HomeMy WebLinkAbout0517 . : _ ~
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aad insur~noe prsmiwns. ~s the caae m~y be~such exceaa shall be cre~ited b~ the n~ort,~a~ee on subsequent ;
p~ymenb to be msde by the mort,~agar. u, however. the nionthly p~b made b~ the mort,~a~or !
.
e~nder (b) ai p~ara~r~ph S preoedin~ ahaA not b~ s~il~cient ~o pe~~T~~e~ound re~?ts. ta~cas aad asseasmente '
~und inawraa~~p~aiu~ as the caae may b0. a?hea the aame ~aluU beoome due and p~yabla th~ea the {
• mort,~ag~or 1 pay to the mort~~e sny atnount neoesasry bo msice ~p the de!lcieaq+~ on or beiore the . ~
date when ps~yment oi aach ~round rents, ta~cee, asseeame~ts, or insur~noe premium~s shaU be due. Ii
at a
n
y time the mo
r t,~~
g
a
r ehall tsndar ~o the mo
r t~
a
Q
e e in aooordaoce wit6 the provlsions ot t.he note .
secured henby, i1il1p~ym
ent oi the entire fndebtedneee repreeen
t
e d thereby. the mo~g~ee shalt. ~n oan-
pnting the amount oi auch indebtedneas. credit to the ~coount ot the mos-t,~~g~ar ~11psym
eats m~de under '
the provisions oi (a) oi par~raph 2 hereoi which the mo ag+ee has not beoame obli~ated to pay to the ~
Fe~leral Housing Commiaaioner and aoyrebslance reanainiu~
i~n the tunds ucumulated under the provisione : .
oi (b) oi s~idn~ur~nph 2. If there shall be a default under u~y oi the provisions oi this mort~a~e~n-
ailttn~ in a p tic asle oi the premiaas oover+ed heraby or i! the mortgi~ee~
uirea the proP~Y o~ '
pise
atter defaulk the n~ortg~ee ahsll app1Y, at the t~me o! the oo~nmencement oi auch proceed~'n~s or at
the ttme the properky is otherw~se f?cquired, the balt~nce then rema~nin~ in the tunds ~u:cumulated under
ssid note and atu
ll pmp~~u~at
any p~etym~P.nta~whi~c.h shaU hsve beea~~ade under~(
j oi~ssid
~pu~gr
ph.
~ 4. Tbst he will p~y alI tues, asaesa~oaents, water rat~es, and other gmrernmental ar municipal charges,
~ ilnes~ or impo~itioas, for ~vhich provision has aot been made hereinbefore, snd iu default thereoi the n~ort-
~ ~a,~ee m~r pqy the a~me; ~und that he will prompW? deliver the official receipte therefor to the mort~~ee.
b. Tlut he will permit, cammit, or aaHer uo wsst~ impairment, or detsrioration of s~id property.~or ~
. aay thereof; and in the event of the tai'lure af the mo r to keep the buildu"~ga on said premises
~ wd ~as to be e~rected on asid premises, or improvements~
n, in g~ood repair, ttte mortgagee may
~ make auch repaira as in its disranetian it m~y deem necesssry iar the propar preservation tt?ereof, and the ~
inll unount o~ each and avery sach p~yment shall be immediate~y due and p~ysbla snd shaU be secured
by the lien oi this mortgag~, ~
6~. ~`hat he will p~r sll snd tha oosts, charg~ec, and expense~t. incl nasonabk l~w~?er's
iees~ and eosts ot abst~racts of title~urred or paid at a~y time by the mort~
a~g~~euse of the fiulnr~e
on the part oi the mortgag~or promptly and to perfora? the agreBmeats and covenxnts of said pran- '
issory aote and tbis mo tg~ and 'ssid co~ts,fi~~ha#'~, and ezpensea ah~ll be immediately due and pay ~
sble and ahall be secured
by the liea oi this m~rt~~e.
'
7. That he wiU k~ep th_e improvementa noMr existing or here~fter erected on the mortgsgrd Property.
ins~u+ed ~sm~y be reqaired fro~a time to time by the mo~ s~gainst losa by 8re ~and oWer h~zarda, -
casnalties. sad eontingenciea in such ainounts and for sucl~ periods as msy be x+equ~r~d bY mo~-P,gagee,
snd will pay pro~mptlY. when du~e~ aa~y pramiams on auch insursaoe for ~qcnent of which prov~sion has
aat been m~ds hereinbefor~ Ail iasnrance ahall be csrried in oompawes appraved bq mortgagee xnd 1
~ the policies aqd reaewala thereo! st~aU be held by mortgag~ee and hsve attached thereto laas payable
cLuses in lsvor~of and in form uceptable to the morkgagee. In event ot lo~s he will give immediate ~
notioe by ma~ to mo
r
t
g
a
g
e e,, an~ mo
r~
g
a~
e m a
y malce proof oi l
o e
s ii no
t m
s
d
e p
m
m p
t
i
y b
y m
o
r
t
g
a
g
a
r. j
snd e
~ r
c
h insuranoe eompsny concerned ~s hereby authoriaed and directed to make payment for auch ~
losa d
i r
e c
t
i
y to mo
r t
g
a,
g
e e instead of to mo
r
t
g
a
g
or and mo ~o~u
t
t
y, aad the insurance proceeda~ or , j
sn,q p~trt thereof. may be applied by mortgagee at its optioa~~~er.to the rednctioa of the indebtedness ~ ~ 4.
her~by aecured or to the restoration or repair of the property damaged. In eveat of foreclosur~ of t
h
i s 1
morkgs~,~e or other tranaier o! titte to the mortgaged pmperty ii~ extinguishment of the indebtedneas , i
secured hereb , all righk title. and intereat of the mortgagor in and to any insurance policiea then in force
ahaU pass to ~e purchaser or grantee. - '
.
