Loading...
HomeMy WebLinkAbout2649 " Ii 11 99 biJ'Jl lj PAGE 4 onder (b) of parqraph 2 precediq abaIl not be lUfftciftlt to pay pound renta, tuea aDd "'-t"leDta and inauranee t\...!:.i!!~r .. the cue ma:r be. when the lUDe Ihall become due and paJable, then the mortpgor-ahall pay to we mortaaaM any amount nree",P)' to make up the deAcien".y, OIl or before.th. date when payment of auch pound renta, tuea, ua~~enta, or inAranee pr-.niuma ahall be due. If at any time the mon,aaor ahall tender to the mortaqee in accordance with the proviaiou of the note IeCUred hereby, full payment of the entire indebtedneu repreMnted thereby, the mort.ppe &hall, in com- J)utiDC the amount of lucb indebtedDeM. cndit to the account of the mortcagor all payment. made under the proviaio~ of (4) o~ parqraph 2 hereof wbieb th~ ~o~ hat not become obligated to pay to the Federal HOu&lDC Commiaaioner and ~ balance reJnUnlq iii the funda accumulated under the proviaiona of (b) of aaid parqraph 2. If there atiall be a default under any of the proviaiona of this mortgaae, re- lultinc in a public aaJe of the premiaea covered hereby, or if the mortpaee aequirea the propert). other- wile after default, the mo~ ahaI1 apply. at the time of the commencement of such proceedings or at the time the property ia otherwlle acquired, the balance then remaininc in the funda accumulated under (b) of paragraph 2 precedin,.u a credit qainat the amount of principal then remaining unpaid under aaid noW and shall properly adju.t any paymenta which ahall have been made under (4) of aaid paragraph. 4. That he will pay all taxes, aaa~llI1\enu. water ratea, and other governmental or municipal charges, Inea, or impoaitiona, for whieb provision baa not been made hereinbefore, and in default thereof the mort- gagee may pay the aame; and that he will promptly deliver the official receipta therefor to the n:.ortK&gee, 6. That he will permit, commit, or aufter no waate, impairment, or deterioration of said property or any pcut thereof; and in the event of the failure of the mortgqor 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 repain sa in its discretion it may deem neces8&ry for the proper preurvation 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 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 promptly and fully to perform the agreements and covenants of said prom- issory note and this mortgage, and said costs, chargea, and expenses shall be immediately due and pay- able and shall be secured by the lien of thia mortgage, 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, inaured sa may be required from time to time by the mortgagee against loss by fire and other hazards. casualties, and contingenciea in such amounts and for such periods as may be required by mortgagee, and will pa}'.-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 policiea and renewals thereof shall be held b)' 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 hen~by authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeda, 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 &hall 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 sing'.1lar the income, profits, issues, and revenues from whate\"er 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 effective function" and po.....ers in any.....ise 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 rents, profits, income, issues, and revenues shall be applied by such receiver 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 0'12) of the aggregate 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 mortjfage and the note se<'ured hereby not be eligible for inaurance under the National Housing Act within 30 DA'(;) from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commisaioner dated subsequent to the 30 DAY" time from the date of this mortgage, declining to insure said note and this mortgage, oeing ~med 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 (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 ~rformed; 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, as fully and completely as if all of the said 8ums of mon~y were originally atipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithatanding; and thereupon or thereafter, at the option of said mortgagee, .....ithout notice or demand, luit at law or in equity, may be prosecuted sa if all moneys secured hereby had matured prior to its inati- tution, The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the aaid premiaea shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In caae of partial foreclosure of thia 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 aarain 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 conveyanee, tran&fer, or change of ownerahip of the premises, 12, That no waiver of any covenant herein or of the obligation secured hereby ahall at any time thereafter be held to be a waiver of the tenna hereof or of the note secured hereby.