HomeMy WebLinkAbout2202 ~ ~~•rrn?t, r~~cirn?t, ~,r suifer ni~ W:1tilP. llll ).~l[[tlt'(1~. ~l[ cietc~~~~,r.~tu,n ut ,.ud r„ ~rrt~ ur .~n~ ut ;
Th;~t h~~ ~~•ill { F I` i 1'.
th~•rruf, .~nc: in thc~ r~c~nt uf th~~ ?utlurc~ .d thc~ murtR.~~;ut !u kec:p the hutld~nKs un s,~td ptrr.usc•s .~n~1 thuse l.~be
rr~•rted ~,n ~a~d prr~~u.r~, ur impr.•~r•iarntc thrrc~.m. ~n Ku~~ rrp.+~r. the murtK:~Kc~c• ma~ n;.ike such rcEk~uti ~n rt~ '
dts~re~ton ~t m;+) de~~m nc•tt•ssar~ lut th~ p~uj~~•c prrsc~t~t+ltun therc•ul. ;~nd the full :~rtuunt ~~t rach .~nd ~~tc~t) ~uch
~,.~~me•nt sha;l be immc•di.~tel~• due aod p.~~ablt~. .+nd ~hall be secutc•d b~ the lien u( th~~ m~tt~;aRe.
h 7'h:+t he ~~~~U p.+~~ all and s~n~;ul:ir the cu~ts. charRt~v, und expensr~, includtnK reason:+hle l.~w~•er'e fee~,
and ca~t~ of ab~t~acts of t~tic~. ~ncurre~d or patd at un~ time b~•the m~ttgagre.becau.r u( the f~+ilur~~ c~n the Fkffl uf
thc~ ~u~rt~;a~;ur prumptl~• and full~~ to ~rfurm thr .~ktrc ments <~nd co~•enants uf sa~d prumtss~ry note and this m.~rt-
ga~;~~, .~nd .~+id cu.t~, char~;t~~, and exFK~nses shall he ~mmed~ateh• due and p:i~able und shall be sE•curt~d b~ thr
lie•n ~~E thts mcut~;.~Kc.
~ That he will kerp th~• tmpru~•c~m~•nt~ nuu• exl~ting or hereafter e~ected un thr mortRaKed pru~erh•, in~ured as
ma~ be rrquired trom t~me tu t~me b~• the mort~;~~;ee aKa~nst lus~ b~• tue and other hazards, c.~sualties, and contTn-
krnc~r~ tn surh .+muunts and for such penods ~,s ma~• L~e requ~ted b~~ mortg~+gee, and will pa~ promptly. ~~~hen due,
an~• premiums on such insu~unce fur pa~~ment of wh?ch prov~~~on h~s nut bren made here~nbefure. A!1 ~nsur~mce
sha11 be carc~ed in c~mp~~ntes appru~ed b~~ mottKagee ,~n~i the pul~c~es and renew•als thereof shall be hc•Id by mort-
~;.,~;c~e and ha~e .~tt:~ch~•d theretu luss pa~.~ble clauses in f:+~•or of t+nd in Eo:r~~ <+c~eplable t~~ the mortg~~;c•e. !n '
~~~e~nt of luss he w~il1 K~~c• ?mmedr<~te notice b~• ma~! to murtKaKee, and mort~;agee m<+y mal~e proot uf luss ~f nut
r..ade• pr.~mptl~~ b~~ murtgaKur, and c~ach ~nsurance cump~+n~• conce~rned is herrb~ authorized .ind dtrected to make
Ek~~mE•nt for such los~ directl~• to mortkaKee inste~+d of to mortgagor and murtgagee jointly, and the insurance pro-
c~eds, ur am~ part thereof, map be applied b~• mortKagee at its option either to the reduct~an of the indebtedness ;
hereb~~ secured ur to the restorati~>n oe rep:+~r o( the propertt~ damagecl. ln e~~ent of forc:clos?~re o( this mort~age or ~
t
uther transtirr of titie to the mortgaged propert~• ~n extingwshment of the indebtedness securcd hereby, aU n~ht. ;
titlc•, and interest ot the moriKa~e;r in and to um• ~ns~rance po2icies thrn ~n force shatl pass to the ~urchaser or #
' ~;r.~ntec. ~
~
K. That the murtgagee ma~~, at an~• t~me pending a suit upon th~s mor*~age, appl~• to the court ha:•inK iurisdic- s
t~~~n thereof f~r the appo~ntment of a rece~~•er. .+nd such court shail fortir.~•ith appu~nt a rece?~er of the prem~ses ~
