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Home My WebLink About1244 0.1/, '1':':( o t. ' , o'~ ! . -- e tmder (b) of paragn.ph 2 preceding shall not be sufficient to pay ground renUl, tu,'s and a&;('un1l'nts .nd irulurance premiums, as the C&3e may be, when th.: same shall become due and pa~Hble, tht'n thl' mortgagor shall pay to the mortgaiee any arnount nEcessary to make up the dl'ficiency, on or Iwfore t h' date when pp.yment ')f such ground renUl, taxf'A, &Il8eSSmenUl, or insurallce premiun'.s shal! be dUe, If at. any time the mortiagor shall tender to the mortgagee in accordance with th", provisioll3 lif the note secured hereby, full payment of the enti!"e intls:btedne88 representt'dlhereby, the rr.ortgaget. sha!1. HI mOl- puting the amount. of such indebtedne88, credit to ~e account of the mortgagor all pnyml'nts made undl'l- the provisions of (a) of paragraph 2 hereof which the mortgagee hall not Oecome obligated to pay to th~ Federal Housing Commissioner and any balance remaining in the funds accu~u.latl',i UIH!l'r thl' pro\isioll8 of (b) of said paragraph 2. If then~ shall be a Jefau!t under any pf the proVIsIOns of thIS mortgage, re- lulting in 8 public sale of the premisea covered hereoy, or if the mortgagee acquin's the propl'rty othN- wise after default, the mortgag&! shall apply, at the time of the ~omnH'nceml'nt of sud', pro<.'el'dings ('I' at the time the property is otherwise acquired, the balance then remaining in the fl:nds accumulate.! untl,'r (b) of paragraph 2 preceding as a crt>:iit against the amount of principal then n'maining unpaid und,'I' said note and shall properly adjust any payments which shall have been made undt'f (a) of said I;ara~l'aph. 4. That he will pay all taxea, assessments, water rates, and other governmC'ntal or municipal charg't's, fines, or impositions, for which provision has not been mad'? hereinbefore, and in default ther,'of thl' i.l1)rt- gagee may pay the same; and that he will promptly deliver the offici,!ll receipts therefor to till' n:ortJ.:"agl'e. 5. That he will permit, commit, or suffer no waste, impairment,- or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on saili I'rt'mlS('S and those to be erecte<\ on said premises, or improvements thereon, in good repair, the nlOrtll.aK""" llIay make such rep3i!"s as in its discretion it may deem necessary for the proper prese;-vat I'm th.'n'lIi. anti the fuB amour.t of each and every such pa)'ment shall Oe immediately due and payable, and shal: oc S",,'ured by the lien of this mortgage, 6. That he will pay nil and singular the costs, charges, and expemu.'s, including reasonaole IaWYl'r'S fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee oecal'se oIthe failu re on the part of the mortgagor promptly and fully to perform the agreenlC'nts and covenants of said prolll- issory note and this mortgage, and said costs, charges, and expenses shall be immediately due and pay- aple and shall be secured by the lien of this mortg?ge. 7, That he will keep the improvements now existing or hereafter erected on the .nortg3gl'<i property, insured &3 may be required from time to time by the mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which pro\ision has not been made hereinbefore. All insurance shall be carried in compani~'s approved oy mortgall.l'l' and the policies and renewals thereof shall be held by mortgagee and have attal'hed thereto loss payable clauses in favor of and in form acceptable to the mortga~~e. In event of loss he will give imml'diate notice by mail to mortgagee, and mortgagee may make ploof of loss if I:ot made promptly by mort~a~()r. and each insurance company concerned is hereby authorized and directed to make payml'nt [or su<:h loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and tlw insurance procl'l'c!S, or any part thereof, may be applied by mOltgagee at its option either to the reduction of thl' indl'btl'dl!.,ss hereby secured or to the restoration or repair of the property damaged. In event of forecloslll'" of this mortgage or other transfer of titie to the mortgaged property in extinguishnwnt of th(' in(\Pbtedlll'ss secured hereby, all right, title, nnd interest of the mortgagor in and to any insurance policies then in forel' alu.ll p&ll8 to the purchaser or granL--e. 8, That the mortgagee may, at any time pending a suit upon this mortll.age, apply to the court hav- ing jurisdiction thereof for the appointment of <l receiver, and such court shall fur~hwith appoint a receiver of the premises covered hereby all and singular, including all anrl singular the income, profits, i88ues, and revenuea from whatever source derived, each and ewry of which, it bl'ing '~xpressly under- stood, is hereby mortgaged 88 if specifically set forth and described in thl' granting and habendum clauses hereof, and such receiver shall have all the broad 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 admitkd equity and a matter of absolute right to said mortgagee, and without referenl'e to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of sairl mortgall.or or the defendants, and that such rents, profits, income, issues, and revenues shall be applied by such recei'o'er according to the lien of this mortgage and the practicE of such court. In the ('\'cnt of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagl'e on demand as a rea~()n- able monthly rental for the premises an amount at least equivalent to one-twelfth (I/U) of the aggl'l'gate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l assessments, water rates, and insurance premiums for such year not covered by the aforesaid monmly payments. 9. The mortgagor further covenants that ,:hould this mo rtgage and the note sC'cureo hpr!'\)y not be eligible for iTl5urance under the National Housing Act within .J v L'r\ I S from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Houaing Commissioner dated subsequent to the -;~.;,' ','r time from the date of this mortgage, declining to insure said note and this mortgage,Oeink' a~med conclusive proof of such in- eHaibility), the mortgagee or the holder of the note may, at ita option, declare all sums secured hereby immediately due and payable. 10. That (4) 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 (c) in the event that each and every the stipulations, agreements, conditions, and covenanta of said note and thia mortgage, are not duly, promptly, and fully performed; then in either or any auch event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums oi money were orij'inally stipulated to be paid on such day, anything in said note or in this ii.ortgage to the contrary notwithatanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, lUit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its insti. tution. The mortgagee may foreclose thi8 mortgage, as to the amount so declared due and payable, and the said prerniae8 shall be I\cld to gadsfy and pay the same together with COl!ts, expenses, and allowances, III uae of partial forecloaure of thia mortgage, the mortgaged premises shall be sold subjed to the con. tinui~ lien of tltia morta'qe for th~ amount of the debt not then due and unpaid. In sur.h caae the pro- viaiona of tJ1ia parazraph may again be availed of thereafter from time to time by the mortgagp.e. 11, That the mo~..pgor will give immediate notice by mail to the mortgagee of any conveyance, tnnate~, or change of ownership of the premises. . __ 12, That no waivei' of any covenant herein or of the obliption l€Cured hereby shall at any time thereafter be held to be a waiVei' of the terrna hereof or of me note secured hereby. :.,-":',:';;'~"'""":'-~