HomeMy WebLinkAbout0119 ( f ~ ~r,,~ ~
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and insns~anoe p~emiam~ aa the c~e m~ ~suc6 eocoen ahaU be csedited b~ the mort,~a~ee on aab~eqn~nt
pymanb ~o bt m~rde b~ tta aio~a~o~r. . however, the aanth~ p~ia~nti made by the mort~s,~oac :
ander (b) a~ piura~raph ~ p~eoed~ns aSaD not b~ atbcient tio pa~,1?~onn
d rsnt~. t~uce~ snd aaseran?enti
and 3nsarano~s~p~emim~ as the c~us m~yr b0. whem? the wne a~all beoo~ne dae snd p~ysbl then the ~
mort,~a~or slluU p~? to the t~~se any amount neoessar~ tio mske up ths def~Cienqy~ on or~ore the
dats whan p~yment of anch iP+~o+~ renta tuee, aaeeaemeata or inaar~os pr~iuma sl~ll be due. Ii
at ~r time the n~a~~' ahsll tender to the mort,~~ee in aoooardaaoe with the provisiona oi the note
~ ~ aecnred hereby. fnUp~ynn~t oi the entirs indebtedneee represeoted thereb~r. the mortga~ee ahaU. in oom- .
prtin~ the ~nonnt oi aach indebtednees, credit to tne acoount o~ tbe aio~tQa~or all eats made under
the proviaions of a) oi para~t~ph 8 hereoi which the a~c~ !ua no~t beoome o 1 mted t4P~? to the
Feder~l Ha~ain~ snd aqy balanoe n~ in e i+unde aocumulated under the provisioas
o~ (b) o~ aaid 8. Ii ther~ s1u~ll be a detant~
der any ai the proviatons oi t6is mart~~re- '
snltin~ in a p
lin~oi the pebmiae~ oovered hereby or it the mortg~ee aoqnires the ProPerts? c er-
wiso aiter detsnlt~ the n~a~r~t~ adafl ap , at the t~me o~ the commeaoem~at oi auch pn~c~eedia~a or at
the time the pro ia oth rwise ~oq the balance then in the ibnds aocumulated under
(b) o! S as a credit a~inst the amountr~p~l tbea ~~nin~ unpsid under '
~d n~~,e ~n a~l p~~~~uat aqy p~y~ts which ahall have m~de nn~r (a) oi aaid psr~~ph. .
4. Thst he will p~ all bucee. aaseamnents, water rat~ee, and other g~o~vernm~tsl or municipsl chargea, ~
l~aes~ or impositions. for which proviaioa haa not been made hereinbefore. and in dei~ult thereoi the mort-
~a~ee m~ pa~y the aame; snd that he will pro~mpt~j? deliver the o~cial reoeipts th~ereior to the mort,Q~ee.
~ . b. That he will permi~, ooaamit~ or sager no wastR impairment~ o~ de~te~Ioration oi aaid juoperty or ~
~ aR1r part thereof ; and in the event of the isilure of the mart,~~or to lceep the buildin~s on aaid prenusea .
snd those to be et+ected on aaid premises. or improvementa thez+eon, in ~ood repsir. tbe mortSaBee ma~?
~ ma~ce sach rep~ira as in its diacretion it m~r deem neoeeaary for the proper preservstion thereo~f. and the
!nD amonnt oi each and every auch p~ment ahaD be immediately due and payabla ~nd s~ll be s~ured
~b7 the Hen o~ this mort,~~g~a.
8~ ~at he wiU p~y all snd the eosts. chat~es, and e~cpe~es, incl reaaoYUble lswyer's
iees,, snd costs oi abstr~cts oi titl~~ncurred or p~id st ~y time b~ the ~~ec}uae oi the iailure
on the part a! the mortgag~or pro~nnptly and to pertorm the a~reemen~oovenaats of asid pmm-
issory n~te and this mor~~ and aaid costa,~~c~ar~eq, and ~a~pensea ahaU be ~m~iate~y dne and p~,y-
able and sbaD be aecnred by lien oi thia mwrtg~g~e.
7. T6at he ~vill keeF the improv~nenta now e~dstin~ or bereaiter erected on the a~c?r~ga~ed P~P~Y.
inanred as•m~r be reqwred ir~o~n time to time by the m Ioea by 8re and other hasards~
c~auslt~es, and oontinge~acies in such snwunta and for sa~~m~? be required by awrltga ee, '
- and will p~y~
pt~y, when dna a~y preminms on such insnranoe for t of which Rrovialon-
not been made hereinbefore. All insnranoe shaU be carried in ooon es approved by martgagee antt•,.
the po~icies snd reaewals thereo~ shall be held by mor#ga~ee and ve stta~ched- thereto loes payable
clsnsea in iavor o~ and in form aoceptable to the mort;g~ee. In eveat oi loes he wiU glve immedi~te
notice bJ mail to mort,gagee. and mor~~ may make proof o~ losa if not made Pro~nPt1Y bir, mortgagor.
snd e~h insnranoe oanp~an,y conoerned hereby aothorized snd direated to make payment for-~auch
loes directly to m
a e~ t
g
s~
e e inst~ead oi to mortgagor snd mo
r~ e jointly, ~nd t6e insuranoe proceed~s. or
~ p
u
t thereos~ m~y b e applied by mortgagee at ita . option ~ er to t
h
e r
e
dn
c
t
ion o
f t
he in
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e
b
t
e d ness
b
e
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e
by axured or to the reetoration or repsir of thep perty damsSed. In ev~t o! foreclosbr~ of this
mortgage or othmr trsnafer of title to the morltgs,g~ed proper~y in estin$uiahment of the indebtedneas•~' "
secured h~. aIIp~~~ht, titl~ snd interest of the mort,~~or in and to any insuraace policiea then in fome
slull pasa to e chaasr or grantse.
