HomeMy WebLinkAbout2888 That ht~ w~ll permit, c-umm~t, ur suftc~r no wuste, imp.+~rment, o~ detenc~r~tiun .~f said proF~ert, or an~• p,+rt
thc rr~~f; .+nd th~~ r~ent ol the la~lurr uf the mortK~~Koc to {CNG~ the huildinks un .a~e! prrmisrs an~1 thuse tobe
er~•cted un said prrmisc•s, ur ~mptu~rmc~nt~ tiiere~~n, ~n Koud rep~~~r, thc mort~;aNe~ ma~~ make such reFki~rs us ~n its
d~scrrt~on it ma~• derm nece~ssar~~ for the proper presen•atiun them~~(, and the tull amount .,f each .,nd e~•ery~ such }
E~.~~:nrnt ~hc~ll be immc•diatel~• due .ind p~~~~+ble, c+nd shall br secu~ed b~• the l~en o( th~s mortKa+Ke.
h 7'h.~t he~ ti•~ll p~~~• ail and sink;ular the rosts, char~;es, .~nd e~pense~, including re~~sonable l.+w•~~er's lres,
.~nd ru~ts uf abst~cu•ts uf title, tncutrrd ur paid at un~• ttme b~~thc mortKagee.because of the failure un the p:irt i~f
th~~ murt~;.~~;.~r prc~mptl~• and fuil}• to perform the aKre~ ments and co~•enants of said pror~issor~~ note and th~s murt
R.~~e~, ,ind ti~~id i•~~tit~, ~ h.~r~;es, c~nd rxpen~es ~hall be immedi~+tel}• due and pt+}•.+ble ~ind thall be secured b~~ thE•
1~~•n u( th~s murt~;.~Ke.
~ 1~ti:+t h~ uill kr~p she impru~c•mrnt~ nu~e exist?ng o~ herea[ter ere~cted un the mortgaged propert}•, insured as
r.~,+~ be requued (rom time tu timr b~ the murtga~;ee ag<+~nst loss b~~ ftre ~~nd other hazards, casualties, and contin-
~;a•ti~ ~es ~n such .~muunts ~+nd tur such ~e•r~uds as may be reqwred b~• murtgaKee, and wiil pay promptlv, when due.
;~n~ prem~ums un such insurance for p:i~•mc•nt oi ahich provisiun has not been made hereinbeEore. All ~nsurance
shall be c~+rried ~n cumpan~e~s apyro~~ed b~~ mortgagee an~ the pol~cies and renew~als thereof shail be held by mort-
~;.~Rrc~ .,nd ha~e att.,chE~d thereto luss pa~uble clauses in fa~~ur oC and in form acceptable to the mortgager. in
r<<•nt .~f luss hr uill ~;~~e ?r,tmrulate not~ce b~• ma~l to m.~rtgagee, and mortgaKee~ may make pr~f of loss if not
^;adE~ prumpilt h~• m~~rt~;aRor, and each ~n>uranc~~ cur.ipan~• concerned is hereby authonzed and directed to make
pa~ mrnt for such loss directl~• to mortt;aRee instc•ad of to rrortgagur and mortgagee jointly, and the insurance pro-
cc•~•ds, or an~• part thereo(, may be eppl?ed b}~ martg~gee at its option either to the reduction o[ the indebtedness
he reh~• st~cured or to the restoratton or repair of the propenp dam~~geci. !n e~~ent of foreclosure of this mortgage or
vth~~r trcinsf~~r of title to the mortKaged propert}• extinguishment of the ~ndebtedness secumd herebp, all nKht.
~ titl~, and interest of the mort~agor in and to c~n~• ~nsurance poLc~es then in force shall pass to the pun~hase~ or
p~,r.~ntee.
K. That thc mortgaKee ma~•, at an~• hme pending a suit upon th?s r.~ort~age, appl~ to the court ha~~ing jurisd~c-
- t~;m therea( for the appointment o[ a recei~~er, and sunc ~ourt shall forthw•ith appoint a receiver of the prem~ses
; cu~ered hereb~- aU and singular. ~ncludink ali and s~ngular the ~ncome, profits, issues, and revenues from w~hate~~er
~ ~vurc~~ denced, each and et•er~• uf w•hich. it being expre~sh understood. is hereby mortgaged as if specifically set
l~~rth ~+~ed dr•scnbed in the grantin~ and habendum rlauses hereof, and such receieer shall ha~~e aU the broad an~'
~ <~ffc~ctitic• funct~uns and p~wc~rs in an~~w~ise entrusted by a court to a rece~cer, and such appointment shall be made
u' ht tiuch c•c~urt as an admttted equ~t~• and a matter oE absolute right to sa~d mortgt+gee, 8nd~k~ithouLtefletenc~~to th~
a~t~~q::ac~ ~~r tnadequ.+c-~ ut the ~•alue o( the pruperty mortgaged or tc the solvency or insolvenc}~ of sai~ mortgagor
~~r the d:•ti~ndents, and that such rents, profits, income, issues, and re~•enues shall be appl~ed bysue~rxeeiver
` .+ccurdi!}~ to tize ;ien of this mort~age and the pract~ce of such court. In the e~ent of any deEault an the part o[ the
:-~~rtK~+g~~r here~~nder, the murtgakur agrees to pay to the mortgagee on demand as a reasonable mbnthly rental for
rh~~ prer.~~ses an amoun: at least equn~alent t~~ one-tw•elfth (1 12) of the aggregate of the~ twelve monthly install-
;•~rnt~ p~+~.+h:E• ~n the then current }•ear pius the actual amount of the annual taxes. assessments, u~ater rates, and
- i::~uranrr ~~rem~ur.:s for such ~•ear not co~•ered b} the afuresa~d monthl}• payments.
