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Home My WebLink About0039 n.n. 300~ 5 39 under (b) o{paragnph 2 ~reeedif1J' ai.at nOlt be n'.lftlcient to pay ,round rent.., taxes and uaes;lmenta anJ iMuranee l'remi~ aa the c.ue may be, v'hen the u.me wll beoome due anc; ~yable, then the m.)rlZ~iOr ahall pay to the mcrtgaaee any amount n~eau.ry to mt.k., up the deficiency, on or befort' the dati; ~nf"n paym~m ,jf suc..'l m'ound reI''U, t&xI!8, a.aaeMInenta. or inauranCt" premi.uma ahall be due. If at any t\m~ the morigagOJ.' ah&11 ten<hr to th~ mortpgee in accordauce with the pNvi8~ona of the note 8ecured hereby, full payment of th~ entire nwebtedlleaa ~p~ilted thereby, the mortgagee shall, in com- ptltina the amount of such indebt€dneu, credit to tha accoun, (If the mort!l&iOr all pa~'ments made under the providiona of (a) of ~lU'agnph 2 hereof which '~he morta'agee iuu not become obhgated to pay V> the Fedeul Houaing CommiYioner and any balance remaining in ta'1e funda acC'wnulated under thE: prov!sioJlL Of (b) of saId parl\iraph 2, If there ahall be a default under any of the provisions of this mortgage, n;- 8ulti~ iil 8 public sale of the premises covered hereby, or it the mortgagee acquires the property other- wi8e after defauit, the 1001 tgageP. 8hall apply, at the Ume of the ccmmencement of ,.u~h proceeding/; or at the time th6 property i8 o~e!'wiae acqui~, ~e balance th~n remaining in th::! funela accumulated under (b) of pua,ttaph 2 preceami. as a cre<ht agatnst the amount of principal then remaining unpaid under aaid note and shall properly adjuat any payments which shall have been maue und~r (a) of said paragraph. 4, ThAt he will pay all tax~ &88e68Illents, water rat;(>a, and other governmental or municipal ('harges, fines, or imp08itiona, for which provision hu !Lt been made hereinbefore, alld in1efault thert:<lf the mort- gagee may pay the ~ame ; and that he will promptly deliver the official receipts the!'efoi' to the rr.ortgagee. 6, That he will pe~it, commit, or 8uff~~ no waste, impairment, or deterioration of said property or any part t..nereof; and rn the event of, the failure of the mortgagor to keep the buildings on saio premises and thoae to be .erecte:d C?n ~d pr~~, or improvements thereon, in good cepai.', the mortgagee may make such repairs 8llm Ita discretion lt mAY deem neceMary for the proper preservation thereof, and the fuli amount of each and every lIuch payment 8hall be immediately due and payable, and shall be secured by the lien of this mortgage, 6. That ~ will pay all and sing\.lar the coata, charges, and expenses, including reasonab;e lawyer's fees, and costa 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- ill80ry n;>te and thid mortgage, and said costa, charges, and expenses shall be immediately due and pay- ab!e awd ahall be secured by the lien of this mortgage, 7. That h<l will keep the improvements now existing or hereafter erected on the mortgaged property, iD.!lured &8 may be requi!'ed from time to time by the mortgagee against los8 by fire and other hazards, C8Sllalties, and contingencies in 8uch amou.lta and for such period8 &8 may be required by mortgaj{ee, and _will pay promp~ly, when du~, ~ny premiumg on such ~J18u~ance for \la;lrment of which provision has not ~n roach! here1Obefore. Ail 10Sllrance 8hall be carried 10 compames approved by m0rtgagee Rnd the policies and renewals thereof sha!l be held by mortlagee and have attached thereto loss phyable clauses in favor of p.nd in fonn acceptable to the ITlortgagee. In event of ioss he will give immediate notice by mail to mortg~gee, and mortgagee may make proof of 1088 if not made promptly by mortgagor, alid each insurance company concerned is hereby authorized and directed to mak(; payment for such 1038 directly to mortgagee instead of to mortgag0r and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at ita option either to the reduction of the indebtedness hereby securP.d or to tht! restoration or repair of