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Home My WebLink About1031 48 ~ ,., e 'r. LUC;E C,!II~f"., C'L., unde~ (t) of para~aph 2 preceding qhall not be sufficient to pay ground rents, taxes and &aaesaments and II\surance prenllums, as the ('ase may be, when th~ same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necl'&saryJo make up the deficiency, on or before the datt' when payment of such ground ren~, taxes, llS':t'gSment!l, or insurance premiums shall be due, If (it any tm1C the mortgagor shl\lI tender to the mortbagee in accordance with the provisioas of the nute st'cun'd hereby, full payment of the entire inrlebh.'t.~lless rep~esented thereby, the mortgli~ee shall. in com- PUtlll1{ t~e. amount of such indebtedness, credit to the accoun..tof the mortgagor all payments made under tI.\e, ~)rOVI~lOn~ of (a) of. p~ragraph 2 here<Jf which the mortgagee has not beeome obligated to pay to the l' eo... 1',,1 1101~Slllg CommissIOner and any balance remaining in the fundd accumulated under the pro\'isions of ~.b) ~f said pa~'agraph 2. If thel'e shall be a default 'lIH~er any of the provisionR of this mortgage, re- su.ltlI1g III a pubhc sale of the premises co'\enod hereby, or if the mortgagee acquires the property other- wise after default, the mortgaj.{ec shall apply. at the time of the comme:lcement of 'luch pr~et't.lings or at the time the pro()(>rty is otl1l'rwise acquil'L,<I, the balance then remaining in the funds accumulatt'd l:nder (b) of paragraph 2 preceding as a credit against the amount of principal then remaining u!:pald tinder said note and shall properly adjust any payments which shall have been made under (a) of said paragraph, 4. That he will pay all taxes, assessment~<;, water rates, and other governmental or municipal charges, fines, or Impositions, for which pro\'ision has not been madl' lwn'inbefore. and in default thereot the mort- gagee may pay the s.Ulle; and that he wilJ promptly deli\'er the ufficial receipts therefor to the rr.ortgagee. 5, That he will Iwrmit, commit, or sllth'r no waste, imp:~irn1l'lIt, or deterioration of said prop:>rty or allY part thereof; and in the eH'nt of the failure of the mortgagor to keep till' bllildinl{s on sai(i premi:H's and those to be l'rected un said p.emisf", or improH'nwl\ts then'on, in good repair, the mortgagl'(' may make such repairs as in its discretiol\ it , cay dt't'lll necessary for the proper pn'ser\'ation thereof, and the full anH?Unt ,!f each and e\'ery such payment shaH be immedi~\tely due and pay~~le, and shall u_e secured by the \Jen 01 thIS mortgage, . 6, That he wilJ pay alJ and singular th~ costs, chargt's. and expenses. inrluding reasonaule lawyer's fet's, and costs of abstracts of title, incurred or paid at any tinw by the nlOrtgagt'e l){'cause of the failure on the part of the mortgagor promptly and fulJy to perform the agn't'lllt'nts and con'lwnts of said prom- issory note and this mortgage, and said co:-.ts. char&"es, and ~penses shailbe immediately due and pay- able and shall be secured by the lien uf this mortgage. 7. That he wilJ keep the impro\'enwnt..<; now existing or hereafter erected on the mortgaged property, insured as may be required from tillle to time uy the mortgagee agaillst loss by fire and other hazards. casualtit's, and continl{t'ncies in such amounts anll for such periods as may be required by mortgagee, and wilJ pay prcmptly, when due, any prellliulIIS Ill: :>Ul'll insuralice for paynH'nt of which pro\'ision has not been made hereinlll'fore, All insurance shalJ be carried in companies appro\'ed by mortgagt'e and thl' policies and rerwwals thereof shaH be hell: by mortl{agee and ha\'e attached thereto loss payable dauses in favor of and in form aC('t'ptable to the mortgagee>, In e>\'ent of loss he wilJ give immediate notice by mail to mortgagee, and mortgagee Illa~' make> proof of loss if not nwde promptly by mOl.t~agor, and l'ad~ insurance company concernl'(l is lWrI'by authorized and directed to make payment for such luss directly to mortgagee in>~tl'.\(1 of to mortgagor and mortgagee jointly, and the insuran~(' proce>eds, or any part thl'n'of, may lw applit'd by nlort~al{l'e at its option t'ither to th'~ reduction of the indebtt'dness herl~hy secured or to the restoration or l'f'!>air of the pl"l'pt'rty damagl'd, In event of foreclosure of this nwrtgage or other transfer of title to the mortgagl'd property in extin~uishnH'nt of the inllPbtedne>ss secured hereby, all rij.