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HomeMy WebLinkAbout0373 , ' / - ~ ~ . ' •~r. and insuranoe premimtis. as the caae nw snch euc~a ahsU be credited bj the mortQa~e ari snb~t ~~..`r~~. p~ymeats to be made by the a~a?r#gs~r.~, however, the moath~jr p~ymeata msde b~ the m?ortaa~oac under tb) ~ p~'s~ral~h $ Prooodin~ aLaD aot bs au~cisnt ~ pa~,T~raund rente, taxa and asaesementa. ancl i~auranos premiumo~, as the c,ass ma`y be, when the s~ms ahsll beoome dne and pay~bl then the mortgagor ahaU p~y to~ the mort~a~ee any amount necessaryr to make np the deQciency, on o~ore the date when payment of such ground rents, tases. asae~sments, or iasu;ance P~ums ahsll~ due. If • at any time the mortgagor ahaU tender to the mortgagee ia aooordance with the provisiona o# the note secured hersby, fall ~payme~nt oi the entire indebtedne8a repreaented thereby. the mo~rtg~ee ahall. in cona- puting the anaount of such indebtedneas, creciit to the acoownt oi tha mortas~g~or allpaym ents made under the proviaions of a) ot para~grsph 2 hereoi which the morltga~ee bas not beoame obligsted to pay to the . Federal Houaing oaer and a~r balaince remainu'~g in the fnnds aocumnlated nnder the proviaions - ~ of (b) oi said ph 2 Ii there shall be a default uinder ~ny of the proviaions of this mortgage re- aulting in a p U~e ot the premisea oovered hereby; or if the mortgagee aoquires the property ot~?er- wise after default, the mo ah~~D apply~ at the t~me of the oanuneacement oi auch proceedin~s or at ~ the time the pm~ is oth aoqnired, the balsace then ~nin~ in the it~nds ~ocumulated under gai (b) oi paragrap?1 p as s credit ngainat the amount of principal then r~~naining unpaid under said note snd shaU properU? nst sqy paymenta which ahall hava been made nnder (a) oi aaid paragraph. _ 4. Thst he will pay ali t~uces, aaaessunenta, water nt~, and other government~i or muntcipal chargea, . i• Snes, or impo~i#iona. for which provision has not been made hereinbefor~ snd in default therno! the mort- . gagce may p~? tlie aame; aad tLat he ~rill promptly deliver the officisl t~eoeipts theretor to the ~ortgagee. ~ b. That he will permik oo~nmit, or snffer ao waste, impairment~ or deterioration oi aaid ~roperty or ~ any paYt thereaf; and in the event oi the isilnre o! the mort~~ r to keep the bnil~~ on said premisea _ and tho~e to be erected on aaid pr~niaes, or improvementa t6 -ereon, in good repair, tlte mortgagee m~? ~ make anch repaira aa iu its discretion itm~? deem neceasary for the p~+oper preeervation thereof, and the • fnll amount o~ each and every snch pm~y~etlt ahall be immediate~y due and payabl~ ~and ahaU be ~ecured by the liea oi this mortga,g~e~~ . _ 6. Th~tt he wIll pay a]1 sad s~in$nlar the casts, chsrg~es, and ezpenses, incinding resaonable laa?~ier'a ~ fees, and coete of sbstra~ts of titie~ uicurred or paid st aay tiine by the mortga~ee becauae of the failure ' on the part of the moi't8agor Pro~nPt1Y and ~rto pertorm the agreementa and oovensata of asid prom- ~ iasory nofis and this mo and sa~d costa,~~c~aiges, and ezpenses ahaU be immediat~ly due and pa,y- able and ~hall be aecared by~ lien of this moxt,ga;ge. Tbat he will k~ the imprmrements now e~xieting or he~ter en+cbed on the mortgsged P~P~Y, ~ 3nsured aa ma~y be reqmred fraan time to time by the mo against loas by 8re ~nd other hazards, ~ casualti~, and contingencies in auch smounts and for s~'ods as ma,y be required bq mortgagec, , and will pay pm~?ptiy. when dne, sRy pr~niuma on auch inaurance for ~yment oi which provision has not beea msde hereinbefore All insnranoe ahall be carried in oomp~ es approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and hsve attached thercto lo~a payable clanaes in favor of and in form sa:eptable to the mortgagee. In event of loaa he will give immediate notioe by mail tio mortgi~gee. and mortgap~+ee may make proof of kaa i~ not made promptly by mortgagor, snd ea~t insnrsnce comp~y concerned ~s hereby a~thorized and dit~eCted to anake payment for such loas directdy to mortgagee inat~ead o# to mortgag+or and moritga~ee jointly~ and the inaurance proceeds~ or part thereof, may be applied by mortgagee at ita option either to the reductioa of the iadebtednesa ereby secnred or to the restoration or repair of the propert,~? damaged. In e~vent of forecloaure of this mortgagae or other tranafer of title to the mortgaged j property in extinguishment of the indebtednesa sec~u~ed hereby, aII~~~tle, and interest of the mortgagor in snd to aay insurance policiea then in force ~ ahall pass to the p or grantee. 