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HomeMy WebLinkAbout1683 0 0 , ~rd ia~nr~no~ premiun~ as tLe c~e ma~ ~aod~ ea~oer shall b~ credited by the Ynortsa~ee oo aubsequent pym~ents tio b~ m~ ba? tbe mo~rt~a~or. . 4owe~ar~ ttr naat~hi~r p~ya~eents made by the mortaa~' 0 ernd~r (6) a[ prsa~raph S preoedin~ ah~D no~t b~ a~deot ~o py d rents, tszes aad aaKSSmeata and insnranoep~~, as t6e c+w an~r be; wben t!?s Wune sb ~o~ne doe aod p~yabl then the mo~taa~os s6ali p~ to the any amount neoeeaary to make up the defkieacy~ on or~ore the dste when p~yment of anch~renta. ta~ces. aase~ament~. or insurance P~~a ~Sll be due. If at ~ time tha mortga~or ahaU teuder to t!?e mort~gee in ~rooordance w?ith the pravisious oi the note aecured hereby. t'+illp~ym ent oi the entire iadebtednees represented thereby. th.: ~ort~s~ee shall. in com- putins the amount oi such indebtedness. credit to the acoount ot the mortgs~or sU~ents made under t6e provisioas oi a) of puagnph 2 hereoi w6ich the mo~ haa noti beoome ligated to pay to the ~`ederal Housin~ oner and aay balance remainin~ m e iunds accumulated w~der the ~mviaions oi (b) oi ssid p6 2 Ii thei~e shall be s default under any of the provisioas oi this mortgage re- snltin~ in s p U~ o! ths premiees oovered hereby or ii the mortgagee aoqairea the property ot~er- wise atter default, the mortga~ee ahall apply~ at the t~me of the oonunencenaent oi such proceedin~s or at the time the pro~ is ott?er~v~ae soquired. the balance then remainit~ in the funda accumulated nnder (ba oipar~grsph 2_pri~c~eding as s credit against the amount oi principal then remaining unpaid under said note and atull properly ad~just any paymenta ahich ahall have beep made under (aj of said paragraph. 4. T6at he vviU p~r all ta:ea. aeaesamenta, water rat~ee, and other governmental or municipai chargea~ ~nm. or impasitions. for wltich proviaion haa not been made hereinbefore. and in default thereof the mort- sa~ee may p~,y the aame; and that he ~vill promptly deliver the official receipta th~retor to the ~mortgage~e. 6. That he wiU permik conunit~ or suffer no waste. impairment, or deterioration of aaid prnperty ~o~r sqy part thereof; and in the event of the failure of the mo r to keep t6e buildinga-on 8aiai premise's i~ ~ and t6oee to be erected on aaid premises. or improvements~ a, in good repair. the ~mortgagee may mate sach repuira aa in its diacretion it may deem neceasary for the proper preservation there~f, and the; ' !ull amount of each and every such payment shaU be inamediately due and payable~ and shall be secureil b~ the lien oi thia marRgsge, . ~ : . ~ 6. T6st he wiU pa,y aU and sfngular the coets, charges~ ~nd expensea, including reaao able lawyer's iees~ and oosta oi ebstracta oi title, incurred or paid at anq time by the mo because of the failure on the p~u~t oi the mortgagor pramptly and fully to periorm the ~agre~ments~ venanta of said prom- iseory n,ote and thia mortgage. and said oo~ts~ chargee. and expenses shaU be innmediately due and pay_ abk snd ahsll be secured by the lien ai this mortgage. . 7. T6st he ~viU I~eeF the improvemente now esiatang or hereafter erectcd on the mort8~~ P~PertY. mf y inaured as-me~y be requu~ed fmm tirae to time by the mo against less by fire and other hazards, casnalti~, and contingencies in such amounts and for au perioda aa may be required by mortgagee, aad wiU ps,y promptly. when due. any preraiuma on auch iusurance for Qayment of which prn~tision haa nat be~ made hereinbefore. All insurance ahall be carried in ~omp~an~ea apprnved by mortgagee 'and the policies acd renewals thereof ahall be held by mortgagee and have attached thereto losa payab~!