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HomeMy WebLinkAbout2935 • • ~ ~na tm~no~.~iw~, sne be, auch e~tceas shal~'be cr~dited by the mol~tgagee on ~ubsequeut p~yments to be m~ide by the mart~ag~ur. I!, however~ the month~? paymenta m~de by t6e martgag~or ~ under (b) oi para,~raph 8 preoedin,~ ahall not be aufllcient to pq~r und rents, taxea and aaaeaaments 1 aud inauranc~e~ prenaiwns, as the caae may be, when the e~ume ahal~~ecome due and p~yable then the mortgagor ahall pay to the mort~gee aay amount nece~ary to make up the de8ciency. on or ~efore the date when p~yment oi auch grouncC renta~ tauces, asseaamenta, or ic~urance pre:niua~a ahall be due, If at any time the mortgagor ahsll tender to the mortgagee in accordiutce with the proviaioua oi the note ~ aecured hereby. i~llp~ym ent oi the entire indebtedn~a represeuted thereby. the mortgagee ahall. in com- pnting the amount o! such indebtedneas, credit to the account of the mortgagor all enta made under ! the provisious oi (aj oi paragraph 2 hereot which the mortgagee has not become l~gated to pay to the E Feder~~l Houaing CommiBaioner and a~? balaace remainin_ gin the iunds accumulated under the provisiona ? ot (b) of aaidparagraph 2. If there shall be a default under aqq of the prnviisiiona of this mortgage re- • aultin~ in a public aale of the premisea covered hereby, or if the mortgagee ac~quir~ the property ot~erL ; wiae after default~ the mortea~ee ahall apply~ at the tiune of the comme~acement of auch proceedinga or at t the time the prnperty is otherw~se acquired, the balance then remaining in the funda accumulated under (b) of agrapb 2 precediag aa a credit against the amount of principal then remaining unpaid under ~ ~ esid aote~i~nd ahall properly sa3uat any paymente which shail have aeen made under (a) of said paragraph. ; 4. That he will ps,y all tazea. assesamenta. water rates, and other governmeptal or municipai charges~ ~ Snee, or impositiona, for which provision haa not been made her~einbefore. and in default thereof the mort- E gag~ee mqy pay the aanae; and that he will promptly deliver the oiflcial receipts therefor to the mortgagee. ~ S. That he will pernait, comm~~, or suffer no waate, ~Cnpairment, or deteriorstion o! aaid ~roperty or t any pait thereo#; ~ind in th~ event of the failure oi the mortgag~or to keep the buildings on sain premises and tho~e to be erected on aaid px+e~aisea. or improvements thers.wn, in good repair~ the mor agee may mske such repaira as in ita discretion it may deem neceasary for the proper preaervatioa th f. and the , ~ iall amount of ea~ch and every such payment shall be ~mmediste~y due and payable, and shall be secured ~ ' by the lien of thia mortgag~, ; ~ 6. That he will pay sll and aingalar the costa, chaiges, and expenaea, includi reasonable lawyer'a ' iees, and oo~ts of abstracta of title, incurred or paid at aqy time by the mortga~ee uae of the failure on the part oi the mortgagor pramptly and fully to perform the agreementa and covenants of said prom- . iasory note aad thia mortga~e, and aaid costa, charge~, and e~cpensea ahall be immediately due and pay- ' ~ : able snd ahaU be secured by the lien of this mortgage. . _ 7. That he wiifl kee~ the imprnvements now exieting or hereaiter erected on the mortgaged property, = ~ ' fnanred sa may be requu~ed from time to time by the mo against loss by flre and other hazards. ~ ; csteualtiee, and contingenciea in ~uch amounts and for s~'ala as may be required by mortgagee, _ and will pa,y pmmptly, when due. aqy premiums on auch inaurance for ~ayment of which provision hss not been made ereiabefore. All insurance shall be carried in oom~an~es appmved by mortgagee and - the policies an~ renewals thereof shall be held by mortgagee and have attached thereto loas payable - clauaes i~ favor of and in lorm acceptable to the mortgagee. In event of loss he will give immediate notioe by mail to mortgagee. and mortga~ee may mahe proof of Zoss if not made promptiy by mortgagor, and e~ch inauraace company concerned ~a hereby authorized and directeci to malce payraent for auch " ; lasa directly to mortgagee instead of to mortgagor and mortgagee jointly, and the inaurance proceeds. or ' ahny~ thereof~ may be applied by mortgagee at ita option either to the reduction