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HomeMy WebLinkAbout1432 B~:K 1 ~ PACED~~ , "C" 1"""'- ".........y r. . under (b) of parqraph 2 precediq aball not be auftlclent to pq JI'Ound renta, taxea and aueaamenta and iDlur~:lrremiwna, aa the cue may be. when the aame aball become due and payable, then the mortaAlrOr pay to the mortaaace any amount neceuuy to make up the deficiency, on or before the date when PQment of such l'I'Ound renta, tax.. ..evrnenta, or inaurance premiuma shall be due. If at any time the JDOrtcaaor ab.all tender to the mortaqee in accordance with the provisiona of the note aecured hereby, full p&yment of the entire indebtedneu repreleDted thereby, the mortaalce shall, in CODl- putiDl the amount of Iluch indebt.dneu, credit to the account of the mortpaor all ~enta mfode ullder the provisiona of ~.::~~ph 2 hereof which the mori4raPe baa not become obhlatecl to pay ~ the Federal HouaiDI ner and any balance remainm. iii tile funda accumulated under the provisions of (b) of laid parqraph 2. If thu'e ahal1 be a default under any of the provisiona of thia mortlaae, re- .wtinc in a publiC ial8 of the prem_ eovered h.'\reby, or if the mortaqee acquirea the property other- wiae after default, the mo~ shall apply, at the time of the c:ommenCf'ment of such proceedings or at the time the property ia otherwlH acquired, the balance then remaini", in the funda accumulated under (b) of parqraph 2 precedm." a credit against the amount of principal then remaining unpaid under laid note and aball properly adjuat any paymenta which ahall have been made under (a) of said paragraph. 4. 'I11&t he will pq all tax.. Ule-.....enta, water rates. and other IOvernmental or municipal charges, ftnea, or impoeitiona, for which provision haa not been made hereinbefore, and in default thereof the mort- ppe may pq the aame: and that l}e will promptly deliver the oftlcial receipts therefor to the rr.ortgagee. 5. That he will permit, commit, or suffer no w..ate. impairment, or deterioration of said property or any part thereof: and in the event of the failure of the mortgqor to keep the buildings on saia premises and thoee to be Elrected on aaid premiaea, or improvementa tJieieon. in lood repair, the mortgagee may make such repain .. in its di.acretion it may deem neceaaary for the propar prP.aervation thereof, and the full amount of each and every such payment ahaIl be immediately due and payable. and shall be secured by the lien of this mortpp.. 6. That he will pay all and ainlular the COlts, charJrea. and expenses, includin, reasonable lawyer's feee, and COIta of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortpaor P"ODlptly and fully to perform the qTeementa and covenanta of said prom- iaaory note and thia mortp;e. and said COlts. chariree. and expenaea shall be immediately due and pay- able and aball be secured by the lien of thia mol'tpp. 7. That he will keep the improvements now exiatiq or hereafter erected on the mortgaged property, inaured aa may be reqUired from time to time by the morta'agee ..ainat 1088 by fire and other hazards, cuualtiea, and continpnciee in such amounts and for sucn periods .. may be required by mortgagee, and will pay promptly, when due, any p.temiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companiea approved by mortgagee and the polici. and renewala thereof shall be held by mortgagee and have attached thereto Iou payable clauaee in favor of and in form acceptable to the mortgqee. In event of Iou he will give immediate notice by mail to mortPlee, and mortgagee may make proof of Iou if not made promptly by mortgalOr, and each inaurance company concerned ia hereby authorized and directed to make payment for such Iou directly to mortg&j'ee instead of to mortgagor and mortgagee jointly, and the inaurance 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 c! foreclosure of this mortpae or other tranafer of title to the mortgqed property in extinguiahment of the indebtedness secured hereby, all right, title. and intereat of the mortgagor in and to any inaurance policies then in force aball pau to the purehuer or lI'antee. 