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HomeMy WebLinkAbout1073 ' ' . and insuranos P~~~. ~ t~.are m~ anch eo~oa~ shs11 bs credit ^~~y the mott~u~ee ab aubeequea~~ p~menb b~ M made b~r the ~r.~~ however. the month~jr p~ymenL mWe by the nwrtQaQor ` ~ onder (b) c~ par~raph S preoedin~ ah~D aot b~ antbcient to p~~r~oun d rente, tuea and assessmenta ~ ~wd insuruN~ ~premit~me, as the case ma~ be, whea the same ahaU beooane aae and . p~yabl theu the ~ ~ ahaU p~y tv the mortaa~ee aqy amowit neceseary to make up the de~ciency~ on or~ore the ; d a t e w h w p~? m e n t o i a u c h ~ r o u n d r e n t a. t a~ c e a, aaeeesme~n t s, or i n auraace p r a m iums a h a U b e due. I i ~ at a~y time tha mort,~agor ahsU tender to the mort,~aQee in aoo~rdance with the pmvisions oi the nots f aecured hereby, fiillp~ym ent o! the entire it~debtedness represented thet+eby. the mort,~aQ~ee shall. in com• pntt~n~ the amouat oi auch iadebtednees. credit to tbe acoount o! the mort,~a,~cr aU ~s,~meata muie under ~ the proviaions ai oi psr~raph S hereoi which the mo haa not beoome ~b1~S~?ted to pay to ttie ~ Fedenl Houaing ~onar aad aqy balance ain ~~iunda ac~umulated under the provisions oi (b) ai aaid 2 Ii there ahall be a defautt ander aa~r ot the proviaiona oi thia mortg~a~e r~- ' auttin~ in a p li~o! the pre~nnisea oovered hereby; or if the mortg~ee scquires the property ot~er- wiae ~fter default, the mortga~ee ahaU apply. at the tune oi the oannieucement o! auch procecdings or at the time the prnpe ia otherwise uquired. the balanoe then remainit~ in the funds accumulated under ~ n (d) o!p~r~r ph p• as a credit against the ~unount oi prtncipil thea remainin~ unpaid under : aaid aots and gahall pm~uat ~uy p~3?menta which shaU have been muie under (a) of aaid paragraph. 4. That he wiU p~r aU teucea; asaessmenta, water rates, an~ ather g~overnmental or municiP~ ~~Ses, fines. or impoai~ions, ior which praviaion has no~ been made hereinbefore. and in default thereof the mort- g~ee mqy p~y the ssme; and tlu~t he will Frompt~y deliver the o~cial reoeipts thereior to the ~ortgagee. . 6. That he will permik commit~ or saffer no waste. impairment, or deterioration of said ~roperty or any part thereo~; an~ in the event of the fulure of the mortgagor to keep U?e buildin~s on aaid premi8es . snd thase to be erecied on asid premisea. or improvements then.wn, in good rspair. the mortgagee may , mate auch repair~ as in its discretion it m~y dee~n neceaaary for the pmper preservation thereoi, and ther ; full unount o! each and every such p~yment ahall be immediately due and payable, and shall be aecur~d by the lien of this mortgage. . ~ . ~ r.~ ~ 6. Tlu~t he wiU psy sU snd sin~ular the costa. chsrges, and e~cpenses. includ~ reaaonxbie tawyer's _ iees, snd costa of abstracta.oi titie. mcurred or paid st sn,y time by the mor~a~ beca~ise of the failure on the part oi the mortgagor pro~mptly and to perfarm the ~greementa and oovenints of aaid prom. = enan isaory n~ote and thia mo and eaid co~ta,~~~ and eocpenses ahall be immediately dae and pay- able and shall be secured by the lien oi thia mortg~ype. . . 4. That he wiU kee~ :he improvements now euiating or bereafter erected on the mortS~?8~ P~Pe~Y. ~ inanred samay be requu~ed from time to time by the mo~~sg~u ast lo~as by iire and other hazards, caauslties, aad contingencies in such amounta and tor auch pen'ods as may be rEquired by mort,gagee, and will p~y , ro~ptl~y. when due, aqy pre~miums on such insur~nce for ~syment of which provi~ion has not been ~e hereinbefore. All insuranoe ~hall be carried in oomp~n~es approved by martgagee and the policies and renewals thereof ahall be held by mortgag~ee and have attached thereto loea payabte clauaes in favor of snd in torm aooeptable to the mortgagee. • In event of loaa he wiU give immediate notice by mail to mortgagee, snd morkga~ee may m~lce proof of loas if not made promptly by mortgagor. snd each insurande eoampan,y conoerned u hereby authorized and directed to make p~rment for such • Ioes directly to mortgagee inatead of to mortgagor snd martgagee jointly~ and the inaurance proceeds~ or ~~art thereof~ may be applied by mortgagee at its option either to the reduction o! the ind~tednesa . ereby secnred or to the