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HomeMy WebLinkAbout2114 . _ _ _ . , . ` . . ~ and inanranoe premiwr~r. a+~ the caae m~y b~_auch eoccee~ shall be credited by the mort,~a~ee onsubsequeat pqyments b~ be ma~da by the mort~a~or. i~, hoarever. ths montlil7 p~1?menb ~iu?de by't~e mort~a~o~r , ander (b) od pur~raPh 8 Dreoedin~ shaD not b~ sumdent to p~~ ~round renbt, taxea aad assessmente ~ and in~,ursncsp ums~ ~s the case m~y bs, when the a~me atu11 beoosne due and p~yabl thea the mor~ag~or ahsll p~~y to the mort,~s~es a~? amonnt aeceesary ~o make up the deflcienq?. on or~ore the : date when p~yment of auch ground renta,~ tauea. aaseeaments~ or insurdnoe premiums shsll be due. If ~ at an,y ttme the mortg~or ahall tender to the mortgagee in aa~ordance ~vith the provisions oi the note ! aecured hereby. fu11p~ym ent of the entire indebtedne~s repreeented thereby, the mortgagee shall, in com• , putiag the amount of auch indebtedneea, credit to the uoount oi the mortQag~r all eata made under the proviaions oi (a) oi paragraph 8 hereoi which the mortgagee hss not beoome ~ PAl? to the , Federal Housiag C~owmiaaioner and an~r balance remafnwg in the funds ucumulated under the pmviaions oi (b) o! said ph 2 It there shall be a default under any oi the provisions of t~hia mortgage re- . - aul~in~ in s p lic aale of the premises oovered hereby or if the mortgagce aoquir~ the property ot~er- wise siter default, the mortBs~ee shall sPPu?. at the t~me of the oommencement o! such proceedin~s or at ~ the time the pro is otherw~ae acquired, the balaace then renaainin~ in the f1u?da accumulated under ` ae ~ • sCaid note and sy~shi~ll prpoper~~~ti ~ n~~~ ~i ~~a ~w a~~"(' i oi ~a p~. ~ Th~t he will p'~y all taxea, asseasments, water ratea. and other ~overnmental or municipal charges. flnea, or impoaitiona, tor which proviaion has not been a?ade hereinbeiore. and in default thereof the mor~ gagee m~y p~y the same; and thst he will promptlY deliver the otncisl receipts therefor to the ~ortgagee. 6. Thst he will permit, commit~ or au8er no waate, impairment, or deterioration oi asid pmperty or : 'u~y part thereof ; and in the event oi the failure oi the mort~agor to keep the buildin~a on aaid pranises ~ and those to be erected on said prennisea. or improvements ereon. in good repair. the mortgagee m'ay ~ make snch repdra as in its diacretion it may deem neceasary ~or the pmper preservat~on thereof, and the ' f tull amount of each snd every such payment ahall be immediate~y due and paqable. and ahsU be secured by the lien of this mortgaSe. 8~ T~iut he will p~y all snd sia$ular the costa, charg~ess, and expenses. includin~ reasonable lawqer'i !e~s, and ooata oi abatracts o! title~ mcurred or paid at any time by the mortga~ee because of the failure ; on the part oi the mortgagor promptlY and i to pertorm the a~greements and covenanta of said pmm- ' issory note and this mo~a~e and said ooets,uu~.~harBes, and eupensea ahall be immediately due and pay- sble and ahall be aecured by- t~?e lien oi this mortgag~e. • 7. That he will kee~ the impravementa now ezisting or hereafter erect~d on the mortgaged prnper~?, ' insured asm~y be reqnired fram time to time by the mo~~ loss by ttre and other hazarda, caauAltie~s, and contingenciea in auch amounts and for aucli pen~may be reqnired by mortgagec, and wiU paypr ptly, when dne, say premiuma on such insurance for ~syment of wbich proviaion has not been mad h nere~nbefore. All insnranoe ahall be c~urried in comp~an~es approved by mortgagee and . the policiee ~ snd renewala thereo! ahall be held by mortgagee and have attached thereto loss payable clsns~ in favbr of and in torm ac~ceptable to the mortgagee. In event of loss he will give immediate ~ notioe by fnail to mortga8ee. and mortga~ee may tnake proof of loss if not made pmmptly by mortgagor. ~ and each ineursnce compa~oy concen~ed ~a hereby authorized and directed to make payment for such l~a directly to mortgagee it~atead of to mort,gagor and mortgagee jointly. and the insurance proceeda. or ~ ~ at~y thereof~ may be applied by mortga~g~ee at its option either to the reduction of the indebtedness . h~secnr~d or to the reatflratioa or repair of the property dama8ed. In event of foreclosure of