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HomeMy WebLinkAbout1977 . • ~ , n.R~ ` ''~i~. . Ytti; , . ~1~~'~ ;~+[i • • • ~1 ~o• ~ i,ti ' ' , . K ~ and in~urance premiuma, aa the cas~ may be auch excess ahall be credited by t.h~ mo~~tgAgee on aubsequent pa,ymeuta to be made by the mortgAgor. ~f, however~ the monthly payment~g made by the mortgagor ~ und~~ (b) of paragruph 2 preceding ahall not be aufficient to raygr ound xents~ taxes and assessmettta and insurance premiums as the case may be, when the same ahall become due ~nd payable, then the mortgagor ~h~ll pay to t~Q mortgage~ any amount necesaary to make up the deficiency~ on or before the date whQn payment ot such ground rents~ taxes, ~~ment$, or inaurance premit;ma ahall due. If ~ at any time the mortgagor ahatl tender to the mortgagee in accordance with the provisions of the note secured hereby~ full pa,yment of tha entiro indebtedness represented thereby~ the mortgagee shall, in com- puting the amount of such indebtednesa, creelit to ~he account of the mortgagor all pa~?ments made under the proviaiona of ~a) of paragraph 2 hereof which the mortgagee has not become obl~gated to pay to, the Federal Houaing Commisaioner and any balance remaining in the funda accumulated under the provisions ~ of (b) of aaid pa?ragraph 2. If thore ahull be a default under any of the pmvisions of this mortg~~ge~ re- aulting in a public sale of the premises covered hereby~ or if the mortgsges acquires the property other- ' wise after default, the mortga~ee shall apply, at the time of the commencement of such proceeciinga or at the time the property ia otherw~se acquired, the balacice then remaining in the funds accumulated under (b) of paragraph 2 preceding a~ a credit against the amount of principal t~ien remaining un~aid under Said note and shall properly acijust any payments which ehsll have been made under (a) of said paragraph. 4. That he will pay all taxe~, asseasmentg, water rates~ and other governmental or municigal chargea~ ftnes, or impoaitione, for which provision has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipta therefor to the mortgagee. 6. That t~e will permi~, commit~ or suffer no waste, impa[rment~ or deterioration of said property or • any part thereof ; and in the event of the failure of the mortgagor ta keep the buildi»gs on said premises : .,and thc~e to be~rected on said premises, or i,mprnvements thereon~ in gnod rep~ir~ the mortgagee may make s~ch repaira as in its discretion it may deem neceasary #or the proper preservation thereof, and the ,full amount of ~ach and every auch payment $hall be immediately due and gayable, and ahall be secured by th~ ten of t~iia mortgage, ~ ~ 6.-~'ha~ he will pay all and singular the co~ts, charges, and expense$, including reasonable lawyer's fees, and cost$ of abstracts of title~ incurred or paid at any time"by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreementa and covenants of said prom- issory note and this mortgage, and said costs~ charges, and expenses ahall be immediately due and pay- able and ah~ll be secured by the lien of this mortgage. 7, 'T'hat he will keep the improvements now existing or hereafter erected on the mortgaged property~ insured as•may be required from time to time by the mortgagee against losa by fire and other hazards, casualtie`s, and contingencies in such amounts and for auch periods as may be required by mortgagee~ ; and will pa~ promptly, when due, any premiums on such insurance for payment of which provision has ; no~,bee~ made~here~nbefore. All insurance ahall bE carried in companies approved by mortgagee and ; the'polici~;;ar.d• renewals thereof ahall be held by mortgagee and have attached thereto loss payab!e ~ ~ clauses~in favor of and in ~orm acceptable to the mortgagee. In event of loss he will give immediate ~ ~ nbtis~ by,m~'il to mortgagee, and mortga~ee may make proof of loss if not made promptly by mortgagor~ ~ ~ndi~e,~ach insurance company concerned is hereby authorized and directed tA make payment for such ~1Qss directlx•to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds, or , an~r part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness he=eby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishme:lt of the indebtednesa ~ecured here~+y, all right, title, and interest of the mortgagor in and to any insurance policies then in force ehall pass to the purchaser or grantee. ~ 8. That the mortgagee may, at any time pending a suit upon this mortgage~ apply to the court hav- a ing juriadiction thereof for the appointment of a receiver, and such court shall forthwith appoint a r~ceiver of the premises covered hereby all and singular~ including all and singular the income~ profits, . issues, and r~venuea from whatever source derived, each and every of which~ it being expressly under- atood, ia hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses hereof~ and auch receiver shall have all the broad and effective functions and 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 matter of absolute 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 insolvency of said mortgagor or the defendanta, and that such rents, profits, income, isauea~ and revenues ahall b~ applied by such receiver ~ - according to the lien of this mortgage and the practice of such court. In the event of any default on th~ ~ part of tl-~e mortgagor hereunder the mErtgagor agreea to pay to the mortgagee on demand as a reason- able tnonthly rental for the premises an amount at least equivalent to one-twelfth (y1z) of the aggregate ~ of the twelve monthly installments payable in the then current year plus the actual amount of the annual : taxes assessments, water rates. and ineurance premiums for auch year not covered by the aforesaid , naont~ilY na?Yment~. : ' ~ = 9. The mortgagor further coven~nta that should thia mortgage and the note secured herebynot be ' eligible for insurance under the National Housing Act within 30 days from the date hereof (written statement of any officer of the Federal Housing Administration ~or authorized agent of the Federal Housing Commissioner dated subsequeht to.the aforesa id time from the date of this k ~ mortgage; declining to insure said note and. thia mortgpge, being deemed conclusive proof of such in- , eligibility), the mortgag~ee or the holder~ of the note may, at its option, declare all sums secured her~by immediately due and payable. 10. That (a) in the event of any breach of thia mortgage or default on the part of the mortgagor, or (b) in the event that any of said sums of mouey herein referred to be not promptly and fully paid with- out demand oi• notice, or (c) in tlie event that each and every the stipulations~ agreements, conditions~ ~ and ~ovenants of said note and this mortgage, are not duly, promptly~ and fully perfoi~ned; then in ~ either or any such event, the said aggregate sum mentioned in saic~ note then remaining unpaid, with ~ ~ interest accrued to that time, and aii moneys secured hereby, shall become due and payable forthwith~ ` or thereafter, at the optio~i of said mortgagee, as fully and completely as if all of the said sums of money ~ were orginally stipuluted to be paid on such day, anything in said note or in this mortgage to ~he contrary F notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, ~ suit at law or in equity. may be prosecuted as if ali moneys secured hereby had matured prior to its insti= ~ tution. The mortgagee may forecloae this mortgag~e, as to the amount so declared due and payable~ and ~ the said premises shall be sold to sati$fy and priy the same together with costs, expenses~ and allowances. - In case of partial foreclosure of thi$`mortgage~ the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- E visions of thie paragraph may again be availed of thereafter from time to time by the mortgagee. 11. Thst the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, ~ transfer, or change of ownemhip of the premises. - ~ ' 12 That no waiver of any covenant herein or of the obligation securecl hereby shall at any time ' ther~fter be held to be a waiver of the terms hereof or of the note secured hez~ ; ! st