HomeMy WebLinkAbout2571 ~t , y~• f ~ ~
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~ ~d ~i1'aIIO~ p!'lo1111O1i. Y tht CW ltyl ~WC~I ~O~A af~ll b~ CZ'~~tNl b~ tiN IDOltjit~N OII W~AqWDt r
! pprmeats tio b~ m~rd~ 6pr tla mortp~or. lawiwr. th~ moat~ ~m~ob made b~r tM moartpsa: ~
' onae~' (b) a~ Dara~raPlt ~ p~o~diaj aluA not be ~o! ~ py! r~nbr twr ~nd aresameub ~
~ and insnrano~ as tbN caas m~v t!u sam~~b~oo~ dw ~an~1 ~o
~ the
' da~wEe w~e i~~o~
~ r~tax si ~b. oar insur°~ano~ Dreeniums ~+~ull be dua I!
' at time
th~ a~~ b~the m~ost,~a~ee in a~ooo~da~ with t~ psovLiont oi the note
! sec~d Z?ereby, ln11~p~e~t a~ the eaitirs iadebtednea repre~eated therstr~r. the a~ort~ee sha11. :n oooa-
~ pntin~ the amonnt ad snch indebtedneea,~ credit ~o the ~ooount oi the mwrt~s~or aU eatt tn~da under ~
- the nprovisiau oi s) a~ par+~rsph 8 hereoi whlch the mQr~e h~u ~L beoame o~ated to p~y to the - ~
Federal gouaia~ one~r and aa~? bslaao~? in e iuads aocumnLted undmr the provisions .
oi (b) ot ssid 8. Ii there ah~?ll be a defanl~~~ an~ oi the providons oi this mort~a~e re-
' sullin~ in s p
liu~~ot the premites o~vered hereby or it the nwrt~ee a~oqaires t~e property ot~er- .
f wies ai'ber ddault, the mor~~~+ee sh~t_ aA~ly. at the t~me oi t?~e oammenoemeat o~ such proceedia~s or at .
' the time the pro is oth n?~se aoqn~red, the balanoe then in the tands accumnl~tai under
(b oipu~a~r~~ ~ ss a credit agsinat ttre amonnt~c~~p~l th:~ ramainit~ unpsid under
~d note and ahslt prop~ust +u~Y F~Yments which ahsll 2uv~s ~ made tmder (a~ oi uid puagriph.
4. •Tlut he wiII p~Ur all buca. assessments. water ntes. and other ~o~vernme~cht or municipal chargea.
~ lfna. or. impo~sitions. for which proviaion has not been made hereinb~efor~ sad in deiault thereoi the mor~
g+~+ee m~y~ia~y the aame; and tl~! he will prampt~ deliver the otBcW reoeipb therefor. to the ncort,~a,~ee.
6. Thsthe will permik oommi~, oraaSerno waste. imps~innenk or deterioration oi a~idas~d
pr~enni a
attyp~ tharso~; and 3n ths event of the fsilurs o! the mo~~ to keep the buildin~s on '
and ~hase to be erected on asid prmnises. or impx+ovemenb~ltfiereo~. in Qood reP~ir. the mort6~ ~Y
make s~ch repain as in its discretion it ma~y deezn neoeasary for the proper preeervation thereoi, and the .
iull amonnt o! e~ch snd every snch p~yment sh~U be immedisteUr dne snd payable, and shall be aecured
by the liea~ a~ this mortga~a.
~8. That he will p~? a11 and stn~nlar the oosta, cbar~es, aad axpen~ses, inci n~ raisonabk law~rer's
!ees. snd cats o! ~ oi title~ incun+ed or paid at any time b~r the mo ~ becswe oi the.fiiture
on the psrt oi the mort,~s~gor prom~tly and i to pertorm the agreements~ i~e~oveaatets of said ron~-
ov p
able~aud
~
bs3~~ecurme~dr~ lien o~this
o~g~, and e~cpe~~aes shaU bs i~aamedistely due und pa~y ~
~ . T. Thst he will k the impravements now e~cistin~ or hereatter erected oa the mortQa~ed Prol~erts?.
~ insnred ssma~r be re~~d lra~a tima t~ time by the mo~~ loss by flre and other hazarda.
casnalties. and oontin~eacies in such amounts und for aucb perl~m~y bs r_equired by nw .
snd will p~ypraanptly. whea dn~e~ ~ny premiums on such insuraa~e for ~
o! which provisio~~in has -
not beea made hereinbeiore. AU insnrance shall be carried in coaa es approved by mortga~e u?d
~ the polides and renewals thereoi ahall be held by mortgagee and ve sttached ther~to loss p~yable
~ clauses in isvar o~ and in form a~oceptable to the mortga~ee. Ia eve~t of Zoss he will a?Ive immediate .
notice by msil b~ mortg~tgee. u~d mortga,~ee ms~y mske proof o! loes ii mot made Pro~e?ptU? b~? mcrtSsSor. .
and e~ch insuranoe ownpaq~r ooncerned ~s hereby ~uthorIsed_ and direeted ba make pqyment for such
loss directly to mo~a~ inatead of to mortgagor and mo ~ointly~ snd the inanrance proceeds. or •
~ any psrt thereol, mey 6e ipptied by mortga~e at fts opt3on~~er.to the rednct3on oi the indebtedneas
hereby searred or to the restoration or repair o# tl?e ropetty d~m~ed. In Cveut oi foreclasure of thia .
