HomeMy WebLinkAbout1537 °rrrr~rr~wrrrr - _ . ~ . . . ~ ~ _ _ ~ . . _ .
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Wd ~ pT~iq~tiIIli~ ~i th~ Cii~ ltity iqC2l Q~C~M t~1i11 b!~ C~d~~ b7 t11e 1110r y~ 0~1 `~~~Dt'
pe~ymenta b~ bs m~rde b~ the
mort,ga~or.~. how.ever. the aioathty pyrmeat~i e~de 5~ t6e ~rt~ar
ander (b) od psra~raph S precedin~ shi11 not bs sulflcient ba pa~,T~t+ot~nd raab, tua aad aese~smenb ~
s ~prem
and iasurano~ uma~ as the case m~y b0. whe~ tLe wne s6all b~oo~ae due and p~yabl then the
morkga,~or s
l h
a
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l p
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i ti o We mo aRy amonnt neoe~aary Lo malce up the deflciency~ on or~ore the
date when p~yrmeat of ~ch sroun~rents. tues, aaseeaments, or inauranoe P~ums shall be dua Ii
at ~r. t~ime the mort~a~or e~aU t~nder to the awrt~~ee in ~oa>raanoe with the provisions ai the note
' +secured hereby, fnU py?mea! of the entire iadebtedneea reprosented thereby, tbe n~a~t~e aball. io can- , '
pntin~t the amount oZ aach ic~iebt~edness~ cr~edit to the acoount o! the mort,~~or aUp~ym
~ata made under
the provisiona o! (a) oi par~ri?ph 8 bereof which the mort~a~ has not becaae obli~ated to pay to the ~ ;
Federat Sousin~ C'ommiasioner and aay balsnce in LFie i~nds srocumulsted under the provisions
s
oi (b) af a~id ~~~u~grap~ 2 I! there a6ull be a defAnlt un er aq~r oi the provisione of this m ~a~e; re- -
sultin~ in a pu lic aAle oi the premises oovered herebys or i! the mortg~ee aoquires the prop~ei~q? other.
wiee aitor deiault, the a~ort,~a,~ee a6~?U apply, st the Wne oi the comraenc~ent of such pr~~ er ~t
" the ti~ne the pro~~r ~s otherw~ae aoquired, the b~laoce then in tha innds ucuinulat under
(b) of pL 8 p' ~ding aa s credit a~~nat the amounl~~~p~r~p~l {hea re~a;nin~ unp~aid uttder
aaid note~ehull pro
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4. That he will p~y all tazes, assessments, ~rster ratee, and other govetnmental or municipal ch~r~. •
Snes, or impositione, ior which provision h~a not been made hereinbefore, and in default thereof the mort~ -
S~ ~8Y P~Y the aame; aad thst he ~vill Pj'~P~Y deltver the o~cial reoeipts therefor to the mort,~a,~?ee. . r
.
6. That he will permit, ooanmit~ or saffer no~waste. impairment~ or deteclor~tion oi aaid ~roperty or ~
~ any psrt thereot; and in the eveat of the i~ilare oi the mort~or to keep tLe buildings on saiu premises
~ and thoae to be erect~ed on ssid pre~nisea, or improvements tfiereon, in g~ood rep~ir. the moMQagee mq~r
' malce such rapaira ~s in its diacrehon it ma~y deem neee~aary for the proper preserv~tion thereoi~ and the
~ i~ill ~mount o# each snd every auch payment ahsll be Immediats~r due and pqy~ble, ~nd shaU be secured
by the lien of tbia mortgaga.
6. That he wiU pay sll and ain~ular the casts, charg~es. snd e~cpenses. inciwiing rear sonuble L?~a ,
; fees, and ooste oi ~ts of titl~ incurt~ed or psid at aqy time by the mort~~ because oi the f lure 1}
~ on the part oi the mort,gag~or pm~nptly snd fuUy to perform the agreements sad coven~u?ta of said prom- i
issory no
t
e sn
d t
h
i
s mo an
d sai
d oos
t s, c
h a
r
g
e s, ~un
d eocpenaes ahail be immediate~y due an d p~q-
abie and shall be ~ecured
by~t
e lien of this mortgage. . ~
That he will keeF the i~nprovements now eaistit~g or hereafter arected on the mortg~8~ P~PertY~ ~ ,
inanred aa m~? be reqnu~ed iro~m time to time by the mo~~~ ~unst lars by Rre >tnd other hazarda, }
casualties. and contingencies in such amounts and for sucb peri'~ods aa may be required by awrtgagee~ ~
aad will pqy ptly, ~vh~n dn~e~ any pre~o4iuma on auch insuranee ior ent oi which pmvision h~s -
h~s
not been hereinbefore. AII inauranoe shall be carr~Ied in oam es approved by mortgsgee and -
, the policies and renewais thereoi sball be held by mortg~g~ee and ve attached thereto loss pay~ble
clauses in iavar of and in form acoeptable to the mortgagee. In event oi loas he ~vill give iramediate
notice by mail ta mortgagee, and mortga~ee ma~y mske prooi ~oi loss ii not made promptly by mortgag~or,
snd each insuranoe oompany concerned is hernby authorised and directed tQ m~lce paynnent for ~uch
lass direetay to mortgagee inatead a~ to mortg~g~or and mo Jointly, snd the inauraace proceeds, or ' '
s~n,y pzrt thereol, may be applied by mortgagee at its option~~er•to the reduction oi the indebtedn~s ~
ereby aecured or to the r~torution or repair of ttie property damaged. In eveat of foreclasure af this ~
mortgag~e or other transfer of title to the mortgaged proper~y iA extirigvishment ot the indebtedness I
aec~u
ed hereb , allQ~~h~ titie, and intereat of the mort~s~or in and to any insursu?ce policies then in foroe
ahall pass to ~e p ~haser +or grantee.
