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HomeMy WebLinkAbout1974 1 . . • . ? i • ! ' and insunnos ~eaaiun~a, as the case m~y snch ea~oen shaU bs credited by the d~orlt~a~b on aqbse~ttent ' p~yatents to be made by the mort,~or.~. however, the monthly paymenta made by the awrt~tor ~ under (b) a~ para~raPh S preoedins auU not b~ wdlctent to pqr re~ts. taxe~ and aaseesment+i and inaurano~e~ premium~ a~ t~e ca e may be. whe~? the same d~ e due and payabl then the • mort~~or sbu~ll pq? to the mort~a~s any amow?t neoesesry to make up the deflciency, on or~ore the date whe~ payiue~rit ~f such ~~c~ r-~t~s. t~~. sm~~u~s, cr it~ur~..3:,~ premiua~ s~s~t 2~ ~~ss. If at any time the nwrt,~a~or ahall tender to the mort.Qa~ee in accordance with the proviaions of the note secured hereby, iuUpaym ent oi the entire indebtednees represented thereby. the mort,~s~ee ahsll. in com- ~ ntin~ the amount oi such indebtedness, credit tfl the ~coount oi the mort,~aaor aU enta made under ~ ptn the provisions oi (a) oi par~raph 2 hereof which the mor~ee hss not becane l~ted to pay to the ; Federal Housin~ Co~mmiasioner and aay bslancs ~nemaining iri e iunds ac:cumulated uader the provisioti~l; oi (b) oi aaid ph 2. I! there shall be a defanlt under aa,y oi the provisions oi this mortgage re- • ~ sultin~ in a p li~ of t6e premiaea covered her~eby or ii the mortQagee aoquires the property ot~?er- - wiee aitsr detault, the iaortga~ee shall app1Y. at the t~me of the oomraenc~nent oi auch proceedi'ngs or at ~ the time the property is otherwiae acquired, the balsaoe then rem~inin~ in the fuuds aocumulated under ~ , ' (b) o! paragraph 2 preoeding aa a credit a~gainst the amount oi ~rinc~pal then remaining unpaid under t ~la IIOLB iRa 1111x11 jl~'V~`l,~ 1~t~Ya6 iY~ ~aualirO wiL?abu O~wi~ uwiio aACU auwYV waMVr:~ j va w?;M ~•~•.~.r~ . ~ 4. Th~t he will pay ~11 taaes, asae~sments, wster nt~es, and other governmental or municipal chargea, : 8nea. or impositions, for which proviaion has not been raade hereinbefore, and in default thereof the mort- gagee ma,y p~ay the aame; and ths~t he vvill promptly deliver the o~cial receipts therefor to the ~ortgagee. ~ b. That he wiU permit~ cwmmit, or auRer no waste, impairment~ or deterioration of aaid property or ~ at~yp~t thereoi; and in the event of the isilnre oi the mort~agor to keep the buildings on aaid premiaes and ~hose to be erected on said premiaes, or improvementa thereon, in good repair~ ttie mortgagee m~y make auch repairs as in its discretion it ma,y deem neoeasary for the pmper preaervatton thereof. and the ~ iall amount of each and every auch pa3?ment ahall be immediately due and pa~yable. and ahall be secured _ by the lien oi this mortgag~e. ~ ~ s. ~t he ~v ~r au ~a tne ~ts, ~a ~~~uding rPaeonable lawyer'a ~ • • iees, and oosta oi abstracta of title~ incurred or paid at any time by the mor~gag~ because of the failure on the part of the mortgagor pmmptly and fully to pertorm the agreementa an~ cavenants of said prom- isaory note and ffiis mortgage. and said oo~ts~ char~es, and espens~ shall be immediately due and pay- ~ ~ble aad ahsU be aecured by the lien oi this mortQage. • 7. ~at he will kee~ the improvementa now exiating or heresfter erected ott the mortgaged Property, ~ ~ insur~ed as may be requu~ed from time to time by the mo t~agee agaiust laea by flre and other hazards. caaualties. and conting~encies in auch amounts and for s~ch pen'oda as maY be required by mortgagee, and will pay pro~nptly. when due, any premiuma on auch insuriu?ce ior ~aytnent oi which proviaion haa not bee~ made hereinbefore. All inaununoe shsll be carried in oompa~uea approved by mortgagee and . the ~wLci~s and renewala thereoi shall be held by mortgagee and have attached thereto loea payable ~ ~~cluuaes in fa6pr oi and in form ~oceptable to the mortgagee. In event of losa he wiU give immediate :~ot~ceG~l tio mortgagee, and mortga~e~ may make prooi of loes if not made pmmptly by mortgagor, ~ = amd i4~ur~pce company concerned ~s hereby authorized and directed tfl make payment for such :lo~s diY+ettly t<s mortgagee instead of to mortgagor and mortgagce jointly, aud the inaurance proceeda. or ' any thea?eol, may be applied by mortgagee at ita option either to the reduction of the indebtedness - h~secared or to the reatoration or repair of the pmperty damaged. In event of fd~ciusu~r~ c~f fit?i~ ' ~mortgag~e or.other tranafer of title to the mortgaged pmperty in extinguiahment oi the indebtedness aecured h~reby, all ri8ht, title, aad intereat o! the mortg$gor in and to any inaurance policiea then in force shall paes to the purchaser or grsntee. 