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HomeMy WebLinkAbout1391 . • , ~ ~ ~ ' . ~ , . , ~ : - ' ~ '~''~~''T ~ . ~ and inanraaoe premiums, as the c~se mq~? be~ _wch eocoeee ~hall be credited by the mort~~ee on aubsequent ' ps~ycneata to be ma~de b~ the mortga~or. I!. however. the n?ont~h~y p~yments m~de by the mort~~ot' . n under (b) cd para~raph S Preoedin~ ahall not bs snlHcient to ~~?~ro~und renb. t~sa and a~eeesment~ , and iiosurano~e~ premiums, aa the case m~y b0. ~rha~ tha s~une beoans dne and payabl~ then the ~ mortgaQor absll pa~y. to tt?e mort~ag~ee a~ amount neoe~essr~? ~ make up the deflcienq?. on or before the ~ dats when p~yment ~o! auch ~round rents. tases. aesesementa, or insuranoe pr~niuma ahall be due. Ii ~ ~t aoy time the mortgagor a~all tender to the mork~~ee in aoow~nce ~+ith ~ p~~o~ oi the note secured hereby. inllp~ym ent o! the entire indebtedneea represented thereby~ the °w~a~e ahall. in cona- ~ puting the amonnt o f a u c h indeb t~ e d nees, c r~ d i t t o t he acooun t o i t he m o r t g a~ o r a l l e n t a m i ~ d e u n d e r ~ t h e p r o v i a i o n s o i (a) o i p~ r a ~ r~ p h 2 h e r e of which the mo ~haa not l~eoorme obl~gated t~,P~U? to the . Federal Houaing C~ommissicner snd an~? bvanoe remsieing i~i~ ttie funds ucnmulated under the proviaions af (b) o! said ph & Ii there ah~ll be a deiault under aay oi the provisiona ot this mortga~e~ re- ' anltin~ in a lic aale of the premiees covered hereby or if the mortgagee aoqnires the propertY other~ wise aftsr defsutt, the mortea~ee ahall apply, st the t~me oi the oommenoemeat oi auch proceedinga or at ; the time the prope ia otherw~se ~oqnired. the bs~lanoe then re~asinin~ ia tbe it~nds sccumulated under ; (b) oi psragraph 2*ns~xding as a credit againat t6e smount oi prlncapal then remaining unpaid under ! asid note ond shall prnperly ad,)ust an~? P~y'ments which ahall have been made under (a) o! aaid p~ragraph. 4. That he will p~,y all tases, aaseesments, water ntea. snd other g~overnmental or municiPal chsr8~, ~aes, or impoeitions, for ~vhich provision has not been made hereinbeioie, ~und in defiult thereof the mort~ ~~gee nu~r pa,y the aame; snd that he will pro~mptlY deliver the o~cial receipta th~erefor~to the mortgagee. ~ 6. Tbst he will permit, commit, or suHer no waste. imp~airment~ or deteriontion oi asid prnperty or a any psut thereof; and in the event oi the iailure ai the mort~agor to keep the buildings on said premisea ~ ~ : and thoee t~ be erected on eaid premisea. or improvements tfiem.wn, in good repsir, the mortgagee mgy . mske anch repAira aa in ita diecr~etion it may deem neoeseary for the proper preservation thereof. and the _ ';•'iall amonnt o! each and every auch payment ahall be immedi~?te~Y due u?d p~qable, and ahall be secured ~ • by the lien ai thia mortBaBe. 6. That he wiU psy sU and sin~ul~ur the ~osta, chargea. and ezpenaes, inclu~ding reasonable lawyer'a iees, and oo~ts of abstracts of title, ncurred or paid at any time by the mort~a~e becauae oi the failure : on the put oi the mortgagor pro~r?ptly and fulbr to pertorm the a,greements and covenants of aaid pmm ; issory n~uts and this mortgage. and said oosta~ char8es, and espeaa~s ehaU be immed~te~y due and pay ' sble and s~~ll be a~ed by the lien a~ t6ia mortgag~e. ' 4. Thst he will keeF ttie improvementa now esisting or hereatter erect,ecl oa the mortSaBed P~P~Y. inanred as.m~y be reqnu~ed iraaa time to tinae by t6e mo nst loes by ftre and other hazards, casualties, and contingencies in auch amounta and for sucb pen~as m~,y be reqnired by mortgaSee, ~nd ~11 p~~y pm~npt~y. When du~e~ any p~miums on auch insur~noe for ~e~yment oi which provision haa ~ not been made hereinbefore. All inanrance ahall be carried in ootnp~uea spproved by mortgagee and - the policies and renewala therswf ahaU be held by mortgagee and have attached thereto loss payable ~ cisus~s in favor af and in form aooeptsble to the mortgagee. In event of loss he will gtve immediate ~ notioe by mail to mortgsgee, and mortga~ee may mahe prooi of loes if not msde promptly by mortgagor, . ~tnd each insutanoe eonapany concerned ia hereby authorized and directed tfl make psyment for such loss dii+ectl,y to mortgagee instead of t~ mortgagor and mortga~ee jointly. and the inaurance procceds, or ~y part thereol~ may be applied by mortgagee at its option either to t6e reduction o! the indebtedn~s • hereby ~ecnred or to the restoration or repair of the