Loading...
HomeMy WebLinkAbout1897 - 7 ,~ ~~-, e O. R: B:,:J~ unde~ (b) of para&'I:aph 2 preceding shall not be sufficient to pay iTound rentA, taxes and aJ;aea8menta and IIlsurance premIUms, aB the case may be, ,...,hen the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to :nake up the deficiency, on or before the ~e \\'h~n payment of such ground rents, taxes, ~essment.A, or in~urance premiUJll8 shall be due. If at any tm1e the mortgagor shall tende(!o ~he mortgagee in accordance with the provisions of the note 8l'{'ured hereby, full payment of the enllre mdebtedness represented thereby, the mortgagee shall in com- puting t~e, amount of sllch indebtedneas, credit to the account of the mortgagor all payments made under the prO\'lSlOllS of (a) of, p~ragr&ph 2 hereof which the mortgagee has not become obligated to pay to the FederalllOl~smg CommissIOner and any balance remaining in the funds accumulat~d under the pro\'isions of (b) o,f said pa~'agraph 2. If thel'~ shall be a default under any of the provisions of this mortgage, re- sulting III a public sale of the premises covered hereby, 0r if the mortgagee acqui"es the propert\' other- wise after default, th~ mortga~ee shall, apply, at the time of the commencement of such proceedirigs or at the time the property IS otherWise acqUIred, the balance then remaining in the funds accumulated unuer (b) of paragraph 2 precedmg,as a credit against thl' amO!lTlt of principal then remaining unpaid under said no~ and shall properly adjust any payments which shall hn\'e been made under (a) of said pal'.lgraph. 4. ~hat h~ ~\'ill pd.y all ~xes, as~e~sments, water rates, and other governmental or municipal charges, fines, or ImpOSitIOns, for which pro\'lsl~n has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly delivcr the otlkial receipts therefol" to the n:ortgagee. S. That he will pc~mit, commit, or suITer no w2.ste, impairment, or deterioration of said propert~. or any part therl'of; and III the ~vent of the fal~ure of the mortgagor to keep the buildings on sai{i pl'l'mises and those to be ,erected ~n said pr~l!ll~es, or Improveml'nts thereon, in good repair, the mortgagee may make such repairs as 1Il Its discretIOn It m~y deem necessary for the proper preservation thereof, and the fuB amount of each and every sucll payment shall be immediately due and payable, and shall be secured by the lien of this mortgage, 6. That he will pay all and singula~ the costs,. charges, and expenses, including rt'asonable lawyer's fees, and costs of abstracts of title, lI1curred or paid at any time by the mortgagee because of the failure on the part of the !llOrtgagor promptl~' and fully to perform the agreements and covenants of said prom- issory note and thiS mortgage, and said costs, charges, and expenses shall be immediatelv due and pay- able and shall be secured by the lien of this mortgage. . 7. That he will keep the impr<?vemen~ now existing or hereafter erected on the mortgaged property, insured as may be rl'qUlred from time to time by the mortgagee against loss In' 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 insuranc~ for payment of which pro\'ision has notbL~n made hereinbefore. AI! insurance shall he carried in companies approved by mortgagl'e and the policies and renewals Jhereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of anrl in forp1 acceptable to the mortgagee. In event of loss he will gi\'e immediate notice by mail to mortgagee, and mortgagee ma~' make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hen'by authorized and directed to make payment for such loss direct.ly to mortgagee instead of to mortgagor and mortgagee jointly, alhl the insurance proceeds, or any part thereof, may be applie(1 by mortgagee at its option either to the reduction of the inch'btedness hereby secured or to the restoration or rt'Jlair of the property damaged, In event of foredosurl' of this mortgage or other transfer of title to the mortgaged property in extinguishment of the inch'btedness secured her::-by, all right, title, and interest of the mortgagor in and to any insurance policies then 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 jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises CO\'l'n'd hen'by all and singular, including all and singular the income, profits, i:;suc:;, ~r.d ~~\'~~!.!~~ f!.'."~~ U'h~tf>\'pr source derived, each and every of which, it being expressly under- stood, is hereby mortgag-ed as if specifically set forth and described in the granting and habendum clauses hereof. and such n'ceiver shall have all the broa d and effective functions and powers in anywise entrustt'd bv a court to a rl'cl'iver, m,d such appointment Rhall be made by such court as an admitted C(luity and ;l matter of absolute right to said mortgageI', al~d withou~ reference to th,e adequacy or inad- equacy of the value of the prop('rt~. mortg:lged or to the so!\'ency or II1sol\'l'ncy of salll mortgagor or the defendants, and that such rt'nts, profits, incon.c, issues, and rcvenues !'~all be applied I'y such H'ceiver accordinr. to the lien of this mortgage and the pract icc of such court. In the e\'Cnt of any default on thl' part of the mortgagor hereunder, till' mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly H'ntal for tht' pH'mist,s an amount at least ('I.juivalent to one-twelfth (II~) of the aggregate of the twel\'e monthly install!!lt'nts payau!to in the then current year plus the actual amount of the annual taxes, asSl':'3ments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. The mortg-agor further covenants that should this mo rtgage amI the notl' sl'l'ured hereby not be eligible for insurance undt>r the :--;ational Housing Act within ..' frol,!! tilL' date hpreof (written statement of an~' officer of the Federal Housing AdmllllstratlOn or authorlzl'd agl'nt of t~e Fedl'ral Housing Commissioner dated subsequent to the tIme, from the date of t~lS mortge-ge, declining to insure said note and this mortgage, being deemed ("oncluslve proof of such 111- eligibility), the mortgagl'e or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. 10. That (0) in the event of any breach of this mortgage or default on till' part of the mortg~gor: or (b) in the l'vent that any of said sums of money herein referred to be not plymptly and fully paId \~'Ith- out demand or notice, or (r) in the event that each and ewry the stIpulatIOns, aJ;!reem,ents, con(iItlOns, and covenant~ of said note and this mortgage, are not duly, pron,lptly, and fully ~r~orr.led; .then ,In either or any such ('\'l'nt, the said aggreg"t<' sum mentioned in sf,!d note tlll'n remall1l1lg unpaid, \\:Ith interest accrued to that time, and all mOlleys secured hereby, shall become <lu\' alld payabll' fortl1\nth, or thereafter, at the option of said mortgagee, as fu lIy and con~pletclY a:;, i f al~ of the salli SUIIlS of mOiley were originally stipulated to be paid on such day, anything in salfi note or III tillS ~ortgage t;> the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgaget', Without not,lce or ~!'n:an~, suit at law or in C(luity, may be prosecuted as if all mon~'ys secured hen'by had matured prior to Its IIlstl- tution. The mortgagee may fo.eclose this mortgage, as to the amount so dl'c1ared due and pa~'abll', and the said premises shall bE sold to satisfy ann pay the same togeth,'r \~'lth costs, expenses, ~nd allo\"ances. In case of partial foreclosure of this mortgagt', the mortgaged premlRes shall b~ sold subject to the I'on- tinuing lien of this mortgage for the amount of tlH' debt not then d~h' and u,npald. In such case the pro- visions of this paragraph may again be availed of thereaft!'r from tlml' to time by the mortgagee. 11. That the mortgagor will gi\"C immediate notice by mail to the mortgagee of any conH:yance, ll'amfer, or change of ownership of the premises. 12. That no waiver of an\' covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a wai~'er of the terms hereof or of the note secured hereby.