HomeMy WebLinkAbout2408~b~~ 28 ~ 277
ST, lUtl C ~ is
~ ~ be ~~~ tround rata. taxes and arwmen
antler (b) od P~~ S preoedi~ ~ beooale due sad Psyabla then the
and insura~eso _p~u~ as the cw mal- b°' w~` ~° eam° u the debcienc~-. os- or before the
r shall to the a~'°° aqy acrwunt neoewry do mate ii ~ shall be due. Ii
date when p~~ ~ sneh s"^""' ~ti• to:es. assessments. or insura~ ~ provisions of the note
asecu~red~herebR ~ or shall tender to the mortgagee in sooo~ 0e~r~~ ~e mortgagee shall, in can-
t of the ent(re indebtedness represen r ~ eats made under
puting the amount anch indebtedness, credit to the account of the mortgago pp
the visions of a) of paragraph 8 hereof which the nn~ has twt become obi gated to pay to the
Fe ehal 8ousin~ b~a~ ran'~~in a funds avcumnlated under the provisions
of (b) of said ph 8. Ii thereshall be a deiauk un aTMY ~ the ~~uires thte proPertgy oether-
sultiag is a p lic sale of the premises covered hereby, or ii the mortgagee sal
wise after detaulk the mDr~~r~viae shall apply, at the time of the commencement of such Proceedings or at
m olh acquired, the balaaa3 then reacu-ining in the funds accumulated under
the time the propertypi~d~~ a credit against the amount of principal then remaining unpaid under
(b) of Daragrap~hh ~gProPerly oat ~u~y Payments which shaq have been made under (a) of acid paragraph.
said note and
4. That he will pay all fazes, assessments. water rates, and other goweramental or municipal che.: ges.
tines, or impositions, for which provision has not b diver thereo~cial receiptsltheretor to thefmortgagee.
gag, ~y ply the same ;and that he will promptly _
b. That he will permit. commit, or auger no waste. impairment, or deterioration of acid property or
any part thereof ;and in the event of the failure of the mortgagor to keep the buildingha omartgagp ~ m~
and those to be erected on said P~~ ~ improvements thereon, in good repair. .
make such repairs as in its discretion it may deem necessary for the proper preservat-on thereof. and the
full amount of each and every ouch payment shall be immediately due and payable, and shall be secured
by the lien of this mortgage.
6. That he will pay all and. singular the costa. charges. and expenses, including reasonable lawyer's
because of the failure
fees, and costs of abstracts of title, incurred or paid at any time by the mortgadgee p
on the part of the mortgagor Promptly and ~ lly to ~ and expenses shall be immoed'at ly due and pay-
isaory note and this mortgage. and acid cos . charg
able and shall be secured by the lien of this mortgage.
7. That he will keeF the improvements now existing or hereafter~er~ted by fire and o~theer hazards,
insured as may be required from time to time by the mortgagee s~
casualties, and contingencies in such amreomu iumanonf such insu~ranceafor payment of H~hich provis on has
and will pay promptly, when due, any p roved by mortgagee and
not been made hereinbefore. All insurance shall be carried in companies app
the policies vor of s d form aces Pub ~l~e mortgagee. In eventeof~oss he w'llegiveoimmedaate
clauses in fa and mortgagee may make proof of loss if not made promptly by mortgagor,
notice by mail to mortgagee. ment for such
and each insurance company concerned is hereby authorized and ointly~and the Haut ance proceeds. or
loan directly to mortgagee instead of to mortgagor and mortgagee j
~y part thereof, may be applied by mortgagee at its option ether to the reduction of the indebtedness
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 of the mortgagor in and to any insurance policies then in force
shall pass to the purchaser or grantee.
m at any , a 1 to the court'nz a
8. That the mortgagee ay. time pending a suit upon this mortgage pp Y
ing jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appo
receiver of revenues from whatever source derivedgula anddevery lof which,gtlbeing expressly under-
iaauea, and ~fically set forth and described in the granting and habendum clauses
stood. is hereby mortgaged as if spec'
hereof, and such receiver shall have all the bro ~me~dshallcebe madecby su h courtwas an adm tted
entrusted by a court to a receiver. and such appo
equity and emaln rof the property mortgaged o to h solvency oru nsolvencyof sa d moertgagor oor the
equacy of th
defendants, and that such rents. profits. income. issues, and revenues shall be applied by such receiver
according to the lien of this mortgage and the prractice~o~ pay ~ the mo gages on demand as a reasons
part of the mortgagor hereunder, the mortgago g of the aggregate
able monthly rental for the premises an amount at least equivalent to one-twelfth (!;z)
of the twelve mn~hlWa~sates, and insurance premiums for such yearhnot covered by the aforesaid
taxes aasesame ,
montfilY psymenta.
9. The mortgagor further covenants that should this mortgage and the note faro ~h edate hereof
eligible for insurance under the National Housing Act within .,0 DKYS
(written statement of any officer of the Federal Housing^Administration ort me from the date of this
Federal Housing Commiaaioner dated subsequent to the ~ being' deemed conclusive proof of such in-
mortgage, declining to insure said note and this mortgage,
eligibility), the mortgagee or the holder of the note may. at its option, declare all soma secured hereby
immediately due and payable.
10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or
(b) in the a or notice or (cj in t1-ue event othat heachl and every th stipule ions, ag areementa. conditions,
out demand rformed ; then in
and covenants of said note and this mortgage, are not duly, promptly, and fully pe .
either or any such event. the said aggregate sum mentioned in acid note then remaining unpaid, with
interest accrued to that time, and all moneys ~ f~y ~d y~p~etely~as fall of the said anima of mon y~
or thereafter, at the option of said mortgagee,
were originally stipulated to be paid on such day. a thing in said note or in this mortgage to the contrary
e option of acid mortgagee. without notice or demand.
notwithatandtng; and thereupon or thereafter, at _
suit at law ermnoequity, mtns bi P~u ~~ fort 1 meneays-ato the amount so declared d e andrpay able and
tution. Th rtgagee ~t a same together with mats, expenses, and allowances.
the said premises shall be sold to satisfy and pay rerr-iaes shall be sold subject to the con-
In case of partial foreclosure of this mortgage, the mortgaged p
tinning lien of thin mortgage for the amount of the debt not then due and unpaid. In such cane the pro-
viaions of this paragraph may again be availed of thereafter from time to time by the mortgagee.
11. That the mortgagor will give immediate notia3 by mail to the mortgagee of any conveyance,
transfer, or change of ownership of the premises. li tion second hereby shall at any time
12 That ,no waiver of any covenant herein or of the ob ga
thereafter be held to be a waiver of the terms hereof or of the note secured hereby