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HomeMy WebLinkAbout2705 y. . . , - ~ ~ ~ O ? ! ~ . ~ tlS . ` ~nd insuranoe pre~aiuau, as the c~se m~y be~such excese sh~il tie credited by the mort,~~es oa aubsequent pt~yments to be made by tbe nwrt,~s,~or. u. ~however. the monthl,y paymenta m~de by the awrt~a~o~t ander (6) ~ psra~P~ 8 Pre~edin~ ahaU not b~ sulRcient t~ pa~~?~o und renb. taxea and assessment~ and inaurancs premium~ ~s the case m~y be. ~vhea the wne shaU reoome due and payabl thea the ~ mort~~or shs11 p~~,y to the n~c?rt~es sqy amount neoeeasry tio make up the de8cienqr. on or~fore tlii ~ d~te when psyment oi auch ~round rentb~ tsxes. aaseesments, or insuraacs premiums shsU be due. st any time the mort6a~or shall tender to the morteagoe in aooordance with the provisions oi the note secured hereby. f~llp~yment oi the entire indebtedAess represented thereby. tha mortasQee shall~ in com- puting the unount oi such indebtedness, credit to the account oi the mort,~agor allpaym ents made under the provisions oi (a) oi paragrsph 2 hereoi which the tnorl~ haa not beoome obligated to p~y to the i ~ Federal Ho~sing Commiasioaer snd sny bslu?ce remainin~ in e iunds ucwnvl~tsd uader the proviaions , oi (b) of aaidp~ra~raph 2. Ii there shaU be a def~?ult under an,y oi the pmvisious oi this mortgage re- . sultin~ in a pu lib c aale of the premiaes covered herebys or ii the mortgagee aoquires the property ot~er- : j ~ wiee after defaulk the mortSa~ee ahall apply, st the tame oi the oanmencernent oi auch proceedin~s or at ~ the tiine the pmperty is otherw~se acquired. the balaaoe then remsiQin~ in the fuads ucumulated under (b) oi p~ura~rsph Z prr~edi~aa a credit againat the amount of princapal then remaining unpaid under said note an BhaU properl,y ust any psyments whic6 shAll hsve been made under (a) of aaid paragraph. 4. That he will p~r all tues. asseasmeats, water nte~s, and other governmentsl or municipal chargen. !lnea. or impoaitions. for which proviaion tus not been made hereinbeiore. ~nd in default thet~:oi the mort- ; ~s~g~ee msy pqy the same; and t6at ha ~vill promptlY deliver the o~cial receipta ttierefor to the ~ortgagee. b. Thst he will permik commit, or auffer no ws~ste; impsirmenk or deteriontion of said pmperty or " any ps~rt thereoi; and in the event oi the failure of the mortgagor to keep the buildings on said premisea ' ~ • ~?nd lhoee to be erected on ssid premiaes. improvements thereon. in good rep~ir. the mortgagee may - malce auch rep~ira as in its discretion it mqy deem neceseary for the proper Preeervation thereof, and the !I ; ~ full amount of euh and every auch paymeut ahall be immediately due and payable, nnd ahaU be secured by the lien oi this mortgage. , 6. That he will psy all aad ainSulsr the costa. charges, and expenses. including reaaon~ble lawyer's ~ i~s, and cwsts of abstracts o! title, incnrred or paid st ~ny time by the mortgagee because of the failure on the put of the mortgagor prom~tly snd fully to perform the sgreements and covenants oi said prom- iasory note uid this mortga~e, and ssid costs, chaiges. and e~cpenses shall be immediately due and pay- able aad absU be aecured by e lien oi this mortgAge. ~ 7. That he wiU kee~ the improvements now exiatiaQ or her~iter erected on the mortgaged prnperty. inaured aam~? be requu~ed iro~n time to t[me by the mo ag~inst loss by ftre and other hazards, • casualties~ and contingencies in auch anwunts and for a~rioda sa may be requ~red by mortgagpx. and will pay promptly, when du~ ~r premiums oa such insursnce ior psyment of which pmvision has not been msde hereinbefore. AU inaurance shaU be carried in eompanies approved bq mortgagee and the policies and renewals thereoi shall be held by mortga,gee snd have attached thereto loes payable clauses in fsvor of snd in form soceptable to the mortgagee. In event of loss he witl give immediate notioe by meil to mortgagee, and mortga~ee may mske proof of lo~s if not made pmmptly bq mortgagor. snd each ineuranoe company eoncerned ~s hereby authorized and directed to make payment for such t• n ~ ~ loss directly to mortgagee instead o~ to mortgagor and mortg jointly, and the inaurance proceeda, or sny thereoi~ m~y be applied by mortgagee st