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Home My WebLink About0340 That h~~ H•~ll prrniit, cu+nmil, ur .uffe•r no ~taste, impaument, or detenurat~on ui .:,~d pru~~•rt~ u? an~ ~~,,r~ thi•rc~u[; :+nd ~n the ~~cr•nt of the f:+ilure uf thc mort~;aKor to keep 1he building. on said pra~misr~ .~~9 thuse toh_ errcted on said prc•m~sr~, ur impr~~~~~mrnt~ there~u~. ~n Kuud repa~r, thc~ mortK.~Kc•e m.~~ makc• ~uch rer:~irs ;~s ~n ~ts d~scret~an rt ma~• deem necess:+t~~ Ior the prop~r preset~•~+tion thereo(, and Ihc luil amuunt uf r,~ch and e~•ery such pa~mc~nt shc~ll be ~mm~~l~atel~ due ~~nd pa~•abie. and ~hall be secured b~ the lien o[ this murtKuge. b That he ~~'ill p:+~• aU und s~ngular the ca~ls, charges, ~nd expenses, includinK n~~sunable laa~•c:r'~ (res, :+nd co~t~ of abtttt+cts of title. ~ncurrcd o~ p~id at an~~ t?me b~•the mortgagee.because of the failure on the ~~rt c~f thc• m.~rt~;a~;ur p~umptl~~ and tull~• to pe~furm the agreements and ca~~enants uf said prom?ssor~• nutc~ and ih~s mort ~;;,~;e, and sa?d casts, ch.+r~;rs. ;+nd exEx~nse~ shal! be immediately due and pu~•able and shall be ~ecured b~• the I~cn i~f this mortK.+Ke. 7. That he tt~ill keep the ~mpro~•ements ~uw ex~sting or hereafter erected on the mortg~Ked property, insured as ma~~ be required from time to t~me b}• the muttR~+Kee aKainst luss by fire and other hazards, casualtie~, and conlin- kencies in such amounts and for such pe~~ods us ma~• be required b~~ mottgagee, and u•il! pay promptly, when due, am• prrmiums on such ~nsur~nce for pa~•ment of which pro~•~s?on has not been made here?nbefure. Aii ~nsurance _ shall be carried in compan~es appro~•rd b~~ mortgagee and the polic~cs and ~enew~als thereo( shatl be held by mort- Ku~;ee and ha:e ~iiached thereto toss pa~•able clauses ~n fa~•or of and in form acceptabte ta the mortga~ee. ln s e.ent of lu~s he u•ill K?~~e ~mmed~.~te notire b~~ mail to mortgagee, and mortg~~ee may make proot af loss if nut madt• prumpti~• b~• mort~agor, and each insurance cumpan~• concerned is d~t~~.,~icr.i .+uu uicecicd to make E~.i~ mrnt tor such loss directl~~ to morigagee instead of to mortgagor and mortgagee jointly, a~d the ~nsura~ce pro ceeds, ur an~• part thereot, may be appl~e~d bp mortgagee at its opt~on either to the reduct~on of the ~ndebtedness herc~b~• secured or to the restoration or repair of the proprrt~• damaged. In event ot [oreclosi~re ot th~s murtKage or uther transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereb~•, ali nght, t~tle, and intere~t of the mortgagor in and to an}• insucance policies then in force shall pass to the purchaser or Rr.intee 8. That the murtgagee map, at an~• time pend?ng a suit upon this mortgage, appl~~ to the court ha~~ing jurisdic- t~on thereof fur the appo~ntment of a rece~~•er, and such court shalt forthw•ith appoes! a receiver ot the ~rem~ses cocered hereby all and singular, including atl and singula~ the income, profits, issues, and revenues from whate~•er ~uurce deri~•ed, c•ach and e~~ery of ~vh~ch, it being expres~it• understood, is hereby mortgaged as if spec~fically ~et fc,rth and described in the granting and habendum clauses hereof, and such rece~ver,shalt ba}~e all thg bn~d and c~tifect~~e funct»ns and pow•e;s in an~•wise entrusted by a court to a recen~er, and such'appoinimen~$aall be madr ti b~~ such court as an admitted equ~h• and a matter of absolute right to said mortgagee, and without re(erence to t~~e ; adFauac~• ~r tnadequ~+c}• of the ~~alue o( the property morigaged or to the sol~-ency or insolvency of said rriurtga~or .>r the deft~nd~nts, and that such rents, profits. ~ncome, tssues, and revenues shall be appl~ed b~ such rece~~~er accurdinK tu the lien of this mortgage and the practice of such court. In the e~•ent of any default on the part of the murt~agor here~~nder, the murtgaRor agrees to pay to the mortgagee on demand as a reasonable monthlp rental for the premises an amount at least eq~~~alent to one-twelftfi (I '12) of the aggregate of the ~K'Plve mamhl~•install- .