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Home My WebLink About0803 - ~ . i ~ O and insnnuce pramiwa~. a~ the caee myr be~ _wcti ezoen shall be credited b~ the awrt~~ee oa wb~eQuent pp?mants to be m~de by tho mort,~r. Ii~ however, tho nionthly p~ya~enb msde by th~ mort~ar nnder (b) at para~raph S praoedln~ alull nat b~ w~tcient to p~~ ~ouad nab. tuea and aesasement~ • and insurdnc~s~ premiums~ as tlie e,~es m~y bs, wheu the wae ~dall beoanre dae snd p~yabl theA the mort,gng~or shsU pqr to the mort~a~ee u~y amount neceeaary tor make up the deflciency, on or~ore the • date when p~yment of sach ~round rents~ t~ces. aasessmeats, or insursnos pr~nlums shaU be due. Ii at any time the mort~~or shall tsnder to the mortgs~ee ia ~?ooordiu?ce v~Ith the provisiona oi the note aecured hereby. i~ll p~,yment of the wtire indebtedness represeated thereby. ihe nwtt~s~ee ahsll. jn oom- ~+uting the amount oi auch indebtedness. credit to the a~oo~un! o! the mort,~~or aU p~rmenta made uader the proviaions o! a~ ot pusgraph 2 hereoi which the mortQa~ee 2ua not bec~cne obbgated to pay to the Federal Housing ner wd any b~alance remainiag w the funds accumulated under the proviaions ' oi (b) of ssid ~graph 2. Ii there atwll be ~ deiwlt under any oi the proviaions oi thia mortgage re- sulting in a p lic aale oi the premiaes covered hereby or i! the mortga~ce aoquires the property ot~er- ~ v?ise dter default, the mortSa~ee shall apply, at the t~me of the oommeacement oi auch prnceedings or at ~ the time the prnp~~y is oth swiae Acquired. the balance then remainit~ in the funds accumulated under . (b) of paragrap~ 2 pri~c~sa s credit against the amount ot prinncapsl then remaiaing unpaid under ssid note and ahAU pm p e rly uat any payments which ahatl hsve bee made under (a) oi aaid p a r a g ra ph. 4. That he will pay all taxea, aaaeasments, water ratea. aud other g~overnmental or municipat chargea. ~ Snes, or impositions, for which provision hsa not been made her~einbefor~ and in default thereoi the mort- ~g~ee mqy p~y the aiune; and that he will pramptly deliver the o~cii?1 receipts therefor to the mortgagee. 6. Thnt he wiU permit, canmit, or auffer no wast~ impairment~ or deterioration of said property or any part thereof; and in the event ot the iailure of the mor~tgagor to keep the buildinga on said prem~sea t and t,hoae to be erected on said premiaes. or improvemente thereon, in good repnir. the mortgagee may make such repairs sa in its discretion it ma~y deem ne~essary for the proper preservation thereof. and the ; !ull amount of ea,ch and every such pqyment shall be immediately due and pa,yable, and ahall be aecured ; by the lien oi thia mortgag~. 6. That he will psy all and aingular the coats. charges, and expenaes, includin reasonable lawyer'a ~ fees,, and ooeta oi abatracta of title, incurred or paid at any time by the mortgag~ use of ttie iailure on the patt oi t6e mortgagor pranptly and fully to periorm the agreements and enants o esid prom- ieaory note and thia mortgage. sad said oosts~ charQes, aqd espei~es shall be imm iatel,y d~e and pay- able and ahall be aecured by the lien oi thia mortgage. ~ 7. T~?at he wiU keep the improvements now existing or hereaiter erected on the mortgaged ProP~Y. in~ur~d aa may be required from time to time by the mo sgaiuat loaa by fire and other hazarda, caaualtiea, and contingenciee in auch amounta and for au~'ods as ma,y be required by mortgagee~ snd will payprom ptly, whea due. any premiums on such inanrance ior payment oi which pmvision has ~ not been made hereinbetore. All insurance ahall be carried in companiea approved by mortgagee and the policies and renewals thereof ahall be held by mortgag~ee and have ~ttached thereto loas payable } clauaes in iavdr of and in iorm acceptable to the mortgagee. In event of losa he will g?ive immediate notioe by mail to mortgagee. and mortgag~e may make proof oi lass ii not made promptly by mortgagor. ' tsnd each iaanrance company coneerned ia hereby authorized and directed to n~ake payment for such ` loaa directly to mortgagee inatead oi to mortgagor and mortgagee jointly~ xnd the inaurance proceeda. or an,y part thereoi, may be applied by mortgagee at ita option