to t~me b} the mortgaRee. 10. That the r:ortgagor will gi~e ~mmed~ate not~ce b}~ maii to the mortRa~ee of an~~ con~~eyance, transfer. ~~r - change of ounersh~p c~t the prem~ses. I1 That no u•ai~~er of ant• co~~enant here~n or of the obltKation secured hereby shall at an~~ t~me thereafter be hc~td tu he a u•ai~~er o[ the terms hereo( or of the note secured herebv. IZ. That if the :nortgagor default ~n an~~ of the cocenants or agreements conta~ned hecein, or in said note, then = tt~c mortKagEE m:~~• ~erform the s~~me, and all expenditu~es I~nclu~~ng reasonable attocney's fees) made b~• the r.:urtgaKee :n s~~ dc~~ng shall drau~ intere~t at the r-~te set forth in the note secured hereb~•, and sfiall he repayobte i^mediatc•i< <~nc~ w~ithout demand b~~ the r^ortgagor tu the me~rtgagee, and, together w~th interest and cos!s accrsn~R = thert•on, shdll be secured by th~s mortKaKe. - l3. chat the r-.~i1~nF uf a written notire or deTandaddressed ta the owner of record of the mortgaged ptemtses, ~~r dirc•cted to the satd owner al the last address actuaUt• furnishc~d to the mortRagee, or directed to sasdowner at ~,+~d r•ortgaged pcem~ses, and Tailed b~• the Un~ted Statt•~ maii5, shail be suffic~ent notice and demar.a ~n anti• ~ c.+~e ar~s~nK under thit instrument dnd reyu~red b~• the pro~~isions hereof <~r bv law. :m la. The mortRagor further covenar:s that shuuid this mortgage and the note secured hereb~• not he eliKibfe t~~r insvrance under the Nahonal Housing Act w•~thin ~ pAY~ from the date hereof (written statement ~~f .,rz~, officer of tlie Department ot Hous~ng and Urban Uc~~•e upmen± ~r authonzed aKent of the Secretary~ of Hous- _ ~nK ~~nd Urb~n Ue~elupmrnt dated subseyuent to the ~n ~p,i~a t~me from the date of thi~ mort~uge. _ dec-;ininK to insure said note and thtis mortg~+~e, bei~g deem~d conclusive proof of such inel~gibiliti-). the mortga- - ~;er c~r tzie ho?der of the note m:~~•, at ~ts option. declare al1 sums secured hereby immediately due and payabte. - Tlie co~enants here~n contain~d sha11 bind, and the benefits and ad~~antages snall inure to, the respecti~•e s he~rs. rxrcutors. adm~n~strat~~rs, successurs, and assi~rs of the part~es hereto. t1'henever used, the s~n~ular num- t,rr ~h~~i'. inciu~e the ptura'., thr plural the ~~nKula:, and the use of an~• ~c~nder sh~+ll ~nclude all ~enders. +:3 80~1~ PA~1t~2 E I . ~ . ~ . ~ . . . ~ :i---~ ~ . . . . .