The URL can be used to link to this page

Home My WebLink About2907 ' ~ ~,.~1 . :.s• '~r : ~w~i ~cF'. •.?~rv .rc . • . ' +r ~Y ~ . ~ ~ ` . p!~l11111~ Y LEIe CiM ~1i,y ~ N1C~1 aXCBN ~1 ~~1`~!~ kl~? ~le IDOl'~'E@ tM W~QWDt . p~ymenta to be m~de by tha mart~ag~or. ~i~ ho~vev~r, the m~nftil,p. WU~a~ent~ mi?de by the ~aortt~ar Wndtr (6) at par~rsph 8 preoediai ~hall not b~ a!lkiea! to pr~y d renfs. tuas ~?nd a~sasmenb ~nd i:uur~oept~m iuma~ ~s the caae m~y be. a?h~ the wne shsl~beoo~n~e d~e aad ~+~y~e then the ; a?ort~sQor ~lull pq? to the nwrt~s~ee ani? amount neceaaary ta make up the delfciency~ oa ar ~efore the'; dp?te when p~ymeat oi such ~round rents~ t~ucea ~uee~sments. ~ or inauranoe premiums shaU be due. If st su?,y time the mort~sgor ~hall tsnder to the mort~ee in aKxordst~ce with the pruvisiona af the t~ate ~ iecurcd hereby. full p~ynnent oi the entire indebtedneas repre~ented thereby, the mort~s~ee shAll, ;n com• ~ putin~ the amount of such indebtednease, credit to the s?ccount ot the mort~~or sll p~c?ents made under ~ • the pravisioas of (a) oi parx~raph 2 hereoi wh~ch the m~rt~e has not become obl~ted to pay to the Fedenl Houain~ Commisaionex and any balance remainin~ in the funda accucnulated under the provisions , oi (bj oi widpars~rapb 2. I! there shall be a defa~it under sny of the pmvisions oi this mortQa~e. re- , sukinQ iu a pablic sale of the premiaea covex+ed hereby, or if the mortguQee scquires ttie property other-~ wise aftsr defaulk the martg~?g~ee shall apply~ at the time of the eaamencem~enL of such proceedings or at the time the property is otherwise ~?equired~ the bxlu?ce then remaining in the funds sccumulxted under (b) oi parx~raph 2 precedin s~a a credit sgainat #he amount of principal then remaining unpsid under . uid note and ahall properly a~ust any pAyments which ahall hxve b e en ms~d~e under (a) of ssid para~raph.. , Ttwt be Rrill p~t,y ali taxea, aase~amenta~ water rstea, aad other Qovernmental or municips~l chargea~ fin~s, or impositiona, for which provision haa not been made hereinbefore. s~nd in deiault thereof the mort- • ~nQee may pqy the sAme; and that he will promptly deli~r~ the oflicial receipta therefar ta the mortgagee. 6. That he will permat. commit~ or auffer no waa~ie, impxirment, ar deterioration of aaid property or . any part thereof ; and in the event oi the isilure oi the mortga~or to keep the buildin~a on said premises und thoae to be erected on esid premisea> or improvements thereon, in good repair~ the martgagee may make such repsira as in ita diacretion it may deem neceaaary for the pmper preservation thereof~ and the fuU unount oi each and every auch payment shell be immedistely due and payable~ and ahall be secured by the lien of this martg~e. ~ G. That he will ps~y nll utd, singular the co~tai~ charges, and expenses, includin re~sonable lawyer'a lees~ snd co~ts ot abstrncts of title~ incurred or paid at any time by the mort~agee~use of the failure on the psrt of the mortgagor promptly and fully to perform the a~reements and covenants of said prom- isaory note and thia mortgage, and said costs, charge~, and expensea 8ha11 be immediately due and pay- sble and ehall be secured by the lien oi thia mortgage. That he will keep the improvernents now existing or hereafter erected on the mortgaged property, inaured~es ma~y be required from, time to time by the mortgagee against lo~ by fire snd ~ther hazarda~ ' caaualtiea~ itnd contingencies it~ $uch amounta and for such periods as may be required by mortgagee, sn~ wiU gay promptly, when due~ any premiuma on such insurance for payment of which provision hss not been tnade hereinbefore. All inaurance ahall be carried in companiea approved by mortgagee and the policiea and renewxla thereof ahall be held by martgagee and have attached thereto loas payable clauaea in f~vor of and in form acceptable to the mortgagee. In event of losa he will Qive immediate ; notice by mail to mortgagee. and mortgagee may make proof oi loss if not made promptly by mortgagor~ and each insurance company concerned ia hereby suthorized and directed to mak~ payment for auch loss directly to mortgaQee instead of to mortgagor and mortga~e jointly~ and the inaurance proceeds~ or ' snypa rt thereof~ may be appDied by mortgagee rrt its aptian either to the reduction af the indebtedness hereby sect~red or to Lhe restoration or repair of the property damaged. In event of foreciosure of thia mortgage or other trannfer of title to the mortgaged property in extinguishment of the indebtedness eecureci hereby, sll right, title~ and intere$t of the mortgagor in and to any insurance policiea then in f~urae ~ ahAll pass to the purr.haaer or grantee. 