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HomeMy WebLinkAbout1487 -. --,j... ~ .......::.,...;.~. . O. tl, flOC~ 7 :J" ':T, tUCIE C~l.lNTY, rLl. and insurance premiums, as the CMe may be, cuch excess shall be credited by the mortgagee on sub8equent payments to be made by the mortgagor. If, however, the montl:ly paymenta made by the mortgagor under (b) of paragraph 2 preceding shall not 00 sufficient to pay ground f6nta, taxes and U&ess.ments and insurance premiums, as i:he CMe InaV' be, when the 8aITle shall become due and payable then the mortgagor shall pay to the mortgl\gee any amount n~es~' to make up the deficiency, on or ~fore the date when payment of such ground nnt8, taxes, 888eSSments, or inaurance premiUlil8 shall be dUe. If at any time the mortgalror shall tender U> the mortgagee in 2.ccordanee with the provifiions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgag'e'~ shall, in CO!l1- puting ~e. amount of such indebted?ess, credit ~ the account of the mortgagor all papnenta made under the pro\'JslOns of (a) of pa..agraph .2 hereof whlch tho mortgag'e9 hag not lx>come vbhgated to pay to the Fl'deral Housing Commissioner nnd any balance remaining in the funda accumulated under the proviBioll8 of (b) of Mid paragraph 2~ If ther~ shall be e default under any of the provisiona of this mortgage, re- sulting in a public saie of the premlaes covered hereby, or if the mortgagee acquir€8 the property other- wi3e p.fter default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the fund8 accumulated under (h) of paragraph 2 preceding.as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposit:ons, for which provision has not been made hereinbefore, and in default thereof the mort- gabee may pay the same; and that he will promptly deliver the officillll'\.'Ceipts therefor to the mortgagee. G. That he will permit, l~ommit, or suffer no waste, impailment, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the' buildings on said premises and those to be ereded on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in it3 discretion it may deem necessary for the proper preservalion thereof, and the full amount of each and e\'ery such 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 cost8, charges, and expenaes, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee bec<luse 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 expen&es shall be immediatel] due and pay. able and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, il1~ureu as 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 premiuma on such insurance for payment of which provision has not be('n made hereinbefore. All insurance shall be carried in companies approved by reortgagee and the polici\.'3 Slid rene\\als thereof shall be held by mortgagee and have attached thereto loss payable <:IallsPs in fa\'or of and in form acceptable to the mortgagee. Tn event of loss he will give immediate not:c..! lJy mail to mortg-agee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such lo~s dirc('tly to mortg:\gee instead of to mortgagor and mortgagee jointly, and the irulura'lce proceeds, or any part t}.ercof, may be applied by mortgagee at its option either to the reduction of the indebtedness herd))' secured or to the restoration or repair of the property da."'l1aged. In event of foreclosure of this mortga~e or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hpreby, ali ril{ht, title, and interest of the mortgagor in and to any insurance policies then in forc;) shall pass to the purchaser or grantee. ~. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a r~eiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and everv of which, it being expressly under- stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such recei\'er shall have all the broad and eff~tive 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 adequacy or inad- 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, issues, and revenues shall be applied by such receiver acconliill{ 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 agrees to pay to the mortgagee on demand as a reason- able moni.ldy lental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly insL.'lllments payable in the then current year pius the actual amount of the annual taxes, ass('ssments, water rates, and insurance premiumg for such year not covered by the aforesaid monthly payments. !.l. The mortgagor further covenants that should this mortgage and the note s<!CuriXl hereby not be clil{ihle for insuralll'e under the Nationalllousing Act within (; 0 ~Y8 from the date hereof (writt('n statement of an,}' officer of the Federal Hou~ing AdministratIon or authm:ized agent of the Federal Housing Commissioner dated subsequent to the afo!"eo81d time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- elig:~ility), i:.he mortgagee or the holder of the note may, at its option, declare all BUIIl8 SClCured hereby 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, conditioru;, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in ~ither or any such event, the said aggregate sum mentioned in said note then remaining unpaid, v.:it.:'1 mtereat accrued to that time, and all moneys secured hereby, shaH become due and payable fortnwlth, or thereafter, at the option of Baid mortgagee, 8!1 fully and completely 8!1 if all of the said sums of money \\""re originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option :)f SE!.id mortgagee, without nohce or demand, Sliit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to :tIJ insti- tution. 'Ihe mortgagee may foreclose thiB mortgage, as to the amount so declar'ed due and payeble, llnd the said premises shall be Bold to satisfy and pay the same together with costs, expenaes, and allowan~ In case of partial foreclosure of this mortgage, the mortgage<i premises shall be sold 8ubject to the con- tinuing lien of this mortgage ior the [ill1ount of the debt not then due and unpaid. In such ca.se the pro- visions of this paragraph may agam 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, transfer, or change of ownership of the premises. 12. That no waiver of :my covenant herein or of the obligation 8ecured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. ~l