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HomeMy WebLinkAbout0799 _ ~ . , . ~ ' - " ' ~ ,.t ; - . ~ + ti ~nd inauranee p~?iun~a. ~s the case m~y ~snch excees slu~lll be credited by the mort,g~.~e oA subse4titent ~ p~yments to be made by the mort~agor. . however, the monthly p~ymeata made by the mortSa~oz under (b) od par~rsPh $ AreoedinS ahaU not be su~cient to p~~gronnd x+eata, ta:es and asaeeanaents ~ snd imsur~noe~ pre~nium~ as the caee msU? be, when the aanae ahall beoome dae and p~yabl then the ~ mortga8or shall p~y to the mortgag~e aay Amount neceesary to make np the deflcieucy. on or~fore the ; clate when p~yment oi sn•.h ground rent~s„ teuces. assesament~s. or iasurance premiums ahall be due. Ii ~ at any time the morESaBor abaU tender to the markgagee in accordance with the pravisions o! the note , secured hereby. fullp~ym ent of the ent~re indebtedn~ repreeenteu theraby. the mortgsgee ahall. in com- ~ ~ puting the amount oi such indebtedneea. credit to the acoount oi the mortgsg~or ailp~rm ents made under the provisiona o! (a) oi psraBraph 2 hereoi which the mortgagee haa not beoome obligated tapay to the ~ Federal Houaing Co~onmisa~toner and aqy balance rem ' m the tunds accimanlated under the pmvisions i of (b) of said ph 2. Ii there ahall be s default nn er ~ny oi the prnviaions of thia mortgage~ re- , enlting in a p li~e of the pr~miaea covered hereby or i! the mortgagee aoquireit the property other- : wiae after defanlt, the mort8a~ee ahall apply, at the t~me oi the eomraencement of auch proceedinga or at ; ~ the time the pro~y is otherw~ae acx~uired. the balsnce t6en x+emain m t6e funds accumulated under . ; (b) o! p~uragrap-h 2-p aa a aredit against the amount of prln~gal then remaining unpaid under ; h ssid nots snd shaU properly ~ust PaYmenta which ahall have been made under (a) af aa~d paragraph. 4. Tbat he will pay all ta~cea, ase~amenta. water rat~, and other governmental or municipal chargea. Snca, or impoaitions~ for which pmvision haa not been made hereinbeiore. and in defaeilt thereof the mor~ ; g~,g~e m~?,y pay the aame; and that he will promptly deliver the official receipta therefor to the mortgagee. ; 6. TLat he ariD permit, commit~ or suffer no waste~ impairment, or deter~oration oi asid property or ( ~ any patt there~f ; and in the event of the iailnre af the mortgag^ar to keep the buildinga on aaid premises ; and thase tfl be er~cted on said premiaa, or impmvements thereon, in good repair, the mortgagee may? ; make auch repaira aa in ita diacretion it may deem necessary for the prnper preBervation thereof, and the full amount o! ea~ch and every euch payment ahall be ~mmediate~r due and payabl~ and ahaU be secured by the lien of thia mort,g~e. 6. Tbst he w~l pay alt and aingutar the costs, chsrgea. and e~cpenaea, including reasonable lawyer's ~ !eee, and eoata oi abstracta of title~ incnrred or paid at any time by the mortgag~ee because of the failare ~ on the part of the mortgagor promptly and fully to perform the agrecmenta and covenants of aaid pmm- iesory note and this mortgage. and said coats, charges, and e~cpenses ahall be immediat~ly due and p~a,y- ~ able and shall be secured by the lien of this mortgage. 7. That he will kee~ the improvements now existing or hereafter erected on the mortgaged pmperty, M ' inaured as-m~y be required from time to time by the mo $a~n~~ losa by Sre and other hazards. casualtiee, and contingenciee in such amount8 and for su~rioda as mas? be recluired by mortgagee. and will p~ypromptiY, when due, any premiums on auch ina~rsnoe for ~ayment of which provision haa • not been made hereinbefore. AII insurance ahall be carried in compaa~es approved by mortgagee and , the polici~ and renewala thereof sball be held by mortgagee snd have attached thereto loas payable ' ctansea in favor of and in form acceptable to the mortgagee. In event of Iosa he will give immediate notioe by mail to mortgagee, and mortgagee may make proof of loes if not made pmmptly by mortgagor, ~ and each ineuranee compar~r concerned ia hereby authorized and directed to make payment for such : loaa directly to mortgagee instead of to mortgagor and mortga~ee jointly, and the inaurance proceeds. or ; thereof, m~ay be applied by mortgag~ee at ita option either ~to the reduction of the indebtedneas . t ~~~ecured or to the restoration or repair of t6e prnperty damaged. In event of foreclosure of ttiia ~ mortgag~e or other tranafer of title to the mortgaged property in exting?uiahment of the indebtedneaa ' ; aecnred hereby. all right, title, and in~t of the mortgagor in and to any insurance policiea then in force . ~ ahall pa,a to the purehaser or grantee. . 