HomeMy WebLinkAbout0915 . . _ . . .
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and insuranoa premiums. ~u We case m~y be~ _snch exoess ahsll be credited by the mortgagre on~ subeequent ` ;
p~ymeata to be msde b~ the mo~rtga,~cr. Ii, however, the monthly p~yments ~de by the mortgagos '
ander. tb) a~ F~s+~rs?Ph 8 pr~~din~c a~u~u noc be sqfficisnt ~o pa~,,~e~onna.rena, tasee~ ~u?a asseeamena ~ ~
and insunnosp~im~, ~us ths case m~yr be. when the aame ahali beo~me . dne and p~yable, theu the
~m
~rt,~r s]halI th~e ai~
a~o~y~
ount neceesary ~o n~te np t6e deRciency, on or before the •
Pa1j?m t ~ro ts. e0. aesesamez?ts, or insuzauce premiw~aa shaU be dus. If ~
at any time the mort8~o~r ~hail t~?der to the mortgagee in aooordance with the provisions oi the note
secured hereby, itillp~ym
ent oi the entire indebtedness repr+esented the~c+ebY. the au~rtSagee ahall. in com- .
puting the amaunt oi anch indebtednees, c,redit bo the acconnt a~ tha mort,ga~or All pa,yments made under r
the proviaions oi a) oi p~rAgraph 8 hereoi which the mo Las not beoo~e obl~gated tGPaY to the
Federal HausSny ~ammiasionar and any bslance ~funds accumnlated under the prnviaions ~
of (b) os aaid~~s~r~rsph 2 I! there ahsll be a defanlt nn a~? of t:a provisions oi ~ mortgage re.
aalt~n~ in a p blic aale a~ the premisee cuvered het~by or if the mortgagee uoquiras the pmperty o'thet+- ~
wis~ aiber defau2t, the mo ahsD app~y, s! the t~me of the oammenoeme~t of auch proceedings or at ~
the time tbe prope~ is ot6~eai~ aoquired, the balance then in the fnada accumulated under .
(b) oi~r~ap
h 8 pr~c~edi~~a a aredit againat the amount
i~~,'~p~rinpa1 then remaining unpaid under ~
ssid nobe and ahall A='oP~'1Y nst aqy pqyments which ahall h,ave been made under (a) oi aaid p~ragraph. ~
E 4. Tbat ha w~l paU all tazes, aaaeaamenta, water r~t~ and other gavernmentat or manicipal charg~es, - +
! • l~nes, or impoait3wu~, for which proYiaioa haa not besn made hereinbefor~ and in deiault thereof the mort~ ~ .
~+V F~IT the ae~me; ~nd that he will P~o~nPtb? deliver the official receipts thereior to the ncorkgagee.
r. Thst ha wiD permit, ooaimit, or anffer no v~aste, imp~tirmen or deterioration o~ snid }~rope.rty or , I
aa~ypaurt the:+eo~'; and in the event of the iailure of the mo r~ ~eep the buil on s~u6 prem~ses `
~ and thoee ~o be erectsd on asid premises, or improvements
t~ereon~ ia g~o~bd repair~ mj
. , a mortgagee may
maioe snch repairs as in its diacretion it ma,y deem neoesaary for the pr~oper preaervat~on thereof, uid the ~
. b7? the ~
this manortdg~ auch payment shall be immediate?~y due and p~?able~ and ahaU be secured
6.~ That he wfll pa~y ~11 and aia~ular the oasta, chargea, and expenaee, incInd~' rea~sonable-l~~ryer's '
te~ and cosfis oi abstracts ox title; incun~ed or patd at an,y t~me by the mortga~eebecause o! the failure
o~ the put ad the mo~t,gagor pa~amPtt~ r::.a f
u
U
y to p e
r
form the a
g
r
e
e
ments ~nd covenants of s a i d p
ro
m- -
, isaor~ n~
t e a
n
d t
h
i
s mo!ga~e, an
d s
a i
d ooats, c~argee, and expensas shaU be n m
e d is
t
e
l
y due and p~?-
. . a
b
l
e a
n
d a~
ll b e a
e
c
u
r
e d
r b
y t-
h
e l ien o~ t
h i s mortgage. . ,
7. ~st he wiII l~ the improv~nenta now e~dating or hereafter ez+ect~d on the mo~~ P~~Y, .