thia mortgag~e or other tranafer of title to the mortgag?ed prnperty in extin8uishment of the indebtedness ~ secured hereb . all right, title, and intereat of the mortgagor in and to any insurance policiea then in force shsU paas to ~e purchaser or grantce. - 8. That the mortgagee may, at any time pending s suit upoa this mortgage. apply to the court hav- ~ ing jnrisdiction thereof for the appointment of a receiver. snd auch o~urt ahaq forthwith appoint s receiver of the premisee covered hereby aU and aiagular, inclndiag all and a~'ngular the income, pmfits, isauea, and revennes from whatever Source derived, each and every of which, it being eupresaly under- atood, is hereby mortgaged as if apeciftcally aet forth and described in the granting and habendum clausea hereof and auch receiver ahaU have ~II the broad And eifective fanctions and powers in anywis~ entrua~ed by a court to a receiver. and such appointment ahall be made by auch court as an admitted equity and a matter oi at~solute right to aaid mortgagee. and without reference to the adequacy or inad- ~ equacy oi the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, pmfits. income, isaues, and rgvenues shall be applied by such receiver • acco~ to the lien of thia mortgage and the practioe oi anch oourk In the event of anq default on the part of e mortgagor hereunder~ the raortgagor agrees to pay to the mortgagee on demand ss a reason- able month~y rental for the prem~ses an amount at leaat equivalent to one-twelfth of the aggregate ~ oi the twelve monthl„y installments payable in the then ~urrent year plns the actual amount of the annual s : ~ ta:ea assesamenta, ~vater rates, and insuranoe premiums for such year not covered by the aforeaaid ~ mont~y psyments. ~ 9. The mortgagor further covenauts that should thia mortga~e and the note secured hereby not be ` eligible for insurance under the National Housing Act within 30 days from the date hereof E (written statement oi any o~cer of the Federal Housiug Adminiatration or anthorized ag~ent of the € Federal Housing Commisaioaer dated sub~equent to the aforesaidi time from the date of this ~ mortgage, declining to insure said note and t6is mortgage, being deemed conclusive proof of such in- s eligibility), the mortgag~ee or the holder of the note may, at its option, declare all suma secured hereby . ~ immediately due and payable. ~ ; 10. That (a) in the event of any breach of tfiis. mortgage or default on the part of the mortgagor. or (b) in the event that any of said suma of money herein referred to be not promptly and fully paid with- ' i out demand or notice, or (c) in the event thstt each and every the atipulations, agreementa, conditiona, ~ and covenanta of said note and thia mortgage. are not duly. promptly, and fully performed; then in ~ - either or any such event, the said aggregate sum mentioned in aaid note then•remaining unpsid, with ~ ~ intereat accrued to that tune~ and all moneys secured hereby, ahall become due and psyable forthwith, or thereafter. at the option of eaid mortgag~ee, as fully and oompletely as if all of the said suma of money ~ , were orginally atipulated to be p~aid on such day. anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, withont notio@ or demand. ~ suit at law or in equity. may be proeecuted as if all moneys aecured hereby had matured prior to ita insti- ~ tution. The mortgag~ee may foreclo~ee thia mortgage, as to the amount so declared due and payable, and k the said premises ahall be sold to satisfy and pay the same together with oosta, expensea, and allowanoes. ~ In case of partial forecloaure of thia mortgage, the mortgaged premisea shall be sotd subject to the con- ~ tinuing lien of thia mortgage ior Ute amount of the debt not then due and unpaid. In such case the pro- ~ visions of thia paragraph may again be availed of thereafter irom time to time by the mortgagee. ~ 11. That the martgagor wiU give immediate notice by maii to the mortgagee oi any conveyance, ~ transfer, or chang~e of ownerahip of the premiaes. ~ 12 That no waiver oi any covenant herein or of the obligation aecnred hereby shaU at any time ~ thereaiter be held to be a waiver oi the terms hereoi or oi the note secured hereby. - ~ ~QR~ 8~ ~1 . 3 , . . .