HomeMy WebLinkAbout0360 30. Any sacoesr funde aaumulated under (b) ot tbe pt+aceding psra~r~ph remaining ~fter p~yt~ent of the items iherein men-
4ioned, shall be eredited to subsequent monthly py?yment~ of the rame n~ture~uirod thereunder• but, ii any surh item shall exeeed
the ertimate therelor the mortgag~or ahsl! without detnand torth~?ith ~ake the deflciency, ~'ailure to da ao befon the due date
of such it~eam ahall be • defautt heitiunde~•. In case ot terrainatjon oi tl?e Contraet oi Irlortqy?ge Insurance by prepa~rxnent oi the
mortgaQe in tull, or otherwiie (exeept as hei~einaiter provided)~ aceumulation~ under (a) of the aext preoeding paruraph hereoi ~
not required to meet psymenta dur under the Cont?y?ct of Yoit~age Insur~nae. shwli be credited to the mort~agor. If the prope.rty
is sold under foreclasui~e or ~s otherwise ~equired by the mort~agee siter default, any renu~ining balance ot the aeeumul~tiona
under (5) af tD~c next preeeding p+rragraph ehall be credib~ed to thE printiprl oi the mort~ag~e aa of the date oi the commencetuent
ot foreclosui~e proceedingss or aa of the date the pmperty is atherwiae aoquired; st?d accutnulstiona under (a) th~reof ahal! be like-
wiee credited unkaa required to pay ~uma due the Federal Honxin~ Commissioner under the Contrsct oi l[ortgsge fnaurunce;
i i. Z'hat iL will psy all tues, aa~eeements, ~vster ri?tea, snd other governmental or mnnicipal eh~rg~es, Mea, or imp~itiona.
for which pror?ision has not been m~de by psyme nta as hereinbefnre pmvided, end in default t3iereof the mortg~sg+ee may pay the
aame; wr?d tlu?t it will promptly deliver the oRkial receipts therefor to the tnortg~?g~ee;
12. The mortgagee ahall have the right W pay mortgage insurance premiums to the e,xtent the aame, are not provided for by
payments made by the mortgsgor under subparagraph (a) above;
13. That it will permit, commit, or sufter no waste, impxirment, ar deterioration of aaid pmperty or any part tltiereof; snd in
the evant nf Lhe failure of the mortge?gor to keep the buildings on ssid pretniaea and those to be ei~ected on said ptemimea, or improve-
ments therenn, in goo~ i~pair, the mortgagee ntay mAke auch repairs aa in its discretion it may deem necesaary for the proper
preservation t~?ereof, and the full amount of each snd every euch payment shall be immedistely due and payeble, and ~}sall be
eecu:^ed by the lien of Lhis mortgxge;
14. T}wt it Will psy a11 and ein~ular the caats,~~ s and expenses, including reasonable laaryer'a fees, and coarta of ~bstracta
of title, intui•red or p~?id at any time by the mortga~ee because of the fsilure on the part of the mortgsgor promptly and fully to
perform the agreements and covensnts of aaid promisdory note and this mortgsge, and said costs, chargea, and expenses ahall be
immedietely due and paysble snd ah~ll be secured by the lien of this uwrtgage;
15. That the impmvemente about to be msde npon the premisea Above described and all plana and speci~cstions comply with all
municipal ordinances and regulations made or promuiguted by lawful suthority, and that the same will upon completion comply
with all aueh municipal ordinances and regulationa snd with the rules of the fire rating or inepeetion organization, bureau, aseocia-
tion or oftlce;
16. Mort~agvr covenants and agrees thst so long as thia mortgage and the said note secured hereby are inaured or held by the
Federal Houa~ng Commiasioner under the provisions of the National Houaing Act, it will not execute or file for record any instru-
ment which impoeeffi a restricfion upon ihe asle or occupancy of the mortgaged property on the basis oi race, color or creed;
17. In the event of any defsult on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand
as a reasonsble monthly rental for the premisea an amount at least equivalent to one-twelfth (~s) of the aggregate of the 12
monthly installm~nts payable in the then current year plus the actual amount oi the annual ts~cea~ assessmenta, water r~tes, and
_ insunnce premiums ior euch year not cover~d by Lhe aforesaid monthly paytnenta;
18. Th~t in the event of default in msking any monthly payment pmvided for herein or in the note ae~nred hereby, and it such
default is not mxde g~ood prior Lo the due d~te of the next such installment, or in the event of a breach of any other stipulations,
agreementa, conditions and covenants of this mortgage ; then in either or sny such event, the said aggre
gste sum mentioned in said
note then remaining unpaid, with interest accived to that time, and nll moneye eecui~ed herebq~ ahall become due and payabl~ forth-
with, or thenafter, At the option of aaid martgagee, aa .*ully and completely as if all oi the aaid sums of money were originally
stipulated to be ~aid on auch day, anything in said note or in thia mortg~ge to the contrsry notwithetanding; snd thereupon or ther~-
