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Home My WebLink About0414 , Th~.t he• utll permit, c.~mm~t, ~u'suflc~t no w•aste, impairment, or detenoration ot s.,?d propert~ u~ an~' p.~rt ~ th~•re.~f, .~nd ?n the ~~~ent of th~~ failurc~ of ihe ~rwet~;agor to keep. the build~ngs on s~i?d prrm~`e~ .+nd those tuba• ~ erri•ted on ti.i~d ptenn~es, or impro~•E•mE~nt~ th~tc~n, ~n koud r~~it, the mortKaK~•e ma~• makc such repairs .i~ ~n it~ E discrclion it ma~~ derm necessar~~ for the proper preser~~:?tion thereof, ar,d the full a~mount of each and ~ ~•ery ~uch i N~i~ment sh~+ll be immrdi:~tel~• duc and pa~•able, .,nd shall be secured b~• the lien o[ th~s murtg2lP,C. ~ ; (r Thar he wil! p.+~• .+ll and s~n~;ular the c~ts, charges, .,nd eapensc~, includ~nR re~~unable law•~•er'ti fee~. und cost~ ot JbClf.iClS nf title. ~ncurred or paid at any t~me b~• the mortgagee .berause uf the failure on the p:+rt ol the murtKaKur promptl~• and full~• to perfurm the a~reements and co~•enants of said prum~ssory note and lh~s mort- ; R.+Re. .+nct said co~ts, char~;es, and ex~x nses shaU be immed~atel~• due and ~}•able and ~hall be ~ecurc~d b~• the lu~n .~t th~s mort~;aKe. : That he ~~ill keep the impro~•em~nts nou• exiSting or heteaftet erected on the mortgagcd prapertv, insured as i , ma~• be required from t~me to t~me b~• the mcxtRaKee against loss b~• fire and othet hazatds, casualt~es, and conhn- ~ ~;rnc~es in such amount~ .ind for such petiuds as may be requ~red by mortgageP, and v?~ll pay promptl~~, when due, j :,m• prem~ums on such insurance io: papment ot v?htch provts?on has not been made here?obefore. All insurance ~ sh.~ll be carried ~n compa~ies appro~•ed b~• mottgagee and the policies and renew•ats thereof shall be held by mort- ; K.~~;re and h~~~•e attached thereto loss pa~•able clauses in favur of and in form acceptable to the mortgagee. In : e~rnt of luss he u~ll ~i~•e ~mmed~ate not~ce by mail to mortgagee, and mort~a~ce may make proo( of loss i( not ;j mac3e prumptl~~ b~• mortgagor, and each ~nsurance cumpany concerned is hereby author~zed and dieected to make 1 pa~ ment for such loss d~rectly to mortgaRee instead of to mortgagoc and mortgagee jointly, and the insuraace pra- ; ceeds, or aa~~ part thereof, may be applied by mortgagee at its option either to the reduction of the indebtcdness t herrb~• secured or to the restoration or repa~r of the property damaged. ln event ot Eoreclos~ue ot this mortgage or i o,her transfer of titte to the mortgaged propert~• in extinguishment of the ~ndebtedness secured hereby, all right, title, and ~nterest of the mortgagor in and to an~~ insurance poluies then in force shall pass to the purchaser or Krantee } R. That the mortgagee ma~•, at an}• t?me pending a suit upon this mortgage, appl}~ to the court having jurisdic- t~on thereof for the appointment of a receiver, and such court shalt forthNiih appoint a receiver of the prem~ses { cu~~ered hereby aU and singular, including all and singular the income, profits, issues, and reve~ues fram whatrrer .uurre deri~•ed. each and ever~~ of which, it being expressly under~tood, is hereby mortgaged as if sp~c~fically set forih and described in the grant~ng and habendum clauses hereof, and such receiver shall have ali the broad and c~ffecti~•e functions and powers ~n an}•wise entrusted by a court to a recei~~er, and such appointment shall be made b~• s~ch court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the c+deauac}• ax in~dequacy of the ~•alue of the property mortgaged or to the solvency or idsbl~jenc~• d 9~ic~qor pgor ur the defendents, and that such rents, profits, income, tssues, and re~•enues shall be applied by su~+K rt~ive~ ;,ccurdin~ to the lien of this murtgage and the practicc of such court. In the e~~ent of any def~ult on the.~~o~the r.,urt~agvr hereunder, the mort~agor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equiralent to one-twelfth (1 '12) ot the aggregate of the twelve monthiy install- r'~c•itlti Era~~Uit itl tii~ iii~fl r~rrent j•ear ~iiii5 it1E c'~CiiiBi aT~vu~.: vf i~e ^:I:~u8: 23XC5, aSSCSSi6CSSS, usSer rsleS, 3I:'~ in~urance premiums fur such ~~ear not co~•ered b~~ the aforesaid monthly paS~ments. . 