8. Thst the mortgagee may, at any time pending s suit upon thia mortgag~e, apply to the court hav- ing jurisdiction ther¢of for the appointrnent oi a receiver, and such court ahall forthwith appoint a receiver of the premises oovered hereby all and singular. including aU and singular the inoome, profita. iasuea, and rgvenu~ frnm whatever soaroe derived, e~ch and `every of which, it being expreasly under- atood, ia hereby mortgsged aa if apeciticaUy aet forth and described in the granting and habendwn clausea hereof, aad auch receiver ahaU have all the broad and effective functiona and powera in anywi.se entruated by a conrt to a receiver. and such appointment ahall be made by such court as an admitted equitq and a matter of absolute right to said raortgagee, and without reference to the sdeqnacy or inad- equacy of the value of the property mortgaged or to the eolvency or insolvency of said mortgagor or the defendants. and that such renta, profita, income, iasues, and revenues shall be applied by such receiver aoco~to the lien of thia mortgage and the pra~ctice of such court. In the event of any default on the part of e mortgagor hereunder, the mortgagor agreea to pay to the mortgagee on demand as a reason- able monthiy rental for the preraisea an amount at least equivalent to one-twelfth of the aggregate o~ the t~velve monthur inatallraenta payable in the then current year plos the sctual amount of the annual ~ tazes aasesamenta, water ratea, and ineurance premiuma for auch year not covered by the aforesaid mont~ly p~?ymenta. ~ 9. The mortgagor further covenants that should thia inertg~ge and th~~rrote secured hereby not be eligible for inaurance under the National Houaing Act within 30 d aya from the date hereof - (written statement of any o~cer of the Federal Housing Administration or suth rized agent of the Federal Housing Commissioner dated subeequent to the 8fore8aid time ~rom the date of thia mortgage, declining to insure said note and thia mortgag~e, being deemed concluaive proof of such in- ~ eligibility). the mortgag~ee or the holder of the note may, at •ita option, declare all suma eecured hereby imraediately due aud payable. . 10. That (a) in the event of any breach oi t~ia 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 stipulationa, agreetnents, conditions. z and coveaants of said note and thia mortgage, are not duly, promptly. and fully periormed; then in ! either or any such event, the said aggregate aum mentioned in said note then remaining unpaid, with intereat accrued to that time, and all moneya aecured hereby. ahsll beoome due and payable forthwith, or thereafter, at the option of said mortgagee, aa fully and corapletely as if sll of the said aums of money were orginally stipulated to be paid on auch day. anything iw said note or in this mortgage to the cotttrary notwithstanding; and thereupon or thereafter, at the option oi said mortgagee. without notice or demand, auit at law or in equity. may be prosecnted as if all moneys secured hereby had matured prior to ita insti- + tution. The mortgag+ee may ioreclose thia mortgsg~e, as to the amount so declared due and payable. and the said premises shall be aold to satisfy and pay the same together with coata. expen8es. and allowances. ~ In case of partial foreclosure of thia mortgage. the mortgaged premises ahall be sold aubject to the con- tinuing lien of thia mortgage for the atnount of the debt not then due and unpaid. In such case the pro- visiona of thia paragraph may agAin be availed oi thereafter iro~nn time to time by the mortgag~ee. 11. That the mortgagor will give irnn~ediate aotice by mail to the mortgag~ee of any conveyance, F trsnsier, or change of ownership of the premises. ~ E, 12. 11u?t no wsiver of any covenant herein or oi the obligatioa secured hereby ahall at aaq tirae ~ thereaiter be held to be a waiver oi the tera~s hereoi or oi the note aecur~e~ hereby. . a x e p ~ . ` 60AK 0,2 z~ ~ ~a~ii ~ YI~L~_~_~....-- _-5~s - _ . ~ . .