HomeMy WebLinkAbout0692 . ~
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~ and insurance pt~emiuvus. as the caae ~r wch e~ccea ahall be credlted by the ~
rt~a~ee on aubsequas~t
! p~ments to be made by the mart~a~or.~~ however, the nwathly p~?menta m~de by the mort,~~or
` nnder (6) ad paraQraPh 8 Prec~edi~ ahaU not b~ auffici~t to pa,1?~rouad renb. tauca and ~esessmenb
; snd inaur~nosp ua~ as the caas m~y be, when the wne ah~ll beoome due and psyabls, theo the
aaorl,~ag~or s'hall p~~y to the mo~rt~a~e aqy aanount aeoeeaary to make up the deflcieacy~ on or beiore t
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uad ren
t s. tax~ aasessm~ts. or inaurance premiuma ahall be dae.
; ~t any time the awrt~a~or stu?U tender to the mortgagee in scoordsnce w i
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; aecured hereby. !~Up~m
ent oi the entire in~ebt,edne~es represeated the~by. the mor~a~ee shall, ;n com-
putin~ the amount of auch indebtedn~s. credit to the w~ount o! the mort~ag~Or all p~rments made under
the provisions of (a) oi p~ra~r~Ph ~~~i which the mo~ haa not beoome obl~gAted to pay to the ~
; Federal Houain~ Commissioner and anY b~lance remsinin~ in e iunda uxumulsted under the provisions . ~
of (b) oi a~id para~raph 2 u there ahall be a defau~lt uuder ~qy of the provisions of t6ia mortgage r~ -
~ aultia~ in a put
lic aale of the premises oovered hereby or ii ttie mortgsgee aoquires the property ot~er-
! wise aiter detaulk the mortga~ee stuU sPply. at the t~me oi the oanraencement oi such proceedinga or at
a an
~ ~ the time the pro is otherw~se ~oquired. the bal~noe then ~inin~ in the funds accumulated under
(b) of par~rap 2 p:+eoed' ss a credit agsinst t1~e anaunt oi rp
incip~l then remaining unpaid under
; wid note and shall properly
s~ast any p~ymenta which s6a11 have been made under (a) of said paragraph.
~ 4. Thst he will p~,y all tu~ces. assesementa. ~vstei' ntes, snd other ~overnmental or municipal charges.
~ i~nes, or impo~siitions, for which proviaion has not been made hereinbefo~re. and in default thereof the mort-
gagee may p~y the aune; and that he wiU pro3npt],~r deliver the o~cial receipta therefor to the ~ortgagee.
~ b. Thst he a?ill permik cammit, or suffer no wsuste. imgairmenk or deterloration oi said property or
i _ aay part t~ereof; and in t6e event oi the fsilure o~! the mort~ag~or to keep the bnildings on said premiam ~
~ j and those to be erectsd on said premia~ or improvementa thereon, in good rep~tir. the mortgagee may ,
malce such repaira as in its diacretion it m~y deem neoessary for the proper preaervataon thereof. and the `
; : iuU amount of each and every such payment at~ll be immedistely due and payable, ~nd ahall be secured
; by the lien oi tbis mortgaS~.
i 6, That he will pay all ~nd aingulu the oosta. charges. aad expenses. including reaeonable lawyer'a °
; iees~ and eo~ts oi abstracts of titler incurred or psid at any time by the mortgagee becanse of the failwe
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e e
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~ ieso
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y note snd t6ia mo a~e and said caets, charges. and ezpenses sball be immediately due sui d pay- t. ;
' able snd a6all be secw~ed
b
y t
h
e lien of thia mortg~e. `t
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7. T6st he will keep th~e improvements now existing or hereaiter erected on the mortgaged property.
I inaured as m~y be required irnm time to time by the morltgagee ~~gainst laes by fire and other hazards~ -
I casnaltiee. snd oontiagencies in such amounts. and for sucb perlods as tpay be required by mortgagee.
~ snd wi11 paypram
ptly~ when du s~n~r premiuma on such insursaoe for ~yment of which proviaion has
; not been made hereinbefor8. ~ ineuranoe ahall be carried in canp~u ea appmved by mortgagee and
; the policies and renewals t6ereo! shaU be held by mortgagee and luve attached thereto losa payable
i clanses in isvor oi and in iorna acceptable to the mortgagee. In event oi loaa he will give immediate
! notice by mail to mortgagee, and mortga~ee may make proof oi loss if not made promptly by mortgagor.
