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HomeMy WebLinkAbout1287 Th~t he u~ll pt•tm~t, cummit, ot ~uffrr no w~este, ~mpaument, oc deteriu~ation <if said propctt~ or an~ p~.rt ~ there•of; ~nd ~n the e~•cnt of the f.,ilure thc mottgagor to keep t1~s'b~uiidin~s on ~a~d prt•~:,~es an~i th.~~e~tobc ere•cted on said premi~ec, or ?mpro~•ements thereun, ~n Koc~d repair, the mortgagee mc~~ r.~~l,e ~uch repuirs .i. ~n ~ts (jISClel~on ~t may dec•m nrce~sar~• for ihe pro~er preser~•aUOn thereol, und the full am~~unt of each and e~~ery ~uch pd~mf•nt shall be ~mmc~diately due and payable. :+nd shall be securt•d b~ the Len ot thi~ mort~<~Rc. E~ Th:~t he a~il p~+~ al! and singular the co~ts, cha?ges, and expenses, includ~n~ reasonable law~~~er's fee~. ~nd c•o~ts of abstracts of title, incurred or paid at any timr b~~ the mort~;agce .bec~use of the failure on the ~rt of thc• rr:urtKa~or promptl~• and ful1~~ to perturm the agreements and co~~enants ot sa~d promissor~• note and this mort- n:~o~~ ..n~ c:~iA rncic rhar.-NC >.nrl PYf~PI1CPC chall hs~ :r„r„a~:a~s~lv r~~~P an~ n:a.~~his. a.,,a cF,~ll F,o c~..-...~.i ~F..~ _ ~ _ ]~r.•n i>f th~s mort~:~ge. That he w•~I1 keep the impro~•ements noW existing or hereaftet erected on the mort~aged property. insured as ma~• be requ~red from t~me to time b~• the mortgagee against luss b~• f~re and other hazards, casualties, and cont~n- ~;enc~~s ~n such amounts and !or such period~ as may be requ~red bt~ mortgaRee, and w~ill pay promptl~•, w~hen due. onc premiums on such insutance for pa~•meni of uhich provisian has not been made hereinbelore. All insu:ance sh~ll be carried ~n compan~es appro~•ed b~~ r.iortgagee and the policies and renew•als thereot shall be held b~~ mort- ~;agee and ha~~e attached thereto loss pa~~able clauses in Ea~•or of and in form acceptable to the mortga~ee. ln e~ent of loss he uill g~~•e immediate notice b~• mail to mortgagee, and mortga~ee may make proof of toss i( not made prumptl~~ b~• mortgagor, and each ~nsuronce companp concerned is hereby authorized and dtrected to make ~i~ ment for such lass directlp to mortgaRee ~nstead ot to mortgagor and mortgagee jointlp, and the insurance pro- ceeds, or an~• part thereof, mag be applied b~~ mortgagee at its option either to the reduct~on of the indebtedness hereb~~ secured or to the restoration or repair of the propert~• damaged !n e~~cnt of foreclos~~re of this mortgage or .~ther transier of t~tle to the mortgaged property in extinguishment ef the indebtedness secured hereb}•. all ~~ght, t~tle, and interest o! the mortgagor in and to an~• insurance policies then in force shall pass to the purchaser or ~ Rrantee. 8. That the mortgagee ma~•, at any time pending a su~t upon ih~s mortgage, apply to the court ha~~ing iurisdic- ti~n thereof for the appointment of a recen•er. and such court shall forthaith appoint a rece~~~er of the premises co~•errd hereb~• ail and singular, includi~g ail and s~ngular the ~ncome, profits, issues, and re~•enues fcom whate~•er suurce den~•ed, each and e~~er~• of which, it being expressl~• understood, is hereby mortgaged as i( specificall~• set forth and described ~n the granting and habendum clauses hereof, afld sucfi receivet shall ha~~e all the broad and eifeci~~•e funct~ons and pouers in an~•w•ise entrusted by a court to a recei~~er, and such appointment shall be made b~ such court as an admitied equitt and a matter uf absolute right to said mortgagee, and vvithout referenre to the edeauac~~ or ~nadequ~+ry~ of the ~•alue of the propert~~ mortgaged or to the solvency or insolvenc~• of said mortgagor or the defendents, and that such rents.'pro(its, income, issues, and revenues shall be apQlied b~• such recei~~er ~~ccordin~ to the lien of this mort~age and the pract~ce of such court. In the event of any default on the part of the ~ortgagor here~inder, the mortga~or agrees to pay to the mortgagee on demand as a reasonable monthly rental for ; the premises an amount at least equi~~alent to one-tKelfth (1 `12) of the aggregate of the twelve monthly install- # ~,ents pat•able ~n the then current year plus the actual amount of the annual taxes. assessments, water rates, and i~curanc-P nrem~umc fnr cuch ~•Par not t~civert~ti hc tht• afnrPCaid mnnthl~• oavmPntc Q. That i~,: in the e~~ent of an~• breach of this mortgage or defau(t on the part of the mortgagor, or r+•i in the ecent that en~• of said sums of mone}• herein reierred to be not promptlS• and full}• paid w~thout demand or naiice, or ~n the e~•ent that each and e~•er~~ the stipulat~ons, agreements, conditions_ and covenants of said note and :his mortga~e. are not dul~•, promptl~•. and Eull~~ performed; then in eith=r or any~ such event, the said aggregate ~ sum mc~ntioned in caid note then remeining unpaid. with interest accrued to that ttme, and all moneys secured ; ; hereb~, shali become due and pa~•able forthA•ith, or thereafter, at the option ot sa~d mortgagee, as full~• and com- ~ E pletelt• as if ali ot the said sums of mone~• Were or~gir.ally~ stipulated to be paid on such da~•, an~•th~ng in said i ; note or ~n thic mortgage to the cvntrar~• notvvithstand~ng; aad thereupo~ or thereafter, at the option of said mortga- ' s gee, w~thout notice or demand, suit at law or in equity~, na~- be prosecuted as ii all moneys secured herebt• had metured pr~or to its institution. The mortgagee ma}~ foreclose this mortgage, as to the amount so declared due and _ ~ati~able, and the said premises shali be sold to satisfy and pay the same together with costs, expenses.and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ; tinwng lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of { this paragraph ma~• again be availed of thereafter from time to time by the mortgagee. ~ ~ 1~. That the mortgagor w•ill gi~•e immediate notice b~• mail to the mortgagee of any con~~eyance, transfer, or ' chdnge of ownership of the ptemises. ' 11 . That no w•ai~•er of an~~ co~~enant herein or oi the obligation secuted hereby shall at an~• time thereafter be ~ held to be a w•aiver of the terms hereof or of the note secured hereby. 4, 12. That it the mortgagor default ~n any of the co~~enants or agreements cantained herein, or in said note, then the mart e ee ma~~ rform the same, and al; ex nd~tutes (includin reasonable attorne 's fees) made b the ~ g~ g ~ ~ g y~ mortga~ee in ~o daing shall drau~ interest at the rate set forth in the note secured hereb~•, and shall be repa~~able i^~mediatel}• and w•ithout demend b~• the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, sha;l be secured b~ th~s mortgage. ` 13. that the mailing o( a written notice or demandaddressed to the ouner of record of the mortgaged premises. ' :a ur d?rected to the sa~d owner at the last address actuall~• furnished to the mortgagee, or directed to saidowner at - s~id mortgaged premises, and mailed b~~ the United States mails, shall be sufficient notice and demand in any ~ u cese aris~ng under this instrument and required b}• the provis~ons hereu( or by law. { _ 1~. The mortgagor further covenants that should this mortgage and the note secured hereb~• not be eligible - for insurance under the hational Hous~ng Act Kithin ~ DA~ [rom the date hereot (written statement ~ ~ uf an~ officer of the Department of Nousing end Urban Deve opment or authocued agent of the Secretar}~ of Hous- in~ and Urban Development dated subsequent to~ the -~n ~y~1v~ time from the date of this mortgage. declinin to insure said note and this mort a e, bein deem•~d conclusive roof of such ineli tbilit the mort a- - g g" g B P S 5) g - gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. 'I'he covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heizs, rxecutors, administrators. successors, and assigns of the parties hereto. 54'henever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~~.i~ ~i ~L~ir~~'1/ - ~s > . . , i~_, , t 3.._.