HomeMy WebLinkAbout1677 Th.~t hr ~~•~Il ~~c•nr.il. cuc~n:~t, ~ir tiuffrr po Wzste, impau~u~•nt, ur dcle~rt.,rt~~ii~n ut said pt<>pc•rt;~ .~r an~ p,ut
th~•rr.~f, .,n;i ~n thi~ ~•~~e~nt u! the~ (;~ilu~r .~f tt~E• mott~aK~~t to kcep the buildinks un said pn•mise~ and thirne tube
rce•i t~•d un ~aid prrmt.~•s, ~yr ~mpr~~~~•mrnts t!«•re~un, m KotK1 reE~air, thc~ moct~;,~Kt~c~ ma~• m.~ke ~ut•h repairs us in it~
d~~crrtion it ma~• derm nc•ci•ssar~~ for the prup~•r prrsen•at~un thi•rr•u(, and the full amoun[ ~~t each and ecer~• such
p.,~ r.~~~nt .t~ull br immedi.+t~~l~ dur and ~a~•,tblr, .~nd shall be securc~d b~ the lien ui th~s mortgaKe.
t~ Th.~t h~~ ~ciU p.~} :~ll .~nd sin~ul.+r the c~sts, cha;kc•s, and expenses, ?ncludinK re.+sonabte law~~~er's lees,
.+nd ru~ts uf abst~actt uf tttlr. incurre•d ut paid at any time b~•the mort~agee.because of the failute~ on the ~;~tt of
thr m~~rt~;,,~;.~r prumptl~ <~nd iull~• to perfu~rn the .+Krcemc•nts and cu~~enants of s.iid prum~ssor~• nute ~,nd this murt-
~;.+~;t•, :+n~+. ~~~d cotitti, ~~hc~r~;f~ti, ~~nd capen~e5 tihall Le tmmed~.~tel~• duc• and p~+~~.~ble ~irtd shall be ~r~~•ured b~• the
lic~n of th~s murt},aKe. '
'fhat he w•ill keep the impru~emt•nts n~~w ~•xisttng ur herr:~fter erected on the mortgaged property, insured as
m.~t• be~ rrywred from time to t?mr b~ the murtgc~~;ec• aK~+inst los~ bt• f~re and other hazards, c~~sualties, and contin-
~;~•ncic•~ in ~uch amuunts and fur such periaci~ .~s ma~• be tequired b~• meu!gaRee, and w~ll pa~~ promptl~~, when due.
.~nt• prem~um~ on such insuranccr for pa~•ment of w~hich prv~•i~ion has not been made hereinbefore. All ~nsurance
shtill be carrird ~n cumpanies appruced b~• mort~agee ~ind the polic~es and reneaals thereof shall be held by mort-
K~~Kt'c <~nd ha~•r ~~u~~chc•d the:eto l~ss p.~~•~~ble clauses in fa~•or of .ind in form acceptable to the mortgagee. ln
r~c•~~t u( luss ha• ~~ill Ki~~~ immedu~te notice b~• rratl tu mortKaKre, and mottgaKee may make proof of los~ if not
~~adt~ E~rurnptl~~ b~• m~~rtgagur, and each ins~rance company concerned is hereb}~ authorized and d~rected to make
p.,~ mrnt ior such l~s` directly to mortga~ee instead oi to mortgagor and mortgagee jointly, and the insurance pru-
ceeds, ur am~ p,,rt thereof, may be applied b~~ mortgagee at its option either to the reduct~on of the ~ndebtedness
l~r~reb~• secured ur to the rrstoration or repair uf the property damaged. In event of foreclosure of this mortgaKe or
.~ther tr.,nsfer of title to the mortgaged prciperty~ !n exttnguishment of the indebtedness secured hereby, all right,
tit:e, and interest ot the mortgap,ar in and to an~~ ~nsurance pol~c~es then in force shall pass to the purchasrr or
l:r.~ntec~.
8. That the mortgagee may, at any time pending a swt upon this morigage, apply to the court having jurisdic- £
t~on the:eo( ior the appointment o[ a recei~•er, and suefh co~~ sllall forthw~ith appoint a rece~~•er of the premises
co~erc•d hereb~~ all and singular, includin~; al( and singul~r th n~brt{~'~prQfSts, issues, and revenues from whate~~er
~~~urce deri~•ed, each and ever~~ ui u•hich, it being expressl}- understood.~it hereby mortgaged as ~f specifically set
iurth and describrd ~n the granhng and habendum clauses hereoi: and•3~ receiver shall have all the broad and
etfect~re functiuns and Fow•ers in an~~u~~se entrusted by a court to a receiver, and such appo~n!ment shall be made
b•, such court as an admitted equ~t}~ and a matter of absolute right to said mortgagee, and without reference to the
adr°quact~ ~~r ~nadequ~,c}~ uf the ~•alue of the propert}• mortgaged or to the solvency or insolvency of said mortgagor
ur the c;c•iendents, and that tiuch rents, profits, income, issucs, and ret~enues shall be appl~ed b~• such receiver
.~ccurdinQ to the lien of this mort~ge and the Practice of such court. In the event of any default on the part of the
r.•:t~rt~;agor here~~nder, the mortg~~or ~gsees to pa~~ to the mortKagee on demand as a reasonable monthlv renta! for
thc~ prem~ses an amount at least eqwvalent to one-t~~elfth (1'12) of the aggregate of the twelve monthl}~install-
r^c•nts pa~~.~ble in the then current year plus the actual amount of the annual taxes, assessments, w~ater rates, and
i:isurance prem~ums for such year not co~~ered b}~ ihe aforesaid monthly payments.
