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HomeMy WebLinkAbout0214 ---"I - ST. LIJC!E CnUHiY, nt. under (b) c:f 1>U'.,gnph 2 Pl'~edin: ahail not be suitlc1o..nt to ~ rrouud rents, taxeE &!1d aaal.l54ment.t ~d inaurance rremium3, u the 'C:.&ae may boe, wher. the iJ&llle thaI} become due ~d payable, then the morti'agor 811.'\11 PAY to tne mo~agee any amount necesuuy to mue U9 the deflc1ency, on 0:- before the date when p*yment (Jf 8uch lP'Ound renta, We:., U8eB&D'enta, or inaunnce pr~iU1r.tl &hall be dUe. Ii at any time the rnortfagor ah211 teuder lo the morl&ag~ iL accordance with the proviAions of t~~ note locured h~reby full payment of tne entire indebtroneaa Npreaented theNby, the mortgag-ee shall, m com- }.luting the L'lldunt of r.uch indebtednH&. credit to the account of the Illortgagor all payments made under the provislon8 of (a) of. r~agrlllph 2 hereof which th~ ~o~q'ee haa !lot bt ~f}me obl1gated . to pay.!-<>. the Federal Housing CoI!1nlll810ner and Any balance I'e..'11&1nmr 10 the funda ACcumulated under the pro\ 11:10na of (0) of aaid para.graph 2. If there shall be s default unde.r any of the "rovi8io~ ')f thi8 mortgage, re- 8uiting i~ a public s21e of the premisee covered hereby, or l.f the mortgagee acqUlree the prcperty other- wiae alter defal\lt. the mortgagee shall apply, at the time of the commencement of such proceeding~ or at the time the property is otherwise acquired, the balance then remaining in the f.md5 accumulated under (b) of paragrAph 2 precooini.N 11 credit again8t ~e amount of principal then remaining ~npaid under aaid note &11(1 shall properly lldjUJIt any payments WhlCh shall have boon made lmder (a) of said paragraph. 4. ThAt he will pay all taxC8. baaea8Illents, water rates, and other governme!ltal or municipal charges, ftnea, or impositions, for which proviBi~n hu not ~n ~nade herein'?efore, ~nd ill default ther<>of the mort- gagee may pay the aame; and that he W1n promptly aehver t.ht! offiC1al reeelpl:.8 therefor to the n~Grtgagee, E. n~t he "",m permit, comm!t, or ~\lffp.~ no wast.e, impairmE:nt, or deteriorat.io~ of said p~operty or any part thereof; and in the event of the fallul'e of t.k mortgagor to kef'p the bUlldmgs on 881Ci premises and th08e to be erected on said yremiBes, or improvements thereon, in good repair, the mortgagee may make ouch repairs 83 in its discretion it may deem necessary for the proper preservation therEof, and the full amount of each aud every 8uch payment shall 00 immeJiately due and payable, and shall be se;:urea by the lien of this mortgage. 6. That he will pay all and singular the C08t.s, ch.?>r:le~, and expenses, including reasonable lawyer's fOO8, and coats of abatracts of title incurred or paid at !lilY time by the mortgagee because of the failure (,n the part of the mortgagor prom'ptly and fully to perform the agreementa and covenants of s.aid prom- isaory note and this mortgage, and !Jaid C08ts, charges, and expenses shall be immediately due and pay. able and shall be secured by the li~m ot this mortgage. 7. That he will keep the improvementa now exiBtini or hereafter erected o~ the mortgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, Cl:!.8ualtie.s, and contingenciea in such amo:mta and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which pro"ision has not been made hereinbefore. All in5Uranc~ shall be carried in companies approved bv mortgagee and the policies and renewals thereof shall be held by mortgAgee and have ?ttached thereto 1088 payable clauses in favor of and in forln acceptable to the mortgagee. In event of loss he win give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby autharized and direr.ted to make payrnent for such 1088 directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, ~r any part thereof, may be applied by mortgagee at its option either to the reduction of the indebte-iness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest ot' the mortgagor in and to any insurance policies then in force ahal1 paBS to the ,urchaaer or grantee. 