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HomeMy WebLinkAbout1054 . . e i, .1 r: ~ Z"~'!•/'t and inauruioe preiaiums, as the case ma,y belanch esceea shaU be credited by the mor~ag~ee~on aubaeqnaat p~ymenta to be made by ths a~a~rt~or. I!, however, the monthly payments made by the a~o~rtga~g~ot nnder (b) of AaraQruPh 8 Arece~int aD~]1 not be aufficient to p~~y~rownd renate. taxea ~d aaseesmentt and insuranc~e~ premiuma~ as the' case m~y ba. when the a~ume shsll beoo~me dae md payable, thea the martgagor ah~?li pAy to We suy ~uaouat necesse~ry t~ m~lce up the deRcienqr~ oa or before the date when payment oi such~renta, taxee~ aeseaaments, ox inaurancs premiuma ahaU be due. It . at aay time the mortgag~or ah~U teader to the mortgagee in ~ocordancs wtth ~ho provisiona oi the nate ~ aecur~ed hereby, ft~Upaym ent oi the entire indebtednesa represented thereby, the mortgsgee ahall. in can. puting the atnount of such indebtedness„ credit to the a~oount oi the mortga~ar sUp~ym ents made under the provi~ions oi a) of paar~,graph ~ hereo! which the morlt~ee baa not beoane oblig~ted to pay to the Federai Housing 'oner and any b~lanoe in t~ie funds aocumulated under the provisious of (b) of asidpa~~agraph 2. Ii there shAU be a defsult un er any of the proviaiona of thia mortgage }re. avlti~g in s public aale ot the premiaea covered hereby~ or it the mortgagee aoquiree the property ot~er~ wiae aiter default, the mortga~ee shall apply~ at the tame of the camraeaoenaent of such pmoeedinga or at ~ the time the property is otherw~se ~oquired, the baianoe then remaining in the i~nda uxumulated under (b) ofparagraph 2 p as s c~tedit a,gainat the amount oi cipaI then remaining unpaid under eaid note snd s6a11 prn~nst any paymenta which shall have ~n msde under (a) oi aaid paragraph. 4. Thst he will P4y all ta?xes. aswsments, water rstee, and other governmentat or munlciP~ ~~8~. 8ne~, or impositions. ~or'vluch proviaion ha$ not been made hereinbefor~ and in defsult thereof the mor~ . gagee m~,y p~? the aame; and tbat he will pro~mptly deliver the official receipts therefor to the mortga~ee. 6. That he will permit, oanmit, or suffer no waste, impairment, or deteriontion of said property or ~ any part thereof ; and in the event of the fsilure o~f the mortgagor ~o keep the buildings on sain premisea ~ E and thase t~ be erected on aaid premises, or impravementa tbereoa, in good repair~ the mortgag?ee maY ~ make auch repairs as in its rliacretion it m~? depm neceesary for the proper preaervation thereoi', s~nd the , full amouat of each and every anch p~rment ahall be immediate~y due and payable, and ahall be aecun~d ~ by the lien of this mortgag~e, ' 6. That he will pa~y all snd aingular the costa, charg~ and expenaes, inclu ' reasonabte lawyer'a teea, and coste of abatracta of title, incurt~ed or paid at sny t~ime by the nw ~g~eeuse of the failur8 on the p~t o~ the mortgagor promptlp and fully to perform the agreenaenta~aad covenants of said prom- iesory note and this m tga~g~ and said eosta, chargea, and expcnsea shall be immedist~y due and pay- able and shall be secured ba~ y het lien of this mortgage. That he will keep th~e i'mprovementa now existing or het+esfter erected on the mortga,ged prnperty, imsured aa m~? be re9nired from time to time by the mo againat laea by iire and other hazarda~ casualtiee, and oontingenci~ in auch amounts and for au~'ods a~ may be required by mortgagee, ay and will pa,y ro~mptiy, when du~ apy premiums on Such inaurance for payment of which provision haa _ not been ma e hereinbefore. AU inaurance ahall be carried in oomp~ ea approved by mortgagee and the poUcie~ and renewals thercof shall be held by mortgagee and have attached thereto loaa payable . clauaea in favor of and in iorm aoceptable to the mortgagee. Iu event of loea he wiq give immediate ' notice by pnaii to mortgag~ee, snd mortga~ee may make proof of loaa if not made pramptly by mortgag?or, , and each ins~ce comp$uy conoerned ~s hereby authorized- and directed to make payment for such laes directly to mortgagee iastead of to mortgagor and mortgagee jointly~ and the insarance pr«~eda, or any~ thereof, may be applied by mortgagee at ita option either to the reduction of fhe indebtednesa h y secured or to the restoration or repair of the pmperty damaged. Ia event of foreclosure of thia mortgage or other transfer