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HomeMy WebLinkAbout1401 , ~ f•.. . ~ . ~ . ` t ~ c : ~ ? • ~ . and inaurance premiums~ ~a ihe c~se ma~r auch e~cceee shall bs credited by the mortgagee on aubaequent # pa~yments to be made by the mortgag~or.~. hawever~ the wonthly psyments msde by the mortgagor ' ander (b) ~d pitaQr~Ph 8 pre~edin,~ ahaU not b~ suAicient to p~,y d rents, t:uces and asaeaamenta ~ pre~e and inauzanc~e~ pre~niums~ ~a the caae m~? be, when the asn?e beoome due ~nd p~yable~ then the mortgag~or ahall pay to tbe mort~a~ee any ~unount neceaaary b~ m~lce np the ckRciency. on or before the ~ d~te when nayraent oi such ground rents. tu~, assessmenta, or inauranoe P~~ ahnll be due. If st time the mortg~or sball tender to the mort~agee in seoo~d~nce with the provisiona of the note aecured hereby. iullp~ym ent oi the entire indebtedness represented thereby. the mort8agee shall, ;n com- . puting the amount of snch indebtedn~a. credit to the s?ccount of the mortgagor aU pa~yments made under the proviaions oi (a) oi pars~rapb 2 hereo# which the mor~t~a~ee haa not be~me obl~gated to pay to the Federal Housing Cosnmiasioner and anY balance r~ining m the fuada accumulat~d under the proviaiona ~ of (b) o# aaid gh 2 If there ~h~11 b~ a defanlt under s~y of the proviaions of thia mortgage. re- ~ ' sult~g in a pu lic aale oi the pranisea eovered her~by or if the mortg~g~ee ac9uues the pmperty other- : ' v?ias after default~ the morlkga~ sh~ll apply~ at the time of the commencement of auch proceedinga or at # the time the propert~y is otherw ~guit~ed, the balance then remstinin8 in the fiinds accuaaulated under (b) ofpsragr~ph 2 p e~~?$~as a credit agaiast the amount oi rp incipal then remaining unpaid under r ; s~id nate and ahall proPer~ u? actl~ ~wY PaYm~~ ~?hich ahall have been made nnder (a) of aaid paragraph. ' 4. Tl~at he will pay all ta~ces, aaaeeamenta, wster ntea. and other ~;overnmental or municipal chargea. i ~e~, or impositions, for wltich proviaion haa not beea made hereinbefore, and in default thereof the mQrt- _ ~ g~ee may pay the +~am?e; and that he will prampt~Y deliver the official receipts therefor to the ~ortgagee. ~ ~ 6. Thst he aill permit, comnnit, or suffer no waate. impsirmenk or deterioration of aaid property or ~ p~t thereof ; and in the eveat of the fail~u~e of the mo ~gagor to heep the buildiuga on aaid premises ~ and ~ho~e to be erected on aaid premiaea, or imprnvementa hereon, in good repair, the mortga8ee may ~ ~ h , make anch repaira aa in its diacretion it m~? deem neoeaaary for the proper preserv~tion thereof, and the ~ inll amount oi each and everi such payment ahall be ianmediatelp•due and p~?able, and ahall be aecured • by the lien oi this mortg~e. ~ 6. Tl~t he will pay all snd aingulsr the c~oata, charge~s, and ea~penaea, inclu ng reasonable lavrr~rer'a ~ iees,, and caats of abatracts of title, incurnd or paid at any time by the mort~a,~ee~ because of the failure on the peut ot the mortgagor promptly and fuUY to perform the agreementa and oovenanta of aaid prnm• C r i,saory note and this mo snd said c~o~ta, charg~, and e~cpenaes ah~Jl be immediately due and pay- able snd shall be secnred by e lien of this mortgage. _ 7. Thst he will heep th~e improvementa now existing or hereaftsr erected on the mortgaged PropertY. ` insnred as may be required fr~a time to time by the mo tgageea~unst loss by fire and other hazarda, csaualties, and contingencies in such amonnts and for anch periods aa may be required by mortgagee. _ and will pay promptly, when du~e~ any preminms on such inaurance for ~rment of which proviaion haa aot beeu made hereinbefore. All inaurance ahall be carried in oompa~ues spproved by mortgagee and the polici¢e snd renewala thereoi shall be held by mortgagee and have sttached thereto loss paYable _ clsuaes in favor of and in torm acxeptable to the mortgage~ In event o! losa he wiU give i~mmediate notice by mail to mortgagee, ~nd mort,gagee may make proof of loaa if not raade promptly by Ynortgag~or, ' and e~ch insuranoe company concerned is hereby authorized and directed to make payment for auch ~ less directly to mo u?atead of to mortga~r snd mo ~ointly, and the insurance proceeda, or aay thereoi. m~applied