either to the reduction oi the indebtednesa : hereby aecured or to the reatoration or repair of the property damaged. In event of foreclosure of this mortgage or other tzansfer of title to the mortgaged property in ertinguishment of the indebtedness ~ aecured hereb . all right~ title. and intereat of the mortgagor in and to aay inaurance policies then in force ahall paaa to e pwcchaaer or grantee. • 8. That e mortgagee ma,y~ st any time pending a suit upon this mortgage. aaply to the court hav ing juriadiction thereof for the appoitttment oi s receiver. and such eourt ahail iorthwith appoint s receiver of the premises covered hereby all and aingular, includiag all and aingular the inoome. profita~' iseuea, and revenues frnm whatever aource derived~ e+s?ach and every of which, it being expreasly under-. stood. ia hereby mortgaged as ii apecificaUy set forth snd deecribed in the granting xnd hxbendum cls~ hereof. and auch receiver ehall have all the br~atd ~tnd effective ionctiona and powera in anywiae entruated by a eourt to a receiver, and auch appointment shAll be aude by such court aa an admitted equity and s matter oi absolute right to aaid mortgagee. snd without referenoe to the adequacy or inad• - equacy of the value of the property mortgaged or to the solvency or Inaolvency of asid mortgagor or the ~ defendants, and that such rent~. pmfits, income; iasuea, and revenuea ahaU be applied by such receiver ' according to the lien of thi~ mortgage and the practice of auch courk In the event of any default on the part oi the mortgagor here~nder, the mortgagor agrees to pay to the mortgsgee on demand aa a reason- able monthly rental for the premisea an amount at least ¢quivalent to one-twelith oi the aggregate ~ of the twelve monthly inatallments payable in the then current year plua the actual amount of the annual ; . taxes uasesaments, water rates, and inaurance premiums for auch yeu not covered by the aforesaid mont~ly paymenta. ~ ~ 9. The mortgagor further covenanta that should this mortgage and the note secured hereby not be ~ eligible for insurance under the National Housing Act within 30 days from the date fiereof (written atat~ment of any ofl5cer of the Federal Hou9ing Adminiatration or authorized agent of the Federal Housing Commissioner dated subsequent to the af oreeaid ti~e from the date of this mortgage, declining to insure said note and thia mortgage. beiug deeraed cotr~}uaive proof of such in- eligibility) ~ the ~prtgagee or the holder of the note may. at its option, declare all sums secured hereby immediately due and payable. . 10. That (q) in the event of any breach of fihia 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 iully, p~aid with- out-demand or notice, or (c) in the event that each and every the atipulations. sQteemeata, eonditlons. and covenanta of aaid note and this mortgage. are not duly, promptly~ and futty performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, ahall become due and payable forthwith,~ or thereafter. at the option of said mortgagee, as fully and completely aa if all o! the aaid suma of money were orginally stipulated to be paid on such day. anything in 8aid note or in this mortgag~e to the oontrary notwithstanding; and thereupon or thereafter, at the option of said mortgage~ without notice or demand, suit at law or in equity, may be proeecuted as if all moneya secured hereby had matured prior to ita inati- tution. The mortgag~ee may foreclose this mortgage, as to the amount ao declared due andpayable. and the said premises shall be sold to satisfy and pay the same together with costs, expensea, and sllowsnces. Ia case of partial foreclasure of this mortgage, the raortgaged premises ahall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In auch caae the pro- visiona oi this paragraph may again be availed of thereaiter from time to time by the mortgagee. 11._That the mortgagor will give immediate notice by mail to the mortgagee oi any conveyaace, tranafer, or change oi ownerahip o! the premiees. . 12 Thnt no waiver of aay covenant herein or of the obligstion secured hereby shaU at any tim~ thereafter be held to be a waiver of the terma f9]' I~ e no hereby. ~8 ~K i~~J i1.~E~~~