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HomeMy WebLinkAbout1516 ~, ,I " I' L 'I. Ii. IL'. ~ 15 PACE of) ) I T, I delE CU~TY, flA. under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessnl"'nts and insuunce premiums, &8 the cue may be, when the same shllll become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such gl'Ound rents taxes, assessments, or insurance premiums shall be due, If at any time the mortgagor shall tender to 'the mcrtgagee in accordance with the provisions of the nute l'eCured hereby, full payment of the entire indebtrouess represented thereby, the mortgagee shall, ill (:um- puting the amount of such indebtedne1!3, credit ~ the account of the mortgagor all pa~'ments made un(\('1' the provisions of (a) of paragraph 2 hereof which the mortgagee h&8 not become obhgated to pay to thl' Federal Housing Commisaioner and any balance remaining in the funda accu~u.lated und~r the prO\'isions of (b) of said paragraph 2. If there shall be a default under any of the proVISIOns of this mortgage, n'- suiting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proc,-~tinKs 01' at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding &8 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 impositions, for which provision has not been made hereinbefore, and in default thereof the mort- gag~ 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 premisl's and those to be erected on said premises, or improvements thereon, in good repair, the mortga1{I't' may make such repairs as in its discretion it m.ay deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shflll be secured by the lien 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 mortgagee because of the failure on the part of the mortgagor prom'ptly and fully to perform 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. That he will keep the improvements now existing or hereafter erected 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 mortgagl'e, and will pay promptly, when due, any premiums on such insurance for payment of which pro\'ision has not been made hereinbefore. All insurance shall be carried in companies appro\'ed by mortgagee and the policies and renewals thereof shall be held by mortgagee and ha\'e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly b~' mortgagor, and each insurance company concerned is hereby authorized and directed to make payment fOJ' such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance procl'cds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness 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 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 all and singular the income, profits, issues, and revenuE:S from whatever source derived, each and every of which, it being expressly undel'- stood, is hereby mortgaged as if specifically set forth and described in thE granting and habendum dausl's hereof, and such receiver shall have all the broad and effective 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 renh, profits, income, issues, and revenues shall be applied by such receiwr 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 agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (~l')) of the aggn'gate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l &88e88ments, water rates, and insurance premiums for such year not covered by the aforesaid monUlly payments. 9. The mortgJ.lgor further'covenants that should this mortgage anu the note secured hereby not be eligible for insurance under the National Housing Act within 30 Dr.: _, from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commisaioner dateJ subsequent to the 3':.1 ~,;., ~ time from the date of this m~r:t~, declining to insure said note and this mortgag(:, being deemed conclusive proof of such in- eh~blhty), the mortgagee or the holder of the note may, at its option, declare all sums secured h..reby 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 th~t any of sa~d sums of money herein referred to be not promptly and fully paid with- out demand or nobce, or (c) In the event that each and every the stipulations, agreements, conditions, ~d covenants of said note and ~is mortgap, 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, with Interest accrued to that ,time, an~ all moneys secured hereby, shall become due and payable forthwith, or the~ter, at t;he option of said mortgagee, aa fully and completely as if all of the said sums of money were.orlglna1~y stipulated to be paid on IUch day, anything in said note or in this mortgage to the contrary nO~lthatandl!,g; a~d thereupon or thereafter, at the option of said mortgagee, without notice or demand, IU1~ at law or In eqUity, may be proeecuted .. if all moneYI secured hereby had maturoo prior to its insti- tution: The '!'ortgag...,! may forecl~ thi. mortlr8Je, aa to the amount so declared due and payable, and the aatd prem~ shall be aold to satlafy and pay the same together with costs, expenses, and allowances. I!1 ~ o! partial, forecloeure of tltia mortpge, the mortgaged premises shall be sold subject to the con- ti~~llna hen ?f th!8 mortaqe for the amount of the debt not then due and unpaid. In such case the pro- VISIOns of thiS paragraph may qain be availed of thereafter from time to time by the mortgagee, 11. That the mo~l' will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premiRa. 12. That no waiver of any rovenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby, \ "'