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HomeMy WebLinkAbout0605 l. !) .......... . , . under (b) of parqraph 2 precedhic.. ahall not be auftlcient to pay around renta, taxea and aueaamenta and inaurance fremi~ as the caae may be, when the lame ahall become due and payable, then the mort,..or shal pay to the mortgape any amount nt!Celllry to mUe up the deficiency, on or before the date when payment of IUch lTOund rents, taxee, aaaeuments, or' inaurance premiums Ihall be due. If at any time the mortgqor shall tender ,to ~e mort~qee in accordarice with the provisiona of the note secured hereby, full payment of the entire mdebtedneaa represented thereby, the mortgagee shall, :n com- putin~ ~e. amour.t of IUch indebtedneu, credit ~ the account of the mortgagor all pa~rmel'\ts made under the provISIons of (eI) of parqraph 2 hereof whIch the mortaagee baa not become.obhgated to pa)' to th~ Federal Housing Commissioner and any balanc:e- remainin, in the funda accumulated under the provisions of (b) of laid p41'agraph 2, If there ahall be a default undO!' any of the provisions or this mortgage, re- sulting in a public sale of the premiael covere<i hereby, or if the mort~~gee acquires the property other- wise after default. the mortgagee shall apply, at the time of the commencement of such prO':eedings or at the time the property is otherwise acquired, 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 lAid note and shall properly adJust any paymenta which shall have been made under (a) of said paragraph, 4, That he will pay all taxes, 8.88e88menta, ~ater rates, and other governmental or municipal charges,' fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipta therefor to the rr.ortgagee. 5, That he will permit, commit, or suft'e~ 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 prcmises and those to be erected on said premises, or improve menta thereon, in good repair, the mortgagee may make such repairs !l3 in its discretion it may deem necesaary for the proper preservation thereof, and the full amount of each and every such 'P8yment sh!lll be immediately due and payable, and shall be secured by f_lle lien of this mortgage, 6, That he will pay all and. sing;ular the C08ts,. charges, a~d expenses, including reasonable lawyer's fees, and costs of abstracts of tItle, Incurred or paHI at any tIme by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perfcrm the agreements and 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. 'fliat he will keep the improvementa now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loos by fire and other hazards, casualties. and contingencies in such amounta and for such periods 88 may be required by mortgagee. and will pay promptly, when due, any premiums on such insurance for pa)'ment of which prO\'ision has not been made hereinbefore. All insurance shall be carried in companies appro\'cd by mortgagec and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable c1ause8 in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgag~ may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment fOl' such los8 directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds. or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereDY 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 indebtedness secured hereby, all right. title. and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8, 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 covered hereby all and singular, including aU and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it ~ing expressly under- stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall h~ve al! the broad and effective .functions and powers in anywise entrusted DY a court to a receiver, and such appointment shall be made by such court as an admittcd equity and a matlP.r of absolute right to said mortl(agee, and without reference to the ad~ul1cy 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 rc('{.iver according to the lien of this mortgagc and the practice of such court. In the event of any default 011 the part of the mon'-;'dgor hereunder, th~ mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premiscs an amount at least equivalent to one-twelfth (1,'lt) of the aggl'egate of the twelve monthly installments payable in the then current year plus the actual amount of th.. annual tax~l assessments, water rates, ar>..t in~!lra!J('e premiums for such year not covered by the aforesaid montnly payments. , 9, The mortgagor further covenants that should this mo rtgage and the note sl'<.'ured hereby not be eligible for insurance under the National Housing Act within 60 dnye from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the aforeec.ld time from tl)e date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- eligibility). the mortgagee or the holder of the note may, at its option, declarc all sums secured hereby immediately due and payabie. 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, conditions, and covenanta of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said ~ggregate sum mentioned in said, note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due anel payable forthwith, or thereafter, at the option of said mortgagee, u fully and completely as if all of the said sums of money were originally strpulated 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 of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its insti- tution, The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sole! to satisfy and pay the same together with costs, expeD'lelJ, and allowances. In case of partial-foreclosure of this mortgage, the mortgag<:d premises shall be sold subject to the con- tinuing lien of this mortgage for Ule amount of the debt not then due and unpaid. In such case the pro- vi.iona of this paragraph mey again be availed of thereafter from time to time by the mortgagee. 11. That the mortgagor will give immediate notice by mkil to the mortgagee of any conveyance, tranafer. or change of ownership of the premises, 12, That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be jleld to be a waiver of the tenns hereof or of the note secured hereby,