` r~~c~•rc~d hereb~~ all and singular, tnclud~n~; alt ar.d singular the income, prottts, issues, and re~•rnues frum w•hatt~~•er ~
; .uurce dcn~~ed, each and e~~er~• of ~~hich, it be~n~; expressl~• understacxl, is hereby mortga~rd as ~f s~c~ficatly ~et ~
f~~rth and d<>scr~bed ~n the grant~ng and habendum ciauses hereof. and such recei~•er shall ha~-e all the broad and '
c•ffect~~e fi:ncttons and puw•cc~ ~n an~w~~se entrusted b}~ a court te a recen~er, and such ~+ppointment shal! be RFidE
~ h~ ~uch ~•ourt as an admitted equity :~nd a matter oi absolute ri~ht ta said murtgagee, and u~ithout reference to the
e
~ .+de~auac~ ~u inc,dequ~ic~• of thc: ~~alue of the propeny mortgaged or tc+ the sol~•ency or insol~•enc~• ~~f sa~d mortgagor
~ or !t.e defrruiept~. aad that such rents, profits. income, ~ssues, and recenues shal( be ~+pplieci b~• such recei~•er
- ~+ccu:din~ to the li~n o~ th~s mort~~ge and the practue ot such court. In the e~•ent of ant• de(anlt on the part of the
r,:~,rt~;~gur here~inder, the murtgaKot aKree~ tv ~~a~ tu the mortgagee on demand ac a reasonable monthly rc~ntal for ?
thr prr~?ses an amuunt at 1ca5t equ~~•alent ti~ one-tw~elfth (1 ' 12) of the aggreKate of the twel~~e monthl}~ install- E
_ :~~~nts pat~..hle in the then current t•ear p!us the actual amount of the annual laxes, assessments, water rates, and ~
~nsurance prem~ums for such year nct covered b~ the aforesaid monthl~• pa~~ments.
= That ~~t- ~n the e~•ent of any~ breach of this mortKaKe or default on the ~rt uf the mortgaKor, or ; in ihe ~
ecent that an} of sa~d sums ot mune}~ hece~n referred to be not promptly and fulh• paid a~thout der~and ar not~ce, ~
_ ~~r ~n the e~•ent th~,t each and e~•er~~ the stipulat~ons, ageeements, condtt?~ns_ and covensnts of ~aid nete and ~
th» ~•.urtr;:,Ke. ,+re not dul~, promptl}~, and full~ performed; then tn either or any~ s~ch etent, the s~id a~gregate
sum m~•ntioned in s~ud note then rem~+intn~; unpaid. ~~~ith ?nterest accrued to lhat time, and all muneYS secured
ht>reb~, shall becume due and pa}•~ble forthW~th, or thereafter, at the option of said mortgagee, as full}~ and com-
sry ~letrl~ as if all o( the said sum~ of mone were ori inall Sti ulated to be a?d on such da an~~thln in said ~
{ g 5' - P P" • " K ~
~ nvte~ or ~n this murtKage to the contrart- notwithstandeng, and thereupon or therea~ter, at the option af said mortga- ~
- kee. u•~th~~u! n~~Uce or demand, suit ai lau• or ~n equit}~, ma~• be prosecuted as if all moneys secured herebp had -
- Tn2JIC(j PROt t~~ ~ts ~nstitutton. The mort~a~er may fotecluse thts mortgage, as to lhe amount s~ declared due and
= p~~~able. and the ~aid premi~es shall be sold to satisf~• and pa>• the same together with costs, expenses.and alloM•-
.+nces. !n case ~f partial foreclosure of this mortgage, the mortga~ed premises shall be sold sub}ect tc~ the con-
t~nuing lien of th~s mortKage for the ~imount of the debt not then due and unpaid. In such case ihe provisions of
- this p~r~K:aph ma~ a~atn be a~ailed ot thereafter from t~me to time by~ the mortgaKee.