; snd each insuranee eompany conceraed ~a hereby authorized and directed to make payment for such
' lass directly to mortgagee instead oi to mortgaSor and mortgagee jointly, and the insurance proceeds. or •
} st~y thereoi~ may be applied by mortgagee at ita option either to the reductaon of the indebtedness
h~~ectued or to the restoration or repa~r of the prnperty damaged. In event of foreclo~ure oi this
~ mortgage or other transfer of title tfl the mortgaged property in extinguiahment of the indebtednesa -
secyred hereby~ ail righk title, and intereat of the mortgagor in and to any insur~wce policies then in force
shaU pass to the purchs~ser or grantee.
; 8. Tl~st the mortgagee may, at any time pending a.suit upon this mortgage. apply to the court lu?v
ing ~urisdiction thereof for the appointment oi a receiver, and auch eourt ahall fortharith appoint a .
; receiver of the premises oovered hereby all and singular, including all snd.singular the income, pmfits,
issues, and revenues irom whatever aource derived, ~ch and every of which~ it beiag expressly under-
atood, is hereby mortgaged as if specif ically set iorth and described in the granting and habendum clauaes
het~eot. and snch receiver ahall have all the brosd and etiective functions and powera in anywise _
entnuted by s court to a receiver. and such appointmeat shall be made by such court aa an admitted
' eqnity and s matter of absolute right to ssid mortgagee, and without referenoe to the adequacy or inad-~
' equscy of the value of the property mortgaged or to the solvency or insoivency of aaid mortgag~or or the
defendants, and that such rents, pro8ta. income. iasues, and revenues shall be applied by such receiver
ucord' to the lien oi thia mortgage snd the practioe of such eourk In the event oi aay default on the
psrt of~e mortgagor hereunder the mortgagor agrees to pay to the mortgagee on demand as a reaaon-
~ able monthly rental for the prennises an amount at least equivalent to one-twelfth (3is~ of the aggregate
~ ' ot the twelve monthly inatallmenta payable in the then current yesr plpa the actual amount of the annual .
; tu~cea aasessments, water rates, u?d insurance premiums for anch year not oovered by the aforeaaid ~r
' montftlY PsYmet?ta. -
E ' 9. The a~rtgagor further covenants that should thia mortga~e and the note secured hereby not be
~ eligible for insurance under the National Housing Act within thir t y day s from the date hereof
_ (written statement of any of~'icer of the Federal Housing Administration or authorized agent of the
~ Federal Housing Commissioner dated subsequeat to the thirty dayS time frnm the date of this
s mortgage. declining to insure said note and thia mortgage, being deemed concluaive proof of such in• -
~ eligibility). the mortgagee or the holder of the note may, at ita option. declare all aums aecured hereby
itamediately due and payaWe. ~ '
• 10. That (a) in the event oi any breach of tfiia mortgage or default on the part of the mortgagor~ or
(b) in the event that any of said suma of money herein referred to be not promptly ~nd fu11y paid w~th-
. out demand or notice, or (c) in the event that each aad every the stipulationa, agreements. conditions.
. and covenants of said note and this mortgage. are not duly, promptly, and fully performed; then -in _
r either or any such event. the said aggregate sum mentioned in said note then i~emaining unpaid. with
interest aocrued to that time, and all moneya aecured hereby, ahall become due and payable forthwith.
or thereafter. at the option of said mortgagee. aa fuUy and campletely as if ati of the said suma of money
~ ' were orginally stipulated to be paid on such day, anything in said note or in this mortgage to the oontrar~r "
r notwithstAnding; and thereupon or thereafter, at the option of said mortgagee, without notice or demaad.
~ suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to ita insti-
~ tution. The mortgag~ee may foreclose thia mortgage, as to the smount ao declared due andpsyable, atid .
the said premiaes shall be sold to satisfy and pay the same ttsgether with coats, expensea. and allowances. ~
m ' In case of partial foreclosure of this mortgage. the Tnortgaged premises shall be sold aubject to the con-
~ ; tinuing lien of thia mortgag~e for the amount oi the debt not then due and unpaid. In such caae the pro- ~
, visions of this paragraph may agsin be availed oi thereafter from time to time by the mortgagee.
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