Loading...
HomeMy WebLinkAbout0965 ~ ~ 1 ~ I , . `ti ~ . • ~ t . ' - . ; ~ • . • . . . , - ' . . : the Mortgagor all payments made under the provisions of (al of the damages, proceeds, and the consj~ecation. for such acquisition, paragraph 2 hereof which the Mortgagee has not.become obligated' ' to the extent of the full amount of~ndebtedness upon this•Mon- to pay to the Secretary of Housing and Urban Deve{opment and y- gage, and the Note secured hereby remaining unpaid, are t~eby . any balance remaining in the funds accumulated under the assignect by the Mortgagor to the Mortgagee and shall be paid orovisions of Ibl of said paragraph 2. If there shall be a default forthwith to the Mortgagee to be applied by it on account of the under an~~ of the provisions of this mortgage, resulting in a public indebtedness secured hereby, whether due or not. sale of the premises mvered hereby, or if the Mortgagee acquires ihe property otherwise after default, the Mortgagee shall appty, at 9. "I~hat the Mortgage~ may, at any time pending a suit upon the.timg of the commencement of such proceeding~ or at the time this mortgage, apply to the court having jurisdiction thereof for the the property is otherwise acquired, the balance then remaining in appnintment of a receiver, and such court shall forthwith appoint a the funds accumulated under Ibl of paragraph 2 preceding as a receiver of the premises co~•ered hereby all and singular, including credit against the amount of principal then remaining unpaid under all and singular the income, profits, issues, and revenues from yaid note and shall properly adjust any payments which shall have whatever source derived, each and every of which, it being been made under lal of said paragraph. expressly understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and 4. . That fie will pay all taxes, assessments, water rates, and such receiver shall have all the broad and effective functions and other governmental or municipal charges, fines, or impositions, tor powers in anywise entrusted by a court to a receiver, and such H~hich pro~~ision has not been made hereinbefore, and in defauit appointment shall be made by s~ch court as an admitted equity thereof the Mortgagee ma~~ pay the same; and that he will and a matter of absolure right to said Mortgagee, and without promptly deliver the ofiicial receipts therefor to the Mortgagee. reference to the adequacy or inadeyuacy of the value of the property mortgaged or to the solvency or insolvency of said Mort- 5. That he will permit. commit, or suffer no waste, impairment, gagor or the def,endants, and that such rents, profits, inrnme, c,r deterioration of said property or any part thereof: and in the issues, and revenues shall be applied by such receiver according to e~ent of the failure of the Mortgagor to keep the buildings on said the lien of this mortgage and the practice of such oourt. In the pr~mises and those to be erected on said prernises, or improvements e~•ent of any default on the part of the Mortgagor hereunder, the thereon, in good repait, the Mortgagee may~ make such repairs as Mortgagor agrees to pay to the Mortgagee on demand as a in its discretion it may deem necessary for the proper preservation reasonable monthly rental ior the premises an amount at least [hereof, and the full amount of each and e~•ery such pa}ment shall equi~~alem to one-twelfth 1U121 of the aggregate of the twelve t~ immediately due and payable, and shall be secured by the lien monthly installments payable in the then current year plus the . of this Mortgage. actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid 6. That he will pa~ all and singular the costs, charges, and monthly pa~~ments. e~,penses, including reasonable law~~er's fees. and costs of abstracts of titl~, ineurred or paid at an}~ time by the Mortgagee because of 10. That lal in the event of any breach of this mortgage or che failure on the part of the Mortgagor promptly and full~~ to default on the part of the titortgagor, or Ibl in the event that any perform the agreements and covenants of said promissory note and of said sums of monep herein referred to be not promptly and fully chis rnortgage. and said costs, charges, and expenses shall be paid without demand or notice, or Icl in the event that each and ~mmediarely due and pa~able and shall be secured by the lien of every the stipulations, agreements. conditions, and covenants of ` ~his mortgage. said note and this mort gage, are not duly, promptly, and fully . performed; then in either or any such event, the said aggegate sum ~ 7. That he will keep the improvements now existing or mentioned in said note then remaining unpaid, with interest ~ hereafter erected on the mortgaged property insured as may be accrued to that time. and all moneys secured hereby, shall become ; reyuired from time to time by the Mortgagee against loss by Gre due and payable forthwith, or thereafter, at the option of said ~ ~ and other hazards, casualties, and contingencies in such amounts Mortgagee, as fully and vompletely as if all of the said sums ot ~ and i'or such periods as may be required by Mor[gagee. and will mone~~ were originally~ stipulated•to be paid on such day, anything ~ pap promptty, when due, an~ premiums on such insurance for in said note or in this mortgage ro the contrary notwithstanding; pa}ment of which pro~~ision has not been made hereinbefore. All and the:eupon or thereafter, at the option o( said Mortgagee, s. insurance shall be prried in compani~s approved by Mortgagee without notice or demand, suit at law or in eyuity, may be ~ and ehe policies and renewals thereof shall be held by Mortgagee prosecuted as if all moneys secured hereby had matured prior to its ? ~ and have attached thereto bss payable clauses in favor of and in institution. The Mortgagee may foreclose this mortgage, as to the ~ E farm~acceptable to the Mortgagee. In event ot loss he will give amount so dectared due and payable, and the said premises shall be ~ immediate notice by mail to Mortgagee, and Mortgagee may make sold ro satisfy and pay the same together with costs, expenses, and ~ proof of loss if not made promptly by Mortgagor, and each allowances. In case of partial foreclosure of this mortgage, the insurance company concerned is hereby authorized and directed to mortgaged premises shall be sold subject to the continuing lien of make payment for such {oss directly to Mortgagee instead of to this mortgage for the amount of the debt not then due and unpaid. r '~lortgagor and Mortgagee joindy. and the insurance proceeds. or In such case the provisions of this paragraph may again be availed ~ any part thereof, may be applied by Mortgagee at its option either of thereafter from time to time by~ the Mort~tagee. ~o che reduction of the indebtedness hereby secured or to the ~ restoration or repair of the propeny damaged. In event of 11. That he will gire immediate notice by mail to the Mort- ` foreelosure of this mortgage or other transfer of title to the gagee of any conveyance, aansfer, or change of ownership of the ~ mortgaged property in extinguishment of the indebtedness secured premises. ~ hereby. all righl, tide, and interest of the Mortgagor in and to an}~ insuranCt policies then in force shall pass to the purchaser or 12. That no waiver of any covenant herein or of the obligation ~ grantee. ~ setured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. € 8: That if the premises, or any, part thereuF. be condemned ' ; under any power of eminen d main. or for a public use. 13: That if the Mortgagor default in any of the covenants or j 0 AK 4~~ PAGE ~ ' _ B9G 0 R AQ~ fl~rc " Page 3 af 4 ; , ~ ; ~ ~ e _ - _ . . s . - _4.____ - ~ - - - _ _ - ~