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HomeMy WebLinkAbout2737 o ~ I ^ n t• . . . ~ i and in~uranos ~emiums. as the case ma,y be~ _snch esceas shaU bs credited b~ the mort~gee oa aubsequ~t py~ts tio bs m~de b~ ths a~os~or. u. however, tae montLl,~ py?menta msde by the awrtQaSor oader (b) ad para~raph S preoedia~ ahaU aot bs anfficient to pW? r~?b, tases s~nd asseasments snd 3nsaranos~iu~ as the case m~y b0. when the same ~beoome dne snd p~yabl then the acbr~Or sht~1l p~ t~ ~e aw~rt~a~es aqq amount neoeesat~ ~o ma1~e np ths ~flcienqr. on or~fore th~ date when pa~yment a~ wch ~roand renta, tauces, aeeeeamenb. or inanran~os premiums shsll be due. at aqy time the mort,~~or thaU tender to the mort~a~ee ia aooordsnce with the proviaions of the note inll t~ oi tbe entire indebtednees represented thet~eby. ~ in com- secur~ed hereby, the mort,~agee shall ' putin~ the amounL snch indebtedness. credit to the a~couunt oi the awrt~a~os aUp~ym enta made under the p~rovisions of a) oi psraaraph 2 hereoi which the mortQag~ee has not beoome obligated t~P~?Y to the _ : Fsdersl go~sin~ and any balance remsinin~ in the tunds aocumulated under the provisions oi (b) cS said ph S. Ii there ahall be a detautt under any ai the provlsiona of this mort~age, re- . anltin~ in s lic asle oi the prem~ees oovered hereby; or it the nwrtgaSeeuq wres the proper y other- wiae atter detault, the mo ~gee absll appUr, st the t~me oi t!?e oo~nmencement oi such proceedings or at the time the pro~ is oth~eai~vise aaNired. the balance then rwainiu~ in the funda accumulated under . (b o~f paragrap~ 8-pr~oedi~aa a credit ags~nst the s~aount af princip~l then remaining unpaid ander ~ ~d note and alull proper~y uat aa3? FaYments which ahaU lwve been made under (a) of said paragraph. ; 4. T6at he will p~y all ta~cea. aaaesamenta, w~ter rates, and other g~overnmental or municipal charges. ~ ~nes. or impositions. for which provision hss not been made hereinbefore, and in default thereof the morw ~ ~ ~~ee m~y p~y the same; and thst he will pro~npt~y deliver the official receipts therefor to the ~ortgagee. ~ 6. Tlut he wIll pern?ik oommit, or suffer no waate. impairment~ or deterIontion ~ oi said prnperty or ar~yp~r~ thereo~i; and in the event of the failnre oi the mortgagor to keep the bnildings on sain premisea and ~hose to be erected on asid premises. or improvementa thereon. in good repair. the mortgagee may ~ mate snch npsirs as in ita discr~etion it m~y deem necesaary for the proper preaervation thereof, and the' • ; iuD aanount oi each and e~ery snch p~1?ment aball be immediatr~y due and pqyable, and ahall be aecured , b'the lien o~ this mort~. . 6. Tbat he ~rill p~y all and aingular the oosts, charges, and espenaes, inclnd~n~ ressonable lawyer'a iees. and coat~s of abathrcts of title„ incurred or paid at ~ny time by the mort~a~ee because of the failure on the part a~ the mortgagor promptlY and fnUy to perform the agreementa and covenants of said prom- i~sOry trote ~ad this mo and said caats. char~es~ snd e:penses atwll be immediately due and pay- i able and sball be seau+ed b~ 8en of thia mortgag~e. . ~ ~ Tbat he wiU lceep the impravements now existing or heretiter erected on the mortgaged Pmpertq? ~ m t~a,~ee inaured as.m~p be required iro~ time to time by the mo loea by 8re and other hazarda, ; qsnaitics. and conting~cies in auch amounts and ior suc~ perl as m~y be required by mortgagee. ~ will p~~yprnm p~y~ when dne. sny premiwna oa auch insuran~e for ~?ment ot which provision has i not been made hereinbefore. AU inauranoe shall.be carried in oompa~es spproved by mortgagee and the policies and renewsls thereof ahs~ll be held by mortgagee snd hsve sttached thereto loas payable . ~ 'e,lanses in iavor a~ and in form aa:eptable to the mortgagee. In event oi lo~s he wi~ give immediate ' notia b~? mail t~ mortBs~eee. und mortga~ee may make proof oi laas if not made prnmptly by mortgagor. . and each insnranoe oompany conoerned ~a hereby snthor'ued and dirccted to make payment for such loea direct~y to mortgagee inat~ead of to mortgagor snd mortgagee jaintly, and the insursnce proceeds. or aay na~rt thet~eoi, may be applied by mortgagee at its option either t~ the reduction of the~ indebtedneaa hercby aecnred or to the restoration or repair oi the property damsg~ed. In event of foreclosure of thia mortgs~e or other transier of title to the mortgaged property in ' ' t of the indebtedneas , aecared hereb~r~ sU right, title. and interest of the mortga8or in and to any msurance policiea then in force • ahall paas to tile pnrcbaaer or grantee. . 