HomeMy WebLinkAbout0245 ~ . ~ ` .
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~ . under' (b) a~ Pa~r~e~a~ih !t Pr'eoedia~ ~ll not f~s wdfci~t to p~r re~b, taxes aad ~nenb,
nad iiuurance~pra iinms, ~s the cas~ ~myr be, ~rhen the s~+aie :+h~beooac?e due snd p~y~ble, then the •
~cna~r atu~ll p~r to the m ~y amoamt n~oesaary to ~ ulce np ttu de4cienqr. on or bafors the ~ .
' u
dsts w en t oi sueh ~ r~ts. taxes. aa~ssments,~ o- insuranoe premin~as shaU be dna It ~
; at a
a
y timeFt~~o c
t
g
a
g~
or ~teuder to thq Q
r
t
g
n g
o e in•~~rdance with the proviaioaa oi the no
t
s ~
secured her~y. tull payaaent o! the entire indet tadnesa rcp~u! ed thereby. the mort~ec: a1u~U. in oona-
. pu
t
i a
a t
he smoun
t o! w
c
ti i
n
d
e
b t~
e d
n
e e c
r
e dit to the aawunt oi t
he m a
l l ents m a
do under
~ ~ the proviaions of (r• ~ ot P~ragraP~ 8 her~of w~ ~ch tho mort,~ag~ea 2us n~~~~~ ted to pa~r to the
Fedearal Houu~ing G~mmiasioner. ~nd bala~ :e remaiain~ in the funda aocumu~nnder the provl-
0
~ eions ot~b~ oi aai~i para~xaph 2 L! ere sha11 be a deiault uader sny of the provisions ai this mort~ '
.I gaQe, res tang ia a public ~ale oi the premis~ c overed herebY. ~r i! ths mortgag~ee su~quires the props .
otherwise aftor def: wlt, tho m ~g~ee ahall ap~~ly. at the time o~ the ~eacement o! auch pr+~oeedin~g~t
; , ar at the t~me the j:roperty isa iherwise ~oquired~ the balaaoe tl~en Y+e~mainin~ in the funda ~u~cnmuls~ted ~
nnder (b) oi paragcap
h_ S preoeding as A credi~. againat the a~?onnt o! prlncipal.then r~r nnp~?id
under said note anc: ahall ~luroPerly ~ast an~? l'~vments aLich ahsll hsve been m~tide under~
(a~ od' axid
• , P~?~Sra~ . . ~
4. That ~t will =~ay stl tasea aeseesments, a-ater rates, aad oihsr verrmaenta] armmAicip~sl char~es, f
flnes. or impaaitiont . for which prov~aien haa no ~ bee n made herei ~ore, and in default thereof t6e mortr
.~S~ P~4Y the :u~ne; and tha?t it will Pronc?F W? deliver the ofl'~cisl reosipts therefor ~ the mortg~gea. ' ~
~ b. Thst it arill permit, commit~ or auSer ao waste, impair~ncnt, or detmcioratioa at a~id pd
p~~
at~y part thereof; a•id in the event of the isilnrr: o! the mortgago~ to keep the on aai i'
an
d t
hose t
o b e er~~
e d on a a
i
d p
r
e
m t s
e s, or improvementa t herc~on, i a g
o o d•re
h~.mort,~?~ea ma~y
~ ' make aach re
p
a
i r
s ra in ita d
i s
c
r
s
tion it m~
y dean n e c
e s
a a
r
y ior t
he p
r
o
p e
r p r
e s
e
r v
a
t
ion t
h
e
r
e o
i. a
n
d t
h
e i+
~ tuU amount oi each and e~ ery ancb? pqyment s6 aU be uamediately dne snd p~y~bl~y and st~ati be seeured ~
. by t
he l
ien o
f t
h
i
s m•~
r
t~
a
g~ . ~
6. -That it will pay all and aingular the coa•ts. ~httraes. sad aacpense~, incl reaaoiuble L~~y~+a•
_ 'f~s, and eosts oi a batracts oi t~itte. Incnrred o_• pa~ d at aqy timc~ ~y the t~~s~use ot the i~~luro .
on the part of the murtg~ror praaap~ ~nd itilly to perform bhe agreemen~?~~~d -o~va~nta oi a~id promia- -
aorq note and tbis rr.ortga,~e; and aai oosta, chaigee, and e~cpeaae~ ehall be immediate~y dae u?d p~yable
- and aball be aecur~a by the liea~o! thia mo:t,gagr: ~ . .
