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HomeMy WebLinkAbout2293 and insurance preiniunas. se the case m~y be~_auch ezoees ahall be credited by the mo~~ ~~~~Q p~ymenb to bs made by the mort,~or. It~ however. the monthly pq?menta ms~d4. y th u under (b) cd Psra~raPh $ Preoedin~ s~uU not M snmcient to p~~r~oun d rents. tues and asseesments and inauranoe prea?iums! as the _c~se m~y be. ~vhea the eame ahall beoome dne and p~y~bl then the moriga~gor si~sii pay io fiue mor~ag~e ~?roy ~~~it a~~ry firo tr~ c~e~ie~,~,y. on ~t~o~ ~i~ date when p~yment oi anch Qround renta. tues~ aseeeaments. or inauranoe premiums ahall be due. If at uny time the morkgaQor ahaU tsnder to the mortgag~ee in aooordance with the proviaions oi the note aecured hereby. fnllps~m ent oi the entire indebtedneas represent~ed thereby. the morkQagee ahall. in com- puting the amount oi auch indebtedneaa~ ct~edit to the uoount o! the mort~?gor all ents made under Feede~ral~Housing a~ oi p~ra~raph 2 hereoi which the mortgag~ee hAa aot beoo~ne ~ted to pay to the oner and aqy balance in the iunds dccumulated under the pmvisiona oi (b) ai saidpar~grap h 2. I f t here a b~ a ll b e a d e iA n lt nn er aqy o f t he pro v i a ions o i t h i s mortgaQe re- anltin~ in a p linb c ss~le of the prenniaea oovered hereby or ii the mortgagee aoquires the property ot~er- wise aiter default, the mortga$ee shall appUr. at the t~me oi the commencement oi such proceedin~s oLat the time the pro~ is otherw~ae acquired. the balaaoe then r~~naining in the funds accumulated under (b) ofparagrap 8 p u~g~ss s credit against the amount of principal then remaining unpaid under said note and shall prnp~•a~Uust aqy p~yments which shall have been made nnder (a) of aaid paraQraph. 4. That he will pay all taxea, asae~aments, water rstes, and other groveramentsl or municipal chargea flnes, or impositions. for which provision haa not been made hereinbefore. and in default thereof the mor~ g~ee m~r pay the same; and that he will promPt~y deliver the official rec$ipta therefor to the ~ortgagee, 6. That he will permit, oonnndit~ or suffer no aaate, impairment~ or deterioration of aaid prnperty or' . an,yp~t thereof ; and in the eveat of the isilnre oi the mo r to keep the bu~ildin~a on said premisea • and ~hose to be erected on aaid premis~, or improvements~ n~ in good repair, the mortgagee inay ~ make such repsira aa in its diacretion it may deem necessary for the proper preaervation thereof, and the - ~ fuU amount oi each and every such p~yment ahall be immediately due and pnyable, and ahall. be secwred by the lien of thia mortgag~, . ~ 6. T'hat he will pay all and singular the oasta. charges, and expensea, includi reaaonable la~vyer's a feed, and ooata oi abstracta of title, incurred or p~aid at any time by the morkgages use of the failure on the part of the mortgagor promptly and fullyr to pertorm the agreements and covenanta of aaid prom- iaeory note and thia mortgage, and said oo~ta~ charges. and eupensee shall be innmediately due and p$y- able and ahall be aecured by the lien of this mortgag~e. . 3. u~ ~;1t th~ improvement8 now existing or hereafter erected on the mortgaged pmperty. insured asm~y be requu~ed from time to time by the mo againat loss by ftre and other hazards, casualties, and contingencies in auch amounte and for au~c~perioda as may be required by mortgagee. ~d ii?vill rnmptly. when due, ar~q premiuma on such insurance for ~ayraent of which proviaion has ~ not been- e hereinbefore. All inaurance ahaU be carried in c~omp~u es approved by mortgagee and ~ ~ the, cies •snd renewala thereof shall be held by mortgagee and have attached thereto losa payable da~~ fanror oi and in form acceptable to the mortgagee. In event of losa he wiU g?ive immediate " c`~ noti~b mail to mortgagee. and mortgagce may make proof oi loss if not made promptly bq mortgag~or. an eac~ inauranoe oompany concerned is hereby suthorized and directed to malce payment for such l~ directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeda, or _ aay part t~ereof~ may be applied by mortgag~ee at its option either to the reduction of the indebtednesa hereby ~e~ured or to the reataration or repair of the