8. That the mortgagee may~ at any time ~Sending a suit upon thi~ mortgage~ spply to the court hav- ing juriadiction thereof for the sppaintrnent ai a receiver~ and auch court ahall forthwith Appoint a reeeiver of the'premises covered hereby ail ancl singular, including all snd singular the income, profits, iasues, and revenues from whatever soune derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if apecificalty set forth and described in the granting and habendum clauses hereof~ and such receiv~r ~hall hsve all the brosd snd eftective fuuctions and powera in anywese entrusted by a court to a receiver. and auci~ appointment shall be made by such cnurt aa an admitted equity and a matter of abaolute right to said mortgagee~ and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or inaolvency of said mortgag+or or the . defendant~, and that auch rents. profits~ income, isauea~ and revenuea ahail be applied by such receiver sceording to the lien of this morkgage and the practice of guch court. In the event of any defauit on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand aa ~ reason- s?ble mor~thly rental for the prernisea an amount at least equivalent b~ one-twelfth (1;1z) of the aggregate of the twelve monthly instaliments payable in the then current yesr plus the actual amount of the annual tsxes ~ment~. water rates, and insurance premiums for auch year not covered by the aforesaid montfily payments. 9. The martgagor further covenants that should this mortga~e an th note eecured hereby not be eligible for insurance under the Natianal Housing Act within ~isety ~ay~ from the date hereof (written statement of any officer of the Federal Housing ~ldminiatration or authorized agent of the Federal Housing Commissioner d~ted subsequent ta the N~y,~;~t~ D~y~ time from the date of this mortgage, decli~ing ta insure said note and this mortgage~ be~ng deemed conclusive proof of such in- eligibility). the mortgagee ox• the holder of th~ note may~ at i#s option, dectare all sums se+cured hereby , immediately due and payable. ° ~ 10. That (a) in the event of any breach of this mortgage oi• clefault on the part of the mortgagor, or ( L) in the event that any of said sums of money herein referred to be not promptly Aad fully paid with- out dencund or notice~ or (c) in the event that each and every the stlpul~tton~, aQreemente, condition~~ ~ and covenants of said note and this mortgage, are nut d~nly, pi~mptly, and fully gerformed; th~n in either or any such event, the astid ag~•egate sum mentioned in said note then i•~maining unpaid~ with intereat accrued to th~t time~ and all moneys secured hereby~ shall become due and psyable forthwith, or thereafter~ at the optio~i of aaid mort~stgee, aa fully and completely as if all of the esid auma of money - . were orginally stipulated to be paid on such day, anything in aaid note or in thia mortgatQe to the contrary aotwithstandin~; and thereupon or thereafter. at the opt'son of said mort~sgee, without natice or demand~ - suit at law or in equity~ may be pi•osecuted as if all moneys secured hereby had matured prior to its inati- tution. The mortgagee may .foreclase this mortgage, as to the amount so declared due and~ yabie, ~nd the said premises shall be sold to satisfy and pay the same together with costa~ expenses, anQ riIIOW8hC~8. In case of partial foi•eclosure of this mortgage, the moi-tgaged premiaes shaii be sald subject to the con- tinuin~ lien of this mortgage for the amount oi the debt not then due and unpaid. In auch csse the pra viaiana af thia paragraph may again be availed of tltereafter from time tn time by the mortgagee. . . B~Ki~.7 ~Q6 - ~