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Home My WebLink About1256 Th:,t he v,•ill pc~rm~t, cc~mmit, or ~u[fc•r no w~aste, im~u.~rment, ot deten~~ration of ~a~d propert~ ot .uti~ p.+rt ~ thc•rrof; :+nc! ~n the e~ent oi the i.+ilure :~t the mi~rt~;a~;or to keep the bwldings on tiaid premi~es an~3 th.~~e t~ihe er~~c-ted on s~,id premi~e~. .~r impr~~rc•mc•nt~ there on, :n goud repair, the mortgaKee m.+~• mdkc~ surh rc~iirs .~s in its ci~~crrt~on it ma~~ deem n~•cess~r~ !or the pr.~~mr prrsen•at~on therrof, and the full amount .~f e•ach and e~•er~• euch Er,~ment ~hall be ~mmrdiatel~ due aad pa~•able, and shall be secured b~• the l~en ot thi~ mori~a~;c. b That he w•~il p:~~• all and s~n~ular the costs, chdrges, and expenses. ~ncludinR rea~onablc~ law•v~•~'~ fee~. and co~t: o( abstracts of trtle, incurred or patd at an~• t?me b~• the mottKagee .because ot ihe faiiure on the ~+rt of the mortg~~or promptl~• and tull~• to perform the agreements and co~•enants of said prom?ssor~- notc~ ~+nd th~s mort- t;.+~;e. .+nd s~~d co~ts, chnr~es, and eapen~ec shall be immed~atel~• due and ~}able and shall be ~ecurrd b~ the liE°n c~f th~s mort~.,~e. ~ That he u•~1! kecp the improvements now• existing ot hereafter erected on the mort~agcd property, insured as ma~ be required from t~me to t~me b~~ the mort~a~ee aga~n~t IOSS b~• fue :+nd other ha2ards, casualties, and cont~n- Kencies in ~uch ~mounts and for such periods as ma~~ be requered b~~ murtgagre, and w•iil pay promptly, K~hen duc, ~nt• prem~ums on such insurance for ~+~~ment of which pro~~~s~on has not been made hereinbefore. All insurance ~hall be carried tn compentet appro~•ed b~• mortgagee and the policies and renew•als ihereof shatl be held by mort- ~.+~re and ha~•e att~ched theretu lu~s pa~•ab?e clau~es ~n Ea~•or of and in (orm acceptable to the mortgaRee. In r~cnt of loss he will ~~~~e tmmed~ete notice b~• ma~l to mori~a~ee, and mortga~re ma~~ make proof ot lo~s it not r.iade ~~rumptl~~ b~• r,iortgagor, and each ~nsurance campan~• concerned is hereb}• authoriz~d and d~rected to make p~~ ment !or ~uch loss directl~• to mort~aKee ~nste~+d o( to mortgagcx and mortgagee jointl~~, and the insurance pro- ceeds, or any part thereof, ma}• be applied b~• mortRagee at ~ts opt~on either to the reduction ~f the ~ndebtedness hereb~• secured or to the restoration or repair .~f the ptopertt• dama~ed. ln e~•ent of toreclosi~re of this mort~age or ~ other transfer of title to the mortgaged propert~• in extingu~shment of the indebtedness secured hereb~•, ali nght. title, and interest of the mortgagor in and to an~~ ~nsurance policies then in force shall pass to the purchaser or ~rantee. ~ i S. That the mortgagee ma~~, at an} time pending a suit upon this mottgage, appl~• to the court having jurisdic- t~c~n t!~ereof for the appo~ntment of a receiver, and such court shall forthw•ith appoint a recei~•er o[ the premises corered hereby~ al) and singular, includin~ a11 and ~ingular the income, profits, ~ssues, and revenues from whate~•er :ource derived, each and e~~er~~ of u~hicn. it being expressl}• understood, is hereb~~ mortgaged as ~f spec~f~call~~ set ; fc~rth and descnbed in the granting and habendum ciauses hereof, and such receiver shall ha~•e all the broad and effecti~•e funct~ons and powers in an~•w4se entrusted b~• a court to a recen~er, and such appo~ntment shall be made b~ c~ich court as an admitted equ?t~~ and a matter of absolute right to said mortgagee, and without reference to the i e(ZP~II~iC~' Oi inedequac~~ of the value of the property mortgageci or to the soivency or insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues. and revenues shall be applied b~• such recei~~er = accurdtn~ to the lien uf this mortgage and the practice of such court. ln the e~~ent of anp defautt on the part of the q ~ ort~agot here~,nder, the mortgagor agrc~es to pay~ to the mortgagee on demand as a reasonable monthl~• rental for ; ~ :he premises an amount at least equi~•alent to one-tw•el(th (1 12) of the aggregate of the twPh~e monthip install- rnent~ pa~able in the then current }•ear p.u~ the actuat amount of the annual taxes, assessments, Water rates, and ~ insurance prem~ums tor such ~~ear not co~~ered bS~ the atoresa~d monthl}• payments. k Q. That ~n the e~ent uf an~• breach of this mortgage or default on the part of the mortgagor, or in ihe ~ c•~;ent that ~m~ of sa~d sums of mone}• herein referred to be not promptl}~ and Eull~• paid w~thout demand or notice. ~ ~~r in the e~~e~t that each .