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Home My WebLink About1346 .~ rj ~ ~, o ~: '[j ~ I '~T r"I!~TY n~~ und~r (b) of paraiTaph 2 preceding ~h~1 '11ct be 'sutTfd~'nt to pay RTound r('!lts, taxu; and a.'1Sl's.'Hllents anei insurance premiu!l1s, as the case may be, when th(' same shall bl'{'oml' du~' anti pay;,lJle, thl'lI t!ll' mortgagor shall pay to the mortga~ee any amuunt n('{'C!lsary to mah' up the ddll'll'nry, on or befurl' till! date when p3yment of Iluch ground rent1l. taxes, aA"'!IISmf'nts, or insurancl' premiulIls shall be due, If 3t uny time the mortgagor shall tender to the ;lIurtgagcc in arcordallCl' with the provisions of the /:ote sccurerl hereb\', full payment of the enti re indebtedness representl,'<i thereby, the mortgagl'e shall, III c(lm. puting the aniount of such indebtedness, credit ~o the account of the mortgagor all paympnts made untll'r the provisions of (a) of paragraph 2 hf'reof which the mortgagee has not be~ome obligated to pay to the Federal Housing Commissioner and any balance remaining in the funds accumulatcd under the pro\lsions of (b) of said paragnph 2. If theJ'e shall be a default under an:; ()f thl pro\'isions of this /l1(lrt~aKl', re- sulting in a public sale of the premises covered hereby, cr if the mortgat{ee aC<:luirl'g the prupl'rty other- wise after default, the mortgage€ shall apply. at the time of the COmn1!'IlCl'ml'nt of such pnll'I'l'dillKS or at the time the property is otherwise acquired, the L.alance then remaining in the funds accu/l1ulatl'd ul:dl'r (b) of paragraph 2 preceding as a credit against the amount of principal then remaining IIllpaid IInd.'r &Aid note and shall properly adjust any payments which shall have been made under (a) of said pal'aKl'ilph. . - 4. That he will pay all taxes, assessment1l, water rates, and other governnwntal OJ' nwnicipalchargl's, fines, or impositions, for which provision hll3 not been made hereinbefore, and III default thereof th.. mort- gagee may pa)' the same; and that he will promptl)' deliver the official receipts therefor' to the n:ortgag<'l'. 5, That he will permit, commit, or suffer no waste, impairment, or df'tl'ri'Ji <,tion of saill propert.\' or any part thereof; and in the event of the failure of the mortgagor to kl'ep U;l' bllildl/lKs on sal(i pn'flllS.'S and those to be Erected on said premises, or improvements thereon, in good repai r, the mOI.t KaK"(' may make such repairs as in its discretion it may d?l'm necessary for th!~ proper preservation thereof, and thl' full amount of each and every such puyment shall be immediately due and payable, and shall bL' SeClI1 ed by the lien of this mortgag~. 6, That he will pa)' all and singular the costs. charges, and expenses, including reasonable I::w~'~'r's fees, and costs of abstracts of title, incurred or paid at any time by the mor(gag,'l' IH'Callsl' of the faillln' on the part of the mortgagor promptly and fully to perform the agrel'/l1l'nts and coH'iiants of saId prOlll- issory note and this mortgage, and said co.sts, charges, and expenses shall be immediately due and p"y- able and shaH be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged p/'operty, insured as may be required from time to time by the mortgagee against loss by tirl' and oth('r hazards, casualties, and contingencies ill such amounts and for such periods as may be re{jllin'd by mortgagee, and will pay promptly, when due, any premiums on such insurance fur P,~Yllll'nt of which pro\'ision has not been made hereinbefore, All insur .\nce shall be carried i/i companies appro\'l'd by mortgaj.('l'.' anct the policies and renewals thereof shall be held by mortgagee and have attached therl'to loss payable cleuses in favor of and in form acceptable to the mortgagee, In event of loss he wili gi\'(' llllllll'diatt' notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly ~y mortg"j{o/', and each insurance company concerned is hereby authorized and directed to /l1ake paynll'nt for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, ann thf' insurann' prol'l,,'ds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indl'lltt'dness hereby secured or to the restoration or repair of the property damaged. In l'vent of for('c!osun' of this mortgage or other transfer of title to the mortgaged property in extinguishnH'nt of the indebtectliess secured hereby, all right, title, and interest of the Mortgagor in and to any insurance policies thl'n in force shall pasa to the purchaser or grantee, 8. That the mortgagee may. at any time pending a suit upon this mort~a~e, apply to thE: court hav- ing juril!diction thereof for the appointment of a receiver, and such court shall forthwith appoInt a receiver of the premises covered hereby all and singular, includil1~ all and singular the incon1l', protlts, issues, and revenues irom whatever source derived, each and e',cry of which, it bl'in~ l'xpressly under- stood, is hereby mortgaged as if specifically set forth and described in the ~ranting 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 admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequac~' or inad- equacy of the value of the property mortga~ed or to the solvency or insolvenC\' of said nH)rt~a,,;;;' "j- the defendants, and that such rents, profit3, mcome, issues, and revenues shall be appl ietl by such n'('piver according to the lien of this mortgage and the practice of such court. In the event of any default Oil 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 i~) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l assessments, waixr rates, and insurance premiums for such year not covered by the aforesaid montnly payme~ts. 9. The mortgagor further covenants that should this mortgage and the note secured her'!by not be eligible for insurance under the National Housing Act within , . '. from the date hereof (written statement of any officer of tht! Federal Housing Administration or authorized agent of the F~eral Housing Commissioner dated subsequent to the . ~ " time from the date of this mortg~e, declining to insure said note and this mortgage, bi!ing deemed conclusive proof of such in- eliaibility), the mortgagee or the holder of the note may, at its option, declare all sums s~cured hereb)' immediately due and payable. 10. That (a) 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, ~d covenant. of said note anI! th~ mortgage, are not duly, promptly, and iully performed; then in eIther or any such event, the said aggregate 8um mentioned in said note then remaining unpaid, with inter€'St accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafte:-, at the option of said mortgagee, aa fully and completeiy as if all of the said sums of rr.oney were,original~y stipulated to be paid on such da)', an),thinl{ in said ~otC' or in this 1T!0rtgage to the contrary notwithatandmg; and thereupon or thereafter, at the optIOn of saId mortgag~e, Without notice or demand, suit at law or in equity, may be pr~uted aa if all moneys secured h~reby had matured prior to its insti- tution. The mortg&gee may foreclose this mortgage, &8 to the amount 80 declared due and payable, and the said premisea Jhall be lold to satisfy and P4Y me same ~!:'ther with costs, expens~s, and allowance!. In cue of partial forecloaure of this mortgage, th'2 mortgalred premises shall be sold 8~bject to the con- tinuinsr lien of tttia mortlrage fo'" the amount of the debt not then due and unpaid, In such case the pro- viAiona of thla paragraph may ~ain be availed of thereafter from time to time by the mortgagee, 11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, tranafer, or change of ownership of the premiaea. . 12. That no wlr.iver of any covenant herein or of the obligation secured hereby shall at any time thereafter ~ held to be a waiver of the tenna hereof O'! of the note seculed hereby. '. - -~~'_.. - .:..'~~ .-, -<"~' '''''~.-io.:..,......,.,,.....,::--~ .,:-~,--_,.,- < ....., ;"'-'-:'-~