of the indebtednesa - y sec~red or to the restoration or repair of the property damag~ed. Ia event of foreclaaure of this mort,gage or other tran$fer of title to the mortgaged property in extinguiahment of the indebtednesa secured hereby, all nght, title, and interest of the mortgagor in and to any inanrance policies then in force ahaU pase to the purchaaer or grsntee. ~ & That the mortgagee may, at any time pending s auit upon this mortgage. apply to the court hav- ing juriadiction thereof for the appointment of a receiver, and auch oourt shall forthwith appoint a ~ receiver of the premises covered hereby all and singular, including all and singular the income, prnfits, issuea, and revennes fmm whstever source derived, each and every of which~ it being expressly under- atood. ia hereby mortgaged aa if specificatly set forth and described in the granting and habendum clauses hereof. and such receiver ahall have alt the broad snd etfective functiona and powers in anywise entnuted by a court to a receiver. and auch appoiatment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad• - equacy o! the vatue of the pmperty mortgaged or to-.the solvency or insolvency of said mortgagror or the defendanta, and that such rents, profits, income, i8aue$, 8ad reveaues ahall be applied by such receiver according to the lien of this mortgage and the practice of such courk In the event of anq default on the ~ part of the mortgagor hereunders the mortgagor agreeg to paq to the mortgagee on demand as s resson- able monttily rental for the premisea sn amount at least equivatent t+n one-twelfth (1;,s) of the sggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxea as~ae~ements. water rates, attd insurance premiuma for such year~nat covered by the aforesaid : mont~ly p~ayments. . 9. The mortgagor further covenants that should this mortgage and the note eecured hereby not be eligible for insurance under the National Housing Act within 30 daye from t~e date fiereof (written stateraent of any officer of the Federal Housing Administration or a~tthorized agent of the Federal Hoe~sing Cornmissioner dated subsequent to the aforesaid time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof oi such in- eligibility) ~ the mortgagee or the holder of the note may, at its option, declare alt suma secured hereby immediately due and payabie. ; . 10. That (a) in the event of any breach of this mortgage or default on the part oi the mortgag~or, ar - (b) in the event that any of said snms of money herein referred to be not promptly and fully paid with- . out demand or notice~ or (c) in the event that each and every the stipulatians, agreements, conditions, ~ _ and covenants of said note and this mortgage, are not dulq~ promptly. And fully performed; then in either or any such event, the aaid aggregate sum mentioned in aaid note then remaining unpaid, with interest aocrued to that time, and sll moneya secured hereby~ shall become due and gayable forthwith, or thereafter. at the option of said mortgagee, aa fuUy.a~d completely aa if all of the said suma of money were orginaliy stipulated to be paid on such day, an,ything in said note or in this mortgage to the contrary . notwithstanding;.and thereupon or thereafter. at the option of said mortgagee. without notioe or dennand. ~ suit at Isw or in equity, may be proeecuted ae if all m_o_n~ys secured hereby hsd matured prior to ita inati- tu tion. T he mo r tgag~ee may forec lo~e thia mortgag~e, as to the amount sa declared due ~nd payable, and the said premises ahall be sold to satiafy and pay the same together with coata, expen~ea, and altowances. In case of partial foreclosure of this mortgage, the mortgaged premises ahall be sold aubject to the con- tinuing llen of this mortgage for the amount of the debt not then due and unpaid. In auch case the pro- r. viaiona of thia paragraph may again be availed of theseafter fmm time to time by the mortgagee, r~ 1!. That the mortgag~r will give immediate notice by mail to t1~'~ mortgagee of any conveyance, ~ tranafer, or change of ownerahip of the premiaes. - 12. Tbat no waiver oi uay covenant herein or o! the obligation aecured hereby shall at aay time thereaiter be held to be a waiver of the terms hereot or oi the note secured hereby. ~ . - - - - ~o~~ 92 ~ _ .