HomeMy WebLinkAbout2401 ~"I1~.~1 lu~ ~~•~ll {x•rr.~it. c~„nr.:~t, suffrt nu wast~. imp:eitmcn(. o? ~1etc~rtur.+t~on u( ~aid E~ru~~rrt~ ur .~n~ {~.~r1 ~
t!u•n•~~t, .~n:+. in tii~• c•~~~ni ~~I the• I:~~iurr ~d thr murt~:~~,ut to kerp fhc~ buildinKs un ~.a~d pn•m~~e~ti an~ thuse tubi• j
c~crrtrd ~~n tiaul pre•m~~~•.. ur imprut•~~in~•nt~ thrtron. m Kuix1 rrpair, the mott~;.~Kt•r n,:~~ makc~ s~ch rrEkurs ati in its
~1~scr.•t~un !t ma~~ de~~•m n~•c~~.~an fex th~~ pro~n•t prrsc•r~~atiun thc•re~ut, .uid the [uU amuuM uf e•:~rh and e•~rn' such
4~.~~ n;rnt ~Er.~~l bt• irnm~•dr.~t~•I~ dur :+nd pa~ubl~~. and shaU be serured b~ the lit•~ o( thiti murt~;,~~;e~.
h'I h.~t h~• ~c~ll Fti~~~ all and s~n~~ular the custs, ch,~r~;es, .~nd t~xpc~nses. includ~n~; tc~.~s~mablt• law~~~e~r'~ fees.
,~n~! r~»c. ~d .~bstr,~c?~ ~~f tHlr. ~ni utrc•d ur pa?d .it an~~ time b~• the mortRagee becausr of the failun~ un the Ek+rt uf
ih~~ m:~rt~;:~~ut pn~mptl~ ,~nd fuli~• t~~ ~x~rfurm tht• .+~;re~ement~ and co~~enants o! said prum~sse~rV nutr and this murt
~;:~';e•. .+ni! ~;,~d i•c~st~, ch;u~;~•s. .~nd rxEK~n~t•s shall be ~mmt•dtately due and ~+c;+ble .~nd shall be s~~curi~d b~• tiie•
lirn .~f th~s m~~rt~;.~Ke.
~ That h~ u•ill k.•rp the impr~~~•~•mrnts nuw ~~xist~ng or her~aiter ecected nn thc murtK.~Ked property~, insumd as
s~a~ be• rc~yuu~•d frum timc• to t~mt~ b~• the murtK,+K~~e :iKainst loss b~• f~re .+nd other hazards, casu~ltie::, and cont~n-
~;c•nc~~•s ~n ~uch amuunts and fur such pen~xlr as ma~• be requ~red b~~ murtg~+Kee, and w~ll pay promptl}•, when due,
,~m~ prrmiun:~ c~n ~uch ~nsurancr fur pa)•mrnt ul ah~ch provi`iun has not been mc~de hcre~nbefore. AU tn~ur.+nc~~
.L.~11 br carrird ~n cumpanit~s appru~~~d b~• murtKagee .~nd the pul?c~es and renew•als thereuf shall be held by mort-
R,~~,~~c~ .+nd h.~~~• att:~chrd ihc•n•tu luss p:+~•able clause~ ~n fa~•ur t~f and in furm :~ccept:+ble to the mor!KaK~~f~. ln
~~~e•nt uf lu~~ hr ~~ill ~;~~e ~~ima~tli.~te nutice h~~ mail tu m~~rtga~;ee, and mott~~~;r~~ m.+y make ptoof of luss ~f nut
~r:,~eir E~rumptl~ h~ murtK:~Kur, and a•ach insiu.~ncc~ cump~~n~• cunc~rned is hereby authotized ~nd directfd to make
p.~„n.•nt lur ~uch lass d~recti~• to n;ortK.+Kc•r~ ~nstead o( to mortgagor and mortgagee jointly, and the insurance pro-
crr~.is, ur am part there~ol, may be applied b~~ mortK~igee at its opt~on either to the ~eduction uf the indebtcdness
hc~c~~h~~ tic~cured ~~r to the resturition or repair of the propert~• damagecl. ln event of foreclusvre of this mortKaKe or
uthrr tr~~ntifrr af t~Ue to the mortKaged propert~• ~n exhnguishr?~ent of the ~ndebtedness secured hereby, all nRht.
