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HomeMy WebLinkAbout1272 ST lUCILC:)UNJY, fI A under (b) of paraarapb 2 precedina ahall no{.r.e ~'pound renta. taxes and aaaeaaments and inaur~:'fremiuma, .. the cue may be. when the same ahall become due and ploYable, then the mortauor pay to the morteqee any amount neceaaary to make up the deftciency, on or before the date wlien ~ent lf auch around renta. taxea, ..Mllmenta. or inaurance premiums shall be due, If at &ny time the mortaqor ahall tender to the mortpgee in accordarw:e with the proviaiona of the note aecured hereby. full payment of the entire lndebtedneu repnMnted thereby. the mortgaaee shall, in com- putina the amount of aDeb indebtedn_ credit to the account of the mortpaor all payments made under the proviaiona of (4) of parqraph 2 hereof which the mort.aqee baa not become obhgated to pay to the Federal Houaina CommiIaioner and any balance remaining iii the funda accumulated under the provisions of (b) of aaid parqraph 2. If there aball be a default under any of the proviaiona of this mortgage, re- aultiq in a public tale of the premu. covered hereby. or if the D'lortaagee acquires the propert)" other- wi8e after default, the mo~ sball apply, At. the time of the commencement of such proceedings or at the time the property is otherwUle acquired. the balance then remaining in the funda accumulated under (b) of parap'aph 2 precedin,.M a credit -.ainat the amount of principal then remaining unpaid under aaid note and ahall properly adjust any paymenta which ahall bve been made under (a) of said paragraph. 4, That he will pay all taxes, UMI"--enta. water rate., and other iOvernmental or municipal charges, fines, or impoeitiona. for which provision baa not been made hereinbefore. and in defalJlt thereof the mort- peee may pay the same; and that he will promptly deliver the official receipts therefor to the rr.ortgagee. _ ' 6, That he will permit. commit, or lutfer no wute, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on aaia premises and those to be erected on said premiaea, or improvements thereon, in rood repair. the mortgagee may make such repairs 81 in ita discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every auch payment ahall be immediately due and payable, and shall be secured by the lien of thia mortpae.. 6. That he will pay all and singular the coets. char'ees, and expenaes, includinr reasonable lawyer's feee. and costa of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortrqor promptly and fully to perform the agreements and covenants of said prom- iuory note and this mortgaae, and said costa, chaJ'lfes. and expenses Iihall be immediately due and pay- able and aball be secured by the lien of thia mortp.ae. 7. That he will keep the improvementa now existing or hereafter erected on the mortgaged property, inaured as may be reqUired from timecto time by the mortaa<<ee againat Iou by fire and other hazards, casualties, and contingencies in such amounta and for sucn Perioda as may be required by mortgagee, and win ~.lromptly. when due, any premiums on such inaurance for payment of which provision has not been e hereinbefore, All insurance shall be carried in companies approved by mortgagee and the polici. and h!Dewala thereof shall be held by mortgagee and have attached thereto 1088 payable clausell in favor of and in form acceptable to the mortp.pe. In event of Iou he will give immediate noti~L mail to mo~ee, and mortgagee may make proof of 1088 if not made promptly by mortgagor, and inaurance company concerned ia hereby authorized and directed to make payment for such Iou directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof. may be applied by mortgagee at ita option either to the reduction of the indebtedness hereby secured or to the reatoration or repair of the property damaged, In event of foreclosure of this mortpae or other transfer of tit1.~ to the mortgaged property in extin~ishment of the indebtedness aeeured hereby. all right. title. and interest of the mortgagor in and to any inaurance policies then in force ahall pua to the purehuer or grantee, 8. That the mortpree may. at any time pendinr a suit upon this mortgage. apply to the court hav- ina jurildiction thereof for the appointment of a receiver, and such court shall forthwith appoint a recelver of the premiaea covered hereby all and singular, includinr all and singular the income, profits, iuuea, and revenUe.l from whatever source derived, each and every of which, it being expreaaly under- stood, ia hereby mortpced M if specifically set forth and deICribed in the granting and habendum clauses hereof and auch receiver ahall have all the broad and effective functiona and powers in anywise entrusted by a court to a receiver. and auch appointment shall be made by auch court 81 an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendant., and that auch rents. proftta, income, iaaues. and revenues shall be applied by such receiver accordinJr to the lien of thia mort&are and the practice of auch court. In the event of any default on the part of tne mortgagor hereunder. the mortgagor agreea to pay to the mortrape on demand 81 a reason- able monthly rental for the premiaea an amount at least equivalent to one-twelfth Hh) of the aggregate of the twelve monthly inatallmenta payable in the then current year plus the: actual amount of the annual tax~l ....~.menta. water rates, and inauranee premiums for such year not covered by the aforesaid monuuy paymenta, 9, The mortpcor further covenants that should this mort&~ and the note secured hereby not be eligible for inaurance under the National Housm. Act within 30 DAYS from the date hereof (written statement of any oftIcer of the Federal HOUling Administration or authorized agent of the Federal Housing CommiuiOller dated subeequent to the 30 DAYS time from the date of this mortpp, decliniq to insure Mid note and thi8 mortcaae. oelnr deemed conclusive proof of such in- en.t6Wty). the mortppe or the holder of the note may. at its option, declare all aums secured hereby immediate17 due and payable. 10, That (4) in the event of any breach of thia morl8ale or default on the part of the mortgagor. or (&) In the event that any of aaid awns of money herein refeired to be not promptly and fully paid with- out dent-d or notic:e, or (c) in the event that each and flVffl'Y the stipulations, agreements. conditiona. and coveDaDU of uid note aDd thia mortpp, are not dul,. promptly. and fully performed; then in either or ..,. such e*l, the uid aarePte IUm mentioned in iaid note then remaining unpald, with inter.t accrued to that time, ~ all ~ MeUJ'8Ci ~...all becorue due and payable forthwith, 01" tbenafter. at the optioD of Mid ~.. talb' alid-coGiPletety u'if all of the said swna of money ... oriaill.~ atipulated to h palCl...rieli daT. &D1. thin. ip Mii1 note or in thia mortpp to Ule contrary JaOtwithlbWllftq; And thel'wpoa or thereafter. at the option of aid mOJtppe. without potice or demand, auit at la.. or in aquity, JUT be ~..if all mcmeya ..cunei heribj had matured prior to ita iDati- tutiOll. The mortppe may foredoM thia mort:eqe. .. to the amount so declared due and payable. and the uJd JJftDl- ar.iI be IOIct to utJ.ty and pal tile ame topther with com. expenaea, and allowaneeL In cue of put1al f~ Of \IHI =-:, the mortDaed preIii- Iha1l be sold aubject to the con- tinuiq Ueo of ttait mortpp ',01' tHe U)OUDt the ~ Dot th~ due and unpaldt In auch cue the pro- vWou of thia ........... III&J' ..... ~ftDed 01 therilafter tram time to time by the mortppe, !to That tIw mortcaaor will .t" bl).-diate D'Mlee bJ mail to the m~ of any conveyance, truat... 01' chaDp of oW'Del"llaiP of the .....&~ 11. 'null DO walWl' of aD7 ecmnant IaftD or of the obUption MCUI"flCl hereby IhaI1 at UQ' time thereafter be beIcI to be a walftr oi the ... hereof or of tbe utal8CU1Wl benby. . . . , . .. . ~ . ' . ~ ,\ . , r. ,', J . . ~.. -. \. 01.