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HomeMy WebLinkAbout2192 ~ l ! and insnranoe pe+eadu~„ as drs we myr be! _wch esoer shsU be credited b~ the mort~~es on snb~eQueat pyrments bo bs m~de b~r the mo~t~a~o~r. ir. bowaros. the nanthl~ p~,yit?a~?ts m~de by th~ nnort~t~or onder (bj a~ parasraph $ pi+eoedins ~hall not b~ wmdent ~ yy d re .b. tauca and a~se~ameats ~ and insuranas~~inm~, as the case m~y be. whea tbe aame beooone due and p~?able, th~en the inortgagor abs1I pRy tA tt?e mort~a~ee sqy amount neoeeaary ~o mske up the deflciency. on or before the ciate when p~yment of anch around renta,~ tases, assessments. or insursnoe premiuma shsll be due. Ii at ~Ur time the mort~aSor ahaU tender to the mortgs~ee in accordsnce • with the provisions oi the note aecured hereby. iullp~ym ent oi the entire indebtednesa represented thereby. the mort~gee aha11. in cora- puting the unount oi auch indebt~edn~s. cr~edit to the aooount of the mort,~agor sU p~?ments i»ade under the proviaions oi a) of parugraph 8 hereoi which the mos~t,g~ee haa not beoome obligated to pay to the Fedeml Honsing oner and sny bal~nce remaining in the fuads accumulated under the provisions oi (b) oi aaidparagraph 2. Ii thei~e sha?U be a default under any of the pmviaions of thia mortgage ~r+~ aultin~ in a pu ub 'c aaie of the premises oovered herebyt or if the mortgagee aoquir~ the pmperty ot~er- wise after defanlt, the mortga~ee ahall apply, at the tame of the oommencement oi such proceed'u?ga or at . the time the pro ~s otherw~ae s~cquired. the balance then remaining in the funda accumulated under (b) o! psragrap 2 p as a credit againat the amount of princtpal then remaining unpaid under ~ aaid note snd ahall pro~uat any psyments which ahall have been made under (a) of aaid paragraph. 4. That he will p~y a11 tuea, asscasmenta, water rates. snd other governmeqtal or municipal chargea, l~nea. or impositiona, for which pravision has not been made hereinbefore, and in default thereof the mort~ ~agee m~y p~,y the aarae; and that he will pmmptly deliver the o~'icial receipts t6erefor to the mortga~ee. 6. That he will permik cammit~ or suffer no waste, impairment~ or deterioration of aaid property ar sqy part thereof; snd in the event oi the failure of the mortgagor to keep the buildinga on 'said premises ~ and those to be erected oa aaid premisea, or unprovementa thereon. in good repair, the mortgagee may mske such repairs ae in its diacretion it may deem neceasary for the proper preaervation thereof. and the full ~mount oi each and every such payment ehall be immediately due and payable, and shall be secured by the lien of this mortgage, 6. Thst he will psy all snd singular the coets. charges, and expenaea. including. reasonabla lawyer'a iees. snd oosta of abetra,cta of title, incurred or paid at any time by the mortgagee becuuae of the failnre on the part oi the mortgagor pro~aaptly and fully to perform the dgreementa and covenants oi said prom- ieaory note snd thia mortgage, and said oosts, charges, and expeasea ahall be itnmediately due and pqy- sble and shall be secured by the lien oi thia mortgage. 7. T6st he will l~ee~ the improvementa now existing or hereaiter erected on the mortgaged pmperty. inaured ~s ma,y be recjuued fram tiane to time by the mo ~g~ against loea by flre and other hazards. caaualtiee. snd oontingencies in auch amounta and for su~ pPxi'od~e as may be reQuired by mortgagee. _ snd will pay pramptly, when due. any premiuma on auch insurance for ~nent of which provision haa not been made hereinbefore. All inaurance ahall be carried in oomp~w ea appmved by mortgagee and ~ the policiea and renewala thereof ahall be held by mortgagee and have attached thereto lasa payable clauaes in iavor oi and in form aceeptable to the mortgagce. Ia event of loas he will give immediate notice by mail to mortgagee, and mortgagee may make prooi of losa if not made promptly by inortgagor. . and each insursnce oompany concerned. ia hereby suthorized and directed to make payment for such loea dir~ectly to mortgsgee inatead of to mortgagor and mortgagee jointly. and the insurance proceeda, or aayp thereof~ may be applied by mortgagee at its option either to the reduction of the indebtedness hereby sea~red or to