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HomeMy WebLinkAbout0204 n. ti; lW:Jl ( ) "T. lllCIF. COUNTY. HA. Nld inauran~ premhuna... the case may bf!t.!uch exceaa llhall be cred!ted by the mortgagee on subsequent paymenta to be made by the mortgqor. II. however. the monthly payments made by the mortgaaor under (b) Clt ~aph 2 precedi~ ahaU not be luft\cient to ~ l1'Ound rents, taxes and uaeurnenta and inaur~:lfremiuma, .. the cue may be. when Ute aame Ihall become due and PAyable, then the mortpaor pay to the uwrtaape IUl7 amount n9Cet..ry to make Dr the deftciency. on or before the date when paymmt of 8uch around renta, tuel. aaaeaaments, or lnauran:::e premiuma ahall be due. If at any time the mortppr ahall tender to the mortaaaee in accordance with the proviaions of the note secured hereby. full payment of the entire indebtfdneu npreeented thereby, the mortaagee shall, in com- putina the amount of auch indebtedneu, credit to the account of the mortgagor all PApnenta made under the proviaiona of (4) of parqr.ph 2 hereof which the mortppe haa not become obhgated to pay to th~ Feckral Houaiq Commiaaionu and any balance remainiDl' in the lunda accumulated under the provisions of (b) of Did paracraph 2. If there &hall be a default under any of the proviaions of thia mortgage, re- lul~ in a public aale of the premae. covered her0by, or if the mortgagee acquires the propert)' other- wise after default, the mortppe ahall apj)ly. at the time of the commencement of luch proceedin,s or at the time the property 13 otherWise acquired. the balance then remaining in the lunda accumulated under (b) of parqraph 2 precediDl.u a credit against the amount of principal then remaining unpaid under Mid note and shall properly adjuat any payment. which shaH have been made under (4) of said paragraph, ". That he will pay all taxes, us....llll'lenta, water rata, and other governmental or municipal ChLooge8, ftnee, or impoeitiona, for which proviaion baa not been made hereinbefore. and in default thereof the mort- pace may pay the same ; and that he will promptly deliver the oftlcial receipta thel'efor to the Jr.ortgagee. 6. That he will permit, commit, or suffer no waite. impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mortpgor to keep the buildings on saia premises and th08e to be erected on said premises, or improvementa thereon, in good repair, the mortgagee may make IUch repairs as in its diacretion it may deem neceuary for the proper preservation thel'e\)f, and the full amount of each and every such payment IShall be immediately due acd payable, and shall ~ secured by the lien of thia mortp,ae. 6, That he will pay all and linaular the coati, chargea. And expenses, including reasonable lawyer's fees, and coats of abstracts of title, incurM or paid at any time by the mortgagee because of the failure on the part of the mortgaaor promptly and fully to perform the agreements and covenants of said prom- iaaory note and thia mortaace. and said COIta, chargea. and apenaee lhall be inunediately due and pay- able and aball be leCured by the lien of this mortpp. , 7, That he will keep tha improvements now exiating or hereafter erected on the mortgaged property. inaured .. may be reqUired trom time to time by the mortaagee &pinst 1088 by fire and other hazards. ea.aualties, and contingencies in auch amounts and for such }lErioda as may be required by mortgagee. and will ~.LromPtlY, when due. any premiums on auch insurance for ~ayment of which provision has not been hereinbefore, All insurance shall be carried in cQlDpam8S appro..'ed by mortgagee and the polici. and renewala thereof ahaI: be held by mortgagee and have attached thereto 1088 payable clauaea in favor of and in form aeeeptable to the mortgagee. In event of l<.'ss he will give immediate notic:~~ mail to mortgagee, and mortg~ may make proof of Iou if not made promptly by mortgagor. and insurance company concerned 11 hereby authorized and directed to make payment for such Iou directly to mort&agee inatead of to mortgaaor and mortgagee jointly. clnd the inauranc<! proceeds. or any part thereof, may be applied by mortgag\!e at ita option either to the reduction of the indebtedness hereby aeeured or to the reatoration or repair of the property daJnaaced, In event of foreclosure of this mortpae or other tranafer of title to the mortgaged property in extilli{Uiahment of the iildebtedness aec:ured hereby. all ~~tle, and intere.t ot the mortppr in and to any lnsurance policies then in force Ihal1 p&U to the p OJ' p-antee. 