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HomeMy WebLinkAbout1753 , ' _ '. . lo. . · . '()'J' .lJ rA('~ ,J I under (b) of paragraph 2 preceding shall not be suft\cient to pay around renta, taxes and aueurnents and inaurance premiums, 88 the cue may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount neceuary to make up the deficiency, on or before the date when payment of such ground renta, taxes, asseaamenta, or insurance premiuma shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedneaa repreeented thereby, the mortgalee shall, in com- puting the amount of such indebtedneu, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mortatagee h88 not become obligated to pay to the Federal Housing Commisaioner and any balance remaining in the funda accumulated under the pro\"isiona of (b fOf said paragraph 2. If thel-e shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premiseg covered hereby~ or if the mortgag~ acquires the property other- wise after default, the mortgagee shall apply, at thetlmeofthecomr.:encementofsuchproceeding8orat the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding.88 a credit against ~e amount of principal then remaining unpaid under Iald note and bhall properly adjust any paymenta which shall have been made under (a) of said paragraph. - 4. That he will pay all taxes, aasessmenta, water rates, and other governmental or municipal charges, ftnes, or impositions, for which provision h88 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 suffe~ no waste, impainnent, or deterioration of said property or any part thereof; and in the ~vent o~ the fal!ure of the mortgagor to keep the buildings on saia premises and those to be erected on saId premises, or Improvements thereon, in good repair, the mortgagl't.' may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every 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 costs, charges, and expenses, including re::.!.;onable lawver's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the fa'ilure 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 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 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 approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acc~ptable 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 by mortgagor, and each insurance company concerned is hereby authorized and di~ected to make payment fOI" such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance procPl'ds, or any part thereof, may be applied by mortgagcl' at its option either to the reduction of the indehtedness hereby secured or to the restoration or J"l'pair of the property damaged. In ennt of fOJ"l'Closul"e of this mortgage or other transfer of title to the mortgaged property in extinguishment of the ilHh'btedness secured hereby, all right, title, and interest of the ,nor!gagor in and to any insurance policil's 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 sinl{ular the income, profits, issues, and revenues from whatever source derived, each and every 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 receiver shall have all the broad and effecti\'e functions and powers in anywise entrusted h,r a court to a receiver, a!ld such appointment shall be made by such court as an allmitted 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 J"l'nL.., profits, income, issues, and revenues shall be applied by such r<,ceinr 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 (1\~) of the aggn'gate 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 montnly payments. 9. The'mortgagor further covenants that should this mo rtgage ami the notp sl'Cured herphy not be eligible for insurance under the National Housing Act within from the datI' hereof (written statement of any officer of the }o'ederal Housing Administration or authorized agent of the Federal Housing Commissioner datl'<l subsequent to the time from the date of this mortgflge, 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, declare all sums secured 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, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, 88 fully and completely as if all of the said sums of money were 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 of said mortgagce, 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 801d to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In 8uch case the pro- visions of this paragraph may t\.g.in 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 any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof qt: of the n.ote secured he!e~y. e