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HomeMy WebLinkAbout0766 - tit <:T, lLT;E C\!:""'r, H A. under (b) of paragraph 2 precedin6 Ilhall not be sufficient to pay gro~nd rents, taxes an? as.sessments and il18urance premiums, as the case mllY i>e, when the same shall become due ~nd payable, tilen the mortgagor shall pay w the mortgagee any an~ount necessary to make up the deficiency, on or before the date \" h~npayment of such ground rents, taxes, assessments, or insursn~f' premiums. ~;Iall be dUe. If at any time the mortgagor shall tender to the mortgagee in accordance With the prOVISIOIIS of ~~e note secured hereby, full payment of the entire indebtedness repr~ented tilCreby, the1nortgagee shall, In COJl)- puting the amount of such indeb~ne&8, credit to Ole account of th~ mortgagor all parments made lInder the provisions of (a) of paragraph 2 hereof which ~he mortgagee has not become obhgated to pay ~o ~he Federal Housing Commissioner and any balance remaining in the funds accu~u-'ated und~r the pronSWllS of (b) of said pa~'agraph 2. If thel'~ shall be a default unde.r any' I)f t.he prOVlSIO!:S of thIS mortg,~ge, re- 8ul~ing in a n"~)lic sale of the prenuae,'l covered hereby, or If t.he mortgagee acqulre~ the property uther- wise after G' ~ault, the mortgag~ shall apply, at the Erne of the commencement of such proceedlllgs or at the time the property is otherwise acquired, the balance then r~maining in the funds accu'-'ulatl'd under (b) of paragraph 2 pr"Ceding as a credit against the amount of principal then remaining ~npaicl under said note and shall properly adjust any paymen~ which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines or impositions, for which provision has not been made hereinbefore, and in defa~ thereof the mort- gag~ may pay the same; nnd that he will promptly deliver the official receipts thereforto the rr.ortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said l)1'opel.t~. or any Dart thereof; and in the event of the failure of the mortgagor tl) keep the buildings on sai(j prt'mises and those to be erect~ on said premises, nr improvements thereon, in good repair, the mortgagee may make such repail's as in its discretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment shall lY~ immediately due and payable, and shall b~ ~ecured by the lien of this mortgage. 6. That he will pay all and singular the C08~, charges, and expenses, including reasonable lawyer'e fees, and cos~ of abstracts of title, incurred or paid at any time by thl' mortgagee because of the failure- on the part of the mortgagor promptly and fuily 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. 7. That he will keep the improvements now existing or hereafter erected on the nlOrtgaged property, insured as may be required from time to time by t.he mortgagee against loss by fire and other hazards, casualties, and contingencies in such am0unts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of wbch 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 attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will giw immediate notice by mail to mortgagee, and mortgagee may make proof of 105s if not made promptly by mortgagor, and each insurance con.pany 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, mt's be apolied 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 i~surance policies then in force shall pass to the purchase!' or grantee. 8. 'rhat the mortgagee may, at any tim" pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver vf the premiRes 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, ar.d such receiver shall have all the broa d 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 ~uch rents, profits, income, issues, and revenues shall be applied by such receiver acccrding to the lien of this mortgage and the practir.e 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 (II:!) 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 p~emiums for such year not covered by the aforesaid monthly payments. 9. The mortgagor further covenants that should this mo rtg'iie ::IIU the note secur~d hereby not be eligible for insurance under the National Housing Act within 60 day 8 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 af ores&1d time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof oi such in- eliiPbility), the mortgag~ 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 llny breach of this mortgage or default on the part of the mortgagor, or (b) In the event th~t any of sa~d sums of money herein referred to be not promptly and fully paid with- out demand or notlc~, or (c) In th.e event that each and every the stipulations, agreements, conditions, ~d covenants of said note and .thlS mortgage, are not duly, promptly. and fully performed; theil in ~I~er or any sllch event,. the said aggregate sum mentioned in said note then remaining unpaid, with In;;erest accrued to tha:.tlme. an~ all mon(oY3 eecured hereby, shall becon:a, due and p~yable forthwith, or ther<:a~ter, at ~he ,opdon of sal~ mortgagee, as fully and completely as If all of the said sums of money were.orlgInal~y stlpulat~d to be pdid on such day, anything in said n~te or in this mortgage to the contrary no~wlthstandl!lg; ar~d tnHeupon or thereafter, at the o~tion of ~aid mnrtgagee, without notice or demand, SUI~ at law or In eqUity, may be pro8ecut~ as if all moneys Ec<cured hereby had matured prior to its ir.sti- tution: Thr: mortgagee may forecloS;e thiS mortgag~, as to the a;rlO;Int so declared due and pa~'able, anJ the 8ald preml~e~ shall he sold to s~tlsfy and pay the same together with !:osts, expenses..J!nd allowances, I!l ~ o,f partial. foreclosure of thIS mortgage, the mortgaged premises shall be sold subject to the con- tl.n~Ing he~ ~f thiS mortgage for t~e amoilnt of the debt not then due and unpaid. In such case the pro- VISlona of ..hI.! paragraph may agam be avaikd of th(-renf~r from time to time by the mortgagee. 11. That the mortgagor will give immediate notice by mail to the mortgagee of any !:onveyance, tral18fer, or change oC ownership of the premi~. 12. That no waiver of any covenant herein I)r of the obligation Bel:ured h~reby shall at any time thereafter be held to be a waiver of the tenns hereof or of the note secureJ hereby. <-..;-".,~":"-,,,,. + ':'-'."