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Home My WebLink About1432 '" , ", . T ~ U(IE (nIlNn. ~~ ~. ander (b) of paragraph 2 preo...>din~ ~hall not bt: sufficient to pay ground renl8, taxl'S and a.ueumen's and illilurance premiums, aa the case may be, ~hen V.~ U),me shali become due and payable, then the mortgagor shall pay to the mortg8~e a'lY amount necessary to make up the deliciency, Oil or before the date when payment of such ground rents, taxes, &88easmenl8, or insurance premiums shall lH' due. If at any time the mort~8gor shall tt!llder to the mortgagee in accordance with the provisiolls of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort gag....' shall, IlIcom- puting the amount of such indebtednesa, credit to the account of the mortgagor all paymt'nl:.; mad.. uJ:~t'r the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~' to tlH' Fed€ral Housing Commi8!lioner and any balance remaining in the funds accumulated under th.. prll\"lSiOnll of (b) of said paragraph 2, If there sha\! be a def,mlt under any of the provisions of thi!\ i!1l1/'!Kaj.:"l', re- sulting in a public sale of the premises covered hereby, or if the mortgag"l' acquires th.. prupt'rt)' utlll'r- wise after default, the mortgagee shall apply, at the time of the comml'iln'ment of such pru{'t't'dllll{S or at the time the property is otherwise acquired, the balance then remaining in thl' funds an:ulllulat.,;j unlit,r (b) of paragraph 2 preceding as a credit against the am{Junt of principal then remaining unllaid und.'r said nolt! and shall properly adjust any payments which shall have lwcn mnde under (a) of said para~rapl1. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal char~.,s. fines, or impositions, for which provision has not been madl' hereinbefore, and in dl.fault t1H'r,'{lf till' mort- gagee may pay the same; and that he will promptly deliver the oRkial rt.oceipts then.for to thl' n:lJrtl{a~l't'. 5, That he will permit, commit, or suffer no waste, impairl.l1ent, or deterioration of said prupl'rty ur any part thereof; and in the event of the failure of ~he mortgag.)r t,o kel'p the buildilll{s on s:!l<i pr"1ll iSl's and those t.o be erected on said premises, or improvements thereon, in good repair. the nlllrtl{;\).:"" Illay make such repairs as in its discretion it may deem necessary for the proper pre.!H'f'\'ation then'oj. atlll the full amount of each and ever)' such pa)'ment l!~all be immediately due and payable, and shall be secured by the lien of this mortgage. G, That he will pay all and singular the costs, charges, and expenses, includll1g reasonable lawya's fees, and costs of abstracts of tith', incurred or paid at an)' time by the mortgagee because of the"failure on the part of the mortgagor promptly and fully to perform the agreements alld CO\"l'II11nls of said prOlll- issory no~ and this mortgage, and said costs, charges, and expenses shall l:e immediately due and pay- able and shall be secured by the lien of this mortgagp 7. That he will keep the improvlOments now existing or hM'eafter erectl'd on the mo/'tgaged properly, insured as may be required from time to time by the mortgagee against loss by rlre and other hazards, casualties, and contingencies in such amounts and for such periods as may be requirr'rl by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which pr()\'isl(,n hM not been made hereinbefore, All insurance shall be cai"ried in companies appro\'l-'d by Olortl{al{t.(' and the policies and renewals thereof shall be held by mortgagee and have attached then.to loss pa~'ah]e clauses in favor of anu in form acceDtable to the mortgagee, In event of loss he will gi\'l' inHl\I'diati-' notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptl:' by nwrt~ag{)J', and each insurance company concerned is hereby authorized and directed tu make payment fur slIch 1088 directly to mortgagee instead of to mortgagor and mo/igagl'e juintly, alld the insurance p/'o{'{."ds, or any part thereof, may be applied by mortgagee at its option either to tp'! reduction of till' 1I1lIPblPdness hereby secured or to the restoration or repair of the property damaged, In event of fon.rloslI/'f' (lr this mortgage or other transfer of title to the mortgaged property in extin~uishml'nt of the inddJtd/:c-ss secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shaH pass to the purchaser or grantee, 8, That the mortgagee may, at any time })€nding a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof 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, prohts, issues, and revenues from whatever source d'?rived, each and every of which, it being expressly under- stood, i8 hereby mortgaged as if specifically aet forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broa d and effective functions and powers in any..... is!' entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matlt!r of ab80lult! right to said mortgagee, and without reference to the adequacy or ina(l- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, income, is.Bues, 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 part of the mortgagor hereunder, the mortgagor llgre€S to pay to the mortgagee ell demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (~'i 2) of the agg/'egate of the twelve monthly installments payable in the then current year plus the actual amollnt of the annual taxes, ,a88e.ssments, water rates, and insurance premiums for such year not covered by the aforesaid mont!uy payments. 9, The mortgagor further covenants that should this mo rtgage and the note secured hereln' not be eligible for illilurance under the National Housing Act within .j~ ~;.. YS from the date hereof (written "tatement of any officer of the Federal Housing AdmmlstratlOn or authorized agent of the Federal Housil}g. Co~issioner ~ated sub.sequ~nt to the 3('( '0;"':1:: time. from the date of tllis morti'&&'e, dechnmg to lllsure said note and thIS mortgage, bemg deemed conclUSIve proof of such in- el~bility). the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. 10. That (<<) 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 ..id sums of money herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the e....ent that each and every t.~e stipulations, agreements, conditions, and covenanta of said note and thia mortgage, are not duly, promptly, and fully performed; then in either or any luch event, the said aggreaate Bum mentioned in said nole then remaining unpaid, with interert accrued to that time, and aU money. secured heNby, shall becom.;! due and payable forthwith, or thereafter, .t the option of said mortgagee, u fully and completely as if all of the said sums of money were originally Iti1>ulated to be paid on such day, anything in sai~ note or in this mortgage to the contrary noWithstanding; and thereupon or thereaf~r, at the option of said mortgagee, without notice or demand, luit at law or in equity, mllY be pl'06e('U~~ .. if all Moneys secured hereby had maturl'd prior to its insti- tution. The mortgagM may foreclose this mortgag:e, all to the amount 10 declared due and payable, and the uid premiaea ahall be sold to gUafy and pay the aame together with costs, expenses, and s.llowances, In cue of partial foreclosure of thiJ mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of Uli& mortgage for the amount of the debt not then due and unpaid, In such case the pro- viai.,n& of thi, paragraph may &@"ain bOl availt.d of thereafter from time to time by the mortgagee. 11, That the mortgagor will rive imml'<liate nollce by mail to the mortgagee of any conveyance, transfer, or ehan~ of owner!lhip of the premillel, 12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time th~ter be held to be a 1l"aiV~l of the temUJ hereof or of the note ~ured hereby,