HomeMy WebLinkAbout1312 That hr ~~•~1: p~~rmit, cummit, or su([er nc~ w•aste, impuirment, u~ detenorat~on o! sa~d propetty o~ .iny purt
thrreuf, .+nd in tfie event of the faiince o[ the murtK~+gor to keep the buildings on said prem?ses an~ those tobe
e~rctc~d on said premt~e~, or ~mpto~~~•ments thereun, ~n goc,d repair, the mortgagee may make such repaits as in its
discret~on it may deem necessar~• (or the proper preservation lhc reof, and the full amount of each and every such
pa~~mrnt shall be ~mmc~~atel~• due and p.+~•able, and shall be secured bp the lien of this mortgage.
6 Th.+t he w~iU pa~~ all and singutar the costs, charges, and expenses, ~ncluding reasunable law~•er's fees,
and costs of abstracts uf ti!le, incurred or natd at any time b~~ the moct~agee.because of the failure on the part of
the murtgagor p~omptl~• and full~~ to perform the ~~reements and co~~enants of said promissory note and this mort-
gaKE•, and said costs, ch~~r~;es, and expenses shall be ~mmediately due and p:+~~able :~nd shall be secured by the
Ge~n uf this mortKugc.
; That he w•ill kerp the impro~•cmer.ts nuu• existing or hereaRe~ erected on the mortgaged propetty, insured as
may~ be required trom time to time b~• the mortg:+Kee against loss bp fire and other hazards, casualties, and contin-
Kencies in such amounts and for ~uch periods as ma~• be required by mortgagee, and will pap promptly, when due,
any premiums on such insurance for p<+)•ment of which prot~ision has not been made hereinbefo~e. All insurance
sh.~ll be carried ~n companies approved b~~ mortgagee and the policies and renewals thereof shall be held by mort-
K~~Kee and ha~•e att:~ched thereto loss pa~•able clauses in favor of and in focm acceptable to the mortgagee. In
~ e~~ent ol luss he will gi~•e ~mmediate notice bp ma~l to morigagee, and mortgagee may make proof of loss if not
• made prumptly b~~ mortg~gor, and each ~nsurance company concerned is hereby authorized and directed to make
pa~•ment for such loss directl}~ to mortgagee ?nstead of to mortgagur and mortgagee jo~ntty, and the insurance pro-
ceed~, or an~• part thereof, may be applied by~ mortgagee at its option either to the reduction of the indebtedness
; hereb~~ secured ar to the restoration or repair of the property damaged. In e~•ent o[ foreclosu~e o( this mortgage or
~ other transfcr of title to the mortgaged propert~~ ~n extinguishment o[ the indebtedness secured hereby, all right,
title, and interest of the mortgagor in and to an~• insurance palicies then in force shall pass to the purchaser or
~rantee.
8. That the mottgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic-
t~on thereof for the appointment of a recei~~er, and such court shafl forthwith appoint a receiver of the prem~ses
r co~ered hereb~• all and singular, includ~ng all and singular the ~ncome, profits, issues, and revenues from whatever
- suurce deri~~ed, each and e~~ery of which, it be~ng expressly understood, is hereby mortgaged as if specifically set
' forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and
a eftect~~•e functions and powers in an~•tiise entrusted bp a court to a receiver, and syFl~ a~ppint~eptshall he made
- b~ such court as an admitted equ~t}• and a matter of absolute right to sa~d mortgagee, and without teferanee to the
~ adequac}• ar inadequac~• of the ~~alue of the property mortgaged or to the sol~~ency ot insolvency of ~aid mortgagor
~~r the detendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver
- .+~curding to the lien of this mort~age and the practice of such court. !n the e~•ent of any default on the part of the
_ ;nurt~~gur hereunder, the mortg:~gor agrees to pay to the mortgagee on demand as a re~sonable monthly rental [or
the premises an amount at least equivalent to one-tw~elfth (1.'12) of the aggregate of' the twelve monthly install-
- r~rnts pa~~able m the then current y~ear ptus the actual amount of the annual taxes, assessments, water rates, and
~ in~urance prem:ums for such }~ear not co~~ered by the aforesaid monthty payments.