by mortgag~ee at ita option~~r•to the reduction of the indebtednesa _----J~ h~secured or to the reatoration or repair of the - property damaS~ed. In event of forecleaure of this - ~ mortg~ge or other transfer of title to the mortgaged properqr in extinguishment of the indebtedness $ecured hereby, all rieht, title, and intereat of the mortgagor in and to any insurance policiea then in force ~ ahall p~ss to the purchase~c or Srantee. • 8. That the mortgagee mui?. at any time pending a snit upon this mortgage, ~pply to-the-eou1~ Iia~ ing ~uriadiction- thereof for the apgointment of s receiver. and such-court- ahall forthwith appoint a._ rec~ver of the premiaea covered hereby all and aingular. including- all and singular the income, prnfits. iaau~, and revenues from whatever aource derived, each and every of which, it being expr~sly under- stood. ia hernby mortSaSed aa if apeciRcally set forth and deacribed in the granting and habendum clauaes _ hereof, and aueh receiver shall have all tt?e bros~d and effective functions and powera in any~aiae entruated by a court to a receiver, and auch appointment ahall be made •by auch court aa an admitted _ equity and a matter of absolute right to aaid mortga~ee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the aolvency or inaolveney of said mortgag~ur or tha ~ . ~ defendants, and that auch rents, profits, ineome, iaaues, and' revenuea ahall be applied by auch receiver-`f~ axord' to the lien of thia mortgag+e and the practice of anch oonrk In the event of any default on the part of~e mortgagor hereunders the mortgagor agrees to paY to the mortga~ee on demand as a reaaon- sble monthl,y rental. for the pre~a~sea an amount at least equivalent to one-twelfth of the aggregate o! the twelve monthly inatallmenta payable in the then current year plvs the actual amount of the annual taues seaeaamenta, water rate~, and insurance premiuma for auch ~year not covered by the a~oresaid _ . mont~ly paymenta. - _ ~e c 9. The mortgag~or further covenanta that ahould thia mortgage an~i note t~eecured hereby not be E eligible for insurance under the National Housing Act within trirty ey~ . frnm the date hereof (written statement of any o~cer oi the Federal Iiousing Adm~nistr~ttion or auth~rized agent of the ~ Federal Houaing Commissioner dated subsequent to the rt aays time from the date of thia ~ mortgage, declining to insure aaid note and thia mortgag~e, D~~ng~deemed conclusive proof of auch in- ~ ~ eligibility), the mortgagee or the holder of the note m~y. at ita option, declare all surna secured hereby immediately due aad payab2e. : : 10. That (a) in the event of any breach of thia mortgage er defsult on the part o! the mortgagar, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid with• _ out demand or notice, or ~e) in the event that each and every the stipulstions, agreements, cond'etions, and covensnts of said note and this mortgage. are not duly, prumptly, and fully performed; then in _ ~ either or any such event, the said aggregate sum mention~d in said note then remaining unpaid, ~vith _ interest aocrued to that time. and all moneys aecured 'nereby, ahall become due and payable forthwith, ' or thereafter, at the option of aaid mortgagee. as fuUy and completely aa if all of the said sums of money . ~ were orginall~r atipulated tfl be paid qn such day. any thing in aaid note or in this mortgag~e to the contrary ~ ~ notwithatand~ng; and thereupon or thereafter, st the option of aaid mortgag~ee, without notice or dema dn , ~ ~ suit at I~.w or ia equity, may be pronecuted as if all moneya secured hereby had matured prior to its inati- ` : tution. The nlortgag^ee may foreclose this mortgag^e, as to the amount so declared due andpayable, and ; the said premises shaU be aold to aatisfy and psy the same together with costs, expenses. and allowances. ` In case af partial foreclosure of this mortgage, the mortgnged premiees aha11 be sald aubject to the con= ; ~ tinuing_lien of this mortgag~e for the amount of the debt not then due and unpaid. Yn auch caae the pro- ' ~ viaiona of thia paragraph ma,y again be availed of thernafter from time to time by the mortgsgee. A ~ ~ ~ ~ - ~ ~ ~ - ~ ~x ~ ` 90 f~r.f~0 ~ ~ ~ . . . . ~.i~ ~ : ~ _ .