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HomeMy WebLinkAbout0787 - - q. LUCIE C(lutr:'~\ ru. under (b) of pa::agraph 2 preceding ahall not be sufficient t~ pay ground renta, taxea and uaessmLDta :md il18urance premiums, as the ca.se may be, when the same shall become due and payable, then the mortgaKor .lhall pay to the mortgag\.'e any &Mount n~edM.rY to make up the deficiency, on or before the date when payment of such ground rents, taxe.", &8ScsSJn.enta, or in!-urancE' premiums shall be due. If at any time the mortgagor shall tender.to ~t! mortgagee ~n accorda~ce with the provisions of t~e J~ote secl'red her~by, full payment of the el.tlre mdebtednes.'1 represented titereby, the mortgagee shall, In com- puting the amollnt of such indebtedneS8, credit ~o the account of the mortgagor all paym~r.t8 made :.:nder the provisions of (a) of paragraph 2 hereof ""hlch th~ :no~gagee has not become obligated to pay to the Fedei"al HO'..lsiIli" Comm:ssioner and eny balance remalDm~ m the funds acr.umulated under the pro\"isiolis of (b) of said paragraph 2. If thel'~ shall be a default unde.r any uf the provisioIls of this mortgage, re- sulting in a public sale of t~le premlses covered hereby~ or If the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is ot!'.erwise acquired, the balance then remaining in the funds accumulr.ted under (bj of paragraph 2 preceding.as a credit agaillst t~e amount of principal then remaining unpaid under said note 8Jld shall properly adjust any payments whlch shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water ral€s, and other governmental or municipal charges, fines, or impositions, for which provisi~n has not been !llade herein'?efore, and in default there<>f the mort- gagN' may pay the same; and that he wlil promptly deh':er the officlal receipts therefor te the Jr.ortgagee. 5. That he will permit, commit, o~ suffe~ no waste, impairment, or deterioration of said property or any part thereof; and in the event ()~ the fal~ure of the mortgagor to keep the buildings on saia premises and those to be erected on said premIses, ,1' lmp.G~'e!!~"'nts thereo:l, in good repair, the mortgagee mav make such repairs as in its ciiscretion it may deem nec~ssary .for the proper preservation thereof. and th-e full amount of each and every such payment shall be lmmedlately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and. ping;ular the costs,. charges, a.lld expenses, inc.luding reason,.ble lawyer's fees, and costs of abstracts of title, mcurred or pald at any tlme by the mortgagee because of the failure on the part of the mortgagor promptl~. and fully to perform the agreements and covenants of said prom- issory note and this mortgage, and saId costs, charges, and expenses shall be immediatelv due and pay- able and shall be secured by the lien of this m0rtgage. . 7. That he will keep the improvements now existing or hereafter ereded on the mortgaged propertv insured as may be required from time to time by the mortgagee against loss bv fire and other hazard"s' casualties, and contingencies in such am')u~ts and for such periods as may be required by mortgagee: and will pay promptly, when due, any premlUTnS on such insurance for pSlyment of which provision has not been made r.ereinbefcre. All insurance shall be carried in companies approved by mortgagee and the policies and renewa!s thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and m form acceptable to the mortgagee. In event of loss he will give imr.lediate notice by mail to mortgagee, and mortga~ee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned IS hereby authorized and directed to wake payment for such loss directly to mortj;';agee instead of tv mortgagor and ~ortg<:Lgee jointly, and tht in~urance proceeds, or any part thereof, may be appherl by mortgagee at Its optIOn eIther to the reduction of the indpbtednes:> hereby secured or to the restoration or repair of the property damaged. In eveOlt of foreclosure of this mortgage or other transfer of titl~ to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, aOld interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a receiver, and such CG....t shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, pro/its, 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, and 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 adequac~' or inad- equalY of the value of the property mortgaged or to the solvency or inso!\'ency of said mortgagor or the defendants, and that such rents, profits, income, issues, and revenues shall be applied by sllch recei"er according to the lien of this mortgage and the pract ice oi 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 (1,1:/) of the aggregate of the twelve monthly installment~ payable in the t~en current year plus the actual amount of the annual taxes; assessments, water rates, and insurance p!'emiums for such year not covered hy the aforesaid montnly payments. 9. The mortgagor further covenants that should this mo rtg~ge anu the note ,.;('cured hereby not be eligible for insurance under the ~ational Housing Act within bO c.aye from the date hereof (written statement of any officer of the Federal Housin6 Administration or authorized agent of the Federal Housing Commissioner dated subsCl.___~nt to the afo::.'cea1d time from the date of this mortgage, declining to insure said nete and this mortgage, being deernC'd conclusive proof of such in- eligibility), 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 breach of this mortgage or default on the part 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 (e) in the event that each and every the stipulations, agreel'.lents, conditions, and covenants of said note and this mortgage, are not duly, prompt1~". ami fully performed; then in either or any such event, the said ag6regatp sum mentioned in said note then :-emaining unpaid, \,'ith inl€rest accrued t(\ that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as iully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in s.lid note or in this mortgage to the ~ontrary notwithstanding: and thereupon or thereafter, at the option of said mortgagee, without notice or demand, 8u;t at law or in equity, may be prosecuted as if all moneys secured hereby had watured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shedl be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclogure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgaKe for the amount of the debt not then due and unpaid, In such case the pro- visions of thi!\ paragraph may again be availed of thereaftel frow time to t;me by the mortgagee. 11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 12. That no waiver of any covenant herein or of the obligation secuI'ed hereby shall at any time thereafter be held to b€ a waiver of the t~imS hereof or of the nol€ secured r.ereby.