HomeMy WebLinkAbout0987 S. That he will permit. oomm~t, or suffer r?o waste, impairment, tAe practia of such ca:rt. ln the ~vent of any default on the pan
or deterioretion of said property or any part theroof; a~xi in the of th~ Mort~gor horeundcr. ihe Morig,agor agtas to pay to the
event of the failurc of the ytcxtjugor to kotp !he buildings on s~id MortgAgoe on demand u• reasonabk rtwnthiy rcnul for the
~rcmises ond those eo be erecta on said premiies. or im~ovemenes prcmisa an unounc at least equivaknt to one•twellth (I!!21 of the
theroon. in good repair, the Mortg~g~ee may rt~aica such repeia as . aggregate ot the twelve monthly installme:ns payabk in Ihe then
in its discrttbn it may deem neoessary for the proper preservation curre~t year pius the actwt amou~t of the annual taxes,
theroof. and the fuU amcwnt ot Each and every such payment shal7 a~ssmenrs. water rat~s. and insurana pramiums for such yar not
be immedi~tdy due u~d payabk, and s!W! be secured by the lien oovued by the aforesaid monthly paYment~.
of ttis Mortaa'oe.
10. That (a) in the event ot any breach ot this mortgage or
6. That he wiQ pay a8 a~d singufar the cnsts. char~es. usd ex• deisult on the part of the Mortgagor, or (bl ~n the event that a~y
pectses. includit~ reawrubk lswyer"~ foes. and ooets of ~bstracts of of said sums ~f money hetein roferrod to ba tw~p~p _ly and fully
titk, :ncurred or paid at any time by the !Kort=a~ee because ot the paid without demand or notice, or (ci in the erent ~hat ach and
failure on the pan of the Mortg~egor promptly and [ully to perform every ihe stipulations. sgraments, wnditions. and rnvenents oi
ihe agraments and oovenants d said promisso~y rwte and tha said note and this mortgage~ a~e not duly, promptly, and fully per-
mortgagt. and said casts. charges. and expe~uts shall be imma!iata fwmod: then in either or any such event, the said aggrcgate sum
ly due and payabk and shell be ucured by tha lien of this mentioncd in said note then ~emaining unpa+d, with intercsc ac-
mortgag,e. cruecf to that time, and all moneys securul hereby. shall bxomc
d~.k ar~d payabk fo~thwith, or t':ureafter, at chr optan oi said
7. That he will kcep the improvements now exi~ting or Mortgaga. as fully and oompktefy as if alt ot chc said sums of
hereaftcr erxtvd or. the mortgaged propeny iruured as may be re- money wer~ originatiy stipulated ta be paid on such day, anyth~ng
quircd from time to time by the Mortgsga ag~tintt lo6s by Crc and in said note or in this mottgage to the oontrary notwiths[andin~;
othu hazards. caswlties. and aontingencies, in such amounts and and thereupon or i?`~ereafter, at the a~tion of said Mongega,
for such periods as may be requirod by Mortgaga, and wil! pay without ~otioe or demand. s~it at Iaw cx in oquity. may be pra
prompdy, when due, any premiums on euch insuranoe for payment secuted as it all moncys socured hereby had matured prior to iu in-
of which provision has not been made hereinbe[ore. All insurana stitution. The Mortgag~ may fcnclose this mortgagc. as to the
shall be carricd in compenies approvod by Mwtgaga and the amount so declarcd due and ,~s~abk, and the said prernisa shall be .
pofisies and renewak thereof shall be heW by Martga~oe and have sotd co sacisfy and paY :t.t s~^.~e t:,gether with oosu, eacpenses. and ~
accachod thereto loss payabk ctauses in [avor ot and in torm acecp- atlowanoes. In c~se of partial fcNxlosun ~t this mortgager the ~
eabk co the Mortguga. In event of loss ht will give immcdiate mortg;ge~ premis~e,c shall be sold wbj~ct w the oontinuin~ Ikn of I,
notice by mail w Mortgagu. and Mongaga may make proof of this mortga~e [or the amount of the debt not then due and unpaid.
