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HomeMy WebLinkAbout1255 . r,T. ~!JriE C0IJHTT. rlA. under (b) of paragTalJh 2 preced1n~ &hall not be aufficient to pay pound rent., taxeo ~.:A ...-menu and ina1lraoce p!"emiums, as th~ cue may he, "hen the aame &hall bocome due and ~yable then the mortgagor shall pay to the mortga~ an)' amount necesa&ry to make up the deficiency, on or ~lore the Gate when payment of such ground renta, taxes, uaeurnenta, or inau.ranee premluma shaH be due. I' a~ any time the mortgagor shall tender to the mort(C&gee in accord&n1:e with the proviaiona of the note secured hereby, full p8)me~t of the entue ind.ebtednesa represented there~y, the mo~a~fIe ahall. in com- puting the amount of such mdebtedneaa, <:re<ht ~' the account of the lYlOrtpaor all paymentA made uncer the provisions of (a) of paragraph 2 herevf which the mort(C~ee haa not become obh~ated to p.~y to the Federal Housing Commissioner and any balance remaining in the lunda accumulated under the provision. of (b) of said paragraph 2. If there shall be a default u'lder any of the provisiona of this mortgage, re- sulting in a public sale oi the premise~ covered hp.reby~ or if the mortBagee acquirea the property other- wise after default, the mortgagee shall apply, at the hme of the commencement of such proceedings or at the time the property is otherwise f&cquired, the balance then remaining in the funlh accumulated under (b) of naragraph 2 preceding as a crP.dit against the amount of principal then r~maining unpaid under said note and shall properly adjust any paymentd which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other govenlmental or m1Jnicipal charges, fines or impositions, for whicn pro\'ision haa not been made hereir,before. and in default thereof the mort- gag~e may pay the same; and that he will promptly deliver the official receiptA therefor to the rr.ortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deteriorationo! said property or an\" part thereof; and in th~ event of the failure of the mortgagor to keep the buildings on saia premises an~i those to be erecte<j on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary fo:' the proper preservation thereof, and the full amount of each and every 8uch payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, char(Ces, and expenses, including reasonable Iswyer's fees, and costs of abstr'\cts 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 agreements and covenants of said prom- issory note and this mortgage, and said costs, charges, and e~penses 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 exiatil1g or hereafter erected on the mortgaged property, insured as may be required from time t~) tilne 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 provision hM not been made hereinlwfore. All insurance shall be carried in companies approved by mortgagee and the policies and renewaJ., thereof shall be held by mortgagee and have attached thereto loss payable clausl's in favor of arHl in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and nlortgagee may make proof of loss if not made promptly by mortgagor, and each ins'Jrance company concerned is hereby authorized R:-ld directed to make payment for such loss dirN:t1y to mortgagee instead of to mortgagor and mortgagee jointly, and the insllrance proceeds, or any p;~rt then'of, may be applied by mortgagee at its option either to the reduction of the indebtedness herehy secured or to the restoration or rt'pair of the property damage<i. In event of foreclosure of this mortgag~ or other transfpr of title to the mortgaged property in extinguishment of the indl'btedness Sf'cured hereby, all right, title, and interest of the mortgagor in and to any insurance policies tllen in force shall pass to the purchaser or grantee. R. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing JlIrisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a recei\'Pr of the premises cover\'d hereby all and Ringular, including all and singular the income, profits, issues, and revenul's i rom whatn'er source derived, each ano pver:: of which, it being expressly under- stood, is lH'reby mortga~ed as if specifically set forth and described in the granting and habendum clauses hrrrof. and such ren'iver shall have all the broa d and effective functions and powers in anywise entrustl'd 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 Raid mortgag~e, and without reference to the adequacy or inad- l"<luacy of Ow ValtH' of thf' profwrty mortjZ'aged or to the solvency or insolvenc} of said mortgay,or or the defendants, and that such n'nts, profits, income, issues. and revenues shall be appiied by such receiver according to the lien of this mortgal{e and the practice < f such court. In the event of any default on the part of the mortgaj.;or hpTl'undl'r. the mortgagor agrees to pay to the mortgagee on demand as a reason- ablp monthl~' rpntal for the premises an amount at least equivalent to one-twelfth (~/:2) of the aggregate of the twelve nW:1thly installl11l'nts payable in the then current year plus the actual amount uf the annual taXI'S, assl'ssments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payment.;,. 9. The mortgal{or further crJvenants that should this mo rtgage and the note secured hereby not be eligible for ipsurance under the National Housing Act within 2') [),,';,'1.') from the date hereof (writtpn statement of any officer of the Federal Evul!;ng Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the ',' '."" time from the date of this mortgage, dl'C:ining to insure said note and this mortgage,6e1n'f'J~med conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, leclare all sums secured hereby immedil'.t~ly due and payable. 10. That (a) in the event of ar.y breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any nf said sums of money herein referred to be not promptly and fully paid with- out demand or notice. or (r) in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this rr.ortgage, are not duly, promptly, and fully performed; then in either or any Buch event, the said aggregate Bum mentioned in said note then remaining unpaid, with inl;:!"est accrued to that time, and all moneys secured hereby, shall ~ome due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums of money were originally ~tipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwi~h8tandip~; and the'rcupoI1 or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may ~ prosecuted as if all moneys jecured hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declared due anll payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances, In case of partial foreclosure of this 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 caae the pro- visions of this paragraph may again be availed of thereafter from time to timp by the mortg&gee. 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 secured hereby shall at any time thef:.;aft~r be Ileld to be a waiver of the terms hereof or of the note secured hereby.