after, at the opt~on of said mortgagee, without notice or deinAnd, suit et Iaw or in equity, may be pmsccut~ as if all moneya secnred
hereby hsd matured prior to its institution. The mortgsgee may foreclose this mortgag'e, as to the amounts so declared due and
payable, and ths said premiees shall be sold to satiafy and psy the same together with rnsta, expenses, and~ aUow~ncea; in caee of •
partial forecloaure of thia mortgage, the mort~sged pi~tnises ahall be eold subject to the cnntinning hen of this mortgage for the
amount of the debt not then due snd unpaid. In such case the provi~iona of thia paragraph may again be availed oi thereafter
from time to time hy the mortgagee;
19. Z'hst the mortgag~or witl give immediate notice by maii to the mortgagee of any Sre dsmag¢ or other casualty to the prem-
ises, or of any conveyance, transfer, or chang~e of ownership of the premiaes;
20. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver
o~ the terms hereoi or of the note secured herebq;
21. "That all payments made by the martgagee to remedy a defsult by the mortgagar aa aforesaid (includinR rea~sonable attor-
ney's feea) shall be added to the debt secui•ed by Lhis moi~tgage and shall be repaid to the mortgagee upon demand. Any such ~um
and inLerest thei-eon at the same rate as pi•o~ided in the note secured hereby shall be a lien Qn the premises, prior to any other lien
attaching or a~cruing subsequent to the lien of this mortgsge;
22. That the mailing of a w-ritten notice or demand addressed to the owner ot record of the mortgsged premieea, nr directed to
the said owner at tho last addresa sctually furn~ghed to the mortgagee, or directed to said owner at ga~d mortgaged premises, and
mailed by the United States mails, shall be aufl3cient notice and demand in any case arising under this instrument and required by
the praviaiona h! reof or by law;
23. 7'haC the mortgagor will not volnntaritq create or permit to be created sgainst the property subject to 4~is mortgage any lien
oi• liens inferior or superior to the lien of this mortgage and further that it will keep and mainta~n the same tree irorn the claim of sll
persons supplying labor or materials which will enter ~nto the conatruction of any and all buildings now being ereeted ox to be erected
on said premiae~;
24. That the funds to be advanced herein are to be nsed in the conatniction of certain improvementa on the lsnds herein described,
in accordance with a building loan agreement between the mortgagor and the mortqagee dated ?~j3~II1b(.'T ''2~, 198~J , which
building loan agreement (except such part or parts thereof as may be inconsiatent herewith) is incorporsted herein by reference to
~ the same extent and efl~eci as if fully set forth and made a psrt of this martgage; and if the construction af the improvementa to be
~ made pureuant to said building loan agreement ahall not be carried on with reasonable diligence, or ahall be discontinued at any time
for any reeson other than atrikes oi• lock-outs, the anortgagee, after due notice to the mortgagar or any subeequent owner, is hereby
invested with f~ll and complete authority to enter upon the snid premiees, em~loy watchmen to protect such improvementa from
depredation or injury snd to preserve and protect the personal prap+erty there~n, snd to continue ~ny and sll 4utat,~?nding contracts
for the erection and eompletion oi said building or buildings, to make and enter into any contracts and obligationa wherever neces-
. sary, either in its own name or in the name ot the mortgaqor, and to pay and diacharRe all debts, obligationa and liabilities incurred
thereby. All auch auma so advanced b~ the mortgegee (excluaive of advanees of the Cn•incipal of the ~ndebtedness aecured hereby)
shall be added to the principal of the indebtednesa eecured hereb • and ahall be secured by thi~ mortgsgre and shall be due and ~ayable
on dem,nd with intereat at the rate of the same i•ate as provi~ed in the note secured hei~eby, but no auch advancea shall be ~naured
unless same are apeci~cally approved by the Federal Aousin~ Commissioner prior to the making thereof. The principal sum and
other char~ges provided for herein shaU, et the option of the mortgagee or hotder of this mortgage and the note secured hereby, become
due and paysbla.cut Lhe failt~re o~ the m9~'kgagor to keep and perfoi•m sny Qt the covenanta, canditiana, and agreements of said build-
ing loan ~?greemen~ Thia covenant ahaH be terminated upon the compietion. ot the improvements .to the satiafaction of the mort-
gagee ~?nd the mal~ug of the flnal s~dvance as provided in said building loan agteement;
2b. The covenanta herein cnntained shall bind, and the beneflta and advantages ahall inure to, the respective sueceesora and
assigna oi the ps?rties hereto. Whenever uaed, the singulxr nuxnber ahall include the plurai, the plural the aingular, and the use of
any gender ahsll inelude ali g~ndera.
eoaK ~.27 36~