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HomeMy WebLinkAbout1955 •na i=unranoe pre~minms. as the ca~e m~ry~, wd? as~ ~hAtt i~ ~iifi,ad t~~ th~ ip~~t~C~aa iu~b~rt~t ~ p~ymeats to bs made by the acrortg~or. Ii~ howo~rer. ths monthly p~?men4 made by the aart~a~or ander (b) ad para~raP!? S~~preoadint shall not b~ w~cieat to p~~Ur~ou d renta, taxa snd aesesemenL and insnrano~s~ps~ai~mas, the ws miy? b0. whea4 the aame iby11 nbeoane due snd psyabl then the mort,~a~or ahaU pq? to the mor~es aqy smount neoessary ~o make up the dericiancy. on or~ore the date ~rhen p~yment of wch ~roua_ d ireata, tasa. aasessmeab. or inauranoe premiums ahall be due. Ii ~ at any time the nart~a~or d~aU tsnder to ths mort~a~ea in aooord~nce ~vith the provisions oi the note ~ aecured herebY~ !'~U t oi the ent~re indebtednees sepresented thareby. the mort,~~ee a~wU. in oaa- ' patin~ the amount auch indebtedness. cre~lit t~ the acoount oi the mort,~~or allpa,ymenta made under tha P~visions oi (a) oi par~raph 8 hereoi which the mo~ hs~s not beoo~me obli~ted t~ p~y to the Federal Houain~ C~m~sioner and an,y bal~utce re~n~~inin~~in e funds accumulat~d under the proviaions age oi (b) of ssid ph 2 Ii there shall be a dei~?ult nn any oi the provisions oi this mortQage re- ? aultin~ in a p lic aale oi the premises ~overed her~y or i! the mortga~e uquires the property ot~er m . ~vise aiter default. the mo ahsU spply. at the t~me oi the oaaunencement oi such proceedi or at n the time the pro ia oth~~,~e ~aoqni:~ed, #he ~a~an~ then re;nsiniug in the i~nds ucumul~ unc3er psra~rs ss a credit against t11e amount of ~rincapsl then rern~ininQ unpaid under n~~ ~n~3 ~hsU p~ger~~~uat °~nY ~ent~ ~hi~h h~v~ n*n~e ~n~r ta~ af said paragraph 4. ~st he will pay all bucee, aaeeasmenta, wster rates, and ot6er Qovernmeutal or muuicipal char8ea. ' Bnee~ or impoaitiona. ior which provision has not been made hereinbeto:+e~ and in dei~ult thereof the mor~ ~aQee m~y p~y the aame; and tbat he wiU promptl~? deUTver the o~cisl reoeipts theretor to the mortgagce. ~ b. T6at he will permit~ co~nmit, or auffer no wsste. impairmenk or deterioration of asid property, or anyp~r~ thereoi; and in t6e event of the fsilure of the mor~~o r to keep the buildin~a on said prem~ ! aad ~hose to be erected on said pre~nises. or improvementa t~iereon. in good repair. the mortg~gee may . i make anch repwira as in its discretion it may dcem neoeseary ior the proper preservatioa thereof. and the ~ inll amount o! each and every auch payment ahaU be innmediately due and p~,yaWe. and shaU be secured . ~ ~ by the lien o! this mortSaSe. ~ g. ~t n~ ~u nay au ~a t~e ~~~c~, ~a ~re~. ~?~iua~ng resaonable lawyer's iee~s, and oosts oi abstracta of title, incurred or paid at aay ti~ne by the mortga~ because of the failure on the part oi the mortgagor Dromptly.and i I~y to periorm the agreemente and covenants of aaid prom- ~ iasory note snd this mo ~wa ,~a ~t~~, c~iarges, and espenaes shall be in?mediate~ir due and pay- sw able and ahs~ll be aecured by e lien of this mort~e. • 7. That he will keeF the improvements now existing or hereafter erected on the mortgag~ed prnperty, , insured asm~y be requ~red frosn time to time by the mo t loss by tire and other hazards. casnalties, snd oontingencies in auch amounta and for aucii pen~ nuy be required by morltg~a~e. ~ ~d ~ p~y ptly. When dn~e~ any p~miums on auch insurance for ~ayment of which proviaion has ~ not been m~~ hereinbefore. AU insnranoe ahxll be carri~d in cannp~ues approved by mortgagee and the policiea and renewals t6er~of alull be held by mor~ag~ and hsve attached Wereto loes payable clanses in favor oi and in form aa~eptable to the mortgagee. In event oi loas be will give immediate notioe by mail to mortgagee. and mortgagee may make proof of loass if not made promptly by mortgagor, I ~ad each insurance co~npany concerned ia hereby suthorized and directed to make payment for auch ~ loss directly to mortgagee instead o! to mortgagor and mo ~agee ~owtly, and the inaurance proceeds. or anyp thereof may be applied by mortgagee at its option either•to the reduction of the indebtedneas ~ hereby ~secured or to the restoration or repair of the property damaBed. In