8. That the mortpaee may, at any time pendin, a suit upon thia mortgage, apply to the court hav. i~ juriadiction thereof for the appointment of a receiver, and auch court shall forthwith ap):Oint a I'8C8lver of the ~remiaee covered hereby all and singular, including all and singular the income, profits, iuuM, and revenu. from whatever aource derived. each and every of which, it being expressly under- atood. ia hereby mortppd .. if specifically set forth and deeeribed in the Il'antin~ and habendum clauses hereof and .uch receiver ahaIl have all the broad and effective functions and powen in anywise entruated by a court to a reeeiver, and such appointment shall be made b). such court as an admitted equity and a matter of abeolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mol'tfaged or to the solvency or insolvency of said mortgagor or the defendant., and that sueh renta, proftta, Income. iaauea. and revenues shall be applied by such receiver aecordiq to the Hal of this mcrtpge and the p~actice of such court. In the event of any default on the part of tne mortgagor hereunder, the mortgalOr qreea to pay to the mortgagee on demand as a reason- able monthly rental for the premiaee an amount at least equivalent to one-twelfth B~2) of the aggregate of the twelve monthly installmenta payable in the then current year plus the actual amount of the a"Tiual taxEl!, ....-.menta. water ratee. and iDlurance premiums for auch year not covered by the aforesaid mODUlIY paymenta. 9. The mortpcor further covenants that mould this morta~ and the nok secured hereby not be elilible for inaurance t..nder the National Houai~ Act within 30 DAYS from the date hereof (written atatement of any oftleer of the Federal Houaiq Administration or authorized agent of the Federal Houaiq Commiuioner dated subeequent to the 30 DA y~ time from the date of this mortpn. decliniq to inaure laid note and thia mortaaae, l>ern~ lreemed conclusive proof of such in- eliailiUft;i), the mortppe or the holder of the note may. at ita option, declare all sums secured hereby immediaW7 due and payable. 10. ThAt (CI) in the evellt of any bl'eldl of thia mol'tpae or default on the part of the mortpgor, or (I)) ill the event that any of laid suma of money he-rein releired to be not promptb' and fully paid with- out dMnaM or notice. or (0) ill the event that each and every the .tipulationa. agreements, conditiona. and OOYeIWlta of Aid Dote ADd thia JDOrtpp, are not d:lly. promptly, and fully performed: then in either 01' any aach event, the laid -..rePte awn mentioned in aaid note then remainil'lg unpaid, with iIlter.t accrued to that time. ADd all JDOMJa II8CUed berebJ', ahaJl beeome due and payable forthwith, 01' thereafter. at the option of laid mortppe, u fully and completely aa if all of the said sums of money were ~ atipulated to be paicI on IRIch day. U7thin. ill aald rote or in thia mortgaae to the contrary DOtwi q: and theNUPGD or thereafter. at the option of uid morllagee, without JIotice or demand. lUit at law 01' in ~ty, IJI&T ~ ))I.'OMeUted aa if all moneya aecured hereby had matured prior to ita inati- tutiOll. 11ut f:nOitppe.1Il&)' f~ un, mortpa, ~ w. ~,be amo~Qt so declared due and pa)'able, and the aa1d P'ID- aJWI be 80Id to iatI8ty md:pai ti. aame tepther with CC>>ta. expenses. and a11owanCt& In cue of putlal foncloaun of tIUa JraClriDae. the mol"tppd ~_ .haIl be .old aubject to the eon- tlnaiq UeIl of ttUa mGfWap for tbe:~-ofthe" debt DOt then due and bnpaid. In such cue the pro- vWoM of thia parqrapIlmq apm tilt aYalled of thereafter frcm time to time by the mortppe. 11. Tbat the ~ ~ aivt J~te DotIce by maD to the JDOI'tppe of any eonveyance, traufer, or cbaDp of oWD8l'llhlP of the pnml","" . 1,J. That DO waiwr of aay ccw__t MnI~ 01', of ,the ~ MGUtecl ..~ ahaIl at UlJ time thereafter be btJd to be a wafwJo 01 the. tIermI het'e6f or'af the ilcJte 'IIICUIWJ henbT. .