property damag~ed. In event of foreclosure of this morkgage or other transfer of title to the mortgaged property in extin$uishment of the indebtedneaa aewred hereby, aIl ri8ht, title. and intere~t oi the mortgagor in and to aqy msuranoe, policiea then in for~e ahaU psaa to the purchaser or grantee. ~ 8. T1~at the mortgag~ee m~,y, at any time pending a suit upon thia mortgage, apply to the court hav- ~ ing ~ariadiction thereoi ior the appoin~naent oi a receiver, aad auch oourt shall forthwith appoint a reoeiver o! the premiaes eovered hereby aU and aingulsr, including all aad.aingular the inco~nnne, proflts, iasnes. and revenuea frora whatever aoume deriv¢d~ ~ch snd every of wluch, it being expresaly under- stood, ia hereby mortgaged sa if apeciflc~lly set forth and d~cribed in the grantin8 and h~bendum clauaea hereof and auch receiver a6aU hsve all the brat~ d and effective innctioua and powera _ in anywise entr~s~ed by a court to a receiver, and anch appointment shall be made by auch eourt aa an admitted eqnity and a matter of absoluts right to said mortgagee. and without reierenoe to the adequacq or inad- equacy oi the valae of t6e property mortgag^ed or to the solvency or ineolvency of aaid mortgagor or the defendanta, and thst such renta. proftta, incame, iasues, and revenues shaU be applied by auch receiver : aeoo~ to the lien of this mortgage and the practice oi auch eourk In the event of any default on the ~ psrt o! e mortgagor her~nder: the mortgagor agr~a to paY to the mortgagee on demand sa s reasoo- ~ able monthly ~ntal for the~ prem~aea an amount at least equivalent to one-twelfth oi the aggregate oi the twelve monthly installmenta payable in the then current year plus the actual amount of the annual tauc aas~aments, water rates, and insurance premiwna for such yeu not covered by the aforesaid " nc mon~ psyments. ' - ~ 9. The mortgagor further covenanta that ahould this mortgage and the note secured hereby not be ~ eligible ior inaurance under the National Hoitaing Act withia 3p 0pYg frnm the date ~ereo! ~ (written statement of any ot~oer of the Federal Housin Adminis~rafion or ~tuthorized ag~ent of the - r Federal Housing Commieaioner dated subeequent to the ~0 DAYS time from the date of thia mortgage. declining to inaure said note and- this -nnortgpg~e, being d~a~d conclusive proof of such in - • eligibility). the mortgagee or the holder of the note may. at its option. declare all sums secured hereby iminediatsly dne and payable. . 10. That (a) in the event of aay breach of fihis mortgage or default on the ptut of the mortgagor, or (b) in the event that any o! said aums oi money herein referred to be not promptly snd fully paid with- • out demand or notice, or (e) in the event that each and every the atipulations, agreements, eonditions, ; and covenants of said note and this mortgage. are not duly, promptly, and fully periormed; ~then in € either or any such event, the said sggregate sum mentioned in aaid note then remaining nnpaid, with : intereat acerued'to t~at time, and all moneya secured hereby, ahall beoome due and paysble forthwith, ~ € or thereafter, at the optioa of said mortgag~ee. as fully.and campktely as if all o! the said sums of money ~ ~ were orginallp atipulated to be p~e~id on such day, anything in said note or in thia mortgag+e to the contrar~r _ ~ notwithstsnding; and thereupon or thereafter, at the option ol~sid mortgagee, vvithout notice or demand, ~ suit at law or in eq~ity, msy be praeecuted as if all moneya secured hereby had mat~u~d prior to ita insti- ~,r ~ ' tntion. The mortgag~ee msy foreclose thia mortgsg~e, as to the amount so declared due andpayable, aad " ` - the 8aid premisee shaU be eold to satialy and psy the same together with oosta, expensea, and allowances. t;'~ k In case of p a r t i a l foreclosure oi thia mortgage, the mortgsged premiees shall be aold anbject to the con- Q~ • ~ tinuing lien oi this mortgage for tLe amount of the debt not then due and unpsid. In auch case tfie pro- ; visiona of thia paragraph may agsin be availed of thereafter frnm time to time by the mortgagee. , ~ = il. That the mortgag~or will give immediate notioe' by msil to the mortgagee of sny convey~nce; i ~ transfer, or chsnge of owr?ership oi the premiaea. . ~1oD ~ : ~ 12. Th~t no waiver of any oQVen~nt herein or oi t6e obligation secured hereby shall at any tim~e ~ thereafter be hel~i to be s waiver oi the terms hereoi or of the note secured hereby.