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HomeMy WebLinkAbout2694 ~llU 'T . ,..,,. ,.........'" .. v ,..- , under (b) of paragrAph 2 pr~eding shalt not be sufficient to pay ground rentA, taxes and asses,,c\ments and ir.surance premiums, aa the cue may be, when the same shall become due and payable, tlll'n till' mortgagor shall pay to the mortgagee any amount n~essary to make up the deficiency, on or before the date when payment of such ground rents, taxes, as.sesamenta, or insurance premiums shall be due. If at any time the mortgagor shali tender to the mortgagee in accordance with the pro\'isions of the note secured hereby, full payment of ~he entire indebtedlH'ss rep!"csente<i thereby, the mortgagee shall, in com- puting the amount of such indebtedneM, credit to the account of the mortgagor all payments made und.'r the provisions of (a) of paragraph 2 hereof which the mortgagee hu not become obligated to pay to tilt' Federal Housing Commisaioner 81'ld any balance remaining in the funds accumulated under thl' prO\'isIOIlS of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquirps the propl'rty other- wise after default, the morlgagc-(! shall apply, at the time of the commencement of such proct'l'(l1lll{s Ill' at the time the property is otherwise acquired, the bala!lCe then remaining in the funds accumll!atl'd ulllh'r (b) of paragraph 2 preceding aa a credit against the amo'.Jnt of principal then reml\ining unpaid lllllh'r 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 impositions, for which provision haa not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipts therefor to the rr:ortgagee, 5. That he will permit. commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on saia pn'mises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its dil:lcretion it may deem necessary for the proper presl'rvation thereof, and the full amount of each snd every such payment shall be immediately due and payable, and shall be secured ' by the Een of this mortgage. 6, That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgag<:e because of the failure on the part of the mortgagor promptly and fully to perform the agreements and cove;lants 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 the improvements now existing or hereafter e!"ccted on the mortgaged property, insured 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 premiums on such insurance for payment of which provision has not been made hereinbefore, All insurance shall be carried in companies appro\'ed by mort~agl'e and the policieB and renewals thereof ghall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will gi\'e immediate notice by mail to mortgagee, and mortg-agee may make proof of loss if not made promptly b}' mort~agor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceerls, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indehtedness 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 inrlpbtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaaer or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof fo!" 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, iasueB, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged aa if spedfically set forth and described in the granting and habendum clau2es hereof, and such r~eiver shall have all the bx:oad and t?ffective functions 'lnd powers in anywise entrusted by a court to a r~eiver, and such appointment shall be made by such court as an adnllt.ted equity hnd a matter of absolute right to ::nid mortgagee, and without reference to the adequacy or illad- equacy oC the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendanta, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the li~!l of this mortgage and the practice of such court. In the event of an}' default on the part of the mortgagor hereunder, the mortgagor agrees to ,ay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth n/12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid mocth.ly payments. 9. The mortgagor further cove~ants that .should thi~ ":lortgag:e !\I}~ the note s~ured her,.:;'y not be eligible for inaurance under the NatiOnal HOUSlllg Act wlthm .;,.) ..kl, ,) from the dat~ hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing CommiMioner dated ~ubsequent to the :::' S.;'" time from the date of this mortgage, declinil1&' to insure aaid note and thia mortgage, being deemed conclusive proof of such in- el~bility), the mortgagee or the holder of the T'ote may, at ita option, declare all sums s~ured hereby immediately due and payable. 10. That (0) in the event of any breach of thi. mortgage or default on the part of the mortgagor, or (b) in the event that any of said lumA of money herein referred to be not promptly and fully paid with- out demand or noti~, or (c) in the ev~mt that each and every the stipulations, a&Teements, conditions, ~d covenanta of S&1d note and ,thia mortgap, are not duly,. pro~ptly, and fUlly performed; then in ~lther or any luch event,.the said aggregate sum mentioned In said note then remaining unpaid, w;th 10tereat nccrued to tha~ .tune, an~ all moneya secured hereby, ahall beeo":le due and payable forthwith, or the.reafter, at the option of said mortgagee, .. fully and completely U If all of the said sums of moneY were,originallY stipulated to be paid on IUch day, &nythinl{ in said !lote or in this mort~age to the contrarY nO~lt.hatandl!1g; a~d thereupon or thereafte~, at the opbon of laid mortgagee, without notice or dem"n~, IUlt at law or 10 eqUity, may be prosecuted &I If all moneys secured hereby had matured prior to ita insti- tution. The mortgagee may forecloee this mOrti&ge, &8 to the Amount 10 declared due and par.able, and the said premises shall be sold tv satibfy and pay the same together with costa expenses and allowancea. In cue of partial fo~loaure of thia mort~ the mortp,ed premiaes Ihall'be sold su'bject to the con- tinuing lien ~f thil ntortp.ge fot ~e. ~9Ulit of the d~t not then due alid uppaid. In luch cue the pro- viaiolll of thla paraanph may ap1D be availed of thenatter from time' to time 'by the mortgagee. 11, Thkt the mO~l" will Kive immed~tenoUce b1 mail to tne 1Qortpaee of any CQuveyance, tranafer, or change of ownership 01 the premiaea.' 12. That no waiver of anT CQven;lnt herein or of the obligation aeeured henb1 shall at any time thereafter be held to be a waiver 01 the terma hereof or of the faote I8C\lred hereby.