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HomeMy WebLinkAbout2882 . ~ w.' : . ~ ~ ~t~j,t .L~~ ; t • ti~~ ` f ~ and inanrancs paretnituas, aa the caae m~y such e~ccees ahaU be credited by the mortgagee on eubaeque~t k p~menb to bs mule by the mortga~or.~, ho~vever. the moDtlily pq?ments m~de by the mort8a~or ! under (b) a~ paraQraPh S Preoedin~ s1~11 not bs au~cient to p~~~round rents. taxes u?d ~aaesaments ; and insannospre~iums, as the caee ms~r be, when the s~me ahsll beoome due and payable, then the mortgagor alh~il p~? to the mortgagee aq~? amonnt neoeea~ry b~ m~e up the deflcienq?, on or before th~ date when payment o! auch around rents, ta~ces, aase~4menta. or inauranos premiums s~?a11 be due. st any time the aartgsSor shs~11 tender to the mort8agee in accordsnce witt? t~?e provisions oi the note secu~red hereby. itillpsym ent of t6e eutire indebtedneas ~repreeented thareby. the mortgagee ahaU. in com- ~ t pnting the amount oi auch indebtedneas, credit to the ~ooount oY the mortgag~or all ents made under ~ the provisioaa oi (a) o! p~auraBraph 2 hereof which the mo ~~e bas not become ob~ted tvpaY to the j Federai Houaing Coaimiasioner and ~y balanoe r~emaining in tlie ~unda socumulated under the prnvisiona i o~ (b) of asid gh 2. u there aball be a detault under any of the provisions oi t6is mortgage re- ' aultinQ in s p lic aale oi the premisea ouvered hereby or if the mortgagee ao4uirea the pmperty ot~er• ~ wi8e after default~ the morkga~ee ahsll apply. at the t~me oi the oommencement of auch proceedin~a or at ' the time the pro~e~y is otherw~ae acquired, the balaaoe then remsinin~ in the i'unda accumulated under ; ~b~d n te and shall ro~ad,~ust ~n.Y P~Ym~ents w~~ch shall have beenclm~ade wnde~r (aj ~oi sgsid P~ar~?8'r ph. ' eat P P~'~Y . ! . T~t he wi~1 p~y all tsaea. asaeeaments, water ratee, and other governmental or municipal charges, ' fines. or impositions, for which proviaion has not been made hereinbefore, and in detault thereof the mor~ i m~y pa~y the asme; and that he will pro~mptlY deliver the official receipta therefor to the mortgagee. ~ 6, T6at he will permit, oamn~it~ or suffer no waste. impairment, or deteriontion of aaid property, or ~ ° p~ thereo~; and ia the event oi the isilure of the mo r to keep the buildinga on said premia~ ~ ~ a~nd h{ oee to be er~ected on said premieea, or impmvements~ n. in good repair. the mortgagee ma,y i ' make such repsira aa in ite diacretion it may deem neceaaary for t6e proper preservation thereol. and the • fi~Il amonnt ot each and every auch payment ahsll be immediatel,y due and p~?able, and ahall be aecured ; b7 the li~ a! this morteaBe. • ` gr Thst he w7I p~y ail and aingular the costa, charges. and eupenses, including reasonable law~?er'a iees, and costs o! abstracta oi title incuxred or paid at any time by the mortgsg~e~ becauae of the failure on the pArt ot the mortgaSor proraptly and fully to pertorm the agreements and covenanta of aaid prom• . ~ssory n~ote snd thia mortga~e, and aaid oodta, chara?es, and ezpeaaes shal! be immediately due and p~y?- . . abla snd ahall be aecnr~ by the lien o! this mortgage. . That he will keep the improvements now ezisting or hereatter erected on the mortgaged property. ;nsnred aa•mqy be reqn3t~d iram time to time by the mo~ ~nat lo~s by Rre and other hazards. easnalties. snd contingencies in auch amounts and ior su peri as may be requir~d by mortga8ee, and wiQ pa,ypromptly~ when dne, any pr~miuma on snch inaursnce for ~yment oi which .pi~oviaion haa. ; not been made hereinbefore. A11 inauranoe ahall be ca;ried in comp~ue~ apprnved by~~inortgagee and the p o l icies and renewals thereof ahall be held by ~ortgagee and have attached thereto= lo~s payable clanaes in favor of and ~n form aooep t a ble tfl t he mortgagee. I n even t o f ivaa he w i l l g ive i n i m e d ia t e : notioe by mail to mortgaeee, and mortga~ may make proof oi loaa if not made promptly bq inortgagor, and ea~ch insnrance oompany conoerned is hereby authorized and directcd to make payment for such la~s direc~y to mor~ag~ inatead of to mortgagor and martgagee jointly, and the ins~ance proceeds, or aay thereof~ may be applied by mortgagee at ita option either to the reduction of the: indebtednesa ~aecured- or to the restoratioa or repair of tbe roperty damaSed. In event of fo~eclosure of thia . mortgag~e or other trsnaier of title to the mortgaged property in extinguiahment of the~ indebtednesa secuted hereby, all t~ title, and intereat of the mortgaBor in ~nd to an,y inaurance policiea then iri force sbsA pass to the pur~ie~~ser or Srantee. - 8. 