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HomeMy WebLinkAbout0521 \ T. l'JfJf CatlflfTY. ru under (b) of puagraph 2 pnx'eding shall not hi! sufficient to pay il"Ound renta, tllX<'8 and ~ment~ and insurance prem.iUtrul, IUS the case may be, when the aame Ihall become du~ and paya.ble, ....thc - mort&'I',gI>r shall pay to the morta&~ &U~y amount n~eA&Ia')' to make up the detkiency, :m or b€for,~ tht! date when payment of such ground renu, taxes, a.ue&8menta, or insurance premiums shall be aue, If at an... time the mortgagor shall tender to> the mortgagee in accorda.n<:e with the provisiollll of the note s-e<'ur~ hereby, full pa:fmenl.; of the entire indebtedT!eM represented thereby. the mortgagee shall, in com- puting the a...-nount of r.uch indehtedneu, credit to the account of the mortgagvr all payments made under the provision. of (4) ot pa.ragr~ph 2 hereof which the mortgn.gee has not become obhg3ted to pay to th~ l"ederal Ho~aiIli' CommjMi~ner and any balance :rema.ining in the funds a{'cu..~u,b.ted und~r the provisiont of (b) of a&1d paragraph 2. If there shall 00 a defauit under any of the proV1810ns of thls Inl)rtgag~, re- ....- auItin&, in a pubiic sale of the premi8ell covered hereby, or if the mortgag~ acquires the property other- wise after deftlult, the mo~ee ah611 apply, at the time of the commencement of such pn:..>C(-t'-dinji;8 o:r at th(> time the property is otherwise acquire<l, the balance then remaining in the funds accumulah.'d under (b) of p&.r94rT'aph 2 pre<;edinr u a credit aga.inat the &mount of principal then Tl'maining unpaid under &\id note and ahall properly adjust any payments which shall have been mad~ under (a) of said paragraph. 4. That he wiilllay all taxes. 8BSes8menu, water rateti, and other governmental Of" municipal charges, fines, or impoaitions. for which provi8i<m hu not ~n made hereinbefore} and ir- default thereof the mort- gagee may pay the 8Att!e; and that be will promptly deliver the official receipt& therefor to the rr:ortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of ~aid pr:)perty or'" any part thereof; and in the event, of the failure of the mortgagor to keep the buildings on said prerni3t's and thou to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the tu!! amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of thi8 mort.gage. 6. That he will pay all and singular the coots, charges, and expenses. including reasonable lawyer's fees, and C08ta of abstracts of title, incurred or paid at any time by the mortgagt,'e because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- isaory note llnd this mortgage, and said coet&, cha.rgeor and ex~n.ses shall be immediately due and pay- able and shall be secured by the lien of this mortirqe. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, ca8ualtiea, and contingencies in such amounts 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 prov~has not been made hereinbefore. All insurance shall b€ carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgage€ and have attached thereto los.s payable clauses in h.vor of and in fonn acceptable to the mortgagee. In event of 1085 he will give immediate notice by mail tv mortgagee, and mortgagee may ma.ke proof of 10&3 if not made prornptiy by mortgagor, and each inaurance company concerned is hereby authorized and directed to make payment for such 1008 directly to mortiCagee instead of to mortgagor and m')ttgag~ jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either tr> the reduct:on of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of forpclosure of this mortgage or other tramfer of title to the mortgaged property in extinguishment of the indC'bteones8 secured hereby, all right, title, and interest (If the mortgagor in and to any insurance policies ther: in force ahl.ll pus to the purchaser or granUle. 