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HomeMy WebLinkAbout0386 - 0- R, 8Dr:~ 5 38t-i - <: T. L~IC~ C '\.INTY. rL~. under (b) of paragraph 2 pr~eding z;hall not be lluilkient to pay ground rentt:, tAxeaand aa3eMm~nUl and ineurance p..emiuma, 8J5 the caae may be, when the same shall become due ~nd payable, then the mGrtgagor shall pay fA) the mortgagee any amount ::e..:eMAlY to make up the deficleocj', un or before the date wt:en payment of such ground rents, taxea, USe!.<1,m.entB, or insuran~~ premiums, ~hall be due, If at any time the mortgagor shall tender to the mortgagee 10 l'oCcordance Wlth th€ prOVlswns of t~e n0te secured hereby, full pa,rment of the entire inc.ebtednesa repre4ented thereby, the mortgagee shall. 10 com- puting the amount of such inde':>tedneM, credlt to the account of the mortgagor all parOlents made under the provisions of (a) of paragraph 2 hereof which tho 'lC'rtgagee has n:>t become obligated to pay to the Federal Housing Commisaioner and any balance remaining in the funda accu~u,lated under the provisions of (b) of sp,id paragraph 2. If thel'e sht21 be a default under any (If the prOV1SlO'l8 of tbs mongage, re- sulting in a public sale of the prem:sea covered hereby, or ir the mortgagee acquires the prop~rty other- wise after default, the mortgagee 9hall apply, at the time ofthe commen:p.ment ohuch proceeciings 01 at the tim~ the properLY is otherwise &C'-Iuired, the bal&llce then remainir.g in the funds accumulated under (b) of paragraph 2 preceding 8J5 a credit against the amount of principal then remaining unpaid under aaid note and shall properly adjust any pr.ym~nts which shall have ~n made under (a) of said paragraph. 4. That he will pay all taxes, a.sse88Il1ents, water rates, and ul;.her govemm('ntal or municipal dU'.rges, fines or impositions, for which provisiun has not been made hereinbefore, and in default thereof the mort- gag~ may pay the same; and thai. h~ will proroptl,v deliver the official recdpts therefor to the n:ortgagee. 5. That he will permit, commit, or sutter no waste, impairment, or deterioration of said property or fillY part thereof; and in the event of the failure of the mortgagor t{) keep the buildings on saici premises and those ~.... be erected on said premises, or improvements thereon, in good rt'pair, the mort~ag€e may make such repairs as in its discretion it may deem necessary for the proper prl'.servation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the C08ts, charges, and expenses, including reasonable lawyer's fees, and coots of abstracts of title incur.ed or paid at any time by the mortgagee because of the failure on the part of the mortgagor prom'ptly and fully t<> perform the agfl~ements and covenants of said prom- issory note snd this mortgage, ann said C08ts, charges, and expell8es shall be immediately due and pay- able and shall be secured by the lien of this mortgage. 7. That he ",ill keep the improvements now exi8ting or hereafter erected on the mortgaged property, ill8ured 8J5 may be required from time to time by the mortgagee &gainst I08S by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly, when due, an,y premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have r.ttsched thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give imm~diate notice by mail to mortgagee, 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 ~art thereof, may be applied by mortgag~e at its option either to the reduction of the indebtedness hereby secured or tJ) the re'Jtoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged pr0perty in extinguishment of the indebtedness secured hereby, ell right, title, and int~rest of the mortgagor in and to any insur1\1\ce policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any tiIr~ pending a suit upon this mortgage, apply to the court hav- iTlg jurisdiction tIler-eof for the appointment 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 BOu.ce derived, each and every of which, it being expressly uncer- stood, is nereby rr.ortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effc-ctive functions and powers in anywise entrusted by a court to a receiver, ann lluch appointment shall be made by such court as an admitted equity and a matter of absolute right to ~aid 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 shaH be applied by such receiver according to the lien of this mo:1:gage and the practice of such court. In the event of any default on the part of the mortgagor h{'reur.der, the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent t<> one-twelfth n/\z) of the aggregate of the twelve monthly installments payable in the then current year plus the l!.ttual amount of the an,'ual tax~l a.ssessments, water rates, and insurr.nce premi\.ims for such year not coveted by the aforesaid rnomnly paymellts. 9. The mortgagor furth~r covenants that should this mortgage and the 110te securer. hereby not be eligible for insurance under the National Housing Act within 60 days from the date hereof (written I\tatement of any officer of the Federal Housing Administration or authorized agent of the Pederal Housing Commi88ioner dated subsequent to the atore8&.1d time from the date of this mortgage, deciining to insure said note and this mortgage, bE-ing deemed conclu3ive proof of such in- eliiibility), the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. 10., That (a) in the event of any breaeh of this mortgage or default on the ~art of the mortgagor, or (b) in the event that any of said sums 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 stipulationl~, agreements, conditions, ~d eovenant.! of said note and thia mortgage, are not duly, promptly, 8hd fully performed; then in ~lther or any such ~vent. y_.! said aggregate sum !llentioned in said note then remaining unpaid, with lOterest accrued t<> that .tlme, an~ aU m00eys secured hereby, sha1l become due Bnd payable forthwith, or thereaftc:!r, at the option of sald mortgagee. u fully and completely as if all of thl' said sums of money were.ori~nb.l!y stipul:lted to be paid on such_day, anything in said :lote or in this mortgage to the contrarY nO~ltlutandl~g; a~d theNu.pon or thereaf;.e~, at the ~ption of aaid mortgagee. without notice or demand, "'111~ at law or :n eqUity, ms~- tie pr~u~ AI If all :noneya &ecured hereby had matured prior t<> its insti- tution: The ~ortgal{;e mioy forec1~ tlU& mortgage, as to the amount 80 declarea due and payabie, p.nd the Iald prem~e4 shaJ be sold to aabsfy and pay the sa.me together with costs, expenses. and allowlI.nc.eB. I? ~ of. par-tlal. foreclosure of this mortgage, th! mortgaged premiaes ahall be sold subjec~ to the con- ti!l~nng hen ~f thiS mo!tiage tor- the ,Eit'noun.t of tt.e debt ~10t then due and unpaid. In such caae the pro- V1.IIOM of th1s plll"llgrnph may again oe aV81Jed of thereafter from time \;0 time by the mortgagee. 11. That the mortgagQl' will give immediate notice b;,- mail t<> the murtgagee of any conveyance trarusfer, or change of ownership of the pr~miJas. ' 12. That no waiver 01 any eovc,nant herein or of the obligation atclJred hereby shall at any time thereafter be held to ~ a waiver of the terms hereof or of t.~~ note aecu~'<i hueby.