1'hat in the e~~ent of an~• breach of this mort~age or default on the pa~t of the mortgagor, or ~ in the e~ent that an~• of said sums of moncy here~n referred to be not promptly and full}~ paid v?~thout demand or notice. ,~r in the e~•ent that each and e~•ery the stipuiations, agreements, condetions. and covenants of ~aid note and ~ t}us :rtuttgaKe, ate not dul~•, prompll}•, and full~• performed; then in either or any such e~•ent, the ~aid aggregate ~ ~um mentioned ~n sa~d note then remuin~ng unpaid. u•ith ~nterest accrued to that time, and a(1 moneys secured E hereb~ , ~halt becume due and pa~•able forthwrth, or thereaftec, at the option of said mortgagee, as fully and com- ' pic•telt• ~+s ~f atl of tne said sums of money were or~ginall~• stipulated to be paid on sucfi da~•, anything in said ~ nute or ~n th~s mortgage to the contrar}• notwsthstand~ng; and thereupon or theteaftet, at the option of sa~d mortga- Ker. u~~thout nrtue or demand, suit at lau or in eGuit~~, may be prosecuted as if all moneys secured herebV had maturea rcior to its inshtution. The mortgagee may foreclose th~s mottgage, as to the amount so deciared due and pa~~<+ble, and the said premises shall be sold to satisfy and pa~• the same together with costs, expenses.and allow- - ances. ln c~se oi partial foreclosure of thic mortgage, the mortgaged premises shall be sold subject to the con- $ t~nuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of i this par+Kraph may a~a~n be ava~ted o( thereafter from time to time by the mortgagee. 10. That the mortgagor u•ill gi~•r ~mmed~ate notice by mail to the mortgagee of any cum•e~•ance, transfer, or Y ctr.~nKe of uu•ner~h~p of the premises. 11 .'T!:ai :~o w•a?cer of an}• co~~enant herein oc of the obl~gat~on secured hereby shatt at an}• time thrreafter be ; ty h~~ld tu be a w•an•er of the terms hereof or of the note secured hereby. i y~ 12 That it the mortgagor default in an~~ of the co~•enants or agreements contained herein, or ~n said note, then ? tn~~ mortga~ee ir.a~ perfurm the same, and al; expend~tu~es (~ncluding reasoneble attorney's fees) made b}• the : ~ ~;:~rtga~re in ao do~ng shall draw ~nterest at the rate set Eorth ~n the nate secured hereby, and shall be repaydble ~ wt i^~mediatel~ and withont demand bc the~ mortgagur to the mottgagee, and, tc?gether With tnterest and costs accru~ng ~ ~ thereun, shal! be secured b~ th~c mortgage. ~ 13. that the maiLn~ ~~f a•antten notice or demandaddtessed to the ow~ner o( record of the mortgaged prerrz~ses. } ~ ,~r din•cted to the ~a~d owner ~+t the last addrES~ actually (ura~shed to the mottRagee, or directed to sa~d owner at ; ' ..+?d r••urtga~ed p[em~ses, and mailed b~ the Unsted Statrs mails, shall be suffic~ent notice and demand in an}• i ~a~e ar~s?ng u~der th~s ~nsttument and reqwred by the proc~stons hereot or by :av~. % 1-i. The mortg~gor further covenants that should this mortRa e and the note secuced hetebp not be eligible t,~r in~ur.~nce under the Nationel Hous~ng r\ct within (rom the date hereof ~wntten statement = ~.~f .~n~ off~cer o( the Department ot Hous~ng ~nd Urban Developmel or author~zed agent of the Secretary of Hous- - inK and l.~rban Deyelopment datrd ~ubsequent tu the ~ ne y~ ttme from the date of this mortgage. - ~jrc!~n~nK to ~nsure said nute and this mottgage, be~ng deemYd 1~bt~t-tlisive proof o( such mel~gibitity), the mortga- k~•~~ or the holder o( the note ma}•, at ~ts option, declare all sums secured herel~~ immed~ately due and pcycible. l he ro~enants herP~n conta~n~d sheU bsnd, and the benefits and advantages shall inure to, the respecti~~e !~c•i:~. rxc•cutors. adm~mstratcxs. successur~, and ass?gns of the parties hereto. W'henever used, the singular num- # ~j h~•r ~ha;! inc;ude the plura!. thr plura( the s~n~ular, and the use of any gendec ~hall ~nclude all genders. ~ ~ ' L~197 ~ :i :Y '1~