the property damaged. in event of foreclosure of this mortKBge or othp.r traJ18fer of title to the mortgaged property in extinguishmtnt of the indebtedness 8ecured hereby, all right, title, and interest of the mortgagor in and to any insurance p':.licies then in force shall paaa to the purchaser or grant2e. 8, That th~ mortgagee may, at any time pending a suit upon this mortgage; apply to the court ~Iav- ing jurisdiction thereof for the appointment of a receiver, and such court shan forthwith appoint a receiver of the premises covered ilereby all and singular, including all and 8ingular the income, profits, issues, and revenues from whatever 80urce derived, each and every of which, it being expressly under- stood, is hereby mortgaged &8 if specifically 8et forth and describeJ in the granting and h.abendum clauses nereof. and 8uch receiver shall have an the broad and effective functions and powers in any.....is~ entruated by a court to a receiver, and such appointment shall be made by such court as an admitted E:--4uity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the valye of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such renta, profita, income, if-SUes, 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 '1lortgagor 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 (lAz) of the aggregate l)f the twelve monthly installments payable in the then current year plus the actual amount of the annual ~es aMessments, water rates, and insurance premium8 for such year not covered by the aforesaid monthly paymehts, 9. The mortgagor further covensnts that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~Q DA y~ fro~ the date hereof (written st:.tement of any officer of 4he Federal Housing Adr01nlstrahol1 or authoTlzed agent of the Federal HOU8ing Commissioner dated subsequent to the ~'Cl n" v~ time from the date of this mortgagp" declininp; to insure said note and this mortgage, ~rng- .aeet>ned conclusive prvof of sllch in- eligibility), the mortgagt!e or the holder of the no16 may, at ita option, declare all sums seem.ed hereby immediately due and payable. 10. That (a) in the event of any breach of thil\ mortgage or default on the part of the mortgagor, or (0) in the event that any of said 8ums of money herein referred to be not promptly and fuliy paid with- out demand or notice, or (c) in thl:! event that each and every the 8tipulatioJ18, agreements, conditio~s, and covenznts of said no~ and thia mortgage, are not duly, promptly, and fully performed; ~hen 10 eithd or any such event, the aaid aggrEgate sum mentioned in said note then remaining ~npald. v.:ith intereat accrued to that time, and all moneys secured hereby, shall become due and payable forthWith, or thereafter, at the option of said morlg&gee. &8 f'l11y p.nd completely as if all of ~he said sums of money were originaHy 3tipulaW to be paid on such day, anything in 6&id note or in this ~ortg&ge t? the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, wlth'nt n,)~lce or ~e".'an~, lUit at lz,w or in equit;, may be prosecuted as if all moneys secured hereby had matured pnor to lts IIlst.- tution. The In:Jrtp;agee mBY fo..~loae this .nortgage, a.8 to the ~ount so d~lared due and payable, and the said premises shall be 11011 to sat~fy and ~y the same toget.'ler ~th CV8ta, expe,IUles, ~nd allowanc~, In cue of partial foreeloaure of tbs n,ortgage, the mortgaged premises shall ~ SOld 8ubJect to the ;;1)n- tinuin,-' lien of this mortgage for the amount of the debt not t.'len due and u!lp&ld. In !l.Ich case the pro- vi.3ioM of this paragraph may again l::~ availed of thereafter from time to tlme by the mortga~ee. 11, That thp. mortgagor will give immediate notice by mail to th~ morlpgee of any conveyance, transfer, or change of ownership of t~e premi8eiJ. 12. That no waiver of Any cov~nant herein or of the obligaHon tlecured hereby ahall !ilt any Ume ~here&fter be held to be a waiver of th~ tenus hereof 01 .--,f the ncte MCured hereb)'. iLl ,....~--~