8. That the mortgagee may, at any time pendinr a suit upon thil! mortgage, apply to the court hav- ini jurisdiction tht'reof for the appointment of a receiver, and 8~ch court llhall forthwith appoint a ret'..eiver of the premises covered hereby all and singular, including all and singular the income, profits, iasue8, and revenuea from whatever source derived, each and every of which, it beipg expressly under- stood, i8 hereby mortgaged as if specifically set forth and described in the granting ati~ habendum clauses hereof, and such receiver shall have all the broad and effective junctions and POWP1"8 in anywise entrusted by a court to a receiver, and such appointment shall be made by such court &8 an admitted equity and a matter of abeolute right to said mortgagee, and without refer~nce to the adequacy or inad- equacy of the value of the property mortgaged or te the solvency or iI1I.olvency of said mortgagor or the defendants, and that such rents, profits, income, isauea, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any d.:fault on the part of the mortgagor h~ri!under, the mortgagor !lgrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (~12) of the aggregate of the twelve monthly imtallmenb payable in the then current year plus the actual amour.t of the annual t&x~l a.uessments, water rat~, and insurance premiurna for 8uch year not covered by the aforesaid mODUlly PAyments. 9. The mortgagor further covenants that should this mo rtgage and the note secured hereby not be eligible for iMurance under the National Hou8ing Act within 30 PAYS from the date hereof (written ata~ent of 8:n~ officer of the Federal HOWjing Admimatranon or authorized a~nt of the Federal HOUB1l,ii', CoT~wnoner ~ated 8ubseq!J~nt to the 30 QA YS tim~ frum the date of this mortgcge, declining 00 In811re 8ald note and th~ :nortiage hemg deemed conclufllve proof of such in- fI.l~bility), the mortg~ or the holder of the note mllY,' at ita option declare all sums secured hereby immediately due and payable. ' 10. That (a) in the event .of any breach of thia mortgage or def&ult on the part of the mortgagor, or (b) in the event th~t any of aa~d suma of money he~ein referred to be not promptly and fully paid with- cut demand or noti~, or (c) In th.e e"ent that each and every the stipulat~ons, agreements, conditions, and eov'3nanta of aatd note and .this mortgage, I.a"e not duly, promptly, and fully performed; then in either or any IUch event..the I&ld aJgTefate sum mentioned in "aid note then remaining unpaid; with interelt accrued to tlult .time, an~ aU m~neYlleCur~ hereby, shal! becon,te due and payahle forthwith, or tharesfter, at the option of said rnor..gagee, u fuhy and completely as 1f all of the said 8umli of money w~.oriii!lAlly 8tipulated to be paid on such day, enythinl' in said note ~r in this mortgage to tge contrary DowltJu1andi?,; and thereupon or tht!,reafter, at the olltion of said mcrtgagee, without notiee or demand, BUit at laW' or in equity, may be Pf08eiCuted u if all moneys aecured hert:by had matured prior to ita inati. tution. The I!lortaawee may forecloe,e this i'I1ortgare, as to the 8Jtlount 10 declared due and payable, and the aaid premtae8 ahall1be sold U. uhafy and pay the same together with costa, exper.5eS, and allowances. In ~ o,f pa,rtial. fol"'eC.osure of thia rGortrare. Ute roortPred premiMI ,hall 1>3 sold I"hjed to the c.on. ttmuDl' !~-m ?f th18 n.o~ to!' ~'1" amount of .;he debt not then due and unpaid. In IUch ca.s.e the pro- vWOUA 01 thu parqraph may &a&lD be anUed of thereafter from time to time by the mortgagee. 11. That the mol'tirl.aor will rive immediate notice b, mail to the mot'tJqee of ...ny eonv~) fa1~ tranafer, or change Gt ownenh!p of the premiJel. 12. That no waiV8J' of any covensnt herein O? of t.'e f1bliption ~ured hereby aha1l at &n)' time therea110U be held to be a waiver of Cle tenn& hereof or of th.a D<ite Meured her-el..y. , .