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Home My WebLink About2621 ~ ~ ~ 0 ' ' ~ ~ . . and iiuur~nce preaaiun~a, a the cirae ma,y be~such exceee shall be credited by the mort,~a~ee oa subsequeat p+~?ments to b~ mads by the most~~or. u, however, the monthly pyrmenb made by the mortga~or ander (b) a? p~r~raph 8 preoedin~ s1uU not bs eut8cient to p~r~oun d rants. taxa and asseasmenb . and insur~?uuo~s ~~p remiun~ as the caae m~y be, ~rhen the aame du~ll beoome due and pqy~ble, then the anort,~agor ahaU p~y to We tnort~~ee any iunouat neceesary to m~&e up the deffciancy~ on or before the d~te when p~yment oi auch 4?i+ound rents. tauc~, ueeessmenta„ or inaursace preaaiunu sh~l! be due. Ii at any time the mort,~~or shall teader to the mortgagee in ~iaordanoe vrith tl~e provisions oi the note se~.wred hereby. fnUp~ym ent oi the entire indebtedness represeoted thereby, the mortgagee ahall. ;n com- puting the amount of auch indebtedneas, credit to the uoount ot the moxt~agar sll~ym ents made under the pArgoviaiona o! (a) ot psra~r~ph 2 hereoi which the mortgi~ee has not bec~o~ne obliQated to pay to the • Federal Hoasin~ Cozanaissioner ~nd any balance remaining in e funds Accumulate~ under the proviaions of (b) oi aaid~ar~ra ph 2. Ii there shall be s default under any oi the proviaions of this mortgage re- aultin~ in a p tiub c sste oi the premisee oovered hereby or if the mortgagee aoquires the property ot~er- wiae after defaulk the nwrtg~ee shaU apply, st the t~me of the oaacu~aencement of auch proceedings or at the time t6e prope is otherwiae ~oquired, the balanoe then remaining ia the funds ucumulated under (b) ofpua~r~ ph 2 precedu'?g as a credit ~ainat the eunount of principal then remaining unpaid under suid note snd shaU pro p e r t y a d just u~ y p a y meats which elull hsve been msde under (a) of said p a r a g ra ph. 4. That he will p~r all t~~ces. aaseesments, wster rates, and other ~overamental or municipal charges. flnee, or impoaitione. tor which pmviaion haa not beea made hereinbeior~ and in default thereof the mort- ~ ; ~agee m~? p~r the aame; and thst he wiU promptly deliver the o~cisl receipts therefor to the ~ortgagee. ~ b. Tle~t he will permik eommit, or suffer no waste, impsirment~ or deterioration oi eaid property or ~ anypart thereof ; and in the event of the iailur8 oi the mo r to keep the buildings on aaid premises ' ' snd ~hoee to be erected on said premises, or impmvemente~ n. In good repair~ the mortgagee may i make auch repsirs as in Its discretion it may deem necessary ior the proper preaervation thereof, and the tuU amount of each and every auch payment shall be immediatel,y due and payable. ~nd ahall be secured by the lien of this mort~age. 6. That he will p~y all and singular the ooeta, c2u~rges~ and expenaea.-including ressoriable lawyer's ~ i~s, and costa oi abstracts of tiUe, incurred or paid at any time by the mortg~e because of ttie failure on the part oi the mortgagor prom~tly and inUy to periorm the agreements and covenants oi said prom- issory note and this mo snd said casts, chargea, and espenaes st?sU be immediately due and pay- ' sble and shaU be aecut~ed b~~ lien oi thia mortgs~ge. ~ : 7. Thst he wiU kee~ the imprnvements now exiatin~ or bereaiter erected on the raortgagecl Pmperty. i insured as m~y be requured iraa time to time by the mo~ nat loss by fire and other hazards, c~sualti~. and contingencies in such amounta and for su ! and will pay pro~nnptly. ahen dn~ perIods as may be required by mortgag?e~, ' not beea made hereinbefore. p~°iums on such insuruuce ior ~s,yment of which provision has AU insurance ahall be carried in oonap~wea approved by mortgagee and the policiee si?d renewals thereof ahaU be held by mortgagee and have attached theretfl Ioss payable cluuses in favor of and in form aoceptable to the mortgagee. In event of lass he will give immediate . ~ notice by mail to mortgagee. and mort,ga~ee may make proof oi laea ii not made promptly by mortgagor. . snd each insurance c~ompany eonoerned ia hereby authorizsd ~nd directed to. make payment for such ~ loea directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the insuraace proceeds. or • j any part thereof~ may be applied by mortgagee at