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<br />or articles in, substitution therefor, whether or not the same are, or shall be attached to said building or buildings in any.
<br />manner. It is hereby agreed that to the extent permitted by law all of the foregoing property and fixtures are to be deemed
<br />and held to be a part of and affixed to the realty.
<br />TO HAVE AND TO HOLD the premises and property above described, with all the appurtenances thereunto belonging
<br />unto the Mortgagee, and to its successors and assigns, forever. The Mortgagor represents to, and covenants with, the
<br />Mortgagee, that the Mortgagor has good right to sell and convey said premises; that they are free from encumbrance; and that
<br />the Mortgagor will warrant and defend the same against the lawful claims of all persons whomsoever; and the said Mortgagor
<br />hereby relinquishes all rights of homestead, either in law or in equity, and all other contingent interests of the Mortgagor in
<br />and to the above - described premises, the intention being to convey hereby an absolute title, in fee simple, including all rights
<br />of homestead, and other; rights and interests as aforesaid.
<br />PROVIDED NEVERTHELESS, that the Mortgagor is justly indebted to the Mortgagee in the principal sum of
<br />One Million Two Hundred Thousand And Noll QOths ----------------------- — ---- —Dollars ($ 1,200,000.00 ) and that the Mortgagor shall well and truly pay or
<br />cause to be paid to the Mortgagee, or order, the principal sum as provided in and evidenced by its certain Promissory Note (or
<br />any Note in renewal or extension thereof) of even date herewith; and shall further pay all additional sums and advances
<br />according to the terms hereof as the Mortgagee may advance to the Mortgagor and also any and all sums now or hereafter due
<br />from the Mortgagor to the Mortgagee. Said Note shall bear interest from date on the outstanding balance at
<br />5.71% ------------ per cent per annum, payable in monthly installments beginning on the first day of the month following the
<br />date hereof with a final maturity of May 1, 2033 . Said Note is identified as being secured hereby by a
<br />certificate thereon. All the terms of said Note are incorporated by reference, and this conveyance shall secure any and all
<br />extensions of said Note however evidenced. This Mortgage is to remain in full force and effect until all conditions and
<br />covenants of said Mortgage are performed, at which time this Mortgage shall be null and void.
<br />And shall perform each and every covenant, condition, and agreement herein contained, then these presents shall be
<br />void, otherwise to remain in full force and effect.
<br />The Mortgagor in order more fully to protect the security of this Mortgage, agrees:
<br />1. That Mortgagor will pay the Note at the times and in the manner provided therein
<br />2. That Mortgagor will not permit or suffer the use of any of the property for any purpose other than the use for
<br />which the same was intended at the time this Mortgage was executed;
<br />3. That the Regulatory Agreement, if any, executed by the Mortgagor and the Secretary of Housing and Urban
<br />Development, acting by and through the Federal Housing Commissioner, which is being recorded simultaneously Herewith, is
<br />incorporated in and made a part of this Mortgage. Upon default under the Regulatory Agreement and upon the regwest of the
<br />Secretary of Housing and Urban Development, acting by and through the Federal Housing Commissioner, the holder of the
<br />Note, at its option, may declare the whole of the indebtedness secured hereby to be due and payable;
<br />4. That all rents, profits and income from the property covered by this Mortgage are hereby assigned to the holder
<br />of the Note for the purpose of discharging the debt hereby secured. Permission is hereby given to Mortgagor so long as no
<br />default exists hereunder, to collect such rents, profits and income for use in accordance with the provisions of the Regulatory
<br />Agreement;
<br />5. That upon default hereunder the holder of the Note shall be entitled to the appointment of a receiver by any
<br />court having jurisdiction, without notice, to take possession and protect the property described herein and operate same and
<br />collect the rents, profits and income therefrom;
<br />6. That at the option of the Mortgagor the principal balance secured hereby may be reamortized on terms
<br />acceptable to the Secretary of Housing and Urban Development, acting by and through the Federal Housing Commissioner if