1'hst the mortgagee m~,y. at aay time pending s suit npon this mortgag~e, apply to the court hav- ~ ing 'm~didion thereof for the appointment oi s receiver. and anch court ahsll forthwith appoint a • ~ver of the prEmiaes covered hereby all an~ aingular, inclnding all and aingular the income. pmRt~a, . isanes, and revvenuea from whatever soun~e de=ived~ each sad every of which, it being expreaely under- atood, ia hereby mortgaged aa if apeciScsllY set lorth and deecribed in the granting and habendum clauaea hereol, and anch receiver ahall have all the broad and effective functions and powers in anywiae ent~~ated by s oourt to a receiver, and auch appointment ahall be made by auch court aa an admitted eqnity and s mattsr of absolute right to aaid mortgagee, and without reference to the adequacy or iaad- ~ eqnacy of the value of the prnperty mortgaged or to the aolvency or inaolvency of said mortgagor or the adenduits. and thst auch renta, protits, income, iasuea, and reveaues shall be applied by auch receiver acoo~to the lien oi thia mortgage and t}~e practioe of such courk In the event of any default on the part of e martgagor hereunder the mortg~gor agrees to p~y to the mortgagee on demand as a reason- able monthly rental for the premisesa an amount at least equivalent to one-twelfth (~;,s) of the aggregate of the twelve monthl,y inatsllments payable in the then curreat year plua the actual amount of the annual tases assesaments, water rate~, and insurance premiuma for such year not covered by the aforesaid mont~y psyments. . . 9. The mortgagor further _covenanta that should thia mortgage and the note secured hereby not be _ ~ eligible for inaurance under the National Housing Act within ~p ppY~ from the date ~ereof ; (written statement of auy officer of the Federal Housing A niatra on or authorized agent of the • ~ Federal Housing Commissioner dated sub~equeht to the 30 DAYS ti~tg fmm the date of thia ` ' mortgage, declining to inaure said note and- thi~ -mortg~?ge, being deemed conclusive- proof of anch ia- elig?ibility), the mortgag~ee or the holder• of the note may, at ita option, declare all sums aecured hereby ` immediately due and payable. . - 10. That (a) ~a the event of any breach oi thia mortgage or default on the part of the mortgagor; or ' (b) in the event that any of said aums of money herein referred to be not prnmptly and fully paid with•' • out demand or notice, or (c) in the event that each and everq the atipulationa. agreements, conditions, ~ and oovenants oi said note and this mortgage, are not duly, promptly, atrid iuUy pertormed then in either or sny such event, the said aggregate snm mentioned 'in said nots ~?en remaining unpaid, with intereat accrued to that time, and all moneya secured hereby, ahall beoome due and payable forthwith, ~ or thereafter, at the option of said mortgag~ee, aa inUy and completely aa i! sll oi the said aums of money . ~ wet+e orginall~r stipula~ted to be paid on such day, anything in said note or in this mortgag~e to the contrary ~ notwithatanding; and thereupon or thereaiter, at the option of aaid mortgagee. withaut notioe or demand, r snit at lsw or in equity. may be proaecuted as ii all moneya eecured hereby had matured.prior to ita inati- ' ' tntion. The mortgag~ee may lorecloee this mortgage. aa to the amount ao declared due and payabl~ and ~ ~ the aaid premia~ ahaU be aold to satisfy and ps~y the same together witt[ costs, expenses, and alld~vances. ` In case oi psrtisl forecloeure oi this mortgage, the mortga,g~ed premises ahall be sold subject to the con- ~ . tinuing lien oi thia mortgag~e !or the amount oi the debt not then due and unpaid In such case t~e pro- ~ ~ visions oi this psragraph may agsin be availed of thereafter frnm time to time by the mortgag~~eee. 11. That tt~e mortgag~or will give immediste notice by mail to the mortgagree o! ~epqpe anc~ ~ . ~j - tnnafer, or change o! ownerahip o! the premises. 0; K"f ~~7Z ~A~f 479. ~ 12. That no waiver oi any oovenant herein or ot the oblis~at[on secured hereby ehall a~~ny"fimie _ ~ ' . ~ thereafter be held to be a waiver of the tern~a hereoi or of the note secured hereby.