its option either to the reduction oi the indebtedness hereby aecured or to the restoration or repair of the property damaged. In ~event of foreclosure of this mortgag~e or other tranafer of title to the mortgaged property in extingvishment of the indebtedness ~ ; secured hereby. all right, title, and intereat ai the mortgagor in aad to aay inaurance policiea then in force ~ sh~~U pass to ti~e pwrehaser or grantee. ~ 8. Tfut the mortgagee msy, at any time pend'wg a auit upon thia mortgag~ xpply to the court }uv ing ,juriadiction thereoi for the appointmeat of a receiver, and auch court ahall forthwith appoint a ~ reoeiver oi the prennises oovered hereby all and Bingular, including all and sin~ular the inconie, profits, iasuea. sad revenu~ from whatever aource derived, each aad every of which, rt being expressly under- atood. ia hereby mortgag~ed as if agecifically aet forth and deacribec! in the granting and habendum clauaea ' - hereof. and euch receiver shall have aU the broad a~id effective functiona and powers in anpwise I entrusted by a oourt to a receiver, and such appointment ahall be made by such court as an admitted ' equity and a matter of abo~olute rig6t to said mortgagee, and withoat referenoe to the sdequacy or inad- ~ equacy of the vatue of the prnperty mortgaged or to the solvency or inaolvency of aaid mortgag~or or the : deiendaata, and that such rents, protits, income, issuea, and revenuea shall be applied by auch receiver ~ sooo~ to the lien of thia mortgage and the pn~ctice of such courk Ia the event of any defauit on the ; psrt of e mortgagor hercwnder~ the mortgagor agreea to pay to the mortgagee on demand as a reason- ~ able montbl,y rental for the pt~niaea an amount at leaat equivalent to oA~twelfth (3i:) of the aggregate ~ o! the twelve monthly installments payable in the then cunent year plus the actual amount of the annual ' tues assessment~?, water rates~ and insursace premiwns !or auch year not covered by the aforesaid i moat~ly paymenta. • ~ ~ j 9. The mortgagor further covenants that should this mortga~e AA~dhe aote secured hereby not be eligible for inaurance under the Natioaal Hausing Act within 31~ 1~ i7 irom the date hereof I (written atatement of any officer of the Federal ~Icusing Adminiatration or authoFized agent of the : Federal Housing Commissioner dated subsequent to the nevq . time from the date of thia ' mortgage, declining to inaure said note and this mortgage, be~~HA~fded conclusive proaf of such in- eligibilityj, the mortgag~ee or the holder of the note may, at rts option, declare al1 sums secured hereby ~ , itnmediately due and payable. j 10. Tfiat (a) in the event of any breach of thia mortgage or default on the part of the mortgagor, or ~ (b) in the event that any of said sums of money herein referred to be not promptly and fully paid with- 1 out demand or notice, or (c) in the event that eaeh and every the atipulations~ agreeraents~ conditions, ~ and covenants of said note and this mortgage. are not duly. pi~mptly, and fully performed; then in ~ either or any such event, the said aggregate sum mentioned in said note then i~eanaining unpaid, with , intereat accrued to that time, and all moneys secured hereby, ahall .become due and psyable forthwlth, ' or thereafter. at the option of said mortgagee. as fully and campletely as if all of the ~ud suma of money ~ ~ were oiginaily atipulated to be paid on such day, anything ia $aid note or in this mortgage to the contrary + notwithstanding; and thereupon or thereafter. at the option of said mortgagee. without notice or demanc~, ~ suit at lsw or in equity, may be pro~ecuted as if all moneya aecured hereby had matured prior to ita inati- tution. The mortgagee may forecloae thie mortgage, as to the amount so declared due and psyable. and ~ the said premiaes ahall be sold to satisfy and pay the aame together with oasta, expensea, and allowances. In case of partial foreclosure oi thia mortgage, the mortgaged premisea shali be sol~i aubject to the con- . tinuing lien oi this mortgage for the amount of the debt not then due and unpaid. In such case tfie pro- • viaions oi this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ - ? 0 R~ B~o~ 9~ . . . . , o.__..~ _ - ~ -