; titl~•, and ~nterc•st. uf the mortg~~R~x ~n and to am• insurance poliries then in force shall pass to the purchaser or
j ~:r.+nt re
ti Th~,t thc~ mortgagee ma~~, at an~~ t~me prndinK a suit upon this mortgage, apply to the court hav?ng jurisdic-
t~~~n thereof for the appointment o! a recei~~er, and such court shaU forthwith appoint a recei~•er ot the premises
` r~•~c~rrd hrreb~• all and s~ngular, ~ncludink ail ~nd s~ngula~ the income, profits, issues, and re~~enues from whate~~•er
; .~~urcc• ~jentied. each and e~•er~~ uf wh~ch. it be~nK expressl}• underst«~d, ~s hereby mortgaged as if speclficatl}~ ~et
~ f~~rth .~n~1 dc•unbed ~n the Krant~nK and habendum clauses hereof, and such reren•er shall ha~•e all the bn~ad and
i•ttc~<~ti~r iunctiuns and puwe~rs tn anc~eise entrusted b~• a court to a recei~•er, and such .~ppoinlment shall be made
= h~ such : ui:rt a. an admittrd equ~ty and a m.+ttet o[ ebsdute right to said murtgagee, and ~ithout reference to the
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~ .~;3c~,~uac~ ~~c inade~qii.+c~• u( tht~ calue of the propert~~ Knort~agl~d qF to the sol~~ency or insolvenc~• of said mortgagor
~ ~~r th.• d~~frttdents. and th:~t such rents, yrofits, income, issues, and re~~enues shall be appl?ed b~• such receiver
.~c-e,~rd~nR to t}ie lien uf this mortKa~r and the practice of such court. In the e~~ent ot an~• defau?t on the part of the
- r..~~rt~.~Kor ht~re~inder, the m.~rt~;,~K~x aKrees to pay to the mortgagee on demand as a reasonable monthl}• rental [or
- th~~ prc~lsrs an amount at le,~st equ~c~Ie~t to one-twelfth (1 %12) of the aggregate of the tu•el~-e monthl~~ install-
^~r:its p~~c.+hle ~n the then current ~•e;~r plus the actual amount of the annual taxes, assessments, w~ater rates, and
`s in.ur.+nc•e preei~ums for ~uch ~~ear not co~•ered b~~ the aforesaid month(y~ payments
That in the e~•ent uf an~• bre.+ch of th~s mortga~e or default on the part of the mortgagor, or ~n the
e•~ent thac an~• uf sa?d sums of n:une~• here~n referred to be not promptly and fully paid without demand or notice.
~~r in the ccent that each ~~nd e~•rr~~ the stipulat~ons, agreements, conditions. and covenants ~f said note and
ttu~ mortga~e, .~re ni~t du:~, prompti~•. and tull~• Ferfurmed; then i~ either or an~~ such event, the said aggregate
.tF~ menhoned in said note then remaimn~ unp.~id. ~•~th ~nterest accrued to that tirne, and all moneys secured
nc~ra~bt. shall becume due and pa}ablc~ forthu•~th, or thereafter, at the option of said mortgagee, as fu1IS~ and com-
ptetc~h~ as ~f all ot the sa~d sums of munet~ ~cE~re originatl}• stipulated to be paid on such day, an~~thing in sa~d
ti :i~~tr ur in !his mortK~~Ke to the ~untr:~r~~ notwithstandmg; anci thereupon or therea[ter, al the option ot sa~d mortga-
~;r~~. u~ithuut nrhre ur de:^,~nd, su?t at la~r or ~n equ~t~~, ma~ be prosecuted as if all money~s secured hereb~• had
;-•<,tured pnor to it~ ~nstitution. The mvrtg,i~ee may forecluse this mortgage, as to the amount so declared due and
- p,,~,+ble, and the s~~d prem~ses shall be sold to satisf}~ and pa}• the same together with costs, expenses,and aliov-
.tnres. In c.+~e of p:,rha? foreclosure of this mortgage, the mortgaged premises shall be sold subject te~ the ccm-
!~nuinK Grn ot th~s mort~a~e for the amount of the debt not the~ due and unpatd. ln such case the pro~~is~ons of
t~:~~ par,~Kt~ph ma~ aRa~n be a~ailed uf thereafter from time to time by the mortgagee.
