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HomeMy WebLinkAbout2334 n ~ •nd instir~?noe prmnimu. as We c~ue my be~ _anch e~toer shall be credit~d b~ the mort~a~ee on a~b~uent o.~rmena to bs maae b~? w. mort,~a~or. it. 6ow~ror. the maatbl~ p~ymenta m~de by the mort~or nnder (b> oT r~~~ $ P~nt ah~ll ~at b~ w~CCtten! ~o p~y~r~oun d ra~nh, tuca and aaseesmenb and inaurAnc~e~ premi~ms, as the csee ma~r ba whea ths same atull beoo~ne due and paysblq then the eh martgagor ahall pay to the mo aay smonnt neoe~e~eary to ~m~lce np t6e deticiencq~ oa or before Lhe date ~rhen pqyment of such ~+oun rants, ta~ceas„ ~sa~saiments, or iasuranca prea~iums ahsll be due. If st any time the mortg~or sh~U tender ta the mortgagee in ~cordanoe with the provisloua oi the note ~ ~ecured hereby. fuUpaym ent of the entir+e indebtednese regresented thereby. the niortg~gee ahalt, in com- puting the amount oi auch indebtedness~ credit to the acoouat oi the mortgagor atl p~ymenta made under t4e provisiona of (a) o! paragrapb 2 hereof which the mortgagee haa not beoome obligated tfl pay to the Federal Houaing Coaan4iaeioner and any biaance remaining in the iunds accumulated under the pmvisions of (b) o! aaidparagrsph 2 Ii t6ere shall be a defsult under aqy of the provisi~ns of this mortgage ~re- sulting in a pu lab 'c aale oi the premiaea a,vered hereby, or if the mortgagee soquirea the prnperty ot~er- wise after default, the mortgs$ee ahall apply~ at the time of the oommencement of such proceedinga or at the time the prap~y ~s othervv~ae acquired, the balanoe then remainin~ in the futtda accumulated under (b) of paragraph 2 preceding aa a credit againat the smount of princap?al thea remaining unpaid under aaid note and ahall properly adluat aqY P~1?menta which shait have been made under (a) of said paragraph. 4. That he wiU pay sll tauea. aaaeasments, water ratee, aad oth~r governmental or mynicipal charges, flnea, or impositions, for which prnviaion has not been made hereinbefore. snd in default thereof the mort~ gagee map p~y the same; and that he will pmmptly deliver the official receipta therefor to the mortga~ee. 6. That he will permit, commit, ar suffer no waate. unpairment, or deterioration of Said property or ~ any part thereof; and in the event ot the failure oi the mort,gagor to keep the buitdings on said premisea ~ and thoee to be erected on eaid preraisea, or improvementa thereon, in good repair~ the mortgagee may;~ make sucb repsira sa in ita discretion it msy deem neocasary for the proper preservation thereof, and the ' full amount of each and every auch p$yment ahall be immediately due and payable, and ahall be secured;_: by the lien of this mortgage~, 6. That he will ps,y atl and eingular the aosta, charg?~. and expenaea, inciuding reasonable lawyer'a~ ices, and ooste of abatracta of title~ incurnd or paid at any time by the mortgagee because af the fai[ure ' on the part of the mortgagor promptJy and fully to perform the a,greements and covenants af aaid prom- issory note and this mortgag~, and said costs, chargea, and expense~ shs11 be immediately due and pay- able and shall be secured by the lien of this mortgag~e. 7. That he wiU kee~ the imprnvements now exiating. or hereafter erected on the mortgaged Property. insured as ma,q be requu~ed from time to time by the mortga,gee a,gainst loea by fire and other hazards. casualtiea, snd oontingencies in auch amounta ana for such periods aa may b+e required by mortgagee, and will pay promptly, when d~E. any premiums on such inaurance for ~ayment of which prnvisiori haa not beeu made hereinbe~ore. All m$urance ahall be carried in oompames apprnved by mortgagee and the polici~ and renewala thereof shall be held by mortgagee and have attached thereto loss payab]e clause$ in favor of and in form a~ceptable to the mortgagee. In ~event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of losa if not made promptly by mortgagor. and each insurance company conceraed. is hereby authorized and directed to make payment for such lasa directiy to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds, or anypa~ thereof, may be applied by mortgag~e at its option either to the reduction of the iadebtednesa ~ here~y secured or to the restoration or repair of the property damaged, In event of foreclosure af thia mortgage or other tranafer of title to the raortgaged property in extinguishment of the indebtedness secured herebq. all right, title, and inter~t of the mortgagor in and tfl any,insurance policiea then in force ~ ahall pasa to the purchaaer or grantee. . 