Loading...
HomeMy WebLinkAbout1037 ~ ~ ' ' } j , ~ ' - • • ? ' \ ~ ~ i ~nd insnranoe p~+emiuma, as the case ma~y~e, auch exoees shsll be credited by the mort,~~ee on anbsequent ~ pa~ynaeants tio be made by the mort~agar. It. however, the mont~hi,y p~aents made by the inort~ago~r i onder (b~ v~ paragtaph S preoodin~ shall not be au~cient to p~~ ~+ound rents. taxes ~nd aaa~ssmants and inanrauM~ premit~me. as the caee m~y be. ahen !6e aame sllwll become dne and p~nble, th~ea the . mort,~agor ~hsli p~y to the niortgag+ee at~q amount neceaaary ~o mslce up the de$ciency, on or beiore the i ds?ts when payment oi snch ~round renta, taua, aaseaame~ts, or iasarsace premiuma ah~ll be dua If ' at any time tha mortgagor ah~~ll tender to the mortg~ee in a~ooordance aith the pravisions oi the note ' sec~red hereby. fnllpaym ent oi the entira indebtedness repr+esented thereby, the mortg~gee ahall, in com- . ~ puting the amonnt of such indebtedue~a~ credit to the acoount of the mortgag~or dUp~ym ents made w?der ; t~he~~ ~oi a) oi par~graph 2 hereof which the mor~kgagee hss not become oblig~?ted t~ pay to the i oner snd any balance rem ' in the funds aocumnlated under the provisions of (b) of saidn~urag~raph 2 If there shaU-~e a deiault un er aoy a! the proviaions of this mortga~e r~ ; sultin~ in s p lic aale oi the prea?ises oovered hereby or if the mortgagee aoquiree the property ot~er. wise after default. the mortga~e ahall ap ly. at the t~me o! the oosnmencennent of such;proceedin~s or at ~ m the time the pro~y ia othervv~ae acquirec~the baianoe then re~aainin~ in the funda nccumulated under (b) oi p~ara~xp~ 8_p as a credit againat the s~ti~at ~ip cs~+al then remaining unpaid under ssid note and shall ProPer~~~nst sqY I~Y~enta which ahall have 6~ made undex (a2~ oi asid psragraph. 4 Thst he will pay aU taucee. aeaeeaments, water ntes. und other governmeatsl or inunicipal charges. : Snes, or impositioua, !or which proviaion has not bcen made her~~befor~ and in deiault tbereaf the mort- ` ~agee mqy P~? the eame; and tl~st he will P~P~Y deliver the official receipts therefor to the mbrtgagee. ~ 6. ~hst he w~ill permik oommit, or auffer no waste. impsirment, or deteriontion of s~id property or ! ~ sa~~ur~ thereoi, and in the event of the failura of the mo r to keep the buildinga an said pr~misea ; - a?nd ~ho~e to be erected on aaid premisea, or impmvementa~ n, in good repair. the mortgagee mayr ! - mate auch repaizs as in i#s d~acretion it msy deem aeceaai?ry for the proper preservat~on thereof. and the :!'nll amw~mt of ea~ch snd every anch p~rment ahall be uamediately dae and payable, and ahaU be aecured by the lien a~ tbis mortgag~e, 6~ Tbat~ he will pay aIi and singular the oosts, cbarges, and expenaes, inclndin,~ rea~onable law~rer'a ~'tees, and ooats of abatrscta o! titl~, incurred or paid st a~y time by the mortgag~ becauae of ttie #ailure on the pmu~t o# the mortgagor promptly and i to peziorm the a,gre4ments and covenants of said prom- . i~'~ s~l ~eCU~~ i' the li d of th3s mort~~' ~d ~ ahall be imme~ately due aad p~y Y SaBe. , . That he will keep the improvementa now esiating or hereaitsr erected on the mortga,ged property~ insurEd as•m~y ~ie requu~ed ira~n time to time by the mo~~~i nst Ioss by Rre and other hazardn. easustitiea, and c:ontingenciea in such amonnts and for suc~? perio~s ~a m~? be reqwred bq morEgagee, sad will pqy pramptty, when du~e~ any pr~niums on such inanrance for ent oi which provi~ion haa not been ma~de hereinbefora. AIl inaurance ahall be carried in c~n es appraved by mortgagee and -tha policie~ and r~aewals therea?i ahaU be held by mortgagee and v~ttached thereto laes payable- clanaes in iavor of and in iorm aeceptahle to the mortgsgee. In event oi loea he will g?ive immediate aot~oe by msil to mortgag~ee. and mortga~ee may make proof of lasa if not made pramptly by mort and euh inanrance compatp? conoerned is hereby autharized and dizected to make payment for~au~ch' loss direct~y to mortgag~ee instead of to mortgag~r and morltg~e jointly, and the inaurance proceeds. or a~y ~trt thereo~, m~y be applied by mortgag~ee at ita option ei er to the reductioa of the indebtedneas 11et~eby secured or to the restoration or repair oi the property damaged, In event of forecieaure