8. Thst the mortg~g~ee may, at aqy time pending a enit npon this mortgag~, apply to the hs~- ~ ing ~uriadiction thereof for th~-sppoinbment of a receiver. and auch oonrt ahall forthwith a~,p~oint a reoeiver of the premis~ covered hereby all und aingular, including all and aingular 'the income; profits, ~ iasnea, and revenues frnm whatever sonroe derived, each and every of which, it being expreasly under- ~ he~ir~edo~f~and such rec~ ahall hav~the bro~d sad e~ff .ective fnnct~o~~agnd d habendum clauaea powera in anywiae ~ entnuted by a ow~rt to a receiver, and snch appointment shall be made by such oourt as an admitted equity and a matter oi- ab~olute right to aaid mortgagpe, and without referenoe to the adequacy or inad- ; eqnacy of the vs~lue of the property mortgaged or ~o the solvency or insolvency of aaid mortgagror or the defendanta,~nd that auch rents~profits, inc.ome, i~uea, snd reveaues shall be applied by auch receiver aocordin g' to the lien of this mortgage and the pra~tioe of such oourk In the event of aay default on the . part of the mart{agor herennder; the mortgag~or agrees to pa~y to the mort,ga,~+ee on demand as a reason- able monthly ren al for the preaaises an amount at Ieast eqnivatent to one-twelfth (~=j of the aggregate of the twelve month~y inatallmenta payable in the thea current year plna the actual amount of the annual tazes assesameats, water rstes, and insnrance premiuma for snch year not covered by the aforesaid mont~ly pa,ymenta. 9. The mor~g~g~r fnrther covenanta that should ~thia mortga~e and the note aecured hereby not be eligible for insurance under the National Housing Act within 0 days from the date hereof (written statement of aqy offiber of the Federal Housing A hon or authorized agent of the • Federal Iiousing CommLesioner dated subaeqnent to the sf ore a aid time from the date of thia mortgage, declining to insure said note and thia mortgage, being deemed conclnsive proof of such in- eligibility), the mortgagee or the holder of the note may, at ita option, declare all suma secured hereby - immediately due and payable. . 10. That (a) in the event oi any breach of this raortgage or default on the part of the mortgagor, or ~ (b) in the event that any of $aid aums of money herein referred to be aot promptly and fnlly paid with- out demand or notice, or (e) in the event that each and every the atipulationa, agreements, conditiona, and covenants of said note and{~ mortgage. are not duly, promptly, and fully performed; then in either or any such even~. the saic~ aggregate sum mentioned in aaid note then remaining unpaid, with interest aocrued to that time, and all moneya secared hereby, ahaU beoume due and p~yable forthwith, or thereafter, at the aption of said mortgagee, as fully and completely sa if all of the aaid sums of money ~ were orginally stipulated to be paid on such day. anything in $aid note or in thia mortgage to the contrary . notwithatanding; and thereupon or thereafter. at the option of said mortgag~ee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secttred hereby had raatured prior to its insti- . tution. The martgagee may foreclose this mortgage, aa to the amount ao declared due and payable. and the said premiaes aha11 be aold to aatiafy and pay the same tog~ether with costa, expenses, and allowances. In case of partial•foreclosure of thia mortgage, the mortgaged premiaes, shall be aold sabject to the con- ~ tinning lien af this nwrtgag~e for the amount of the debt ao~t~iea due and unpaid. Ia such case the pro- . visions of this paragraph msy agsin be availed of thereafte~from time to time by the mortgagee. 11. T6at the mortgagor w~71 give immediate notice bq msil to the. mortgagee of aqq conveyanoe, . tranafer, or chat~g~e a! ownership of the premises. . 12 Thst ao w~iver oi any cavenant herein or oi the obligi?tion secured hereby ahall at aAy time ~ thereatter be held to be s waiver of the terms hereoi or oi the note secured hereby. ' ~ ~ . BU~tc . ~ ~ t _ . _ -s .