of title to the mortgaged property in extinguiahraent of the indebtedness y secured hereby, all right, title. and inter~t of the mortga,gor in and to any insurance policies then in force ~ s6all pasa to the purchase~c or grantee. , 8. That the mortgagee may, at aa,y time pending a suit apon thia mortgage, apply to the ooart hav ing jurisdiction thereof for the appointment of a receiver~ and aucb court shall forthwith appoint a reoeiver of the premises eovered hereby all and singular, including all aad ain~ular the ineome. profita, isaue~, and r~venuea from whatever aource derived each and c~?ery of which, it being e~cpressly under. etood, ia hereby mortgaged sw if' specifically set fortti snd descn'bed ia the granting and habendum clauaea hereof, and such receiver shall have all the brosd and effectave functions and powers in anywiae entrusted by a ~.rourt to a receiver, and guch appointment shall be made 6y at~h court aa 8n admitted eqn~ty snd a matter of ab~olutc right to said mortgagee. and arithont reference to the adequacy or inad_ . equacy of the value of the praperty mortga,ged or to .the aotvency or ~nsolvency of aaid mortgagor or the defeadsata, and that such r~ta, prnfits, income~ iasuea, and revenu~ sha~ll be applied by $uch reoeiver • • acco~ ta the lien of this mo r t g a g e an d t he p r a c tioe o f su c h ooark In t he event of any defanlt on the part o~ e mortgagor hereunder, the mortgegqr agrees to paq to the mortgagee on demsnd as s reason- abie monthly rentat for the p~nniaes an amoanE at least equivalent to one-twelfth oi the aggregaf,e oi the taelve mont~ily installments payable in the then current qear pIna the actual amonnt of the Rnnual tax~ aasessmeats, wat~er rates~ and inaurance premiums for such year not covered by the aforeaaid mont~ily gaymenta. ~ 9. The mortgagor further aovenants that should this mor~ , e and the note secured hereby not be - eligible far insurance under the National Housing Act within ~.)~Y~ from the date fiereof (writtea statcment of any of8cer of the Federal Housing Administration or uuthorized agent of the • Federal Housing Commisaioner dated subsequent to the ~~3,~,3 time from the date of this ~ mortgage. declining to insure said note and thia mortgage, ing eemed conclusive proof of such in - eligibility). the mortgag~ee or the holder of the note may, at its option, declare all sums secured hereby _ : ~ immediately due and payable. . 10. That (a) in the event oi any breach of fihis mortgage or default on the part of the mortgagor, or (b) in the event that any of asid aums of money herein referred to be not promptly and fully paid with- • out demand or notice, or (c) in the event that cach and every the stiputations, agreementa, oonditions~ ' , and covenants oi said note and thi~ mortgage~ are not duly, prvmptly. and fully perfornaed; then in either or any such ~event, the aaid'aggregate swq mentioned in aaid note then remaining nngaid, with interest accreied to that time, and a!I moneys secured hereby, aha11 become dus and payable forthwith or thereafter, at the option of said mortgagee~ aa fully and c~omplef,ely sa if aR of the said sums of mone ~ ~ ~ were orginally stipnlated to be paid on such day, anything in said note or in this mortgage to the oon notwithstanding; and thereupon ar thereafter, at the option oi said mortgagee, without notioe or dema~ , suit at law or in eqaity, may be proeecnted as if all moneys secure@ hereby had matured prior tfl ita inati=~ tution. The mortgag~ee may foreclose thia mortgage, aa to tt?e amount ao dectared due and payable, and the aaid premises shall be sold to sutisfy and pay the same together with casts, eacpeusea, and allowances. ' ~ ~n case of partial fo"rcctoaure of this mortgage~ the mortgaged premisea ~hall be sold subject to the con.~1 tiauing lien of this mor~gag?e for the amount of the debt not then due and unpaid. In such c~ee the prop~ ~ vieiona of this paragrsph may agsin be availed of thereaiter from time to time by th~ martg~ag~ee. • li. That the mortgagar vriU give immediate notice by mail to th8 ma?rtgagee oi any canveyaao~,,,,~ ; ~ transfer, ar ch~wg~e of oarnerahip of the premiaes. ~ ; 12 That no waiver oi any eoveaaut herein or of the obligation- eecared hereby ahaU sE any {im~°°R ~ there~fter be held to be a~vsiver of the terma bereoi ar oi the note secw~ed her~eby. s • t 1 - _ .