' 8~. . Thst the mortg~gee m~r; st any time. pendin~ a suit npon this mortg~ apply to the conrt hav-
it~ ~nrlsdiction thereof for the appointrnent of s reoe~ver, snd anch oonrt shall forthwith appoiut a
s~eomver ad the premisea oovered hereby all and a~in~ular, inclndin~ aU and lar the inoome. prolits.
. issues. and s+~venaes irom whatever eonroe deri each snd every oi vvhich, t being e~cpr~sly under-
atood. is hereby ~r~gag~ed as if a~peciflcaUy set forth and described in the grant~n~and habendnm clauaea
hereo~ and auch reoeiver sbsll have aU the brosd snd effective fanctions and powera in anywise
entrna~ed by a oonrt to s receiver. and wch appointmes?t shaU be made by auch oonrt aa an admitted '
eqaily and s mstter a~ absolnte right to asid mortgsg~e. snd ~vitHout relerenoe to the adequacy or inad-
si
' equacy a~ the valne oi the property mort or to the solvency or insolvency oi said mortgagor or the
a~r~t~, ~?a t~t an~ ~ts, rmst~, isenes, snd revenues shal! be appUed by such receiver
aeoo~to the lie~ o! this morfgage and the practioe oi snch oourk In the event oi aqy defsult on the
put of mmrtgagor hereunder; the mortaa8or~grees to psy to the mortgag~ee on demand as s reason-
able month~jr rental for~ the~~rem~s~s an amonnt st le~at eqnivalent to onc-twelfth oi the ~ggregate
: ~ oi the tarelve monthl,y instsllmenta p~yable in the then current year plns the utual amount o! the annual
ta~ces asseaamenta, wster rates, and insuranoe premiums io~ snch yeir not oovered by the aforesaid
mont~ pa~ymeata. - ~ _
9. The mortgagnr further oovenanta that ahould this mort and the note secured hereby not be
` eligible for insurance under the Nationat Houaing Act within 3~p Y lrom the date hereof
f (written atat~ement oi any o~oer of the Federal Honaing Admmisfra~on or suthorised agent of the
€ Federal Housing Commiasioner dated aubaequebt to.the , time iram t~e date of this
mo declining to insnre said note and. thi3s -~ortg~gie,"~ -b~'i ~`deemed ooncluaive proof of auch in-
eligibility , fse martgag~ee or the holder of the note may. at ita option, declare all aums aecured hereby
immediately due and ps,yable. . - _
10. Thst (a) in the event of any breach of tfii,s mort~age or detault on the p~art oi the mortgsg~or, or
(b) in the event that any of asid sums oi money herein referred to be not pmmptly and fi~lly paid with
i ~ out demand or notioe, or (c) ia the eveut that each and every the atipulations, ag~reements, oonditiona~
~ and cmrenanta of said note snd this mortga~e, are not du~,,y, promptly, and fully pertormed; ~then in
~ either or aqy such event, the eaid ,ggregate snm mentioned in said note then remaining nnpaid. with
interest aocrued to thst time. snd ali moneys aecured hereby, shall beoome due and payable forthwith, '
or thereafter, st the option of said mortgag~ee, as inUy and co~npletely as if all of the said aums of money
' were orgInal~r stipulated to be paid on such day, a~?thing in said note or in this mortgage tfl the eontrary
~ notwithstandu?~; snd thereupon or thereafter. at the option of asid mortgagee. without notiqe or demand,
f anit at law or in equity, may be prasecnted as if all moneya secnred hereby had matured prior to ita inati- '
~ - tntion. The mortgsg~ee may torecloee this mo as to the amount so declared due andpayable, and -
~ ~ the said preznisea ahaU be sold to satiafy snd gsy~e
same tog~ether with ooats, expenaes, and aUowancea.
~ In caee of partial forecloaure ot this mortgage. the mortgaged premiees shaU be aold subject to the eon-
~ tinning lien of this mortgag~e for the amount of the debt not then due and unpaid In such case the pro-
; visions ot t6is P~raQrsDh ms3? ag~?in be availed of thereafter from time to time by the mortgag~ee.
€ 11. Thst the mort~g~or will give immediate notioe by mail to the mortgagee oi say oonveyano~
~ transfer. or chsng~e o! ownership of the premises. ~
12 T6s# no wsiver oi aoy coveaaat hei+ein or oi the a~c~~d 6ereby ahall at any time
thez+em~ite~r be held to be a wa~ver oi t~u terms hqreoi or oi the s~tt : ~+eby. ~R~ ~h
~ ~ti