(ht, title, and interest of the mortgag0r in and to any insurance policies then in force shall pass to the purchase>r or grantee, ?t That the mortgagee may, at any time pending a suit UPOIl this mortgage, apply to the court hav- ing jurisdiction thereuf for the appointment of a recei\'er, and such court shall forthwith appoint a receiver of the premisl's co\'ered lwrt'by all and sinl{ular, including all ann sinJ.>:ular the income, profits, issues, and revenues from whate\'er source deri\'ed, each and e\'t'ry of which, it being expressly under- stood, is hereby mortgaged as if spccifically set forth and described in the granting and habendum clauses hereof and such I'l'ct'in'r shall have all the broad and effective functions and powers in all\'wise t.ntrusted by a court to a receiver, and sllch appointment shall be made by such court as an adn1itted ('{luity and a matter of ahsolutt' right to sain mortgaget', ami with(Hl~ referellce to the adequacy or inad- equacy of the \'alut' of the propt'l'ty mortgaged or to the soln'ncy or IIlso!\.t'ncy of saId m0rtgagor 01' the defendants, and that such n'llts, profits, inconH'. issut's, and ren'lHlL'S shall be applied by such n'ceivcr according to the> lien of this mort~a~t' and the practiCl' of such court. In the e\'ent of any default on the part of the m()rt~a~or ht'n'urICh'r, tlw m()rtga~or agl'l'l's to pay to the mortgagee on demand as a rea!'on- able monthiy rl'ntal for tht' premis('s an al\1ount at Jtoast equivalent to olH'-twelfth (Il~) of the aggregate of the tWt'l\'e monthly in.;tallnil'nts payablt> in the then current year plus the actual amount of the annual taxes assl'ssments, watel' ratl's, and insurance pn'miul\1s for such year not covered by the aforesaid monthly payments. 9, The mortgagor furthe>r co\'enants that should this mortgage a:lli the note st'cun'd Ill'l"l'hy not be eli~ible for insurance undt'r the> :\ational Housing Act Within 60. n,c~Y8 from till' datt' h~reof (written statement of an\' o!lit:er of the Federal HOUSIng Allrnllllstraflon or authol'lzed a~l'nt 01 the Federal Housing COlllmi,,~i()ner dah'd subsequent to the :, ~'...tt' :JL.ld tinw from the date> of this mort~age, dedinin~ to insure said note and this murtl{a~(', IWlIlg dl'."I\1l'd concluslH' proof of such \11- eligibility), the mortga~ee or the holder of the note may, at Its optIOn, "I'c1are all sums secured hereby immediately due and payable. 10, That (a) in the e\'ent of any brt'ach of this mortgage or default on the' part of the mortgagor, or (b) in the en'nt that allV of said sums of money herein ref('ITed to hl' .not promptly and fuily paid.\~'ith- out demand or notin" or (c) in the event that each and every the stIpulatIOns, a~n?emeats, conditions, and covenants of said note and thi3 mortgage, are not dul~', prull111lI~', and fl1l1~' performl'd; then in either or anv such \'v::nt. the said 3g~reK:it.. :;um mentiol1('c! in sa;d lIote th:'ll rt'mainil1l( unpaid, with interest accrued to that tinw. and all moneys secured hen'by, shall l)(,l'(lme dill' and jla~'al)1l' forthwith, or thereafte>r, at the opti(il1 of said mortgage'.'. :\s fully ~n~ ::o~pl('t('b' asif al~ of thl' said sums of money we>re originally stipulated to be paid on such day, anythll1~ 111 sa\(l :,ot.. or 111 thiS ~ort~:\~e to the> contrary notwithstanding; and thereupon or thereafter, at the opt\()J1 of said mortga;;w('. Without notIce or den.1an~, suit at law or in equity, may be prosecuted as if all moneys secllred he>reby }:ad maLI\ed pl'lor to I~S II1stl- tution, The mortgagl'e may foreclose this p.lOrtll.ag-e>, as to the amoun.t so oeclal'l'd oue and pa~'rt')I,,,, and the said piemlSI'S shall be sold to satist\ and pa~' t:1e same to~('ther \~'Ith costs, expenses, and alluwances, In case of partial foreclosurl' of this mortgage, the mortgaged prl'mIS'~S shall he sold subJ._'ct to the con- tilltling lipn of this mortg-age for the amount of the dd~t not Own d,:,c and u.npaid, ~n such case the pro- visions of this paragraph may again be availt:d of th~re>aftl'r fr(lrr, tl.Dle to tIme by th~ mortgaget; 11, That the mortgagor will gin' immediate notice by mail to the mortgagee of any con\'eyanc~, transfer, or change of ownership of the pi emises, 12, That no wai\'er of any co\'enant hpr~in or of the obligation seet:red hereby shall at any time thereafter be held to be a wai\'er of the tet ms hl'reof or of the note secured hereby,