its optioa ei er to the reduction ot the indebtedness h~secured or to the reatoration or repair of the property damaged. In event of foreclosure of this ~ - mortgage or other trAnafer o! title to the mortgaged property in extinguishment oi the indebtedness aecnred hereby~ sll right~ title, and intereat of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. . . , • { 8. That the mortgag^ee may, at any time pending a.auit upon this mortgage, apply to the court hav- ; ing ~urisdiction tbereof for the ~tppointment oi a reoeiver~ and such oourt shall forthwith appoint a ; receiver of the pren?isea covered hereby all and aingular. including all and singular the inoome. profits. ~ isauea, and revenuea from whatever aouroe derived, e~ch and every of which~ it beiag eapreasly under- j atood, is hereby mortgaged as i~ specific.~Uy aet iorth snd deacribed in the granting and habendum clauaes ; hereoi~ and such receiver shaU have aU the broad and etfective functions and powera in anywise ± entrusted by a eourt to a receiver. and such appointment ahall be made by such court as an admitted ! equity and a matter oi ab~eolute right to said mortgagee, and without referenee to the adequacy or inad- equacy oi the value of the property mortgaged or to the solvency or insolvency oi said mortgag~or or the . ; defendants, and that auch renta, pmfits, income. iasues. and revenues a6a11 be applied by auch receiver ; accord' to the lien oi this mortgage and the practice oi auch oourk In the event of sny default on the ~ psit of~e mortg~rgor hereunder: the mortgagor agrees to pay to the mortgagee on demnnd as a reaaon- : ~ able montlily rental for the pr~n~ses s~n aanount at le~st equivalent to~one-twelfth of the aggregate r : oi the twelve monthly installments payable in the then current year plus the actual ~nount of the annual ; tues asseaaments, water rates, and insurance pr+emiums for such yeu not oovered by the aforesaid - j mont~ly puyments. - ~ ' 9. The mortgagor further covenai?ts that ahould this mortga~e and the note secured hereby nat be ~ ' eligible for insurance uader the National Housing Act within th~~ty days irom the date hereof (written statement of any o8'icer of the Federal Housing Adrainiatration or suthorized agent of the ` Federal Housing Commissioner dated subsequent to the thirty days time from the date of thia ~ mortgage, declining to insure said note and this mortgage. being deemed oonclusive proof of such in- ' eligibility). the mortgagee or the holder of the note may, at ita option, declare all aums aecured hereby - ; immediately due and payable. . 10. That (a) in the event of any breach of thia mortg or default on the part oi the mortgagor. or (b) in the event that any of said sums of money herein refe~rred to be not promptly and fully paid with- out demand or notice, or (e) in the event that euh and every the atipulations, aQreements, conditions, and covenant~ of aaid note aad thia mortgage. ure not duly. promptly, und fully periormed; then in ~ either or any such event, the said aggregate sum mentioned in said note then i~emaining unpaid. with iatereat accrued to that time, and all moneya secured hereby, shall become due and payable forthwith. or thereaftcr. at the optiou of asid mortgagee. as fnliy and completely as if all oi the said suma of money ' ~ ~ ' were orginally stipulated to be paid on such day, anything in said note or ia thia mortgage to the contrary E notwithstanding; and thereupon or thereaiter. at the option of said mortgagee. without notice or demand. . suit at law or in equity. may be pro~secuted sa ii all moneya secured hereby had matw~ed prior to ita insti- ~ tution. The mortgagee may forecloee this mortgsg~e, as to the anaonnt so declared due andpayable, and s the aaid premises ahall be sold to satisfy and pay the same together with coata, expenses. and allowancea. ` Ia case of partisl foreclosure of this mortgage, the mortgaged premieea ahall be aold subject to the con- tinuing lien of this martga~e for the amount of the debt not then due snd unpaid. In such case ~tfie pro- ~ ; visions of this garagraph msy again be availed of thereafter fran time to time by the mortgag~ee. c ; E 1 ~ i . ~ } . ~ ~ ~ . . ~ g7~ PA~E~o4 ~ - _ _ - . - .