~d ss•m~ be x~eqnired fs~o~n time to time by the mort,ga,~tee against losa by 8re and~
-ot~?er t~azarda~
and a~~ting
Wcies a a~h amounta and ior su~k p e
r
iods as m s
y be r
e
q
u i r
e
d b
y m
o
r t
g
a
g~
e
e. - i,
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1?pro~
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t
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t
U? P
r~
a n
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n a
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c
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not be~ m ~ W
e hereinbefor~ A
l l inauranoe ahall be carried in ooanp~a~es approved by mortgagee a~d
the P~des snd renewals theteof ahall be held by mortgag~ee and hsve attach~d thereto loas~ paysble
cl~waes in favor af an~i im fm~n a+oceptable tv the mortgagee. In event af loaa he will give immediate ;
no~oe b~r mail to a~~r~g~g~e, snd mor~ga~ee maq mske prooi of ~Oas it not made-promptlY bY mortgag~or,
sad euti iasuranoe oo~ap~aay conceraed ~s herebp snthorized and direct~ed to mske payment for auch
l
o
a
s d i
s
e c
t
l
y t
o mo ~na
t
e
a
d of to mortgagor and mo ~ointly, and the inaurano~ Proceeds, or ~
any ~art thes~eo~, ~spplied by mort,gag+ee at its optioa~er.to the reduction of the indebtednees
hereb
y secnred or to the res~oration o
r r
e
p a l r o
f t
h
ep
r
o
p e
r
t
y c~ a m
a
g+ e
d. I
n e~ v
e
n
t o
f f
o
r
e
e
l a
s u re o
f t h
i
a r-
~~rt~ or o~ transfeT of title to the mortg
a
g
e d P~I~~'k~Y ~n e~cti~~uish~nent of the indebtedneas ~
~~~tte, and interest o~ the mortga,g~or nn stnd to any insur~wce policies then in force
. shsU pass to ~ p mc grant¢e. -
8. That the mo:tSsg~ee ma~?, at any tame p'eading s anit npon this mortBaB'~. ~PPb? fo~the co~urt hav-
cou
ing ~nriadict~on thereof ~for the appoin~nent af s receiver, and aach canrt shall forthwith appoint a
reo v
reoeiver oi the premiaea oevet+ed hereby all and a ular. inclnding all and sin$ular the ineoan~ prot~tsy
• issoe+e„ and rev~nnea tro~n whatever source deriv~ each and every of which, it bein8 euPreasu? nnder- ~
stood, is het~eby mortgag~ed as if apecifically aet forth and deacribed in the granting and habendum clausea
hereof and anch receiver ahsll have all the broad and effective functiona and power~ in anywise
. eattvs~ect by s~onrt to a reoeiver, sad auch appointment shall be made by sach court as an admitted .
eqnity and s ma~tter of sbaolut~e right to said morkgag+ee, s~ad withont refereace to the adequacy or inad- =
:
d
~a! ~u~e
~#~e ~perty mflortgaged or t~ the aolve~cy or insolveacy of aaid mo r or the
, t4 ts, income, issaea, and revennea shall be applied by
s~x~eoeiver =
r~~ to the liea of titis morkga,ge and the practice oi such oour~t. In the eveat of an,q default on the .
pa~rt of the martgagor hereander; the mortgagor agreea to pay to the mortgag~ee on demand as s reasotr . ~ e
s~ble monthly renta1 for the prem~a an amount at leaat equivate~nt to one-twetfth t~:3 of the aggregate
of tlie twelve moathly inat~?tlments pqyable in th~ then curreat ye~r plna the setual amownt of the ar~aual ~
tue~ ~aase~ts, wster rates, snd insurancs p~emiuma for anch year aot oovered by the aforesaid
mcat~T P~Vments~. •
9. The mortgag~ur farther ouvenanta that should thia mortgage aad the note aecured hereby not be
eligible for inanranoe ander the Nationai H using Act within ppYg from the date ~ereof
(written atatement o# sny offioer of the F~deral Houaing A ~atra~aon or aathorized agent af the ~
Federai Honsing Commissioner duted snbeequeht to,the 30 D~A~ ' time fro~m the da a~f '
niartgage, declining to inaure naid note and. this -mortg~e, beiag deemed ~ o~nclnsive
ai proat of auch in
eligibilityj, the mortgagee or the hoIder oi the note ma,y, st its option, declar~e ~11 sanoss aecnred hereby ~
im~diately due and payable. _ ~ -
10. Thst (a) in the event of an,y breach of fihia mortgage or default on the part o# the mor
t~g~
r or
(b) in the eveat fhat ua,y of ssutd anms o! money herein r~efened to be nat prnmptly and paid w~th
o~t demaad a~ notio~ or (o) in tba event tluL e~ch snd ev~ery the stipulations, ~,gr~ements, conditions,
and covensAts of ssid note and this mort~ag~e, are aot dabr. Pro~mptly, and fn1lY D~orm~; then ~h
eit~t or aay such evenk the said ~r~sts sum mentionec~ in said nate then remaining ungai
interest aocrued to thst time, and all moneys aecured hereby, shall beoo~ne dne u~d payable i~ ~
or tteereaiter. at the optioa ot said mort,gagee, as fully and ooonpletely as if all oi the said aums of money .`d~
wet~e o attpuls~ted to be padd on wch ~kY. ~?ttun8 in
said note or in tbis mortgag~e to the contrary ~'f ~t'
notwi~a~l~; and thereupon or ther~after, at the option of aaid morE~ag~ee, withont notiioe or demand, ' ~
aait at lsw or in equit~?. ms,,Y b~ Praeec~ted as if all moneys aecured hereby had matured prior ta ite iaetf~ ;
tntion. The mortgagee m~,y torecloee tbis mo as to the amouat ao declared due aad p~yubl~ sad ~
the aaid premiaes shall be sold to satisfy and ps~aame together with ooata, expenaes, sad allow:unces.
In csae oi p~rtisl loreclosnre oi this morEgage, the morlEgaged Aremises si~il be soid aub3ect to the oun-
~ t~nnin~ Iien ot this mortgag~e tor the amonnt of the debt aot thea dne and unpaid. In auch csse tiee pro-
visfons oi this P~Ph ~i' ba sviiled of therea~fter from time to time b~ ~he mortga,gee.
12. Thut th~ mortaag~or wiD siv~e immediate aotiee by mail to the mort~a~ee af aqp conveywc+6~~
traoe~f~, oar c6s~e e~ ~wnerahip oi tbs premiae~. , ~o
1Z That na wa~v~r ad any coveaant herain or of the obligstion s~ecQred h~eeby shall at aaT tia~,e
the~+esfter l~e hekl to be a waiver af the t~arana hereoi or oi the not~e seaured her~i~. .
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