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HomeMy WebLinkAbout2644 tl;ll~~ 16; ,- 4'1+ under (b) of paraaraph 2 precedinc shall not be suftlcient to pay cround rents, taxes and aaaeaarnents and inaurance premiums. as the caae may be, when the aame shan become due and payable, then the mortgagor shall pay to the mortgacee any amount neceaaary to make up the deficiency, on or before the date when payment of such ground rents, tuee, uaeeaments, or insurance premiUJl''' sh~i1 be due, If at any time the mortgagor shan tender to the mortgagee in accordaDce with the provisiona of the note secured hereby, full payment of the entire indebtedneaa repreeented thereby, the mortgagee shall, in com- putinc ~e. amount of such indebtedneu, credit ~ the account of the mortgagor all parments made under the prOVlalon. of (a) of paragraph 2 hereof whIch the mortgagee haa not become obhgated to pay to the Federal Housinc Commiaaioner and any balance remaining in the funda accumulated under the provisiona of (b) of &aid pal'aaraph 2, If then! ahall be a default under any of the proviaiona of thia mortgage, re- sultinC in a public sale of the premiaea covered hereby, or if the mortCagee acquires.the propert). other- wiae after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwiae acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedinf. aa a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have ~n made under (a) of said paragraph, 4, That he will pay all taxes, aaaeeaments, water rates, and other governmental or municipal charges, fines, or impoaitiona, for which provision haa not been made hereinbefore, and in default thereof the mort- ~ may pay the same; and that hI; will prompUy 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 saia premises and those to be erected on said premiaea, or improvementa thereon, in good repair, the mortgagee may make such repairs aa 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 COlts, charges, and expenses, including reasonable lawyer'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 covenants of said prom- issory note and this mortgage, and said coats, 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 propert)', insured as may be required from time to time by the mortgagee against loss by fire and other hazards, C88ualtiea, 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 1088 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 inaurance company concerned is hereby authorized and directed to make payment for such Iou 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 hereby secured or to the restoration or repair of the property damaged, In event of foreclosure of this mortgage or other trall8fer 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 paaa 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 revenues from whatever source derived, each and every of which, it being expressly under- stood, ia hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broa d and effective functiona and powers in anywise entrusted by a court to a reeeiver, 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 inaolvency of said mortgagor or the defendants, and that such renta, profits, income, iaaues, and revenues shall be applied by such receiver accordinc to the lien of thia mortgage and Ule 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 ~uivalent to one-twelfth B'12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l aalJe88ments, water ratesr and inaurance premiums for such year not covered by the aforesaid montnly payments, 9, The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for inaurance under the National Houling Act within 3Q DAYS from the date hereof (written statement of any officer of the Federal Housinc Admmiatration or authorized agent of the Federal Housing Commiaaioner dated subaequent to the 30 DAYS time from the date of this mortpp. deelining to inaure said note and thia mortgage, {)emg deemed conclusive proof of luch in- el~ility), the mortppe 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 breacl1 of this mortgage or default on the part of the mortpgor, 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 (e) in the event that each and every the stipulations, alTeements, conditiona, and covenant. of said note and this mortpp, are not duly, promptly, and fully performed; then in either or any lUeb event, the aaid a~te sum mentioned in said note then remaining unpaid, with interellt accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortpaee. u fully and completely as if all of the said sumll of money were originally Itipulated to be paid on IUch day, anything in said note or in this mortgage to the contrary notwitbatandinc; and thereupon or thereafter, at the option of said mortgagee, without notice or demand lUit at law or in equity, may be prosecuted .. if all money. secured hereby had matured prior to its inati~ tutioa.. Tbe mortpgee may fondoM thia mortcqe, .. to the amount so declared due and payable, and the aaid premiael shall be IOId to-atiafy and p&l tile same topther with COlts, expenaea, and aUowaDCel In ease of ~ foreclc>>ure of thia mo~ the mortppd premiaea .hall be IOld subject to the con: tinuiq lieD of tt.ia mortpp for the amount of the debt not then due and unpaid, In such cue the pro- giOM of thia parqraph may apfn be availed of thereafter from time to time by the mortppe, 11. 'n1at the mortcaIOr wiD ~ve immediate notice by mail to the mortppe of any conveyanee, traD8fer, or ehanp of o1nienhfp of the prernf-. 12. That no waiver of any covenant herein or of the obU..t1ou leCured hereby abaU at any time thereafter be held to be a waiver of the .... hereof QI" of the IlGM eecuncI hereby.