re~toration or repair of the pmperty damaged. In event of ioreclo~urE of thia mortgag~e or other .transfer of title to the mortg~ged property in extingnishment of the indebtednesa ' secared hereby, aU~ right, atle, and interest of the mortgsgor in and to aqy insurnnce policiea theri in forre ahall p~as~s to the~.p~rchaser or grantee. & That the mortgagee naa,y, at aay time pending e auit upon this mortgage, apply to the court haw ing jurisdiction thereof for the appoiutment oi a receiver. and such oourt ahall forthwith appoint a receiver of the premisea cover~d hereby aU and aingular, including all and singular the iaoome, profits. iaaues, and revennes frnm whatever aonrce derived~ each and every of which, it being expreasly nnder- ' atood, i~ hereby mortgsged as if specificallq aet forth and deecribed 'ue the granting ~nd habendwn clauses hereof, and auch receiver ahall have all the broad and effective functiona nnd powera in anywise entrusted by a court to a receiver. and auch appointment ahatt be made by such court as an admitted equity and a.matter of absolute right to aaid mortgagee. and without reference to the adequacy or inad- _ equacy of the value of the property mortgaged or to the aolveucy or insolvency of aaid mortgagor or the ~ defeadants, and that auch rents~ profits, income, iasues, and revenues shall be applied by such receiver acxo~ to the lien of thia mortgage and the practice of auch oonrk In the event of any defanlt on the part of e mortgag~or hereunder! the mortgagor agteea to pay to the mortgagee on de~nand aa s reason- able monthly rental for the premiaes an amount at leaat equivalent to one-twelfth of the aggregate of the twelve monthly inatallments payable in the then current year pins the actual amount of the annual tazea asaessments, water rates. and inaur~nce premiums for auch year not covered by the aforesaid mont~ily paymenta. 9.. The mortgagor further covenadta that shoald this mor~t sge and the note secured hereby not be eligible for insurance under the National Housing Act within A~ASty Da~'~ frnm the date ~ereof ' (written statement oi any officer of the Federal Houaing Administration or authorized ag~ent of the Federal Housing Commissioner dated subsequent to the ~a~9 ~ time fmm the date of this . mortgage, declining to inaure said note and this mortgag~e, irtg ~"'e~med conclaaive proof of such in- . eligibility) ~ the mortgagee or the holder of the note may, at its option, declare all sums 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 event that any of said sums of money herein referred to be not promptly and fully paid with- ~ out demand or notice, or (c) in the event that each and every the atipulationa, agreementa, canditions, ~ and cavenanta of said note Rnd thia mortgage. are not duly, promptly, and fully performed; then in either or any such event, the aaid aggregate sum mentioned in aaid note then remaiaing unpaid. with ' ~ _ interest xccrued to thst time. and sll moneys secured herebY. shsll become due And payable iorthwith. ~ or thereafter. at the option of said mortga~~ee~ ea tulty and connptetely As if all of the aald sums oi money were orginaily stipulateri to be gaid on auch day, anything in ~aid note or ia thia mortgage to the opntrar~r notwithstanding; and thereupon or thereafter~ at the option of said mortgagee~ without notice or demand, auit at taw or in equity, n~sy be pro~eecuted as if all moneys aecured hereby had matured prior to ib ieuti- tution. The mortgagee may foreclase this nwrtgag~e, aa to the amount ao declared dne and paqyaW& aad the aaid premis~ ahal! be eold to satiafy and pay the same together with costa, expensea, and allowanees, In case oi partial forecloaure of thia mortgage, the mortgaged premises ahall be aold subject to the eon- tinuing lien of thia mortgage ior the amount of the debt not then due and unpaid. In such case the pro. viaiona of this paragraph may again be availed ot thereafter from time to time by the mortgagee, 11. Tbst the mortgagor wilt give immediate notice by mail to the mortgag~ee oi Any couvey~tne~ trRUSfer. a~ chang+e of ownerahip of the premiaes. thera~it~ ~e held to be a w~ver of t6e terms here~i ~etbe ~ secu~ her~y ahs11 at atq? t~ ~ ~R~ ~ ~7:3' ~ - _ _ ,~__~~.L~~ ~_._t.~..t . . . - _ .