e
~ 8. Thst the mortgagee msy, at u~y time pending a auit upon this a~ortg~e, apply to the court hav `
ing ~nrisdidion thereof for the appointment oi a receiver. and such oonrt ahall forthwith appoiwt a
rec~aver o! the pr+~nises oovered hereby sU ~tnd a ~ inclnding all and aingulu the income, profitsr
. iasues. and revennea iram whatever sour~e ~derive~each and ev hicb, it bei
ery o! w nS expresalY under-
atood, ia hereby mortgaged aa if apeaflca~Uy set iorth and deacribed ia the granting ttnd habendum clauses ~
herea! and aach reoeiver ahall }~ve a11 the brQad and e~ective fnnctioas and povrera in anywi,ee _
entrua~ed by a oourt to a receiver, s~ad snch appointment ahall be made by aucli court ss an admitted ~
equity and s matter of ~b~oluta right to aaid mortgagce, swd without referenoe to the adequacy or inad-
equacy oi the vs?lae o! the property mortgaged or to the solvency or inavlveacy of said mortgagor or the ~:i
defeadants~ snd that sach rents, proflts, inoome, issnea, and revenues ahaU be apptied by snch reoeiver i
aeoo~ ta the lien of thia mortgag~e and the pra~ctioe ot s~h awrt Ia the event of aiy default on the
psrt of e mortga,gor hereundPx~ the mortgag~or agrees to pq~? to the mo oA demaad as ~ reaeon- ~
sble monthly rental for the prem~ses an amount at l~st equivule~t to one-twe of the sggregate ~~s~
of the twelve monthly inatallments psyable in the then current year plus the'~etual amount oi the uaawl -
taacces a~ssments, wAtsr ratea~ and insnrance premiuma far aach yesr not covered by the aforesaid
moart~y p~yments.
9. The mortgagror further covenanta thst shouId tbia mortgage ~?nd the note aecured her~by no~~be 3~
eligible for insurance under the National Honsing Act within 30 daye from the date hereo! t
(written atat~ement oi any otRoer of the Federal Houain~ Administration or ~uthorized ag~eut of the
Federal Hausing Commisaioner dated subeequent to the aforeeaid time fraan tha date of this
mortgage, declining to insure aaid note and this mortgag+~, being deemed conclusive proof of anch in ;
eligibility), the mortgagee or the holder oi the note may~ at its option. decl~re all suma eecured hereby ~
immediately due and payable. _ _ -r '
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10. That (a) in the event oi aAy brarch of this mortgage or dei~ult on the part oi the nartgsgor or ~
(b) in the event that any oi aaid sums of money herein referred to be not prumptly snd fully paid w~th
; oat demand ar notice, or (c) in the event Lhat each and every the atipulstions, agr~nents, conditions, ~
and covenanta of said note and thia mortgage, ar8 not du~y, promgtly, ~nd fullq performed; th~ in
either or any such evenk the said aggregate sum mentioned in said note then remaiaing unpaid, witb
intereat accraed to ttu~t tiaie~ and all moneya aecured herebY. a~U beoome due and payable forthwitb~
or therEafter. at the option of aaid mortgag~e, as fnlly and odmpletely as ii all oi the asid wms of money • ~-r
_ wer~ orginally atipulated to be paid on such day,aqy thing in aaid note or in thia mortg~g+e to the oon~
notwitt~standing; and thereupon or thereafter. a t6e option of said mort~ag~, ~rithautnatloe or deman ~
auit at law or in equity. may be prosecuted aa if ai1 moneya eecu~ed her~by hsd matured prior to ita inatf-
tution. The mortQsgpe may forecIo~e thia mortgag~e, as to the amount io declared due undp~,ysble, and y
tt~e ~~a pre~?~ ~??ai~ ~~oia_ to ~t~y ,~a th~ ~ t~tt~.~t~ oo~, and sUorvsnc~s.
In caae of partial foreclasure of t6ia mortgage, the mortgaged premises shall 6e sold subject to tbe eon- .
tinuing lien of this mortgnge for the waunt af the debt not then due and aap~td In auch eaae pro-
via~ona of this paragnph msy agsin be availed o! thereatter iram time to time by the mort~ag~ee.,
11. ?hst the mortg~~or wIlt ~ive Lnmedtate notice by maii to the nart~gee of any convayanca
trunsfer~ or change o! ownership of tlu prem.iaea,
12 Tlut no wsiver ot any coveiunt here~in or oi the ob~fsation -aecnred hereby ahs31 at tin~
thereatter be b~eld to be a wdver of the tenna hare~! or oi the note aec4red hereby.
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