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HomeMy WebLinkAbout1186 ': '!' : ;:r:r ~ -:i~-Y r[ ~ -- - ,..del' (I)) uf ~.'U'&j1 .ph 2 pr~~ii!'g lahill 'not be sufficient tQ pay ~llnd renu, tAxes and uaeaaments and inaurance premiuma, all the cue may be, wht:" the same shall become due and payalJle, t~en the mortgagor ahal\ IJ&Y to the ffiortaagee Ilny amount necuaary to make up the d~fic~ency, ora or bel ore the date w~en payment of such ground rents, taxa, aMeMJllenta, or inauran~e prenuUffi8. ~hall b~ due. If at any time U.~ mortgagor shall tender to the mortgagee in accordance With the provllilons OJ: the note secured hereby, full payment of the entire indebtedncM rep~nW thereby, the mortgagee shall, III com- puting the amQunt of such indebtedness, credit ~ the account of tn.emortgagor all pa~'ments made lIllder the prQvisiQns of (a) Qf paragraph 2 hereof whIch the mQrtal\gee haa nQt becQme obhgated to pay to. the Federal Housing Commi8SiQner and .ny balance remaining in the funds i:.c',:ul~u.1ated und~r tlll' pronSlOns Qf (b) o.f said paragraph 2. If there shall bea default under any Qf the proVIsiO~S Qf thlS mortgage, re- 6ulting in a !)ublic sale Qf the premises covered hereby, or if the nlortgagee acqUires the property other- wise after default, the mortgagee sh&11 apply, at ihe time Qf the cQmmencement of ~uch lJroce('{hn~s or at the time the property is otherwise acquired, the balance then remaining in the fundg accumulate'\ under (b) Qf paragraph 2 preceding a! a credit agJ\inst ~e amQunt Qf principal then remaining ~'1paid under &aid nQte and shall properly adjWlt any payment.e which shall have been made under (a) of saId ruagraph. 4, That he will pay &11 taxes, &MeJU!ments, wa\er rat€Jl, and other government.al or municipal charges, fines Qr impositiQns, fQr which provision has not been made hereiQ.before, and in default thereof the 1l1ort- gage'e may pay the aame i and that he will prQmptly deliver the officrm rl.'Ceipts therefor to the n~ortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said propert): or any part thereof; and in the event of the failure Qf the mort~agor to keep the buildings on saio premisl's and those to. be ereded on said premises, 0.1' imprQv~ments thereon, in good repair, the mortgagee may make such repaira ail in its distretiQn it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment shall be immediately due anu payaole, and shall oe secured by the Hen of this mortgage.. 6. That he will pay all and singular the C08ts, charg~<.:. And expenses, including reasonable' lawyer'~ fees, and co.sts Qf abstracts Qf title. incurred or paid at ~ny time by the mortgagee because oi the failure Qn the part of the mortgagor promptly and fully to perform the agreements and CO\'enants of said prom- issory note and this mortgage, and said costs, charges, and ex~e8 shS\ll be immediately due and pay- able and shall be secured by the lien Qf thia mortgage. 7. That he will keep the imprQvements now existing Qr hereafter ereded on the mortgag.-,d property, insured as may be required frQm time to time by the mortgagee against loss by fire and ('ther hazards, casualties, and cQntingencies in such amQunts and fer such periods as may be r('{luil'pd by mortgagee, and will pay prQmptly, when due, any premiums on such insurance for payrr.ent of which pra\"ision has not been made hereinbefQre. All insurance shall be carried in companies approwd by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto kISS payable clauses in favor Qf and in fonn acceptable to. the mQrtgagee. In event of loss he will gi\"e immediate nQtice b)' mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance CQmpany concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the ins'lrance proceeds, or any part thereof, may be applied by mortgagee at its Qptio.n either to. the reduction of the indebtl'dness hereby secured or to the restQration or repair of the proPerty damaged. In