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HomeMy WebLinkAbout0972CL7 C~J '` z ~ o v W V _, ..~ ~~ - .~~ ~ ,,, and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be su1$cient to pay ground rents, taxes and assessments and insurance premiums. as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. if at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in com- puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public saLLle of the.fpremise~ covered hereby, or if the mortgagee acquires the property other- w i~ afar UIifNYlt, file :::^~~RO~-' AhAll aDD1V, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumuiated under (ti) of paragraph ~ preccdic-g as n e:-~•uit aap.r.st ttiC smount of principal then remaining unpaid under _..., _ _.;, -rd ~l.Rll p,.l,:,,,..1~, 4.1_~,a* gny pp~ymentx which shall have been made under (a) of said paragraph. oa..u i:~w i:.. -- - 4. T2-lat he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fi; cs, or iWY sitiena, fir which provision has not been made hereinbefore, and in default thereof the mortr gages may pay the same; and that he will promptly deliver the official receipts therefor io i.iie n,6a t~agc~. e mortgagee may n thereof, and the d shall be secured said properi.y or on said premises c ml;.^.t ha :will p«y all a::d sine»lar the enstA, ~harge~j and expenses. including reasonable lawyer's fees, and costs 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 agreements and covenants of said prom- issory note and this mortgage,- and said costs, charges, and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage. ?. That 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 loss by fire and other hazards, l;gbi.lalti(:b, and CCIltiraenci~ :% °auch ci^.xi::•^•'•s^++-°u~ °:~~ fn±~ °1»ch pQriods as may be ra~uirPd by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has • • r...-.: A!1 ;..--,.-,,.,,,~ x},.,11 }•n r.nwie.rl in rn~r•n!±nina 4nnt•nyn`1 }1S1 Tnnr4Q~ppP anal not peen moue per@IIIUCl V1 C. till laauui waa•.c w.u.. w .,«...w ... ...,..»...,.. »rr-- • -= ---'- t ,i= l,:,:i~w w.3 r':'::eivals tl,oronf shall hp hell by mnrtgaapw and have attached thereto loss sayable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgages, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby 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 extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall 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- ing jurisdiction thereof for the annnintmgnt of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall 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 defendants, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (~ 12) 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 insurance premiums for such year not covered by the aforesaid montf-ly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ! ~ pAY$ from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the ~!~. 7 Y~ time from the date of this mortgage, declining to insure acid note and t=his mortgage, being ~eemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all soma secured hereby immediately due 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 soma of money herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the acid aggregate sum mentioned in said note then remaining unpaid with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, sa fully and completely as if all of the said soma of money were originally stipulated to be paid on such day, scything in said note or in this mortgage to the contrary 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 it all moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount ao declared due and payable, and the said premises shall be sold to satisfy and pay the name together with costa, e~cpenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount o! the debt not then due and unpaid. In such case the pro- viaiona of this paragraph may again be availed of thereafter from time to time by the mortgagee. 11. That the mortgagor will ~ve immediate notice by mad to the mortgagee of any conveyance, transfer, or change of ownership o the premises. 12. That no waiver of say covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. l.-..~+4•- b. That he will permit, commit, or suffer no waste, impairment, or deterioration of any part thereof ;and in the event of the failure of the mortgagor to keep the buildings and those to be erected on said premises, or improvements thereon, in good repair, th make such repairs as in its discretion it may deem necessary for the proper preservatio full amount of each and every such payment shall be immediately due and payable, an by the lien of this mortgage.