HomeMy WebLinkAbout0388 . . .
_ ~ . ` • • • .
:
~ : . .~R' ~ , • ~ ~
, ~
and insos~noe p~+emiqms. as the caN m~y wch aoccer ~11 be credited b~ the mort~~ee on anb~eqwnt ,
pqmeab ~o b~ made b~r th~ mort~a~or.~ how~ev~er. tlee moathl~r p~menb mad~ b~ tM mo~a~ ,
aader (b) ad prura~ph S prsoedin~ sbaII not b~ a~dast tio pq~?~ronnd renb. tssas and as~ewneats
and insnranos premimns,r as the we m~1 b0. ~?hen the wne a6aU beoane due snd p~~aW~ _then the .
mort~~o shsll p~,y to ttie n~aur~s ~1 aniount neoeessr~ tio mate np tbe dedcien~y. on or beforti the
date whan p~yment oi anch ground renb, ta~te0. amesemenb, oz' insaran~oe premimns a6aU be due. Ii
at any time the mort~+~at' s~ull tender to the mort~a~ee in ~rooordanos with the p~ovisions oi the note
secured hereby. inllp~men
t oi the entire indebtednees rep~+e~ented tbereb~, the mo~rk~a~+ee shaU. in cotn- ~
putin~ the amount aS snch indebtednees. craiit to the aooonnt oi the n~ort,~os aU p~?menb made under
the provisions af s) a! para~raph 8 hereoi wbich the nw?rq~a,~ee has not beooone db~i~sted taP~Y to the ;
Federal8ousia~ er and a~r balanoe r~~n~in the irinds accumnLted under the provisions
of (b) o~ asid~bara~rsph S. Ii tl~ere sh~U be a deisnat un a~ o~ the ps+ovlsioa~ oi this mort~~e re- ~
anltin~ in a p lic asle Qi the premiees oovared bereby or ii the nart,~a~es a~oqoires the PY'oPeY;~Y ot~er~ ~
w~e after detautt. the ~r~~p~ee shaU ap . at the t~tpe a~ the t oi such pr~e~e~ or at .
the time the pro is oth cwise aoq e balsnoe tLa? resru~in in the tunds a~xumul~? uuder .
(b) ot p~8 p as a c~dit ~ain~ the amonnt o~ p~i~~pal thea ~nin~ nnp~id nnder
~d ~e~~l prop~ust an~ p~ents which shall have been ma~de onder (a) ai saW ~ra~rap2~. ~
4. T6at he will p~y all t~ces, assees~neats. water rates. and other govezam~~l oar m~micipsl charges, • `
~nes, or imposit3ona, ior which provision has not been m~de hereinbefore, and in deiault thereoi the mor~ ;
~~a~es m~? p~l? the +sa~me; and tbat he will pro~mpt~p deliver the o~c~sl s~eoeipts therefor to the mort,~~ee. ~
6. T6~sf
he will permit, oooamit, or anSer no waste, impairm~t, oar deterioratio~ of aaid ~+operty, or .
ngs sa
~y ~rt thereo~; and in the event oi the lailnra oi t6e mart~a~r to keep the an saia prem~ses
~ , and ~hoae to be erecfed on ssia premises, or improvementa ttisreon. in ~ood re~jpsir~~, the mortgagee m~y ~
~ make aach repaira aa in ita diacretion it m~y deem neoesear~ ior t6e proPe~' Preserntion thereoi. snd the ~
tull amonnt oi ~ch and e~ver~ euch pyrmeat ahall be immedistely due and pa~?~ and a6all be secured
~by the lien a~ tbia mort~~. ~ 1
iee~ ~
~
i~abst~ra~c~ e~title„~ncun
d or~paid~at
a~ny ti~me
b~ includias r~aso
~
t~he
ful~urea
beca
e an p
on the part of the mort~agor ProtnPtlY md i to pertcam the agreemen~l~oavenants of asid ran-
isaory note snd this mo~ lien o~ this~~~~ and eacpensea ahall be immediste,~y dne snd pa,y-
abk ahsll be aecured by t~e mortBa~e.
~Tbst he will l~eeF the improv~n~ts now e:iating or he~resiter erected o~ the m Property.
insns+ed as•m~r be reqn~red fro~ time to time by the mort~~e loss b~y &+e an~
hasards.
casualties, snd oon~es in anch amonnts and for ancli perl~my? re4~ Y
~~ill p~yprompt~y. whea dn~e, ~ny p~ainma on auch insuranoe !or t oi which pro~on
not beea made here~nbefore. AD insurmoe aLall be carrled in ooan es appro~d by mort~ and
- the policies snd renewals th~ ahall be held by mortga~ee snd ve sttaehed thereto bas p~yable
clanses in favor oi and in iorm aa:eptsble to the mortgagee. In e~vent of loas ~ wiU ~ive iiamediate
~ notioe by mail t~ mortga,g~ee. and mortga~ee ma3? make prooi oi loss if not made pranpt~y by mortgag~or.
and ~ch insnranoe oomp~ny oonoe~r~~ is herPby authoriaed and directed to malce p~t for an~? . .