; 7. That it wiU ~eep the improve~nents now esisting or bereRf'ter erected on the martgsged property.
; . ' inaur~d asm~y be i~equireci irom time ta time l•y the mortg~agee agsinat lo~s by 8re aad other basards, :
me n
' . casualties. and contingencies. inclndin~ war d~.mage in such anwunta and ior aach perlada as m~~y bs •
- required by
mortgs~.roe, and•willpay ProaaptlY. v~ hen due, an~? P~niums on anch insuranee far payment oi
n~
which prov~sion ha:s not boea made herembefo.~e. All inaurana: sball be carried in oamprlnies approved
~ by ma~ and t~ ~e policiPa and reaswals theraoi shall be hdd !~y mort,ga,gce and hsve attached th
rereto : -
, laas payab s clsusa in favor of apd in form acc.eptable to the mnrtgagee. Yn event of luas it will give
~immediate notice b}- mail to mortgagee, and mc~rtga~ee may ma~:e prooi of loss if aot ma~le promptJy by
mo
r t
g
a
g
or. and eacn insnramce co~mpany eoncecn
e d is h
e
r
e
by r.u t
h
o
r
i$
e d a n
d d i
r
e.
e
t
e d to make p~Yment
for snch laes directl9 to ` utistsad o! t~ mortgagor and mortgAg~ee 'oint~y,~ arid the insuranoe -
~roceeds, or anyps rt th~-be applied 1?y mortgagee at its option ei~er to the rednction ot the .
: . ~ mdebtedneea hereb~- secared or to the r~tora~on or repair oi tlie property cLmag~ed. In event a~ fore- '
cloaure of this mor~~sge or othei-tr~aafer of t~tie to the mortgs~ed praperty in eztinBviabment oi the- `
indebtednesa secure~i hereby, allq~~ght, ~itl~ and -interast o! the martga~o~r in ~d to any inauranoe polidea :
. then in force ahall ~ass to the p ebaser or grai?tee. ~ , .
~ 8. Thst the mo etga8ee ma3?, at an~r timep~ nding a snit ~i this nwr~a,g~e, ~tpp~y to the oonrt hav- ~
ing 'urIsdiction t6~ reof ~or the appomt~nent a reoeiver. snd anrh oourt ahall forthwi~th sppoin~ a
~ver o~ the pres~iaes oovered hereby all aii~l sin , inctnding all and~~
lsr the incwm~ proats, ~ -
issnes,, and rev~nuc s from whateve~r aource d~:rive~each and every o! ~vhich, ~t expreasly nnde~;
. stood, ~s hereby mo~ tgaged as if apeciBcaUy set ~
orth and deecribc~d in the granting and dum clsuses
hereof. - and such i eceiver shsll have all the brosd and e~ect~ve fiu?ctions and poweia in aqywise. ~
eatruated by a coiu t to a i~eceiver. and such a~~pointment shaU ~e mada by auch ~ourt as an sdmitted -
equity and a matter o! absolute righL to said ~r ortga,~ee, and withont referencs ta the adequacy or inade-
quacy of the value ~ the property morEgaged ~~r to the solvency or insotvenqr of aaid mortgag~or or the .