= 1i1. 7hat the mortgagor w•!11 g~re tr^medtate nottce b~~ mail to the rnurtgagee of <+n~• cun~~e}ance, transic~r, or
= ~-h~,n~e uf c>w•nertihtf~ of the ptemi~e~.
- 11. Th~t no w~anrr of am~ co~endnt herein or of the ooligation secured here5}• shall at am timr theceafter be
= lir•id tc~ be a Hatcc~r nf the terms herec~t or of the r,ote secured heteb}~. -
12 That if the r~ort~ager def:~ult ~n an~~ of the cu~enants or agreements cunta~ned herein, vr in s~id note, then
° thc• -nrtk.,~ee r.~a~• petfurm the s.,;~;e, and ~I; ex~xnd~[u~es lincludinK reasonable attorne}•'s fees) made h~~ the
° -~~~st~;a~te~ tn ~n .~oin~ ~hall draw interest at thr r.+te set Eorth in the nole sccured hereb~~, and shall be re~x+}abte
i~;recii,+t~~:~ .+.i~i aithout :3cr.;~+rtd b~• the mortK.tk~~r tu the mortgaRee, and, to~ether w~ith tniere•st and cu.ts accru~ng
thi•:c>;,n. .h.~t? hE• ~ecurrd bti th~~ r~ort~;:~Kc.
- 1;. that the m.+il~nK oi .i u•ritten notice nr deman~;addr~~tsed ?o the ouner ~f record of the mortKaRed premises,
~~r dire~cteci t~, the s~~id owner at the last addres~ actudllt• turnished to the mortKagee, or d~rected to saide~wner at
- ~a~<'. :~ortk~+Krd p~er.:~~es, and ~a?ird b~ tht• United States mc~l~, shall be sufficieni notice ~+nd ~lemand ?n an~~
~.~se art5i::k under this tn~trur•ent :,nd reywred b~• the pro~ititons herru! or b~~ law.
~3 1-1. Thr m~rtK~+Kur further covenants that shuutd this mortga~;e and the note secured hereb~• not be eligible
- f~,r ~nsu::~nce itnder the NiaUunal Hou~in~ Act atthtn 3p DAYS frc~m the date hereot (wntten statement
~ ~f :+n~ ~>ff~cer of che Uepc~rtment ot Hou~?ng and Ucban D<<~elopment or au!hor~zed aKrnt of the Secre.ar~ of Huus-
= i~iK .~ncl Crbdn U~•~e:opment daiE~d ~ubsequent to the 30 DAYS time from the date c>f thts mortga~e, -
- ,je•c:in~nK to insure ~<+id nvte and th~. murt~~+ge•, being deem~d conclusi~-e proof of such inei~~ibit~t~). the r~ortga-
Rec~ c~r thc• ho!der o[ !he note ma~~. ~+t ~is option, declare all sums secured herebv immed~atelq due and payable.
The ~:u~c~nants herf•?n cont.~in~ shall bind, and the benefits and ad~•antages shall inure to. :he res~ective
hf~ir~. e•~e~rut~~rs, adr^~n~~trat~~rs. succt•ssors, and a~siKns oE the parties he~eto. 11'henevet usPd. the stn~ular num-
_ h_~r ti`~.~1! inc-:ude the piura:, the plural the tiin~u~ar, ~+nd the u5e vf an~• Kender shall ~nctude all genders.
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