loss if not made promptlY by Mortgagor, and each insurana com- ln such c~9e the ptovisions of this paragraph may ag,aEn be availcd
pany cae~cemod is hereby suthoriu:d and dirxted to make payment of thereafter trom time to time by the Mortgaga.
for such bss dinctly to the Mortgaga instead of to tt~e Mortgagor
and the Mort~agee jointly, and the iraurana prooocds. or any part 11. That hc will give immediate notia by mail to the Mort-
thereof, raay be appliod by the Mortgagoe at iu optan. either to gaga of any oonveyana, transfer, or change of ownership of the
the roduction of the indebtodness hereby secur~d or to the restora• promises.
tion w repair of the pr~erty daReag~od. ln event of foroclosun of
this mortgage and other transfer of titk to the mortgaged propcrty 12. That no waiver ot any covenant herein or of the obligation
in extin~uishment of the indebtodness secured hercby, all right. titk securod hereby shall at any time theteafcer be held to be a waiver
and interest ot the Mortgagor in and to any ~nsurance policies then of the terms hereof or of the note secured hereby.
in tora shall paa to the putchaser or grantee.
13. That if the Mongagor default in any of tiu oovenants or
8. That if the p~emises, or any part thereof~ be Qonckmnod agrxments contained herein, or in said note. than the Mortgagee
under any power of eminent domain, a aoquired for a public usc, may perform the seme, and all cxpenditures (including reasonable
the damages, procoods, and in consideration for such aa~uisition. to attorney's kes) made by the Mortgaga in so doing shall draw in-
th~ exter.t of the full amount of indebtedness upon this Mortg,age, terest at the rate sct fwth in the rwte secured hercby~ and shall b~:
and che Note secured hercby remaining unpaid, are hereby assignod repayabk imm~diatety and withaut demand by the Morigagor to
by~ tht Mongagor to the Mortguget and shai! be paid forthwith to the Mongagee. and, together with interest and cosu accruing
che Mortgaga to be applied by it on account of the indebtedness thereon, shall be secured by this mortgaga
stcure~ hereby, whether due or not.
14. That the mailing of a written notia or demand addressed ;
'That the ldortgagoe may, at any time pending a suit upon to the owner of reoord of the
mortgaged premises. or directed to
ci?is mongage, apply to the court having jurisdiction theroof for the the said awrur at the lact address actually furnished to the Mort- ~
appointment of a reaiver, and such couri shall forthwith appoint a gagee, ar dirocted to said owner at said mortgaged premises, and
receiver of the prem'aes oovercd hereby all and singular, including maikd by the United States mails, shall be suff'~cient notice and do-
a!I and singular the inoome, profits, issues, and revenuts from mand in any case arising under this instrument and requircd by the
whatever source derived, each and every o! which. it bcing cxpress- provGions hcrcof or by law.
ly understood, is hereby mottg,agod as if specifically set forth and
describt~ in the granting and hsbendum etausac hereof, and such I5. The Mortgagor [urther oovenants that should this mortgage
receiver shall have ap the broad and effective functaru and powers and the note sccured hereby not be eligible for insurana under the
in anywise entnuted by a oourt to a reoeiver, and such appoint• Natanal Housing Act within NINETY days
ment shall be made by such court as an admitted equity and a from the date (written statement of any officer of the Department
mstter of absolute right w said Mortgaga, and without refercnoe of Hausing and Lrban Development or authorized agent of the
to the adequacy or inadoquacy oi ttu value of the property mort• Secretary of Housing and Urban Devebpment date subsequent to
gaged w the solvzncy ~i said Mortgagor or the defendar?ts, and the NINETY days' time from the date of this
that such rents. profits, inoome, issuea, and nvenues shall be ap- mortgage. declining to ensure said note and this morcgage. being
p~ied by such reaivu aovording to the Iien of thg mortgage and deemod conclusive proof of such inekgibility). the Mortgagee or
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gooK511 P~~E 986
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