8. ""t the mortppe may, ~t any WIle pendin. a auit upon thia mortgage, apply to the court hav- inB Juriedietion thereof for the appointment of . receiver, and .uch court shall forthwith ap;>oint a receiver of the premiaee covered hereby all and .ingular, includin. all and singular the income, frrofits, iaauee, and revenuel from whatever aoun:e derived. each and every of which, it being expressly under- .tood, ia hereby mortpaed as if apeclf\cally set forth and deacribed in the granting and habendum clauses hereof. and such reeeiver ahall have all the broad and effective functiona and powers in anywise entrusted by a court to a receiver. and IUch appointment shall-be made by such court as an admitted equity and a matur of abIolute ript to said mortgagee. and without reference to the adequacy or inad- equacy of the value of the property m~ or to the 101vency or insolvency of said mortgagor or the defendantt, and that such rent., proftta, lDCome, iaauea, and revenues allall be applied by such receiver accordm. to the lien of this mortpp and the pl"llclice of aueh court. in the event of any default on the part of tne mortPSOr hereunder! the mortpaor ..rea to pay to the mortgqee on demand as a reuon- able monthly rental for the prem1le8 an amount at least equivaleBt ~one.twelfth (1ft2) of the aggregate of the twelve monthly inatalhnenta payable in the then current 'eIU' pIa the actual amount of the annual t.ax~, ...."'-"'tenta, water rates, aDd inlUrance premiuma for auch JeaI' not covered by the aforesaid mOlulU1 pa7DMl1ta. 9, The mortgagor further covenants that should this mortgage and the note secured hereby not be el~ble for insurance under the National Houlinr Act within ap DAYS from the date hereof' (written statement of any officer of the Federal Houainl A~istral1on or auUlorized agent of the Federal Housing Commiuioner dated aubeeQuent to the QU DAYS time from the date of this mortgage. declining to insure said note and thia mortgqe, helDg deemed conclusive proof of such in- eliaibility), the mortgagee or the holder of the note may, at ita option. declare all auma secured hereby immediately due and payable. 10. That (a) in the event of any 1.J1'8SCh of thia mortgage or default on the part of the mortgagor. or (b) in tile event that any of aNd 6uma of mooE'Y herein referred to be not promptly and fuHy paid with- out demand or notice, or (~) in the event that each and every the atipulationa, &greeU\enta. conditions. and covenanta of said note and this mortgage, are not duly, promptly, and fully performed; tbtil in either or scy such ev~nt, the said tl.gJTepte lum mentioned in said note then remaining unpaid, with int~reat accrued to that, time, and all moneya secured here~. shaJJ become due and payable forthwith, or therwt.er. at the option of saud mort&agee. as fully and completely aa if all of the said suma of money were orginaUy stipulated to be paid on auch day, ~thing in said notP. or in thia mort;gage to the eontrary notwithatalJding; and thereupon or thereafter, at the option of s.aid mortgagee, without notice or demand. suit at law or In equity. may be proeeeuted u it atJ moneylS secured hereby}wl matured prior to ita ilWti- tution. The mortp~ may fore-c~ thia mo~. as to the amount 10 declared due and payable, and the said premlMl ahall be acid to aatWy and pay the same together with costa, expenaea, and aUowance& In eMe of partial forecloaure of thUlmort:ple. the mortp.ged premi8e8 shall be IOId subject to the con- tinuina lien of this ~ for the amount of the debt not then dut! and unpaid. In lUeb cue the pro- v;.iODol of this p&raBl'aph ma,)' &pin be availtd of therWter from time to time by the morlppe. 11, That the mortgagor will give immediate notice by mail to the mortpgee of any conveyance. tranafer, or ehanp of oWDcrQlip of the pr~i.... 12. That no ..-.iver of any QWerumt boarem OJ' of the obliptiOll aeeu.'"'8Cl hereby .hall at any time thereafter be held. to be a waiver of the terms MI'eof or of tM,note secured hereby.