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HomeMy WebLinkAbout2565 d/; it) PAGf41~ 'T 'I"f r'I'\;.V ~., under (b) of paragraph 2 preceding shall not be sufftcient to ~ rround renta. taxes and assessmenta and inaurance rremiuma, as the case may be, when the same shall become due and payable, th~n the mort~8&'Ol' sbal pay to the mortgagee any amount neceaaary to make up the deficiency, on or before the date when payment of lIuch around renta, tax~, &88e8&menta. or insurance premiums shall be due. If at any tL'1le the mortaagor shall tender to the mortgqee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedneaa repreaented thereby, the mortgagee shall, in com- puting the amount of 8uch indebtedneea, credit to the account of the mortgagor all payments made under the provisions of (4) of paragraph 2 hereof which the mortgagee hu not become obligated to pav to the Federal Houaina Commiaaioner and any balance remainin~ in the funda accumulated under the pro\'isions of (b) of said parqraph 2, Jf there shall be a default under any of the provisions of this mortgage, re- sultin& in a public sale of th~ 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 proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraplt 2 preceding,As a credit against the amount of principal then remaining unpaid under said note and shall properly adJuat any payments which shall have been made under (4) of said pal'agraph, 4, That he will pay all taxes, assesaments, water rates, and other governmental or municipal charges, fines. or impoaitions, for which provision has not been made hereinbefore, and in default therl'Of the mort- gagee may pay the same; and that he will promptly deliver the official receipts therefor to the rr.ortgagee. 6. 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 sain premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee 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 expenscs, including i-easonable lawyer's fees, and costs of abstract!! 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 covenants of said prom- issory note and this mortgage, and said costs, charges, and expell8es 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 f.re and other hazards, casualties, and contingencies in such amounts and for such periods as may be re<luired by mortgagee, 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 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 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 authqrized and directed to make payment for such loss 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 indl'bh'dness hereby secured or to the restoration or repair of the property damaged. In event of foreclosurl' of this morigage or other transfer of title to the mortgaged property in extinguishment of the inc\l'btedness 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 mOI'tgage, 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 revenues from whatever source derived, each and every of which, it being expressly unde,"- stood, is hereby mortgaged as if specifically set forth &ond described in the granting and habendum clauses hereof, and such receiver shall have I'll the broad and eff"Ctive functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admittl'd equity and a matter of absolute right to said mortgagee, and without reference to the adequacy 01' inall- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor 01' the defendants, and that such rents, profits, income, issues, and revenues shall be applied by such rffl'iwr according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagOl' 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 (I,'I~) of the aggregate of the twel\'e monthly inst.:,lIlments payable in th~ then current year plus the actual amount of the annual tax~l assessments, water rat(.'8, and insurance premiums for such year not covered by the aforesaid montnly payments. 9. The mortgagor further covenants that should this mortgage allll the notl' sN:ured hereby not be eligible for insurance under the National Housing Act within 3 _; .- ,!. from the date hereof (written statement of any officer of the Federal Housing Administration 01' authorized agl'nt of the Federal Housing Commissioner dated subsequent to the'. ^;. (' time from the date of this rJlortgage, declining to insure said note and this mortgage:' being. cfeemed ('lJnclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immeJiately due and payable, 10, That (0) 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 ;'1 either or any such event, the said aggregate sum mentioned in said note t~en 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, as fu lly 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 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 sold to satisf)' and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises ~hall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then flue and unpaid. In such case the pro- visions of this paragtaph may again be availed of thereafter from time to time by the mortgagee. 11, That the mortgagor will give immediat; 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,