8. ThAt the mortgagee may. at any time pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a receiver, a.nd such wurt shall forthwith appoint a receiver of the premises covered hereby all and singular, indudini all and singular the income, profits, iasUfl.8r and revenues from whatever source derived, each and every of ....'hich. it being expressly under- stood, is hereby mortg-].fed as if I)pecificaHy set forth and deM:Tibed in the grantmg and habendum clauses hereof, and such receiver shall have all the broad and effective functions aDd POWf.>TS in any".,-ise entrusted by a court to a :reeeiver, and 8u~h appoif'1tment shall be made by such court a3 an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- €QU&CY of the w.ltle (If the property mortgaged or to the solvency or insolvency of said mortgagor or the defendanta, and t.hat such rents, profits, income, i$BUNi, and r~vel1ues shall be llPplied by such receiver aC('t)rd~ng' to the lien of this mortgage and the practice of such court. In the event of any default on tlw part of the mQrtgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as n reason- able monthly rental fOT thf~ prermsE':s an amount at It'..a8t equivalent to one-twelfth (1,:ll) of the aggregate of the twelve mont.hly instailments payablejn the then -current year plus the actual amount of the annual tsx~l assesaments, water rate8r and insurance premium.& for such year not covered by the aforesaid montnly paymenta. 9. The mortgag(lr further covenants that should thia mortgage and the note secured hereby not be eligi!Jle for i~urance under the National H0l1s11l,f Act ~ithin 39. ~r' . '.' from the dat.e hen~f (Wt'lttml statement: of any officer of the FederiLI Houaung AdmmuJ,tratiOI1 OJ' authOrized agent of th€ Federal Houinj' Commissioner dated 2ub&equent to th~ :: G-, . '_ time from t.he date of this mort~ declining to in"ure Mid note and thia mortgage, being deemed con('lw~ive prO<:lf of ~ in- eligibility), the mortg-~ or the holder 01 the not.e may, at it! option. declare all SUing st'Curroh-ereby immediately due llnd payable. 10. That (c) in the event of any br~ of this mortgage or default on the part of the mortgagor, Of (b) in thlf.- event that a.ny of said IU2JHS of money h~rein referred to be not pPHnptly and fully paid wit.h- out dlfjrn.~.1ld or n(Jti~~~, 0:1' {c} h, tht; iflvent th&t i:iA>:h and every the !-it,plJh~tion". iilgr0etnenta, (~nGdlt.ionl!, And covt;U.,lmU\ of ~id niJ~ &ndthit rnvrt~, SiTfs net duly, promptly. ,,-od fl)ny!:*dornit,'l, th.;.:)'. in either or any iiueh ~0nt. th~ uid :a"T~t-e auu'! rnenti01led in /l..,i\l r,ate then ft:rnaininl?: unpaid, with tlilt.eN'$t; a.ocl'um1 to that tl1ne, wd all m()neys ~ut'ed hereby, sban become du't' ;m;:1 plty.abl", fo;t.h\-',ith, or the~~.(l:r, .t the option crt said mo~ u fully And oornpietel,y 50S if a.1I of th>.: said 6ums of mOtley 'i,ltf~N {ni...~n&.ny ~tipQiat.ed to t:.a p.&hi on auch day, an;,thing In ""id flOW or in tell: mortgage t.o th<: ixmti-&x7 ll\)twitn.unding; And thel'(!upQn ortherufWr, at the of.,tion of Mid mortgage.e, without. notice or demand, <<\lit .t law or in iilquity. ma.y l~ p~utOO u if &11 moneys &eeUtM h~!"eby ha.:.i matured pr:o, to ita inllti" tuiio.n. The mo~ may fD~lOlE this mo~, u to the amount 110 deds.!"e.:! d\le &.nd payable, and tl;,e Q.M pnmiM.t !han he ~ to BAddy md pay thf! Hm~ topther war, oosta, e:Jq)t>n~.:.~, and aJlow&.nc~ij, In ~ of pa."ti.e.! fo~r~ of thial mol"~p, tM mortp.ged vrt'mil~ ~h.a.H bI!! (K)ld tubjoct to th~ con" tinuml' hen at this. tno~ for thce lUnwnt of the debt oot thti'f~ dutt and u.npaid. In sl..~(:h ('Me t..~i.+ Dr;)- vi.ions of thu parq;ra~ may a~!n be anll<<d fd therea.fteT from tim1: to time by the mcrtga~~. 1 L That t..>te m'/'J~ win ~iv-.t:i ttnmt'l'di.llk< notk'i:! by lnAH to tic"; rn~1ltpg-.e~ ,.t any (:i)rn<'i$,.l',.;:~ t!'3Mfow. Of ch~ of Gwnennip ot th>e prt!f6~. ' 1$. 'r'hat 1>0 waivel~ of 1m}' oov~ant h.~ or of the obUptio.n f,f;Cur~ hereby ~n l,ij;t AnY tL."1Hl the?Wter b& ~d t<. ~ a lIfai'\f*f IJ! the W:rlM h,aNlO! Ql' of t.hIll n~ ~ut"9d ~n~bl.