~•-, clanaes in isvor o~' and in form aoceptable to the mortgagee, In event of losa he wili give immediate ~ notioe by mail to mortgagee, and mortgagee may make proof of loaa ii not tnade promptly by martgagor. = and ea~ch insnranoe compsny concerned is hereby authorized and directed to make payment for such lass directly to mortgagee inatead of to mortgagor and mort~ee jointly, and the inauranc~ prorteeds, or ' ar~y part thereoi~ may be applied by mortgagee at ita option ei er to the reduction of the inc~ebtedness~ dereby secured or to the reatoration or repair of the property damaged. In eveat of foreclosure of thia~• mortgsge or other tranafer o! title to the mortgsged property ia extinguishment of the indebtednesa secut+ed her~by, aU right~ title. and interest of the mortgagor in and to any inaurance policiea then in foroe vull pass to tbe purchaeer or grant~ee. 8. T6st the mortgagee m~y, at an,y time pending a auit upoa this mortgage, apply to the court hav ing jariadiction t6ereof for the appointment of a receiver. and .such oourt ahall iorthwith appoint s reoeiver of the prem~ covered hereby sU and eingular, inclnding all and singvlar the. income, profits, • isaa~. and revennes from whatever aouroe derived~ each and every of which, it being expresely under• . stood. is hereby mortgaged as if apecifically aet forth and described in the granting and ha6endum clauses hereot~ and auch receiver ahsll have all the broid xad effective fnnctions and _ powera in anywiae entn~ated by s oourt to a rECeiver, and auch sppointment ahall be made by such court as an admitted . equity and a matter of abaolute right to aaid mortgagee. and without reference to the adequacy or inad- eqnacy~of the value of the pmp~xty mortgaged or to the aolvency or inaolvency of aaid mortgagor or the ddendents„ ~?ad that auch renta, protits. income. issues, and revenuea ahall be spplied by such receiyer according to the lien of this mortgage and the practice oi such courk In the event of any default on the part oi the mortgagor hereundert the mQrtgagor agrcea to pay to~the mortgagee on demand as a reason- able montlily rental for the prem~ an amount at least equivalent to onc-twelith (3i:) of the aggregate oi the t~retve monthly installments payable in the then current year plua the actaal amount of the annual taz aasesaments, water rates, and inaurance premiuma for such year not covered by the aforesaid mont~ psymeata. 9. T'he mortgagor further covenanta that should this mort a d the note aecured hereby not be eligible for insurance under the National Housing Act within ~aYs from the date hereof (written gtat~ement of any ofl5cer af the Federal Housing ~dministration or authorized agent of the Federal Honsing Comraissioner dated subsequebt to.the a oresaid time from the date of thia mortgage, declining to inaure said note and. this mortg~?ge, being deemed conclusive proof of such in- eligibilityj ~ the mortgagee or the holder• of the note may, at its option. declare ali suma secured hereby immediately due and payable. 10. That (a) in the event of any breach of thia mortgage or defautt on the part of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not pro~mptly and fully paid with- out demand or notice, or (c) in the event that each and every the atipulationa, aQreements. conditiona, and cavenanb oi sAtd note and thia mortgaga~ are not duly. promptly~ and tully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with iaterest aocrued to that time, attd all moneye sec~red hereby, aha11 become due and payable forthwith. or thereafter, at the option of said mortgagee~ aa fuUy and oompletely as if all of the said sums of money ~ were orgins?Uy stipulated to be paid on such day, anything in said note or in thia mortgage to the contrary notwithatanding; and thereupon or thereafter, at the option of $aid mortgagee, withoat notice or demand, suit at law or in equity, may be prosecuted as if all moneya secured hereby had matured prior to its insti- ~ tution. The mortgagee may foreclose this mortgage~ as to the amount eo declared due and payable, and ' the said pr~emises ahall be aold to satisfy and pay the same together with coeta, expenses, and ailowances. - In case of partial for~eciosure of this mortgage, the martgaged premises ahall be sold aubject to the con- - tinuing lien of this mortgag~e for the amount of the debt not then due and unpaid. In auch case the pra- viaions oi this paragraph may again be availed of thereaiter irom time to time by the mortgagee, 11. That the tnortgagor wiq g?ive immediate notice by mail to the mortgagee oi aiq conveyance, - tranafer, or change of owi?ership of the premisea. ' 12. That no wsiver oi aay covenaat herein or oi the obligation aecured hereby sha11 at any tim,e the:adter be held to be ~ wsiver oi the tern~s ~~reoi~r~o~the ~o~~ured hereby. e~~; t tl c~ac.