event of foreclosun' of this mortgage or other transfer of title to the mortgaged property in extinguishrrent of the indebtedness secured herp-by, all right, title, and intereat Qf the mortgagor in Rnd to. any insurance policies then in force shall pa88 to the purchaser or grantee. S, That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing juriAdiction thereof 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 th~ income, profits, isa\les, and revenues frQm whatever source derived, ea;::h and every of which, it being expressly under- stood, is hereby mortgaged as if s~ifical!y set forth and descri~ in the granting and habendum clauses hereof, and !luch receiver shall have all the brc::. d :lnd effective functions and powers in anywise entrusted by a court to a receiver, and such appointment ,'all be made by sllch court as an admitted equity ancl a matter Qf absolute right to said mortgagee, and without reference to the adequacy 01' 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 shall be applied by such receiver accQrding to. the lien Qf this mortgage and the practice Qf such CQurt. 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 (1/12) of the aggregate Qf the twelve monthly installments payable in the then current year plus the actual ~mount of the annual tax~l &.83e88ments, water rates, ar.d insurance premiums for such year nQt cQvered by the aforesaid monmly paymenu, . .9. The .mortgagor further cQve~ants that .shQuld thi~ ":lortga~e N'P the note secured hereby not be ehgtble, for msurance under the NatiOnal Housmg Act wIthm 3~~ ,-'t-\ f ~ from the date hereof (written st&tement Qf any Qfficer of the Federal HQusing AJ.ministration or authQrized agent of the Feder"l HQusing Commiaaioner dated subsequent to the 3r~ t' (,'1 S timl? from the date Qf this m?r:ta:age, declining to inaure said note and this mQrtgage, ~ing deemed conclusive proof of such in- el1VbIlity), the mortgagee or the holder of the note may, at ita optiQn, declare all sums securf~d hereby immediately due and payable. 10, That (a) in th", event .of any breach Qf this mQrtgage Qr default on the part Qf the mQrtgagor, 0.1' (b) in the event th~t any of 8&~d suma of money herein referred tc be nQt promptly and fully paid with. out demand or notl~, Qr (c) m th.e event that each and every the stipulations, agreements, cQnditions, and covenants o.f aauf nQte and ~ll. mo.rtgage, are not duly, promptly, and fully perfQrmed; then in either or any such event, .the laid aggreaate sum mentioned in said note then remaining unpaid, with interest accrued to that ,time, an~ all moneys secured hereby, shall become due and payable forthwith, o!' thereAfter, at the option of 3ald mortgagee, u fully and cQmplete\y as if all of the sl1id !sums of money W6I'e original!1ltipulated tc be paid o.n such day, anything in 6aid note Q. in this mortgage to the contrary notwitt-...atandlna; ~d t.loJereupon or t,i.erea!ter, at the option of said mortga3ee, without notice Qr demand, nit at law or in eqUity, may be Pl'Olecuted as if all mQMYS secured hereby had matured prior to ita insti- tution. The ~ortgagee may foreclot;e this mQrtgare, as to the amount 30. declared due and payable, and thA aaid preullaea ahall be ao.ld to aatlJfy and pay th~ aame t.Jgether with costa, expenses, and allo.wances. In eaae of ~ial foreelNlure ot this mortgage. the mortgaged premiAes shall be g,'}!d subject to the con- tinuilll' lien o.f tnia mortpcc for the amo\!nt of the deht net tht!n due ane! unpaid. In such cue the pro-- v>>ioDa of thl. ~al)h may qain be availed of thereafter from time to time by the mortgagee, n. Tha!L~8 mortgaror win rive lmmediate notice by mail to the mortgag~ Qf any conveyance, tran3fer, or en.up of ownerahip of the premisoa, ~,-_2^2.; ~at hnQ waiver of any covenlLDt herein or crt the obli~ation IP-Cured hereby .hall at any time ~ter De eld to be " waiver of the tonn. hereof or of the note lecured hereby.