event of foreclosure of this ' mortgage or other tranafer of title to the mortga~ed property in extinguia}unent of the indebtedneas aecured hereby~ all ri t~ title. and interest of the mortgagor in and to aqy inaurance policiea then in force aball paas to the p or grantee. ~ 8. Thst the mortgagee may, ~t aqy time pending a.auit upon this mortgage. apply to the court hsv- iag ~urisdiction thereof ior the appointment oi a receiver. and such oourt ahs~ll forthw~th appoint s ~ reopaver of the premisea covered hereby all snd aiagular, including aU sad sin~lar the income. pmfita. , issues. and revennes fram whatever sonroe derived, ~n ,~?a or ~t ~~c ~rn~~? ~,a~ atood. ia hereby mortgaged aa if speciflcally set torth and described in the granting and habendam clauses 1 hereof. and auch receiver ahall hsve ~?11 the brozd and effective functions and powera itt anywise i entmsted by s co~rt to a receiver, and auch appointment stull be made by auch court as an admitted ~ equity and a matter of absolute right to aaid mortgsgee, and a+ithout reference to the adeqnacy or inad- eqnacy of the vslue of the pmperty mortgaged or to the solvency or insolvency of said mortgagor or the ~ deiendsnts, and that such renta, proflts„ income, iasuea, and revenu~ ahall be applied by such receiver scx~o~to the lien of t~hia mortgage and the praetice of auch oourk In the event of any default on the ~ part oi e mortgag?or hereunder! the mortgagor agrees to pay to the mortgagee on demand as a rearaon- i sble montbly rental for the~prem~sea an amount st leaat equivalent to one-twelfth (~s) oi the aggregate oi tbe twelve monthly inatallments payable in the t6en current yes~r plus the actual amount of the annual ~ tsses assesaments, water rates, snd inaunnce premiums for anch year not oovered by the aforesaid ; mont~r psymeats. i 9. The mortgagor further covenants that should thia mortgage and the note secured hereby not be ~ eligible for insurance under the National Housing Act within 30 days from the date hereof (written statement of sny o8icer of the Federal Houaing Admi iatrafio r suthorized ag~ent of the 'k ' Federal Housing Commisaioner dated subsequent to the e~o~88~~ time from the date of thia ! mortgage, declining to ineure said note and thia iportgag~e, being deemed conclusive proof of such in ~ eligibility), the raortgag~ee or the holder o! the not,e 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 sama of money herein referred to be not prnmptly snd fully paid with- ' out demand or notice. or (c) in the event that each and every the atipulations, agmeementa, c~onditiona, ~ and covenanta of said note and thia mortgage. are not duly, promptiy, and iully periormed ; then in . either or any such evenk the said aggregste aum mentioned in said note then remaining unpaid, with ~ interest accrued to that time, and aU moneya sec~red hereby. shall beoome due and payable forthwith, ~ or thereafter, at the option of said mortgag~ee, aa fully and completely as if all oi the aaid auma of money were orginally stipulated to be paid on such day, anything in said note or in this mortgage to the c~ontrary • notwithatanding; and thereupon or thereafter. at the option of aaid mortgag~ee, without notice or demand, ~ auit at law or in equity, may be prosecuted aa if all moaeya aecured hereby had matured prior to its inati- K i tution. The mortgagee may forecl~e this mortgage. aa to the amount ao declared due andpayable, and~ _ ~ the aaid premises ahall be sold to aatisfy aad pay the same together with costa, expenaes. and allowancea. F In caae of partial forecloaure of this mortgage, the mortgag~ed premiaea shall be sold subject to the con- ~ ± tinuing lien o! this mortgag~e for the amount of the debt not then due and unpaid. In such case the pro- ' visions oi this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ ~ 11. Thst the mortgag~or wiU give immediate notice by mai! to the mortgagee of any conveyance, f ~ transfer. or chang~e oi ownerahip oi the premiaes. ~ 12 Thst no waiver of any covenant herein or of the obligation secured hereby ahall at any tim~e ~ t6ereatter be held to be a waiver oi the tern~a hereoi or oi the note sec~u+ed hereby. ~ . $z .4 ~ ~ ~ _ .