8. That the mortgag~ee m~y, at any time pending a suit upon this mortgage. spply to the oonrt luv-
ing ~urisdictlon thereof for the appointment ot a reoeiver, aad auch oourt ahall forthwit6 appoint a ,
reoe~ver o
f t
he pr~enniaea cav
e
r
e
d h
e
r
e
by a
l
l an
d singu
l a
r, i
n
c
ln d
i n
g a
l! an
d a ingul a
r t
he income, pm
fi t s,
iasuea, and revenues from whatever source derived~ euh and cv
ery of which. it being expreasly uadet-
s
t
o o d„ i
s h
e
r
e
by mo
r t
g
a
g
e
d as i f a
p e
c I R
c
a
U
y a e
t fo
r
t
h a
n
d deacri b e d in t,
h
e granting an d h
a
b e
adum c
lauses
hereof~ and snch receiver ahall have all the broad 'tnd effectiv~ functions and powera in anywise
. entn~ated by s cou~rt to a reoeivers and sach appointment ah~ll be msde by such court ~s an admitted
eqnity and a mstter of absolute nght to aaid mortgagee, and v~Tthout refereuoe to ttee adequacy or iread- i,:'~ •
equacy of the value of the propeity mort~aged or to the solvency or insolvency of said mortgsgor or the . -
defeadaata, and that auch reats. proftts, inco~a~ iaanes. and revenue~ sbaU be applied by such receiver
aoco to the lien of this mortgage and the practioe oi anch conrk In the event of any default on the
part ~f e mortgagor herennder the mortg~goragre~ to p~y to the nro on aern~uea aa a reason ~ Z~~
able monthly rentat for the~ pr~~ses an amaunt at least eqnivalent to cue-tw th. oi the ~?ggregate
~ of the twelve montbly installmenb payable in the then cun~ent year plus the utual aawunt of the aanwl
tax~ assessments, water ntes, and iasuranee premiuma for aoch ya~r nc~ oovered by the aforessid ~
mont~ly payments. • ~ '
9. The mortgdgor further coven~nts that ahould this mart and the note secured hei~b
y not be
eligible for insuraace under the Nationsl Houaing Act wiU~in ~j~~$ from the date hereof : f~:. :
t~ttea atat~ement oi any o~oer of the Federal Houaing Adnainistration or suthorized ag~t o! the
Federsl Housing Commissioaer dated subaequent to the ~QnQy~ ~ time froan the date o! this ~ -
mortgage, declining to inaur~ said note attd this mortgag~e, bein~-8e~dl~ aanclusive proof o! such in-
~ etigibility), the tnortg~?g~ee or the hoIder of the note ma,y. at its option, declsrP all auma aecured hereby
immediately d~e and payable. • .
10. That (a) in the event ot sny breuh oi ttiis mortg~e or defi~ult on the part of tt~ mortg:g~or; or
(b) in the event thnt any oi aaid sun~a of money herein reiernd to be not pmmptly and fullq p~id with-
out demand or notice, or (c) in the event th~t ~ch uid every the atipnktions~ n~r+eements, oonditiona.
su?d covenanta of said note and thia mort~age, ae+e not duly. ~ pramptly, and fully ~erfotmed; then in
either or any such event~ the said _~grega te sum mentioaed i~ ssid note then remaining unpuc~, with
intereat ucrued to thst time, and all mobeya secured hereby, alu~U beoome due and payitble forthwiW,
or thereufter. at the option oi said mo r
t
g
a
g
e
e. as fu l~
y an
d comp
l
e
t
e
l
y as i f a I l o
i t
he sai d suaaa of money ` f?
wen orginaqy atipulated to be paid on such dsy, thin~ in aaid note or in tbis mortgug~e to the contrary
notwithat~r?ding; and therenpoa or therenfter, a~e option oi ssid mortgsy~ee, without notioe or de~id,
suit at lsw or in equity. muy be pro~eecuted aa if all moneys aecured hereby had mattu~cd prior to Its it~sti-
tution. The mort~gee tasy forecloae this :ao as to the amount ~so dectured due >tndpay~b!~ ~nd .
the said premises ahati be -satd to satisty and par~aame to~ther with oats. expenses, and allowaneea. . ; T1
In case ot partial foeeclasure oi this awrtg~ge, the mortgag~ed premises shsll be sold subject to the oon-
tinuing lien of this mortgage for the ~tnount of the debt not then due ~und unp~id. In euch ceae the pro-
visions of thia ~ph majr again be availed oi thereafter irom tinu to tin~e by the nwrt~ag~ee. ~
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