8. That the mortgagee may, at any? time pending a suit upon thia mortgag~e, spply to the court hav- ing jnrisdiction thereof for the appointment of a receiver. snd anch oourt ahall forthwith appoint a reeeiver of the premisea covered hereby atI and singular. including all aad ain~ular the income, pro8ta, ~ . iasnes. and revennea fmm whatever aoun:e der4ved, each and every of which, it being expressly under- stood, ia hereby mortgaged aa if apecifically set forth and described in the granhng and habendum clauses hereof, and such r~eiver ahall have all the broad and ef~ective functiona and powera in anywise ~ entrusted by a oonrt to a receiver, and such appointment shall be made by auch court as an admitted . equity and s matter of abeolnte right to said mortgagee, and without reference to the adequacy or inad- _ eqnacy of the value of t6e prnperty mortgaged or to the 8olvency or insolveney of said mortgagor or the ' defendanta, and that such renta, pmfits, income, iasuea, and revenues ahail be applied by auch reaeiver uceord' to the lien of thia mortgage and the practice of auch courk In the event of any default on the - part of~e mortgagor hereunder! the mortgagor agreea to pay to the mortgagee on demand aa a reason _ : sble montl~y rental for the premises an amount at least equivalent to one-twelith (~z) of the aggregate of the twelve monthly installmente payable in the then current year plua the actual amount of the annaal : tases aasessments, water rates. aad insurance premiuma for such year not eovered by the a#oresaid i•. mont~ly papmenta. • . • ` 9. The mortgagor furthex covenants that should thia mortgage and the note secured hereby not be . : eligible for insurance under the Natsonal Housing Act within 3Q pAy from the date i~ereof ; {vvritten statement of any offic~er of the Federal Housing. Administ'rafi~on or authorized agent of the Federal Honsing Commissioner dated subsequefit to the 3p pAY time fmm the daLe of this mortgage, declining to inaure said note and. this ~ortg?$g~e, be~ng ~eemed concluaive proof of such in- eligibility), the mortgag~ee or the holder• of the note maq. at its option, declare all awna secured hereby ~ i.mmediately due and payable. _ • 10. That (a) in the event of any breach of ~his mortgage or default on the part of the mortg?agor. or (b) in the event that any of said swna-of money herein referred to be not pmmptlq and fully psid with- : out demand or notioe, or (c) in the event that each and every the atipulataona, agreeraenta, conditiot~s, , ; and covenants of said note and this mortgage, are not du~,y, prnmptly, and fully performed; then in eittier or anp such event, the said aggregate sum mentioned in aaid note then remaining unpaid, with ~ interest acccruued to that time, and all moneys secured hereby, shall be~wme due and payable forthwith, ~ or thereafter, at the option of said mortgag~ee~ as fully and oompletely as if all of the said sums of money were orginally stipulated to be paid on such day, aaything in said note or in this mortgage to the contrary ~ notwithstanding; and thereupon or thereafter, at the option of said mortgagee. without notice or demand. ~ suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior t~ ita ineti- ~ r,, . tntion The mortgagee may foreclose this mortgag~e. as to the amount so declared due and payable, and the said premisea shall be sold to satisfy and ps~y the saine together with costs, expenaea. and allowanoea. In caee o~ partial foreclosure of thia mortgage, the mortgag~ed premises ahall be sold subject to the con- i~ tinuing lien of thia mortgage for the amount of the debt not then due and unpaid. In such caae the pro- C'J~ • viaiona of thia paragraph may again be availed of thereafter frnm time to tiine by the mortgag~ee. 11. That the mortgagor will give immediate notice by mail to the mortgsgee oi aay convey8nc~, tranafer. or chang~e of ownership of the premiaea. i 12. That no waiver oi any covenant herein or of the obligation secnred hereby ahal! at any time tF-xereafter be he1~ be a waiver of the terma hereof or of the note secured hereby. ;