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HomeMy WebLinkAbout2662 ------ - . .- ---""",---,,-"-- . ~ .--. ~ - ~- l ',1;. ~. r lr> t'~Cr ~1~ ) . -' . under (b) of p&I'&lTaph 2 precedinc ,&iU .naJ11><~~..~.pay rround renta, taxes and aaaeaamenta and insurance premiums, as the cue may be, wlien the same shall become due and payable, then the mortgagor shall pay to the mortgasee any amount neceeaary to make up the deficiency, on or before the date when payment of such ground renta, taxea, _~enta, or insurance premioma shall be duE'. If at any time the mort~agor shall tender to the morta{&&ee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedneaa repreaentedthereby, the mortgagee shall, in com- puting the amount of such indebtedneea, credit to the account of the mortgagor all payments maue under the provisions of (4) of par&l(l'aph 2 hereof which the mortgagee haa n!)t become obligated to pay to the Federal Housing Commiaaioner and any balance remainin.r in the funda accumulated under the provisions of (b) of said pal'agraph 2. If there shall be a default under any of the provisions of this mortgage, re- sultin~ in a public sale of the premises covered hereby, or if the mortgagee acquirea the property other- wise after default, the mortgagee shall apply, at the time of the commencement ofsuch proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedin.r aa 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 paragraph. 4. That he will pay all taxes, aase88Illents, water rates, and other governmental or municipal charges, fines, or impoAitions, for which provision has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipta therefor to the rr.ortgagee. 5. 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 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 securerl 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 thi8 mortgage, and said costs, charges, and expenses 8hall be immediately due and pay- able and shall be secured by the lie:l 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 8uch amounts and for such periods as may be r~-quired 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 8hall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauaes 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 promptl)' by mortgagor, and each insurance company concerned is hereby authorized and direct('d 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 ita 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 tran8fer 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 juri8diction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and 8ingular, including all and 8ingular the income, profits, iaaues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged aa if specifically 8et forth and described in the granting and habendum clauses hereof, and such receiver 8hall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment 8hall 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 80lvency or in801vency of said mortgagor or the defendants, and that 8uch rents, profits, income, issues, and revenues 8hall be applied by 8uch receiver according to the lien of thi8 mortgage and the practice of 8uch 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 B'n) of the aggregate of the twelve monthly installments payable in the then current year plu8 the actual amount of the annual tax~l aaaesaments, water rates, and insurance premiums for such year not covered by the aforesaid monUlly paymenta. 9. The mortgagor further covenanta that should this mortgage and the note secured hereby not be eligible for maurance under the National Housing Act within 60 days from the date hereof (written 8tatement of any officer of the Federal Housing Administration or authorized agent of the Federal Hou8ing Commi88ioner dated subsequent to the aforesaid time from the date of this mort~ declining to insure said note and this mortgage, being deemed conclusive proof of 8uch in- eligibility), the mortgagee or the holder of the note may, at ita option, declare all 8um8 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 80ma 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 stipulation8, agreements, conditions, and covenanta 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 thet'e&fter, at the option of said mortgagee, as fully and completely as if all of the 8aid 8um8 of money were originally stipulated to be paid on such day, anything in said note or in thi8 mortgage to the contrary notwithatandi~; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted aa if all moneys secured hereby had matured prior to ita insti- tution. The mortpgee mayforeeloee this mort~, aa to the amount so declared due and payable, and the aaid premises shall be IOld to satisfy and pay the same together with coata, expenses, and allowancea, In eue of partial foreeloeure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuin~ lien of this morigq'e for the amount of the debt not then due and unpaid. In such case the pro. visiona of this parqraph may again be availed of thereafter from Ume to time by the mortgagee, 11. That the mortplOr will give immediate notice by mail to the mort~..ee of any conveyance. tranafer, or change of ownenhip of the premiaea. 12, That no waiver of any covenant herein or" Of the obliption secured hereby shan at any time thereafter be held to be a waiver of the tenns hereof or of the note secured hereby. .. ~. , . . , ,