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Home My WebLink About0332 5 3:32 llIider (b) of paugrAph 2 vreceding ahilI'not.be auMci~nt to PAY grour.d rer.~, taxes and assessmen~g A~ld msurance premiurr.s, aa thE: cue may be, when the aame shall becom~ due and payable, then the ffiwtgago::" shall pay to the mortgagee any uIllount neceAaa;-y to make up thl' deficiency, on or before the date when payment of such ground renta, tues, M8P~8lllenta, or insurance premiums shall be due. If at any time the mortgagtlt shall tender to the mortgagee in l\Ccordamce ,vith the provi:::ions uf thE' note secure-d hereby, full rayment of the entire indebtc-dneM rt>preaenteO therE:by, the mortgagee shall. in ('om- puting the amouf!t of auch indebtednesa, credit to the account of the mortga;;ror all payments made unde\" thl' provisions of (a) of paragraph 2 hereof which the mortgagee haa not become obligp,ted to pav to_ the FeJeral Housinit Commia&ioner and any balr-nce remaining in the hnds accumulated under the pronswns of (b) of said pan.graph 2. If thtH"e sh!lll be a default under any of the provi3iOnB of this rr.ortgage, rt:- suiting in a public sale of the premises covered hereby, or if the nlOrtgal{ee acquirea the prv;Jcrty other- wise after default, the mortgagee shall apvly, at the time of the commencement of slOch proceedinRs or at the time the property is otherwise acquired, the balance ~r.en remaining in the funds accumulated ulHler (b) of paragraph 2 preceding as a credit against ~e amount of principal then, remainir.g ~Il.paid under said note and shall properly adjust sny payments which shall have b.:!en made unaer (a) of Said paragl'aph. 4. That he will PdY all taxes, aasesaments, water rates, and other govp.rnmental or municipal charges, - fines, or impos~tions, for which provisi.m has not been made hereinbefore. and in default thereof the mort- gagee may pay tile same; aad that he ""m promptly deliver the official receipts therefor to the rr.ortgaj;ee. b. That he will permit, commit, or suffer no wB.8te, impairment, or detprioration of said pi'operty or any part thereof; and in the event of the failure of the mortgagor to keep the buildings en sai(i premises and those to be erected on ssid premises, or impro;;ementa th.?reon, in good repair, the mortgaRee may make such repE\in as in its discretion it may deem necessary for the proper rreselvation thereo~, and th<! full amount of each and ever)' such payment shall be immediately due and payable, and shall be secared by the li"ll1 of this mortgage. 6. Th"lt he will J>lt.y all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and C08~ of abstracts of title, incurred or paid at any time by the mortgagee because of the fail~re on the pa..rt of the mortgagor promptly and fully to perform the agreementa and covenants of said prom- issory note and this mortgage, and said costa, charget', and expenses shall be immediately due and pay- able and thall be secured by the Hen of this mortgage. 7. That he will keep the improvementJ.. now existing or hereafter erected on the mortgaged property, insured as may be reqi.llred from time to time by the mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required b)' mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of whid. provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policiefi and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company cor.cerned i~ hereby authorized and directed to make payment for such leas directly to mortgagee instead of to mortgagor 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 secured or to the restoration or repair of the property dam&.ged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged propi!rty in extinguishment of the indebtedness secured hereby, all right, title, and inwrest of the mortgagor in and to any bsurance policies then in force shall paas to the purchuer or grantee. S. That the mortgage\! may, at any time pending a ouit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a r~eiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and llingular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, ia hereby mortgaged as if specifically set forth and described in the granting and habendum clauses herMf, and such rt>eeiver Ilh.~! have all the broa d and effective functions and powers in anywise entrusted by a court to a receIver, and s..tch 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 tile value of the property mortgaged or to the 801vency or insolvency of said mortgagor or the defendsnta, and that such rents, profit8, in~ome, issuea, and revenues shall be applied by such receiver according to the lien of this mortgage and tile practice of such court. In trie event of any default on the part of the mortgagor hereunder, the mortgagor agreE'S to pay to the mortga~ee on demand as a reason- able monthl;v rental for the premises an arno.mt at least equivalent to one-twelfth n/12) of the agg,.egate of the twelve monthly iIl8tallmenta payable in the then current year plus the actual amollnt of the annual t.a>:es, assessment.e, water rates, and inBurance premiums for such year not covered by the 2.foresaid monUlly payments. 9. The mortgagor further covenants that should this mortHage and the note secured hereby not be eligible for inaurance under the National Housing Act within ;;sO DAYS from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commisaioner dated subaet:luent tIJ the 30 Dt,\'S time from the date of f.lis m?~~, declining to insure said note e.nd U;ia mortgage, be.ing deemed conclusive proof of such in- ehglblhty), the mortga~ or the holder of tile note may, at Its option, d!.'c1are all sums secured hereby immediately due and payable. 10. That (a) in th" event .of any breach of thia mortgage or default on the part of the mortgagor, or (b) in the even~ that any of said surna of Trone;; herein referred to b-e not promptly and fully paid with- out "'emand or notice, or (c, in the event that each and every the ItipulatiollS, &greenlenta, conditions, and covenanta of said "ote and thia mortrage, are not duly, promptly, and fully perfonned; then in either or any anch event, the said llKgrecate awn mentio.-:ed in said note then remaining unpaid, with int.ere.t accrued to that .tima, an~ all moneYI aecured hereby, ahall become due and payable forthwith, or thereafter, at tile 'OptIon of 6&l~_mortp.gee, aa fully and completely as if all of the said sums of money were originclly ltipulated to be paul Gn IUch day, anythlnOI in said note or in this mortg~ge to the contrary notwithatanding; and th~re;"pOn or thereafte~, at the option of said mortgagee, witnout notice or demand, luit at law or in (;quity, may be proaecu~ &I If all mOMya aecured hereby had matured prior to ita inati- tution. The mortgagee may !vt'eCloae UllS mortgaae. u to the amount 80 declared due and pay&ble, anti the a&id premiaea shall be IOld to aatlafy and puy the sarne togdher with costs, e;fpenSe3, and allowan~. In case of parliallorecl03ure of ~ia mort~age, th! mortgaged Jl!'emises !Shall be sold :'lU~ject to th6 con- tinui~ lien of U1i1 mOl't.pge for ~e ~~ur~t of the debt not then due and unpaid. !n such case the pro- viaiona of this paragraph may ~y: be anlled of thereafter f.rum time tv time by the mortgagee. 11. Tnat the mortpa-or ~iU five immediate notice by IWlil to the mortgqee of Rny conveyancc, traMfer, or changtt of oFneralllp of the promilea. . . . .\ 12. Th5.t no waiver of any CO'.iE;nallt herein 0'1 of the c:,bligation ~tired hereby shall at allY time thcre..tter be held to be a wI.iver of th~ tenna hereof or of the note JeCuroo hcreoy. -1-