property damaged. In event of forecloaure of this mortgag~e or other tranafer of title to the mortgaged property in extinguiahment of the indebtednesa secured hereby, all right, title. and intereat of the mortgagor in and to aqy inaurance policies then in force shall pasa to the purchaser or grantee. , 8. Tl~at the mortgagee may, at any time pending a auit upon thia mortgage, apply to the court hav- ing juriadiction thereof for the appointment of a receiver, and snch o~urt ahall forthwith appoint a ica:ciirci 'vi wc jricuaioc"8 30V@l~ ~tP.2~by SU 8A(~ alIIg11~8Y'. including all and sin~ular the income. prnfits, isaues, and revennea fmm whatever aonroe derived~ each and every of which. rt being expreaaly under- atood, is hereby mortgaged as if apeciftcally set ~pr#h snd described in the grantina? ancl hak~ndt~tn ~~us~ hereof, and such receiver ahall have all the brosd and et~ective functiona and powera in anywise entruated by a oourt tfl a receiver, and auch appointment ahall be made by such court aa an admitted eqnity and a matter of abaolute right to said mortgagee, and without reference to the adequacy or inad- ~f ~p na.>>~p ~f ~p ~z2~~rty mortgaged or to the solvency or inaolvency of said mortgag~or or the - defendanta, and that such renta, pmfits. incom~ iasues, and revenues ahall be applied by such receiver , accord' to the lien oi thia mortgage and the pra~ctice of such oourk In the event of any? default on the part of~e mortgagor hereunder; the mortgag~or agreea to pay to the mortgagee on demand sa s reason- sble monthl~r rental for the prean~ an amount at leaat equivalent to one-twelfth oi the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tsacea aasesa~menta, water ratea, and inaurance premiums for such year not oovered by the aforesaid montfily paymenta. ' 9. The mortgagor further covensuts that should thia mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 d aya frora the date hereof - (written statemettt of any ofRcer of the Federal Housing Administration or authorized ag~ent of the Federal Housing Commissioner dated subsequent to the eforesaid time from the date of thia G mortgage, declining to insure said note and thia mortgage, being deemed oonclusive proof of such in- eligibility), the mortgagee or the holder of the note may. at its option, deciare all sums secured hereby ; - immediately due and payable. ~ - 10. That (a) in the event of any breach of thia 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 und fully paid with- out demand or notice, or (c) in the event that each and every the stipulations. agreements, conditiona, ~ and covenanta of said note and thia mortgsg~e, are not duly. promptly. and fully performed; then in either or any such event~ the aaid aggregate sum mentioned in said note then remaining unpaid, with intereat acerued to that time, and all moneya eecured hereby, ahall become due and paysble forthv~?ith, - or thereafter, at the option of said mortgag~ee, aa fully and completely as if all o! the said suma of money were orginally stipulated to be paid on such day, anything in aaid note or in thia mortgage to the contxary notwithatanding; and thereupon or thereafter, at the option of said mortgag~ee, without notice or demand, ~ suit at law or in equity, may be pro~eecuted sa if sll moneys secured hereby had matured prior to ita inati- tution. The mortgagpe may foreclose this mortgage, aa to the amount ao declared due andpa yable, and the said premiaea shall be eold to aatiafy and pay the eame together with costa. expenses. and allowancea. In case of partial foreclasure of this mortgage, the mortgaged premisea 8ha11 be sold subject to the eon- ~ tinuing lien of this mortgag~e for the amount oi the debt not then due and unpaid. In such case the pro- ~ visiona of this paragraph may again be availed of thereafter from time to time by the mortgagpe. E il. That the mortgagor will give itnmediate notice by mail to the mortgagee of any conveyanoe. tranafer, ar chang+e of ownerahip of the premisea. ~ 12 That no waiver o! any covenaut herein or of the obli ~ thereatter be held to be a waiver of the terms herEOi or of the ~~tel~II u~red herhebyby ahall at any tirne ~ ~ ~ . ~oR~ 82 339 ~ . .