loas directui to martgsgee instead oi to mortgagor snd mort,~ag~ee jointly, and the insuranoe proceeds, or ,i
auy put thei+eo~~ m~y ~e applied by mortgagee at its option eitber to the redaction oi the indebtedness : t;
bsreby sec~red or to the restontion or repair of the perty damag~ed. In e~?ent oi foreclosure oi this
mortga,g~e or other t
r
a
n s
fer o
i ti
t
le to t
h
e mo
r l~
Pro
p e
r t i ' i s
h
m
e
n
t o
i t
he i
n
d
e
b
t
e
dnas
~'•~IIc~h
t, title, and interest of t6e mortgag~or in and to aqy policies then in foroe
s~sD pass~tha p~urc~a~r or_Srantee. - . . .j
8. Ttut the mor~g~tg~e m~?. at snY time pendin~ a anit upon this mortg~e, apply !o the oonrt hsv ~
~ng ~urjsdic.tion thereo~ foi~ the sppointm~nt oi a seoeiver, snd such oourt ahall forth~ith appoint a
reoetver-of the presnises oovered hm+eby all snd , inclodint all and~n~u
lar the jnoome. Pr~ftts,? .i
. rissnes. snd revennes from whate~rer sonroe derl~esch snd e~v oi ~t being eupressty ander-
atood. is hereby mostgaged as if a~p~xiRcal~y eet forth and 'bed~ thew~ and habendnm clauses ~
hereaf. snd anch reoeiver ahsll hsve all the b:+oad aad ective innctions and powen in anywise ~
eatrusted by s court to a reoeiver. and anch appointme,nt be~ ; u~de bY such oourt aa an admitted ~
eqnity and a mstter oi sbsolute ri~ht to aaid mortgagee. wi aiont refere~toe to the adeqwcy or inad- ~
eqnuy oi the valne of the properqi m or to the lv~ or insolvencp oi said mor~ag~Or or the ;
defendsnb, and thst anch renta, pro~i~~~~
~e, ias and revenaes ahall be spplied by auch reoeiver ;
, aooo~to the lien of this mortgage and the practt oi anch co~urk In the evmt oi aq~r default on the
t put of e martgagor herennder the mortgag+or to p~y.to tMa mo ~ee on dennand as s reason- '
~ sble monthly rmtsl ior the~prem~ses an amonnt at eqnivsleat to one-tw~~~elfth (~s) oi the aggregate
oi the twehre monthly installmenb p~yabk in the then cnrrent year plas the ~ctusl amonnt of t6e annw~l
taue~ a~sma~ts, wster ntea, and inanrance p~+emimio~s laar snch year not oovered by the aforesaid _
~ mantbbr p~?meata. ~ .
; •
" 9. The mortgagor further covensnta that should this mortgage and the note aecw~ed hereby not be ~
€ eligible for insurance under the Nationsl H using Act within 3Q fro~ the dats hereof
F (written atatetnent of any o~oer of the F~deral Houaia~ Ada~t~ion or sntharized a~ent of the
- Federsl Housing Commissioner dated subeequeht to.the Qa n tia?e tro~ the dste oi thia
' mort,gag~e, declining to insure aaid note and. thip mortg
j~g~e, ~mg ~~med ooncinsive prooi of auch i~r
eligibility), the mortgag~ee or tbe holder of the note may. at ita option, declsre all suma secured hereby
- immediately due and paysbk. _ - - _ - - -
' 10. Ttut (a) in the event of, any breach-oftfiis motg~ or default on the part oi the mor~ag~r. or
; ~ `(b) in the~event that any oi asid anms of money herein re~
-erred to be aot promptly and-inlly psid with
s o~ dea~nd or notioe, or (c) in the event thst each and every the st3pulatians. a~re~aents, eonditions. -
s and covenants of asid note snd tbia mortgag~e, are not dnl~y, promptly, and fully pertormed; -then in
either or any such event, the aaid aggre~ate sum mentioned in said note then reznaining unpau'd~ arith
interest aocrued to that t~ne, and all moneys aecured hereby. ahsll beoome due snd payable forthwith,
~ ~ or thereafter, at the option of a~id mortgag~ee, as fapy and oompletely as if all of the said sums of money '
were orginsU~r stipulsted to be psid on auch dsy, an~?thing in said note or in thia mortgage to the eontrar~?
~ notwithstandm~; and thereapon or theresfter, at the option o! said mortgag~e~ wit6out notioe or denaad,
~ anit st lsw or in eqnity. may be pm~ecuted as i! all mo~ya aecured hereby had mstured prior to ita insti• '
tntion T6e mortgag~ee nuy foreclose thia mo aa to the amount so declared due andpsyabl~ and
k ~ t6e said premises ahaU be aold to aatiafy and psy~~asme together with e~osta, expenaes, and albwances..
~ In csae o! p~srtial toreclosure o! thia mort~e, the mortgaQed premise~ ahaU be sold aabject to the oon-
~ ~ visio~s of this pf~ragraph~~y ~~in be~sv
aailed~ of thdereaiter tromatime to u~
by the nwrtga~ee. p~
11. Tbat the mertga~or will give immediate notioe by m~ail to the mor~Qa,~ee of ~ con oe,
tranafer, or ehsn~e of ownership of the premises. BQGX~ ~7t~ JO f
12 T6at ~u waiver oi any oovenant herein or of the obligstion secured hereby shslf st aoy tfine
t6ereatter be held to be a w?aiver of the terms hen~oi or oi the note secured hereby. -
_