That , in the e~ent of an~• breach uf this mortKaKe or default on the part of the mortgagor, or in the
~ ~~~e~nt th.~t an~ af s~+id sums oi rr:one~• here~n re(erred tc~ be not promptl~~ and Eul!}' paid ~etthout oemand or not~ce,
~~r ~n the e~ent that each and e~•ery the stipulat~ons, agreements, conditions. and co~•enants of said note and
= thi~ r^:urtR~+Ke, are no± dul~•. promptlq, and full~~ performed; then ~n either or any such event, the said aggregate
r.:~~ntiuned ~n said note then remain~ng unpa~d. w•?th interest accrued to that time, and all mone}•s secured
hrr<~b~, shal; bc~c-c~me due and pa}•able forthw•~th, or thereafter, at the option of sa~d mortgagee, as full~• and com-
=3 ~~trtc•ic as if ail uf the said sums uf mone~• w•ere originall}• stipulatrd tc~ be paid on such day, anything in said
r~~~t~~ ~,r in this murtK.+~e to the contrar~ notw~thstand~ng, and thereupon ~r thereatter, at the option of sa~d mortga-
~~~e. u~the~ut n~~tice ur dem.,nd, suit at taw or in equit~~, mati• be prosecuted as if all money~s secured herebv had
_ r~.+turec? pnor to its inst~tution. The mortgagee ma}~ foreclose this mortgage, as to the amount so declared due and
~ p~+~.~ble. and the said premises sha11 be suld to satisE}• and pa~• the same together Krth costs, expenses.and allow•-
- ~~^ce~ In c,~se of partial foreclosure o( th~s mortgage, the m~rtgaged prem~ses shal! be sold subject to the con-
tiniiir:R Gen ~~f this mortKage f~r the amuunt of the debt not then due and unpaid. !n s~ch case the prov~sions of
rE;~: par~Kr~ph ma~~ aga~n be a~~ailed ~f thereafter from t~me to time by the mortgdgee.
~(1 ~That the mottKagor wtll gi~e immediate not~ce bt~ mail to the mortgagee of ant com~eyance, transfer, ur
rhanKe ;~f .~unersh~p uf the pre^:ises.
- 11 That no R'87\'E~r of dn~~ co~•enant here~n or of the obl~gation secured 'nereby shall at am t~me therea[ter be
hr•.~i to be a uat~er of thr terms hereof or af the note secured hereby.
_ 1? 7'hat if the r^ort~a~;or default ~n an~~ ot the co~er~ants or agreements contained here~n, or in said note, then
!hc~ rr.ortK.,Ree pr~I~>rm the s<~me. and all expend~tujes (tnciudtnR reasunable attotney's fees) made b}~ the
.Tort~aRee cn se~ doing s':ail drau tnterest at the rate set forth in the nate secured hereb~•, and shall be repa}~able
~r.~r;edi:,tt~;~ ..n~ ~•rthout :iem.~nd b~ Ihe :~ortga~or tu the mortgagee, and, together with ~nterest and costs accru~ng
tnerc•un, sha;l he ~ecumd b~ th~s mortgage.
1.~. that t~:e mailtnK of a u~ntten notice or derandaddressed to the owner of record of the mortgaged prem~ses.
~r <ti:ectc•d to the said ou~ner at the last address actual!}~ furnished to the mortgagee. or directed to sa~downer at
~~+~~I ~'"`~tK~+REd premitet. and mailed b~• tht~ United Statet mails, shall be sufficient notice and demand in any
c.,~e ar~s~n~ nnder this instrument and reqwred b~• the Fro~•isions hereof or b~~ law.
1~3 The mortgagor further covenants that should this mortgage and !he note secured herebp not be eligible
f~>r ir.s~r~~nce un3er the Natiunal Nousing Act u~ithtn ~ pAY~ from the d•ate hereof (written statement
;-:~j ~t ..n~ oii~cer of the Uepartment of {lausing and Urban Dece opment or authorized a~ent of the Secretar~ of Hous-
- mK .+nc; Urhan Dr~elupment dated subsequent to the °1~ ~a;~C time from the date of th~s mortgaKe,
" dc•:'I~nin~ to insure said note and this mortgage, being deem~rd conclusi~•e proof of such ~neligibility), the mortga- ~
~;f~r or the hu!der of the note mav, at ~ts optiun. declare a!1 sums secured hereby ~mmediately due and pa}able. '
l~he co~~enants herein contain~d shall bind, and the benefits and advantages shall inure to, the respective
he:r~, ~•xt~cutors. admin~strators. successurs, and atisigns of the parties hereto. N'henever used, the singular num-
- i~~~: ~h~+;', inc-lude Lhe plura:, tFe plu~al the s~ngular, and the use of an~~ ~ender shall include all genders.
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_ " eCRk 1~6 Fa~E2~84
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