the restoration or repair of. the pmperty damaged. In event of foreclosure of thia mortgage or other transfer of title to the mortgaged property in extinguiahment of the indebtednesa aecured hereby. all right, title, and intereat of the mortgagor in and to any insurance policies then in force . shsill gaas to the purchaaer or grantee. . S. That the mortgagee may, st any time pendiag s suit apon thia mortgage, apply to the court hav- ing jurisdictioa thereof for ~he appointment of a receiver, and auch court ahall forthwith appoint a - receiver of the premiapa eovered hereby all and ~ingular. including all and aingu7ar the income. pmfits. iasuea, and revenuea from what~ver source derived~ each and every of which, it being expressly under• . stood, is hereby mortgaged aa ii specifically eet lorth and deacribed in the granting and habendum clausea hereof. snd auch receiver at?all have all the broad and effective tunctiona and powera in anywise entrusted by a court to a receiver. and auch appointment ahall be made by such court as an admitted equity and s matter oi absolute right to aaid mortgagee, and without reference to the adeqnacy or inad- equacy of the value of the property mortgaged or tfl the solvency or insolvency of aaid mortgagor or the defendanta, and that auch rents, profits, income, iesuea. and revenuea ahall be applied by such receiver sixwrding to the lien oi this mo~rtgage and the practice of auch courk In the event of any default on the part oi the mortgagor hereunder. the mortgagqr agreea to pay to the mortgagee on demand as s reason- able monthly rental for the premiaes an amount at least equivalent to one-twelfth of the aggregate of the twetve monthly inatallmenta payable in the then current year piua the actual amount of the annual taxes asaeasmenta. water rat~~ and ineurance premiums for such year not oovered by the aforesaid mont~ly paymenta. 9. The mortgagor further covenants that ahould this mortgage and the note aecured hereby not be eligibte for inaurance under the National Housiag Act within 30 DAY$ from the date hereof (written statement of ~any officer of the Federal Housing Administration or authorized . agent of the Federal Housing Commissioner dated subsequent to the ~,p ~~Y$ time from the date of this mortgage. declining to inaure said note and this mortgag~e~ be~ng d"eemed conclusive proof of such in- eligibility). the mortgagee or the holder of the note may, at ita option, declare all sums secured hereby , immediately due and payable. 10. That (a) ia the event oi any breach of t~ia mortgage or default on the part of the mortgagor, or ( b) in the event that any of said suma of money herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the event that each and every the stipulations, agreements, oonditions, and covenanta of said note and this mortgage, sre not duly, promptly, and fully performed; then in either or a»y such event, the eaid aggregate sum mentioned in said note lhen remaining unpaid, with intereat accrued to that time. and all moneya aecured hereby, ahall become due and psyabie forthwith. or thereafter, at the option o! said mortgagee, ss fully and comptetely as if all of the aaid sums of money - were orginally stipulated to be gaid on anch day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said mortgagee. without notice or demand, auit at law or in equity, may be proeecuted sa ii all moneys eecured hereby had matured prior to it$ inati- tution. The mortgagee may foreclose thia mortgage, a~ to the smount so declared due and psyable, snd the said premiaes ahal! be sold to satisfy and pny the same together with coata, expenses, and allowances. In case of partiat foreclosure of thia mortgage. the mortgaged premises ahall be sold subject to the oon- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- vieions of this paragraph may ag~sin be availed of thereafter fmm tirue to time by the mortgagee. • 11. That :he mortgag~or ~riU give immediate notice by mail to the mortgag~ee of any oonveyanoe. tranafer, or changp oi owuerahip oi the premiaea. 12 That no waiver of aay covennaat herein or oi the obligation secured hereby shall at any t3m~e thereatter be held to be a wAiver of the terms t o the n ured hereby. . 6 1~.~ FA~E~~3~ - ~ - ~ .