ii) That IF1P !i'Oft(~d~Of w~~:l Ki~r ~mmed~ate not~ce by mail to the morigagee of an~~ con~e~•ance, transfer, ur
t~ e h.,n~;e uf u«~nership of the prer~tse~.
11 lhat no u~a~cer of ~n~~ co~enant here~n or of the ubli~ation secured hereb~• shall at c~n~ time therrafter be~
= hc~:ij t~~ he wan~er af the terms hereuf or of the note secured herebg.
i_' That it the r..ort~;a~or default in an~• of the co~~enants or agreements contained here~n, or in sa~d nute. then
_ tiir~ -~-urt~..Fc~e ^-.+c pe•rfc~rr.~ the ~:~~^r. and a!; expendituzes (including reasonable attorne}''s feesl made b~~ the
r?e.~f~rt• ia ~r. ~;.~in~ .~all dr~v.• interrst at the rate srt iorth in the note secured hereb}~, and shail he repa~able
- r~.?i,~t~~:~ ~.ti~th;~ut de~~:and b~ tht• r?i~~rtgaK~x to the mortgagee, and, together K•ith tnterest and costs accruinK
:-Y '!;rre~~~c;. .he:. he sec;.rt~c. bt th~~ ^-urtK~Ke.
1.~. ±~c~t +`ie T.+~l~nk nf a u•r~t?rn notice or demandaddressed to the oH•ner of record of the mortRa~ed pr«~~ises.
~r ~'.~r~-c se•ii t~> !he ~.nd uw•ner at ?he last address actuall~• furn~~hed to the mortKagee. or d~rected to saidou•ner at
~.,i~i :-„rt,~.~~,ed p~e~~:ities, and r~aiicd b~ the Un~ted St:,trs maits, shaU be sufficient notice ~nd dem:~nd ~n anti~
_ ~+r:>mk unec•r ch~~ msiru~ent and reqwred b~~ the pru~~~~ons hereof ot by~ law.
i~ liir mortK.~K~,r further covenen!s tfiat stiuuld this mortgage and the note secured hereb~• not be eligible
t.~: ir:~;::.~nce undrr thr \~~tiunal Hou~ing A~ 1 w•~thin 30 DAY'S Er~~m the date hereof (wniten st:i!cr.;ent
.tftcer ~>f th:• Urpattment o? N~~usinK <+:~:1 Urban Ue~~elupment or duthonzed aK~~nt of the Secretar~ uf Hous-
_ :.~F; .~n~? l':t~.,n [)e•~:e'.:,p~r.~~nt d~t~rd su~sec~uent te> the ~(1 OAY`S ttme from the date uf this mortgage.
i ~~•c :i:~,:n< <<, in,ure ~ald ne,te~ ~nd this murtK~,ge. hr~n~ dYe•m ~d cunclus~~•e proof of such inelig~bitit~~), the r.tort~~,-
kr~• :~r t:~c• h„ld~•r <~f chr ~o~e eia~. at tts uption, dc~clare all sums secured hereb~~ immed~atel~• due and pay:~ble.
"i tir c~:,~.c•rants herf•~n cont:~in~d th.~tl bind, and the benefits and ad~~ant~+ges shall inure to, the re~pecti~•e
:;?~;r~. .,d-:~ni~.trat~,rs, success«rs. and a.s:Rn~ ~f the parties hereto. 11'hene~~er used, the s~n~ulat num-
'~~~r ,'r;,,'; ~nr'.udc• vt~e pl~u..l. the p:urai the sin~ul.~r, and the use of an~• gendet sh~,ll ~nclude all gendets.
:X~ a~oK 1~6 P~~~ 2397
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