^u•nts pa~'ab;e in the then current }•ear plus the ~rtual amount of the annual taxes, assessments, u•ater rates, and ~:isurance pre?niums for such }~ear not co~ered by the aforesaid monthlY payments That in the e~•ent ot an~• breach of this mvrtgage or default on the part of the mortgagor, or ~ ~~n the f~ceni that an~~ of ~aid sums of mone}~ herein reCerred to be not promptly and fully paid withuut demand or notue. ~ :+r ~ in the e~•ent that each and e~•ery the stipulatwns, agreements, condit~ons. and covenants of sa~d note and thi~ mortgage, are not dul~•, promptl~•, and fullt• perEormed; then in either or any such event, the said aggregate ~um mentioned ~n said note .hen remaininK unpa~d, w•ith ~nterest accrued to that time, and alt moneys secured herrb~, ~hall become due and pat•able fortnw~tn, or tnereafter, at the option of satd mortgagee, as fuil}• and com- pieteh as if all of the sa~d sums of mone~• were or~ginaliy stipulated to be paid on such day, an~~thing in said n,~te or in th~s mortgage to the contrar~- notwethstanding; and thereupon or thereafter, at the option of said m.xtga- Kee. u•ithout notice or demand, suit at tau• or ~n equity, ma}~ be prosecuted a~ i[ all moneys secured hereby had mature~ prior to ~ts instetution. The mortgagee may Eoreclose this mortgage, as to the amount so declared due and ~ E p~~.~ble, and the said prem~ses shall be sold to satisf}• and pay the same together with costs, expen4es,and allow- <+nces. In c~~se of p:+rtiat (oreclosure of this mortgage, the mortgaged ptemises sha;! be sold subject to the con- t?nuin~ lien of th~s mortgage for the amount of the debt not then due and unpaid. In such case *.he pro~~is~ons uf ` th~s par~Krph mat~ again be ava?led of thereaftet from t~me to time by the mortgagee. ~ 10 That the mortgagor v~~ll gi~~e ~mmed~ate notice b~• mail to the mortgagee of an~• cun~eyance, transfer, or ~ i-ie.+nge of ciw•necsnip of the prem~ses. t ; Il Th:,t no u~an~er of an~• co~~enant hemin or of the obl~gat~un serured hereby shail at ~n~~ tirr:e thereaftc~r be - nc•icf tu he a~•a~~~er ut the terms hereof or of the note secured hereb}~. 12 7'hat if the :r,ortK•a~~r defautt in ant~ of the co~•enants or agteements conta?ned hecetn, or in sa~d n~~te, then ' the rn~~r?ReRee m:~+~- perfnrm the ti~~me. and aL' expenditu~es (?nclud~ng reasonablr at:orne~•'s fres) made b}~ the ~ r:~.,rtK;i~;rF• !n eo ~rz~ng ~hall draw~ interest at the rate set forth in the nute secured hereby, and shall be repaydble ' ~-r.r~f•du~te•i~ ~,n~ :~~ithuul der~~+nd bt• thr mort~agor tu the mortgagee, and, tugether with ~nterest and costs acxtu~nK 3 ~ t~::•:~ un. shai: fic~ secured b~ thts mortKaKe. 13 that the .^:~a~l~n~ ~.f a w•r~tten nut~ce or dem~+ndaddressed to the owner of record of the mortKaged premises. ~ ~~r du~~cted to the sa~d ow•ner at the lact address actualt~• Eurnished to the mortgagee. or d~rected to sa~d owner at :y £'s ~.::~<3 rrc~rtKaKed premises, and ma?!ed b~• the Lnrted Statrs ma~ls. shall be sufftcient notice and demand ~n any - c..se :,ri>>nK under this instrument and requi~ed b~~ the ptuc~tiions hereof oc b~• law. 14 The mort~aqur further covenants that should th~s mortgage and the note secured hereb~• not be el~g~b(e ; f.~r insurancr under the NaUunal Hous~n~ Ac:t w~ith~n fn,m tnr uaie i~ereof (wntten stacement 3 _ ~~t .+nc ofi~cer of the Uepartrtsent of Hous~ng and Utban UevSyI~ ent or author?zed agent of the Secretary ot 11ous- ; ~nk ~~nd Urban U~~~eIupment dated subsequent to the ~L7 ~~1~(? t~me from the date of this mortgege. s - drelininK to ~nsure sa~d note and th~s mortga~e, bc~ng deem•rd conclus~~•e prc,of o( such ~nel~g~b~:~t~~), the mortga- _ Rrt~ ~~r ~he holdet of the ~ote ma}~. ~t its opUo~, declare all sums secured hereby~ immediately due and payrable. 3 The cu~endnts here~n eontain~d shatl bind, and the beneEits and advantages shall inure to, the respect~ve - he~r~. rxe•cutors. .idministrators, successuts, and atisigns of the part~es hereto. 5A'hene~•er used, the s~ngular num- be•r ~hai! mclude c~ie plural. the plural the s~nRutar, and the use of an~• gender shall tnclude al! gendets. ~:~3 S:~t soa~ 197 ~E 340 ~i~ry Y: Sri ~'Lyi~J,..i`' ~it_ ' l: . _ . - _ ' . , _ _ _ " _ _ Y~ - - _ _ ~ x T' " `i~ ti.+~~._ _ _ _ _ _ . _ . . x,