<br />a partial prepayment results from an award in condemnation in accordance with provisions of Paragraph 8 herein, or from an
<br />insurance payment made in accordance with provisions of Paragraph 7 herein, where there is a resulting loss of project
<br />income;
<br />7. That the Mortgagor will keep the improvements now existing or hereafter erected on the deeded property insured
<br />against loss by fire and such other hazards, casualties, and contingencies, as may be stipulated by the Secretary of Housing
<br />and Urban Development, acting by and through the Federal Housing Commissioner upon the insurance of the Mortgage and
<br />other hazards as may be required from time to time by the holder of the Note, and all such insurance shall be evidenced by
<br />standard Fire and Extended Coverage Insurance Policy or Policies, in amounts not less than necessary to comply with the
<br />applicable Coinsurance Clause percentage, but in no event shall the amounts of coverage be less than 80% of the,lnsurable
<br />Values or not less than the unpaid balance of the insured Mortgage, whichever is the lesser, and in default thereof the holder
<br />of the Note shall have the right to effect insurance. Such policies shall be endorsed with standard Mortgagee clause with loss
<br />payable to the holder of the Note and the Secretary of Housing and Urban Development as interest may appear, atld shall be
<br />deposited with the holder of the Note; The insurance carrier providing the insurance shall be chosen by Mortgagor subject to approval by Mortgagee, prtided that
<br />such approval shall not be unreasonably withheld. 1t
<br />That if the premises covered hereby, or any part thereof, shall be damaged by fire or other hazard against which
<br />insurance is held as hereinabove provided, the amounts paid by any insurance company in pursuance of the contract of
<br />insurance to the extend of the indebtedness then remaining unpaid, shall be paid to the holder of the Note, and, at its option,
<br />may be applied to the debt or released for the repairing or rebuilding of the premises;
<br />8. That all awards of compensation in connection with condemnation for public use of or a taking of any of that
<br />property, shall be paid to the mortgagee to be applied to the amount due under the Note secured hereby in (1) amounts equal
<br />to the next maturing installment or installments of principal and (2) with any balance to be credited to the next payment due
<br />under the Note. That all awards of damages in connection with any condemnation for public use of or injury to any residue
<br />of that property, shall be paid to the mortgagee to be applied to a fund held for and on behalf of the mortgagor which fund
<br />shall, at the option of the mortgagee, and with the prior approval of the Secretary of Housing and Urban Development, either
<br />be applied to the amount due under the Note as specified in the preceding sentence, or be disbursed for the restoration or
<br />repair of the damage to the residue. No amount applied to the reduction of the principal amount due in accordance with
<br />(1) shall be considered an optional prepayment as the term is used in this Mortgage and the Note secured hereby, nor relieve
<br />the mortgagor from making regular monthly payments commencing on the first day of the first month following toe date of
<br />receipt of the award. The Mortgagee is hereby authorized in the name of the mortgagor to execute and deliver valid acquit-
<br />tances for such awards and to appeal from such awards.
<br />9. That the Mortgagor, together with and in addition to the monthly payments under the terms of the Note secured
<br />hereby, will pay to the Mortgagee monthly, beginning on the first day of the first month after the date hereof and of each
<br />month thereafter until the said Note is fully paid, the following sums:
<br />(a) An amount sufficient to provide the Mortgagee with funds to pay the next mortgage insurance premium if this instrument and the
<br />Note secured hereby are insured, or a monthly service charge, if they are held by the Secretary of Housing end Urban
<br />Development, as follows;
<br />(I) If and so long as said Note of even date and this instrument are insured or are reinsured under the provisions of the
<br />National Housing Act, an amount sufficient to accumulate in the hands of the Mortgagee one month prior to its due date
<br />the annual mortgage insurance premium, in order to provide such Mortgagee with funds to pay such premium to the
<br />Federal Housing Commissioner pursuant to the National Housing Act, as amended, and applicable Regulations thereunder,
<br />or
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