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HomeMy WebLinkAbout0393 O.:i. ,eOl ~. ~ 3B3 ander (b) of p.ArQ~ph 2 p~ abail not be auftklent ~ pay p:ound reut6, tax. ADd UM:ltamenu ant! inaurance rremlUJtUl, r.a the. c.... may be, when the same ahall bocom~ due L.~ payable, then the morli'agor wI J'AY to the mortaqee any amoullt neceaoary to mUG up the deficiency, on or before tl>e da.te when pa)'D1ent Qf aucl\ gro~ud renu, tUeI, .aaseumentM., or ina~ance premiuma ahall be due. .! at &r.y tim,~ the mortaagor shall under.to ~e mort~ in ~ordance with the proviaiolu of the note ~ured hereby, full ~ent of thoa enti2"e mdebtedneaa replUented thereby, the mortpg8e shall in com- J)uting t.be. amount of luch indeb~L>.eM, credlt ~ the ACCOunt of l.l}e mortgqor all p~enta made under the proyialOn~ of (0.) of. ~apn 2 hereof whlch th~ ~o~ h&a not become oo11gated to pay to the Feder&.l Hou.'~ Comml8l10ner and any balance rema1Dln~ In the funrla scclJmula~ under th~ prQvisiona of (b) of said paragra.,h 2. If there ahall be a default nnder any of the provilliona of thit mortKage re- lulting i;l a public aale of th~ prem\8e8 cover~ hereby, or if the mortgagoo acquirea the 9roperty oth(:r- wise after default, the mortzl4{ee ahaI1 app~y, at the timE: of the COIl'..m&ncement of such proceedings or at the lime the property ia otherw18e acqui&ed, the balance then remaining in the funda accumulated under (b) of paragraph 2 precedini_u a credit against the amount of principal then remaining unpaid u'lder aaid ncte and liball pNperly S.djWlt any paymenta which ~hall have been made under (a) of said paraJraph. 4. That he will psy all taxea, Ul'eaament&, wat~r mte8, and other ~vernmental or municipal char gea, fines, or impositions, for which prov~ion hu not been made hereinbefore, and in default thereof the mort- i'agee mey pay the sayne; and that lit:: will promptl)" deliver the official receipts therefor to the rr:ortgagee, 6. That he will permit, commit, or !'uffer no waate, impairment, or deterioration of said property or any part th~reof; and in the event of the failure of the mortgagor to keep the buildings on saia premises and those to be erected on said prern~ea, or improvem~mta thereon, in good I~pair, the mortgagee may make such repairs as in its discretion it may deem D(~CeMarJ for the proper preservation thereof, and the full amount of each and every auch payment shall be immediately due and payablE, and ghall be secured by the lien of this lYl('rtgage.. 6. That he will pay all and singular the costs, charges, and expenSe8, including reuonable lawyer's fees, and costs of abstracts of title, incurred or paid at ~ny time by the mortgagee be.:ause of the failure on the part of the mortgal{or promptly and fully to perform the agreements and covenants of said prom- issory note and this mortgage, snd said costa, charges, and eXPE'll8es shall be immediately due and pay- able and sh&ll be secured by the lien of this mortgage. ~ 7. That he will keep the improvements now ~xUlting or hereafter erected on the mortgaged property, i~red 8.8 may be required from time to time by the mortgagee against loss by fire and other hazarda, caaualties, and contingencies in such amounts and for such periods as may be required by mortgag~, and will pay promptly, when due, any premiums on such insurance for payment of which provision haa 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 attached thereto loss payable clauses in favor of and in fot'lTl acceptable to the mortgagee. In event of 1088 he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mo.tgagor, And each il18urance company concHned is hereby authorized and directed to make payment for such 1088 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 intereat of the mortgagor in and to any insurance policies then in force I!hall paaa to the purchaser or grantee. 8. That the mortgagee nny, at any time pending a au it upun this mortgage, apply to the court, hav- itag jurisdiction thereof for the appointment of a receiver, and such court shall forth~ith appomt a receiver of the premillleS covered hereby aii and singuiar, including aU and aingular. the Income. profits, iasues, and revenues irom 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 hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to !\ receiver, ahd such appointment shall be made by such court as an admitted equity and a matU!r of absolute right to said mortgagee, and wit~ - eference to th~ adequacy or inad- equacy of the value of the property mortgaged or to the solvency 01' .Hllolvency of said mortgagor or the defendant" and that such rents. profits, income, issues, and re.enues 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 munthly rental for the prem!:.Ies an amount at least equivalent to one-twelfth 0'12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l assessments. water rates, and insurance premiums for such year not covered by the aforesaid mcmnly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insuranc.e under the National Hou8in~ Act within ~O DAY::; . from the date hereof (written statement of any officer vf the l<'ederai Housing AdmmistratlOn or authorized agent of the Federal HOWling Commiaaioner da~ 8ub.~equent to the 30 DAY~. time from the date of thia mortgage, declining to insure aaid note and this mortgage, Dein~ (f~ed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, dedare all sums secured hueby immedia~ly due and payable. 10. That (a) in the event of any breach at thia mortgage or default on the part of the mortgagor, or (b) in the event that any of aaid suma 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 aaid nr',e and this mortgage, are not duly, promptly, and fully performed; then in eit.her or an.... :luch event, the said aggregate sum mentioned in said note then remair.ing unpaid, with interest accrued to that time, and all moneys secured hereby, ahall become due and payable forthwith. or thereafter, at the option of said mortgagee, WI fully and completely as if all of the said sums of monpy weflg oi"iginaily stipulat.ed to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without ~oti:~c or demand, luit at law or in equity, m&}' be prosecuted as if all moneys secured hereby had matured prior t.) its insti- tution. The mortgagee may foreclose this mortgage, &8 to the amo1lnt so declared due and payable, and th~ ~aid premises shall be sold 1.0 satisfy and pay ti1C Shm.. ~ ,gether with costa, E:,.,,<penses. and allowanc~. In ca.ae of p<irtir.1 foreclosure of thu. mortgage, the mortgaged premises shall be Mid subject to the con- tinuini' lien of this mortgage for the amount o~ the debt not then due and unpaid. In 8uch cua thl:' pro- m:ona of this paragraph may again be availed of thereafter from time tv time by the mortgagee. 11. That the rncrtgagol. wi!! give immediate notice by mail to the mortgage-~ of Any conveyan~ tramfer, or change of ownership of the premiaea. 12. That no waiver 01 any covenant herein or of the obligation secured hereby Iihal1 l..t any time thereafter be held to ~ a waiver c! the terms her~f or of the ...vte Jecured hereby. 'r"~"'..";.b.