~ • de.fendant~, and tlux cuch sents. proflts, incorr e, issnea, aud revennes shall be spplied by snch reoeive~r
- aa~ording to the lie~? of thi~ mortgag~e snd the ~jractice of sucL exwrk In the event o! say defanlt on the
part o! the'mortga~ »r hen.wnder; the mortg~s~gc~r agrees to pay b~ the mo~tgag+ee on de~aand as s reaao~
~ able montlily rental ior the pr~n~ses an amoun~: at least eqnivslcnt to one-twelfth of the aggrcgats
oi the twelve montta ~y it,st~:llmenta payable in tl ~e then cnrrent ye~rpIas the actusl amowit of the annnsi -
taxea. asseasmeats, water ratgs, and insurance preaiium~ far $uch yesr not covered by the ufo~x~essid. .
monthly pa3rmenta. ~ . . • . -j
' . 9. The mor"tga~?or fnr-~r wvenarita that ~honld th~s mort8s~e and the note secured hereby not bs ' ~
etigible !'or insuranc~ under the National Housin Act within irom the date hereo!' •
(written statement ~~f any o83cex ai the Federai ~ousing or anthorised ~ ~
. eral Houaing Commissioner dated sab~equent t? the • ~ t3me troam~e ds~te
~ this ~
mo declining to insnre said nate ~ad this m~rt~ag~e, being dee:aed eonclusive prooi oi such ineligf• ~ ;
. bili~ mortga~~ ~e or tLe holder of the note m ay. at its option~ ~ieclare ~11 wms sec~u~ed hezeby immed~
ately due and pa,yab e: • _ .
.10. That` (a) ir. the event of say ba~each of tbis mortgage or ~efault on t~e psrt a~ the m
. tb) in the event tt~t sny of saiii snm~s of mone;• herein refen+ed to be no~ ptly and fnlly
~~th _
= ont demsnd or natic~, or (e) in the eve~nt tt?at each and ~rery t~e atin~ asr~znenta, ooaditions.
~ and'oovensnts of ~.id not~ sad thi~ mortQage a~e not dalY P^o~c? . and~ul~y-perioisned; then~ia .
either or any spch ~•vent, the ssid sum meationed ~n :iaid nots ~hen rm~aiaireg wiFsid. wlth
iater~t ucrned ta ~.hat tta~e, and moneye sc aured hereby. ahsll be~o~e due and p~rabls iorthwith, '
or theresiter, nt th~ optian oi ssid n~ortg~ee, :~s iully and cozapiet~ely as i! aD ot tbe aaid snms of money .
• aere orlgInally atip; ~ted tn be pxid oa~ wch day. anything in ss~f
d note or ia tbis moi~t,~age to the eontrary
~ d~m~an~
it a~t
1aw i in
~~ni~ or ~er~l~ st the o~
ption at ssid mort~ee~ wlt~iant notios or
~'I h~. ~ be prosec• itod as if aU ~non::ys secur~d hereby h~d m.~tured prlor to .
~ ~ts iastitntion. Tb~ mort~~ee m~? fareclo4e it is mortg~e, aa to the amount so d~larect dne snd~ p~.
si:le. and the aaid p~emises shaD be sold to aaLL.fy snd pay the s~to~ther with~ oosb, sx~~jand ~
~ allow~nees. In caac ofpsr tial loreclosure of tt is mort~e~ the T prem~ses sbs~l be sol ect .
. to the oontinnia lt~ n oi this mo~rt~+e t+n !he i mouat o! the dekt ~t thea~~dne and anpsid. In snch case
the Pn?v3siaAS this P~s~r~rspl? myr ~ain bs availed o! thet~si:er firomo? time to tims l~? the nfart,~ee~. .
il: Th,a~ the n ort,~s,~~r ~rIIl ve immedi:.te nottce b~r inail to the ma~art,~es o~ a~r. co~aavep~?ance.
co
~ tranaies, or cbaiige ~ d ovrnsrsLip the pre~nises. ' .
~ ' 18. That no w:dvmr o~ atqr eove~nsnt herdn o~r oi t1~ obligat~on secared hereb~? shail at ~o~r
: th~iter -b's held t~ be s wsivar c~ ths tezms hereof or of the ~~o~e seeurod
; - ~ . - ~ ss~~~ ~ .
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