~nd e~er}• the stipulat~ons, agreements, conditions. and covenants of said note and th~~ raortge~e, Rre not duly, promptl~~, and fullt pertormed; then in either or any such e~•ent, the said ag~regate sum mentioned in said note then remain~ng unpa~d, K~~th interest accrued to that time, and all moneps secured ~ hc•reb~, shall become due and payable fortha•eth, or thereafter, at the option of said mortgagee, as full~• and com- ~ plete!~- as if a!1 of the sa~d sums of mone~• were originall~• stipulated to be paid on such day, an~•thing ~n said ~ ~ ~ote or ~n this mort~age to the contrart~ notw~~thstand~ng; and thereupon or thereatter, at the option of said mortga- ~ ~ gee. u•iihout notice or demand, suit at laK• or in equit~•, ma~~ be prosecuted as if alt mone~~s secured hereby had ~ matured pnor to its institut~on. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ pa~•able, and the said premises shall be sold to satisf}• and pay the same together wich costs, expenses.and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subiect to the con- ~ tinuing Gen of this mortgage for the amount of the debt not then due and unpaid_ In such case the pro~~isions of ~ this para~:aph may again be availed of thereafter from time to time b~• the mortgagee. 10. That the mortgagor u•ill gi~•e ~mmediate notice b}• mail to the mortgagee of an~~ con~•eyance, transfer, or - ~hange of ow•nership ot ihe premises. ~ 11 . That no wai~~er of am• covenant herein or ot the obligation secured hereby shall at an}• time thereafter be held to be a w•ai~•er of the terms fiereof or of the note secured hereby. ~ 12. That ~f the mortgaga default in an}~ of the co~•enants or agreements contained herein, or in said note, then ~ the mortgagee ma}• perform the.same, and all expendituces (includ~ng reasonable attorne}''s tees) made b}• the mortgaKee in ~o do~ng shall draw• interest at the rate set forth in the note secured hereby, and shall be repayable ~ irnmed~ateh~ and wrthout demand bt~ the mortgagor to ihe mortgagee, and, together with interest and costs accruing thereon, sha;: be secured b~~ this mortgage. 13. that the mailing of a uritten notice w demand addressed to the ownet of record of the mortgaged premises. ~,r d~recte~ to the sa~d owner at the last address actually furoished to the mortgagee, or oirected to said owner at se~d mortgaged premisec, and mailed b~~ the linited States mails, shail be sufiicient no:ice and demand in any c~se arising ~nder th~s instrument end required by the pro~•isions hereof or by~ law. l~i. The mortgagor further covenants that should this mortgage and the note secured hereb}~ not be eligible for ~nsurance under the iVational Housing Act w•ithin ~ DaYS from the date hereof (written statement -;a „f <~n~ officer of the Uepartment of F~ous~ng end Urban Deeelopment or authorized agent of the Secretary of Hous- _ tng and lirban De~•elopment dated subsequent to ihe ~nj time Irom the date af this morigage. ~ - dectining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility). the mortga- ° Ree ar the holder of the note ma}•, at its option, declare all sums secured hereby immediately due and payeble. The co~~enants herein contained shall bind, and the benefits and advantages shall inure to, the respective a heirs, executorc. administrators. successots, and assigns o( the parties hereto. li'henever used, the singular num- ber shalt ~nclude the plural, the plural the singular, and the use of an}~ gender shall include all genders. ::<f ~~s 3 ao~ 138 ~ 1~54