9. That ~ in the event of an}• breach oi this mortgage or default on the part of the mottgagor, or /F,/ in the
e~ent that an~~ of said sums of maney herein referred to be not promptly and fully paid without demand or notice,
- c~r ~n the e~•ent that each and e~~ery the stipulations, agreements, conditions. and covenants of said note and
this r^ort~age, are not dul~•, promptlti~, and full~• performed; then in either or any such event, the said aggregate
- surt ment~oned in said note then remaining unpa~d, with interest accrued to that time, and all moneys secured
• hereb~, ~hall becume due and pa}•able forthwith, or thereaiter, at the option of said mortgagee, as fully and com-
pletelt• a~ ~f ali of the said sums of money were originaill~ stiputated to be paid on such day, anything in said
~ note or in this mortgage to the contrar}° notwithstand~ng; and thereuPon or thetea[ter, at the option of said mortga-
~ KeE'. N'I~~lOllt natice or demand, suit at law~ or in equity, may be prosecuted as if all moneys secured hereby had
matured priur to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and
pat'able, and the said premises shall be sold. to satisfy and pay !he 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-
tinu~n~ l?en of this mortgage for the amount of the debt not then d~e and uopaid. In such case the provisions of
th~s paragraph maq again be availed of theceafter from time to time by the mortgagee.
10. That the mort~agor will gice immediate notice b~~ rnai! to the mortgagee of any com•eyance, transfer, or
chanKe of awnership of the premises.
11 . That no v~•a~~•er ot any cocenant herem or of the obligation secured hereby shail at any time thereafter be
= hrld to be a u•a~~•er of the terms hereof or of the note secured hereby.
- 1?. That if the me~rtgagor defauit ~n an~~ of the co~~enants or agreements contaened herein, or in said note, then
the mortgaRee mey perform the same, and all expenditu~es (incYuding reasonable attorney's fees) made by the
m~,rt~aKee in co doing shall drak• ~nterest at the rate set ferth ~n the note secured hereby, and shall be repa)°able
~-^^:ediatel~~ and u•ithout demand b~• the mortgagar to the mortgagee, and, together with interest and costs accr~~ng
thr•reon, shall be secured by this mortgage.
13. that the ma~linR of a u~ntten notice or demandaddressed to the ownet of record of the mortgaged prem~ses,
ur directed to the sa~d ewner at the Iast address actuall~• furnished to the mortgagee, or directed to sa~d owner at
~.+~d mortgaged premises, and mailed bv the United States ma~is, shall be sufficient notice and demand in any
cdse artsing under ihis instrument and required by the proti•isions hereof or by .aw.
_ la. The m.ortgagur further covenants that should this mortga e and the note secured hereby not be eiigible
for insurance under the ?~at~onal Nousinq Act within yp pA~' ftam the date hereof (wrttten statement
: :,f an•, off~cer of the Department of Fious~ng and Utban De~•elopment or authorized agent o( the Secretary of Nous-
~nK and Urban Ue~~elc,pment dated s~bsequent Lo the ~(~aYS ttme from the date of th~s mortgage,
decl~ning to insure said note and this mortgage, being deem•~d conclusi~•e proof of such ineligibtlityl, the moriga-
~ee or the holder of the note ma}•, at ?ts option, declare all sums secured hereby immed~ately due and payeble.
- The co~•enants herein contained shall bind, and the benef~ts and advantages shali ~nure to, the respective
he~rs, t~xrcutors, adm~nislraturs, sucressucs, and ass~gns of the parties hereto. 11'henever used, the s~ngular num-
= '~~~r .ha:1 m~iude the plural, the plural the sin~ular, and the use af any~ gender shalt inc{ude all genders.
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