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HomeMy WebLinkAbout1779 li tS~_.. _ "-'- j .' C, T. ulrtr COUNty. fll. and maurance premnuna, as the cue may be. 'a\lai exceea BhAl1 be credited by the mortgqee on aubsequent payment. to be made by the mortcacor. It,.however, the moDthly p&1menta made by the mortparor under (b) of parqraph I precedi~ abaIl DOt be eafldeDt to ,.., pound nnta, taxet and uaeaamenta and ina~alfremiuma as the cue ID&7 be, when the aame aball become due and payable, then the mortpgor pay to the mortppe Ul,)' amount neoet--., to make up the ~fkiency, on or before the date when payment of auc:h ~ 1'eIlta, tax... Ulv--mta, or innrance premiuma ahall be due. If at any time the mortaacor' ahall tender to the mortppe in accordance with the proviaiona of the note aecured hereby, full ~t of the _tire indebtedneu repnMllted thereby, the monaaa- shall, in com- putthC the amount of loch iildebtedDeu, credit to the &eeOunt of the mortcqor all ~ents made under the prov.iaiona of (4) of parqraph 2 hereof which the mortaqee baa not become obhpted to pay to the FederifHouaina CommiIaloner and Ul,)' balance remainiq iIi the funda accumulated under the pro\'isiona of (b) of Mid paragraph 2. If there aball be a default under any of the provisiona of this mortgage, re- sultiq in a public we of the premi8ea covered heNby, or if the mortgagee acquires the property other- wise after default, the mo~ aball apply, at the time of the commencement of such proceedings or at the time the property ia othennae acquired, the balance then remainiq in the funda accumulate<! under (b) of paragraph ~ precedi~... a credit against the amount of principal then remaining unpaid under said note and ahall properly adiuat any paymenta which shall have been made under (4) of said par~l'aph. 4. That he will pay all taxes. ",~""enta, water rates, and other pvernmental or municipal charges, fines, or impositions, for which provision baa 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. fi. That he will permit, commit, or su(fer no w88te, impairment, 01" deterioration of said property or any part thereof; and in the e\'ent of the failure of the mortgqor to keep the buildings on said premises p,nd thoae to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make su~ repairs liS in its diacre1ion it may deem neceaaary 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 coats, chargee, and expenses, including reasonable law)'er's fees and coats of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and co\'enants of said prom- issory note and this mortgage, and said costs, charges, and expenses shall be immediately due and pay- able and shall be secund by the lien of this mortgage. i. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured 88 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 88 may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has m.lt. been made hereinbefore. All insurance shall be carried in cOTllpanies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto 1088 payable clauacs 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 by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such 1088 directly to mortgagee instead of to mortgagor and mortgagee jointly, and the in.~urance proceeds, 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 l'remises covered hereby all and singular, including all and singular the income, profits, i88ues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged 88 if specifically set forth and described in the granting and habendum clauses hereof and such receiver shall have all the broad and effective functions and powers in anywise entrosted 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 rents, profits, income, issues, and revenues shall be applied by such receiver according to the Hen 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 om~-twelfth n12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l assessments, water rates, and insurance premiums for such year not covered by the aforesaid momnly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the Nat.ional Housing Act within I nAV~ from the date hereof <.\\Tittl'n stc"l~men~ of ~ny. officer of the Ff'deral Housing A ll\iSUh!ion or ~uthorized agent of t~e "eeteral Housmg Comml88iOner dated subsequent to the . _ . vA YS time from the date of thiS mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- l,ligibility), the mortgagee or the holder of the note may, at its option, declare all sums seem'ed hl'reby immediately due and payahle. Ill. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (I,) 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 CO\'l'nants of said note and this mortgage, are not duly, promptly, and fully performed; then in l'itlll'r 01' any such event, the said aggregate Bum mentioned in said note then remaining unpai(i. with intl'rest accrued to that time, and a1\ moneys secured hereby, shall become due and payable forthwith, or thereaftl'r, at the option of said mortgagee, as full)' and completely as if all of the said sums of money Wl'rl' orginally 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 mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as jf 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 tlw said premi~ shall be IK)ld to satisfy and pay the same together with coats, expenses, and allowances. In case of partial forC("losure 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 such case the pro- visions of this paragraph may again 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 or of the note secured hereby. .