That ~~n the e~ent of any bre~ich uf this mortgage or default on the part of the mortgagor, or (hr in the
E•~ent that any~ of said sums of mone~• herein referred to be not promptl~• and full~~ paid without demand or notice, -
.~r ~ in the e~•~nt ;hat each and e~•er~• the stipulat~ons, agreements, conditions. and covenants of said note and
this mort~age, are not duly, promptiy, and full~~ perfocmed; then in either or an~• such e~•ent, the said aggregate
~um mentioned in said note then rcmaintng unpaid, w~ith interest accrued to that time, and all monevs secured
hereb~, shall become due and payable forthw~ith, or thereafter, at the o~tion of said mortgagee, as full~~ and com-
pletel~~ as if all of the said sums of mone~• were originally~ stipulated to be paid on such day, anything in said
nu;e ur ~n this mortKaKe to the contrar~• notwithstandin~; and thereupon or therea[fer, at the option of said mortga-
gre, u•ith~~ut ne.tice or demand, suit at !aw or in equity, ma~~ be prosecuted as if all moneys secured hereby had
m~tured prior to its institut~on The mortgagee may Eoreciose this mortgage, as to the amount so declared due and
pay~~,ble, and the said premises shall be sold to satisf}• and pa}• the same together with costs, expenses,and aliow- :
ances. In case of par!ial foreclosure of this mortgage, the mortgaged prem~ses shall be sold subject to the con-
t?nuin~ Gen of this mortga~e for the amount of the debt not then due and unpaid. I~ such case the provisions of
th~s para~raph ma~~ aRain be availed of thereafter from t_ime to time by the mortgagee.
10. That the mortgagor w~ill gice immediate notice b}' mail to the mortgagee of any con~•e~~ance, transfer, or
ch~nge of ok~nersh~p of the premises.
11 That no w•a~~•er o( ang co~•enant herein or ot the obl~gation secured hereby shall at any time tt;ereafter be
hrld to be a ta~ait•er of the terms hereof or of the note secured herebv.
1' That if the rnortKagoc default i~ an~~ of the coti~enants or agreements contained herezn, or ~n said nute, then
tLe mc~rt~;aRee mat• perfurm the s~+r~e, and all expenditu~es (includ~ng reasonable attorney's fees) made b}~ the
r-:urtgakee in eo dosng shall draw interest at the rate set forth ~n the note secured hereby, and shall be repap•able
i~ ^ed~atc~t~ and w~~thout demc,nd b~~ thc> mortgagor to the mortgagee, and, together with interest a~d costs accru~ng
tllE•7E~un, shal: be secured b~~ this mortgage.
13 that the ma?l~ng of a w•ntten notice or demandaddressed to the owner of record of the mortgaged premises,
~.~r ~IiPrtE~ ?.o the s~~d ow~ner at the last address actuallp furnished to the mort~agee. or directed to saidow•ner at
s:,~d murt~aged premises, and maited bv the United States mails. shall be sufficient notice and demand in anv
c.,se ans~ng under this ?nstrument and required b~• the procisions hereol ~or b~• law~.
1~3. The mortgagor further covenants that should this mortgage and the note secured hereb~~ nvt be eligible
!~u ~nsurance under the ~iational Housin~ Aci x•~thin 30 DAYS from the date hereof (wntten statement
~.d .,n~ nfficer of the Department of Hous~~~ and Urban Development or authorized aRent of the Secretar~~ of Hous-
~~K and Urban De~~elupment dated subsequent to the 30 D~YS time from the date of this mortgage.
declining to insure said note and this mortgage, betng deem~rd conclus~ve proof of such ~neligi5il~t}•), the mortga- :
~ee or the holder of the note may, at ~ts ophon, declare all sums secured Fereby immed~atel}• due and payable.
7~he co~•en~nts here~n conta~ned shall bind, and the benefits ar.d ad~•antages shall inure to, the respecti~~e
he~r~, executors. ~~dm~n~strators. suce-essurs, and ass~gns of the parties hereto. 11'hene~•er used, the sin~ular num-
bc~r shait inciude the plur~l, the piurai the sin~ular, and the use of an~ gender sh;.,ll incl~de all ~,enders.
a~~K1y6 P~1~~