8. Thst the mo~rtgag~ee may, at aRy tirae pending a auit upon this mortgage. apply to the court hav- ing ~arisdiction thereoi for the appoin~neut of s receiver. snd auch oourt ahall forthwith appoint a receiver a~ the premises oovered hereby aU and singular, inclndia~ sU and ain$ular the income. protita. . iasnea, and revennea from whstever aource derived~ each and ever~ ot, wh}ch, it being expresaly under- stood, is hereby mortgaged as ii apeciflcaUy set forth snd described in tf ~e granting and habendum clauses hereof and anch receiver shall have all the broad and effective fnnctions and powers in anywise mtrus~d by a bourt to s receiver, and auc6 appointment ahall be made by snch court as an admitted eqnity and a matter of abeolute right to aaid mortgagee, and without reterence to the adequacy or inad- equacy of the valne of the property mortgaged or to the aolvency or inaolvency of aaid mortgagor or the defmdanta, and tbst wch reats, profits. income, issuea, and revenuea ahall be applied by such receiver aooo~to the lien of this mort,gage~and the practice of auch oonrk In the event of any default on the ps~rt o! e mo~rtgagor herennder the mortgagror agrees to psy to the mortgagee on demand as a reason- " able monffily rental for the pre~niaes an amonnt at least equivalent to one-twelfth of the aggregate ; oi the twelve monthly installmenta payable in the then curreat year plus the ~ctual amount of the annual ~ tss assee~~ta, water rstes, and insurance premiuma for auch yesr not oovered by the afores~id mon~ payme~?ts. , ~ 9. The mortgagor further covenants that should this mort and the note eecured hereby not be ~ eligible for inanrance under the National Housing Act wittun ~AYS from the date hereof (written atatement of any o~oer of the Federal Housing Adminiatration or suthorized agent of the ~ Federal Housing Commiasioner dated subsequeht to the 30 DAY~ • time from the daie of this mortgage. declining to insnre said note and-thip~mortg~ge, de~ng eemed eonclusive proof of such in- ' eligibiGty), the mort,gag~ee or the holder• o! the note may, at its option, declare a118ums secured hereby immediately due and payable. . • 10. That (a) in the event of any breach of tfiia mortgage or default on the part of the mortgagor, or ~ (b) in the event tl~at any of aaid auma of money herein referred to be not promptly and fully paid ~vith- . out demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; ~then in either or any such event, the aaid aggregate sum mentioned in said nots then remaining unpaid, with interest accrued to thst time. and all moneys secured hereby, ahall becwme due and payable forthwith, ' or thereafter, at the optioa oi aaid martgag~ee, aa fully and oompletely as ii all of the said auma of money = were orginally stipulated to be paid on such day. anything in aaid note or in thia mortgage to the contrary ~ notwithstanding; and thereupon or thereafter. at the option o! said mortga~ee, without notice or demand, _ ~ anit ~t law or in eqnity. may be prosecuted aa if aU moaeya secured hereby hsd mAtured prior to ita inati- ~ tution The mortgag~ee may foreclose this mortgage. as to the amount so declared due and payabis, and ~ ' . the Baid premisee shaU be sold to satiafy and psy the same together with oosta, expenaes, and allowances. - ~ In case of partial foreclosure of tbia mortgsge, the mortgaged premises attall be sold aubject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and ubpaid. In auch c~se the pro- s visiona of this paragraph may again be availed of thereatter fmm time to time by the mortgagree. ~ ; i1. That the mortgagor will give immediate notice by mail to the mo f any conveyance, ~ tranafer, or ch:uige of ownera6ip of the premisea. ~ ' 8~r: K ~ ~ . 12. T6at no waiver ot any oovenant herein or o! the obUgation aecured hereby aha11 a~any t~~ . t6ereafter be held to be a waiver oi the terma hereoi or oi the note eecured hereby. ~ - ~ - _ .