8. That the mortgagee may, at any time pending a auit npo~ this mortgage. apply to the court hav- ing juriadiction thereof for the appointm~nt of a receiver, and such oourt shall forthwith appc~int a receiver of the pz+emises covered hereby ail and singular. including all and aingular the inoome. profita, issuea, and revenuea from whatever source derived, each and every of which~ it being expressly under- stood. is hereby inortgaged as if apecificaily set forth and described in the granting and habendum clausea hereof, and such receiver shail hsve all the broad and effective fnnctiona snd powers in anywise entrusted by a court to a receiver, and such appointment ahall be made by such court as an admitted equity and a m~tter of absolute ztight to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to .the solvency or insolvency of said mortgag~nr or the defendanta, snd that such rents, profitsr income, isauea, and revenuea shsll be applied by such receiver according to the lien of this mortgage and the practice of sach courk In the event of any defauit on the part of the mortgagor hereunder~ the mortgagqr agrees to pay to the mortgagee on demand as a reason- able monthly rentsl for the prem~sea an amount at least eqnivalent to one-twelfth (3;=) of the aggregate of the twelve monthly iastallments payable in the then current year plus the actval amount of the annual taxes aaaeasmenta, water rat~, snd inaurance premiuma for snch -year not covered by the aforessid moat~ly paymenta. 9. The mortgagor further covenants that should thia mortgage and the note secured hereby not be eligible for ins~rance under the National Housing Act within 3Q DAY$ from the date hereof ( written statement of any offioer of the Federal Housing Administration or suthorized agent of the Federal Housing Commiasioner dated subsequent to the ~7 pnX~ time from the date of thia mortgage, dectining to insure said note and this mortgage, being deemed conciusive proof of such in- ~ eligibility), the mortgagee or the hotder of the note may, at its option, declare all suma secured hereby immediately Que and payable. 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor. or (b) in the event that any of said aums of money herein referred to be not prnmptiy and fully paid with- • ovt demand or notice, or (c) in the event that each and every the atipulations, agreements, conditions, and covenants of said note and this raortgage, are not duly, promptly, and fully performed; then in either or any such event, the aaid aggregate sum mentioned in ~aid note then remainiug unpaid. with intereat accrued to that time. and all moneys secured hereby, ahatl bec~ame due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if atl of the said sums of money were orginally stipulated to be p~aid on such day, anyth~ng in said nots or in this mortgage to the contrary notwithatanding; and thereupon or thereafter, at the option of aaid mortgagee, without notice or demand, suit at law or in equity, may be proeecuted as if all moneya aecured hereby hed matured prior to its insti_ tutioa The mortgagee may forecla~e this mortgag~e, as to the amount so declared due and payabte. and . the said premises shall be ~old to satisfy and pay the same together with costs. expenses. and allowances. In case of partia! foreclosure of this mortgage, the mortgaged premises aha11 be sold subject to the con- tinuing lien of this mortgag~e for the amount of the debt not then due and u~paid. In $nch case tfie pro- - visions of thia paragraph may again be avaiied of thereafter iram time to time by the mortgag~ee, • 11, That the mortgagor will give unmediate notice by mail to the mortgagee of any conveyance, transfer, or ch,ange of ownerahip of the premi~es. 12 That ao wsiver oi sny oovenaut herein or of the oblig~on aecured hereby ahall at any timQ thereaiter be held to be a waiver of the ter~her~p~~ of th note aecured hereby. SJ;;K 1 iacE ~30 i ~ - - w;~ . .