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HomeMy WebLinkAbout1357 e - ~T.l.ur.;E cnll~ir\ ru. urlder (b) of paragraph 2 preceding shall not btl sufficient to pay ground tents, .axea llDd I\.Uf!Umenta and insurance premiums, as the case may be, when the same shall ~ome due llnd payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when paym~nt of such ground r~nts, taxes, assessments, or insuranc~ pr\~millllla .hall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provision, of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort~aBee shall, in ~cm- puting the amount of such indebk->dI'e88, credit to the account of the mortgagot- r:1l paymenta made tInder the provisions of (a) of para~raph 2 hereof which the mortgagee has not becor::" o.,j;gated to pay to the Fl'deral Housing Com~i&~ioner nnd any balance remaining in the funds accumuh"te<t under the pro\'isions of (b) of said paragraph 2. If there shall be a default under any of the provisionB oC this mortgage, re- sulting in a public sale of the premise.i covered hereby, or if t:le mortgagee acquires the properly other- wise after default, the morlgagee shall apply, at the time of the commetlcernent of such proceedings or at tile time the property i& otherwise a,~quired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding.as a credit against the amount of principal then remaining unpaid under said note and shall propprly adjust any payments which shall have b€en made under (a) of said paragraph. 4. That he will pay all taxes, assessment..!, water rates, and other governmental or municipal charges, fines, or impositions, for whicL provision has not been made hereinbefore, Rnd in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipts therefor to the Ir.ortgagee.. ;), Th'lt he will permit, commit, or suffer no waste, impairment, or oeterioratioh of said property or any part thereof; ann in the e\'Cnt of the failur~ of the mortgagor to keep the buildings on said premises and those to be erl'cted on said premises, or improveJ?~ts thereon, in good repair, the mortgagee may make such repairs as in its Jiscretion it may deem necessar.l for the proper preservation thereof. and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lil'n of this mortgage. 6, That he will pay all .Uld singular the costs, charges, and expenses, including reasonable lawyer'~ fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on tile part of the mortgagor promptly and fully to perform the agreements Rnd 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 ..he :mprovements now existing or hereafter erected on the mortgaged property, insured as may be required fr')m time to time by t:H~ mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be requireo by mortgagee, and will pay promptly, when due, any premiums 'jn such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies appro\'ed by mortgagee and the policil's and renewals thereof shall be helo by mortgagee and have attached thereto 1088 payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and earh illsurar.~e company concerned is hereby authorizeo and directed to make payment for such loss din'Ctly to mortgagee instead of to mortgagor and n'ortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured 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 property in extinguishment of the inoebtedncss secun"<i ht'reby, all right, titlt', and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. X. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thl'reof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premisl's coverl'd hereby all and singular, including all and singular the income, profIts, issues, and revenul'S from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specifically set forth and describeo in the granting and habendum clauses hereof, and such recl'iver shall have all the broad and effective functions and powers in anywise pntrusted by a court to a recpiver, ann such appointment shall be made by such court as an admitted ('(tuity and a matter of absolute rig-ht to said mortgagl'l', and without reference to the adequacy or inad- equacy of the valu!' nf the proW.rt.... mortgaged cr to the solvency or insolvency of said mortgagor or the defendants, and that such n'nts, profits, inconle, i3SUPS, and rewnues shall be applied by such receiver according to tI\(' lien of this nlOt"tgaKe and the practice of such court. In the event of any det...J1t on the part of the mortKag01' hl'n>url<ler, the mortgag-or agrees to pay to the mortgagee on demand as a reason- able monthly n'I1tal for tht' premises an amount at least equivalent to one-twelfth P1Z) of the aggregate of the tWeh"e lllonthly installlllPn~S payable in the then current year plus the actual amount of the annual taxI's, assessments, water rates, and insurance premiums for such year not co\'ered by the aforesaid monthl.... payments, 9. The mortgagor further co\"Cnants that should this nlOrtga$e alll1 the note secured hereby not be eligible for insurance under the :--:ational Housing Act within 60 dRvs from the date hereof (written statt'nwnt of any officer of the Federal Housing Administration or authorized agent of the Ferlt>ral Housing Commissionl'r dated subsequent to the aforesaid time from the date of this mortg-age, declining to insure said note and this mortgage, bt'ing deenwo conclusive proof of such ir.- eligibility), the mortgagee or the holder of the note may, at its option, dl'c1are all sums secured hereby immediately due and payable. 10. That (a) in the e\'Cnt of any breach of this mortgage or oefault on the part of the mortgagor, or (b) in the e\"Cnt that any of saio sums of money herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the e\'~nt that each and every the stipulations, agreements, conoitions, and covenants of said note and this mortgage, are not oul...., promptly, ann fully performed; then in either or any such c\'Pnt, the said aggregate sun: rnentionpd in said note then rCl11aining unpaio, \\:ith inlt-rest accrued to that time, and all mOilers secureo hereby. shall become (;ue and payable forthwlfh, or thereaftl'r, at the option of said mortgagee, as fully and completel~' as if all of thl' saio sums of money were originally stipulatEd to be paid 1m such day, anything in saio note or in this mortgage to the contrary notwithsl.andi:Jg; al:d thereupon or thereafter, at the option of said 1i1Ortgagee, without noti::e or demand, suit at law or in equit:.., may be prosecuted as if all mOTleys s~ureei hereby haei matUl'eo priC'r to its insti- tution. The mort~agee may foredose this mortgage, as to the amount se d(V'lared due ann payable, and the saio premises shali be sold to satisfy and pay the same together ~'ith costs, expenses, ~no allowances. In case of ;>artial foreclosure of this mortgage, the mortgageo premises sh21! be wId subject to the con- tinuing lien of this mortgage for the amount of the debt net then due and unpaio. In su~h case the pro- visions of this paragraph 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 mortgagee of any conveyanca, tran!'5fer. or change of oW'lers~lip of the premises. 12. That no waiver of any covenant !-terpin or of lhe'obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. ......... . ~ .. ~ -, ~:.~:,..;;-..~~:r~;.~~:. "~~~~T." .