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HomeMy WebLinkAbout1239 O. R, MOK {) 4~!~ under (b) of paraJTaph 2 preceding &hllll ~}I)t be 8utllcient to pay around renta, taxes and-aaaeument& and inaul'ance premiums, aa the cue may be, when the same &hall become d~le and payable, then the mortgagor shall pay to the mortgagee any amount nece&Ml'Y to make up the deficiency, on or before the date when payment of such a-round renu., taxea, &a8e.i8Illenta, or inaurance premiurna ,hall be due. If at an\" ti,me the mortgagor shall tender to the mortgaa-E!e in accordance with the provisions of the note securNl hereby full payment of the entire indebte<!ne8ll repreaented thereby, the mortgagee shall, in com- puting the am~uI1t 'Of such indebtedue88, credi~ ~ the account of the mortgagor all parrnent& made under the provisions of (a) of. p~agraph 2 hel't'Of WhiCh th~ ~o~agee haa not become obligated to pay ~o. the FederrJ Housing CommiSSIOner and any balance remammg 10 th'e rondl! accum'llated under the prO\'131011S of (b) of said paragraph 2. If ther~ shall be a default unde,r any of the prov!siorya of this nlortgage, re- sulting in a public sale of the prenll8e8 covered hereby~ or If the mortgagee acquires the prope,:ty other- wise after default the mortgaerE!e shall aplJly, at th~ tune of the <.:ommencement of such prrx:ee(!lngs or at the time the prope'rty is otherwise acquired, t~e balance then remaining in the funds accumulated under (b) of paragraph 2 preceding.88 a credit agamst ~e amount Qt principal then remaining unpaid under said note and shall properly adJll8t any paymentJJ which ghall have been made under (a) of said paragraph. 4. That he will pay all taxes, aasessments, wate;: rates, and other governmental or municipal charges, fines or impositions, fo!' which provision has not been made hereinbefore. and in default thereof the mort- gag~ may pay the same; ar.d that he will promptly deliver the official receipt-II therefor to the Ir.urtgagee, 5. That he will permit commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event o~ the hi~ure of the mortgagor to. keep the t Ilildings on said premises and those to be er('Cted on said premises, or Improvt'menta thereon, III good repair,the mortgagee may- m~ke such repairs as in its discretion it may deem necessary for the propt'r preservation thereof, and the full amount of each and every such payment shall be immediately dlle and payaLle, and ahall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expem~es, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agre~ments 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 mortgaged property, insured as may be required from ti.ne to time by the mortgagee against loss by fire and other hazards, casualties, and contingencies in such &mounts and for ilu~h periods as may be required by mortgagee, and will pay promptlJ', when due, any premIUms on such msurance for payment of which provision has r!ot been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be hdd by mortgagee and have attached thereto loss payablp. clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notiee by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance comp!lny concerned is hereby authorized and directed to make pa>'ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance procl.?eds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby securerl 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 proJH:rty in extinguishment of the indebtedness securE:<! hereby, all right, tit!p.. and interest of the mortgagor In and to any insurance policies then in force shall pass to the purchase" ur grantee. 8. That the mort~agee may. at eny time pending a suit upon this mortgage, apply ,to the court ha\"- ing jurisdiction thercof 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 the income, profits, issues, and revenuC.'J from whatever SOl!rce derived, each and every of which, it being expressly under- stood. is hereby mortgaged as if specifically Ret forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions an~ powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such cOllrt 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 ~o the solvency or msolvency of said mortga~or or the defendants, and that such rent8, profits, income, issues, and revenues shall be applied by such recei\'er according to the lien of this mortgage and the practice of such court. In the event of any default on the nart of the ml)rtR"a~or hC'reunder, the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises ap. amount at least equivalent to one-twelfth (\; 2) of the aggre~ate of the twelve monthly instal!ments payable in the then current year plus the actual amount of the annual taxes/ &~sC'ssments, water rates, and insurance premiums for such year not covered by the aioresaid montnly payments. 9. The mortgagor further covenants that should this mo rtgaite anu the note securerl hereby not be elj~ib!e for insurance un,ler the National Housing Act within from the date hereof (written statement of any officer of the Federal Housing Administration or aut:lOrized agent of the Federal Housing Commissioner dated sll~sequent to the" time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare ail sums secured hereby immediately due and payable. 10. That (a) in the event of any breach of th:s 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 !)rompt!y and fully paid with- out demand or notice. or (c) in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then !"emaining unpaid, with interest accrued to that time, and all moneys secured hereby, shaH become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums 0; money were origmaliy stipulated 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 notic~ or demand, suit at law or ir, equity, may be prosecuted as if ail mom;ys secured hei"eby had matured prior to its insti- tution. The mortgage;, may foreclose this mortgage, ~ to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowance1J. In case of partial foreclosure of thie mortgage, the mortgaged premIses shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then dUE: and unpaid. In such case the pro- visions ,)f this parag;-aph may again be availed of thereafter from time to time by the mortgagee, 11. That the mortgagor will give immediate notice by mail to the mortg~gee of any conveyance, transfer, or change of ownerl\hip of the premises. 12. That no waiver of Bny covenant herein or of the obligation secured herehy ~hall at any time thereafter be held to be a waiver of the terms hereof or of the note see,ured he.reby. -+