- m~~~tgayge or other tranafer of title to the mortg~g~ property in ~rtinguiahmeat oi the indebtedness
red hereb~r, all g~t, title. and intereat of the mortg~gor in snd to aay jnsnranoe policies then in force
shsil pass to the psrriic~ser or grantes. ~ .
8~. That the mortgag~ee m~,y. at any time peading a snit upou thia mo apply to the court hsv
in~ ~urtsdi~on•thereof tor the appointment of s receiver. and aach oonr~l~ forthwith appoint a
receaver oi the premiaea oovered hereby sll and aingulsr. incladin~ all and sitigular the inoome, pro~its.
iasues, and revennes frona whatever sonroe derived~ each snd ev of which, it being esPreas~Y nnder~
stood, is he~by mort~gag~d as if ageciflc~y set iorth a~ed deecribed~ the ~rantin~ ~nd habendum clauaeea
hereat. and anch receiver abaU have sll the br+oad and eSective functions and powers in anywise
entruated by a eourt to a reaiver. snd such sppointment abaU be made by snch court as a~n .admitted
equity and s matter of absoluts_ri~ht to said mortg~g~. and ~vithout rreferenoe to the sdeqwcy or inad-
equaay of the value oi the prapert,y mort~ag~ed or to the solvenc~? or insolveney oi aaid mo r or the
. defendsats, and that anch reats, pro5ts, incona~ issues, ~wd ra~v~nnes aball be applied by~i~reoeiver
aooord~n~ to the lien oi this mortgag~e and the practice oi auch oonrk In the event of u~y defiult on the
psrt oi t~e mortgagor here~ndert the mortgagoragre~ to p~y to the mo~ on d~d_ us s reason-
: s~ble montL2y rental for the~ premues sn amount at least eqnivalent to one-twe~ th t~s~ of the sggregate
o ths t~velve rnoathl,y inatallmenb paysble m the then current year pins t~ie actwl amount o! the annusl
ta~ces a~asments, water rates, snd iasurance premiums for aach year not oovered by the aforeaatd .
. mont~il,y p~yments. t . , .
_ 9. The mortgagor further covenanta that shouId this mortgage and the note secured her~eby not be
eligible for insurance under the Nstional Houaing Act within ~ irnm the ds~te hereof
( wrrtten statemeat of any otBeer of the Feden~l Hcuaing A ion or suthorised agent oi the
Federal Honsing Commiasioner dated subsequent to the ~ flAy~, time irom the dste o! this ;
~ mortgsge, declining to insur~ aaid note and thia mortgage,~itig deemed oonclwiv~e proof ot such fn• ~
eligibilitq), the nwrtgagee or the holder of the note may, at ita opt~on, declsre ~11 ~ums secared hereby ~ ~
immediately due and payabla f
:f 10. Thdt (a) in the event oi any brPach of thia mo~t~+e or deisWt on the p~ttt of the mo~r. or
; (L) in the event that any oi said sums of money herein aferred to be not promptly snd fnUy psi with-
out demat?d or notice or (c) in the event tlu~t euh and every the stip
ulstions, ~reements, eondittons.
and covew?ts of asi~ note and this martgag~e, are nat daly. pro~pt~y. and . fullq perforr~d • then in -
either or any such even~ the e~id a
~gregate sum mentloaed in said note t~..,n remainia~ nnpsid~ with
~ interest aocrued to thst time, snd all moneys secured henby. sl~ull beoame dae and p~yable iarthwitty
s • or thereaft~r. at the option oi asid mortgagee, as inlly ~nd ooinpktety as i! ~110~ the said wms of money
were orgin~U~? stipulsted ta be pafd oa auch cla,y,~q~?thia~ in aaid aote or in t6i~ mort,~g~e to the oon
natwi~stand~n~; and thenupon or thereafter, at the opt~on oi aald mortgag~ee, wit6oat notio~e or dem~n
~ auit ut isw or in ui be
. ~
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. tution. The mortgagee wsy forectaae thta mort~gs~e. aa to the ~nt ao dectar~ed due sndp le. and ~t
the said pr~emiaes ahall be sotd to a:tist
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In case oi partial foreclosure of this mort~g~e. the mort~ed premises shsll bs sold sabject ta? the oon=
tinuin~ lien of this mortQa~e !or the s~aaount of the debt not then due and uApaid In akh c+~se tbe pros
visiona of this P~Sr'+~Ph mU? ag~n be avaikd of ther~eafter fro~r time to time by the aart~se. ~
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