of this mortgaga or other tran$fe~r of title to the morltgag~ed pmperty ia extinguishment of the indebtedn~s ' secnred herebp, all r~ t, tit~e, and intereat of the mortgagor in and to an,y insurance policiea then in force absD psaa to the pnrc~aser ar grantee. _ & T6st the mortgag~e maq, at aa~y time pending a anit upoa this mortgag~ apply to the court lu~v ing ~urisdiction thereof for the appoinfinent af a receiver~ and auch o~nrt ahatl forthwith appoint a ree~ver ot the premiaea e~verea hereby all and aingular, inclu ' all and s - isanes, and revenoea from whatever soaroe deriv earh and ~ oi whi ~lar the incame, pmftts. atood, ia hereby mortgag~ed se if specifically aet for h snd d~cribed ~ the lt being eapreaaly under- a t granting and habendwn clauaea hereat, snd anch reoeiver ahall have all the broad aad~~~ve functiona and powera in anywiae entrusted by s oourt to s receiver. and auch a a ~ eqnity and s matter of abaotnte right to aaid pm~o ~tment made by auch court as an admitted e9uacY of the vslne of the propert.y mort ~agee' and withoat referenoe tfl the adequacy or inad- Saged or to the solvency or inaolvency of aaid mortgagor or the defmdaata, and t6at such renta, profits, inoom~ iaanea, and revenues shall be applied bq such receiver seoo~ t~ the lien of thia mortgage and the practice oi auch oonrk In the event of sny default on the p~ut of e mortgagor herc.wnder: the mortgagor agrees to pay to the mortgag¢e on demand as a reason- able monthly rental for the prem~aea an amonnt at leaat eqnivalent to one-twelfth of the aggregate o~ the twelve monthl~y instailmeata paqable in the then current year plua the actual amount of the annual ~e~y en~ water ratea, aad inaurance premiuma ior such year not oovered by the aforesaid thly 9. The mortgagor further oovenanta that ~ahould this mortgage and the aote aecured hereby not be eligible for insurance under the National Houeing Act within 3p pAy~ f~om the date ~ereof " (arri#en statemeat of any officer of the Federal Iiousin~ Administt~i'~ion or suthorized agent of the ~ Federal Housing Commisaioner dated sub~~eqneht to the _.?a Cr~y; time from the date ot this ' mortgage, declining to insure said note and- this mortg$g~e, being deemed conclusive proof of such ir~ eligibility), the mortgagee ar the holder of the note may, at ita option, declare all sums aecured hereby ~ immediately due and payable. t • 10. T6at (a) in the event of any breach of tfiis martgage or default on the part of the mortgagor, or (b) in the event that sny of said sums of money herein referred to be not promptly and fully paid with- out demand or notioe. or (c) in the event that each and every the atipuiations, agreementa. conditions, ~tnd covenanta o! asid no~.° ~..~d this mortgage, are not duly, pramptly. and fully performed; ~then in either or any such evenk the said aggregate sum mentioned in said note then remaining ungaid, n?ith intereat accrued to that time, aud all moneys secured hereby, shall become due and payable forthwith, or ihereafter, at the option of said mortgagee, as fully and completely as if all of the ~eid auma of money were orginal stipulated to be paid on such day, rtgage to the contrary ~ aqything in said note or in thia mo notwithatanduig; and thereupo~ or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equitq, may be proaecuted aa if atl moneys secured hereby had matured prior to ita insti- ' - tution T6e mortgag~ee ms,y foreclase thia mortgage, aa to the amount ao dectared due andpayabl~ and the aaid premiaes shaU be sold to aatisfy and psty the same together with costs„ e~cpenses, and allowancea. In c~se of partiat foreclosure of this mortgage, the mortgag+ed• prennisea ahaU be aold subject to the con- tinning lien of this mortgag~e for the amount of the debt not then dae and unpaid. In such case t~e pro- viaiona of this paragraph may again be availed of tLereafter fmm time to time by the mortgagee. 11• Thst the mortgag~or will give iinmediats notice by mail to the mortgagpe of an,p conveyanee, ~ tr~uosfer, or chang~e ot ownerahip of the premisea. 0. B. , A~ ~2 That no waiver oi covenaat herein or o~ the obligation secured here~~y ahall any tu~ev ~ thereaftQr be hetd to be a wa~'~v~'o~ the terma hereof or of the note secured her~by.