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HomeMy WebLinkAbout2763 ,(, tlU 1t) PACEo13 "1. lll(lt CLHTT, H A. and inaurance premiums, aa the case may be, such excess shall be credited by the mortgagee on subsequent paymenta to be made by the mortg~r. If, however, the monthly paym..?nts made by the mortgagor under (b) of parqraph 2 preceding shall not be sufllcient to pay lI'Ound rental taxes and a.ssessmenta and inaurance rremiums, aa the case may be, when the same shall become due and payable, then the mortgagor shal pay to the mortgagee any amount neceaaary to make up the deficiency, on or before the date when payment of such ground rents, taxes, aasessmenta, or insurance premiums shall be due, If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in com- puting the amount of such indebtedneaa, credit to the account of the mortgagor all payments made under the provisions of (II) of paragraph 2 hereof which the mortgagee haa not become obligated to pay to the Federal Housing Commiasioner and any balance remaining in the funds accumulated under the pro\'isions of (b) of -aid paragraph 2. If there shall be a default under any of the provisiona of this mortgage, re- sulting in a public sale of the 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 !n the funds accumulated under (b) of paragraph 2 preceding aa a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charl!:es, fines, or impositions, for which provision has not been made herein~fore, 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, 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 dUt. and payable, and shall be secured by the lien _~f this mortgage. 6, Tlnrt 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 perfonn the agreements and covenants of said prom- issory note and this mortgage, and said costs, 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 property, insured as 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 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 anll 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 maH 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 paymen~ 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 indebte<lness 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 penuing 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, 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 functions and powers in anywise 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 insolvenc)' of said mortgagor or the defendants, and that such rents, profits, income, issues, and revenues shall be applied b)' such receiver according to the lien of this mortgage and the prllctice 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 n'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 monthly payments. H, The mortgagor furthel' covenants that should this mOl'tgagl' and the note secUl'ed hen'by not tx' eligible for insurance lIlulel' the National Housing Act within ~; [:.-'-r::; from the elate hen'of (writtt'n stau'ml'nt of any ollit-el' of the Feeleral Housing Administration or authoriu'd agent of tilt' Fl'deral HOllsing COll1ll1issiOlll'r datl'd subsequent to the . time from the date of this 1l1Ortgagl', dl'Clining to inSUl'l' said note and this mortgage, being dell'ml'd condusi\"C pl'Oof of such in- I'ligibility). the ll1ortgagel' or thl' holdt'r of the note may, at its option, dl'clan' all sums secured hl'n'by immcdialt'ly due and payable. 10. That (ll) in the l'wnt of any hn'ach of this mortgage 01' default on the pal.t of till' mortgagor, 01' (,,) in the ewnt th:-.t any of said sums of money herein l'eferI'ed to be not promptly and fully paid with- out demand or notice, or (r) in the event that each and evel')' the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in eithl'r or any slll'h l'Wllt, tilt' said aggn'gat.. sum mentioned in said note then rt..maining unpaid, with inten'st accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thel'l'aftt'r, at thl' option of said mortgagee, as fully and completely as if all of the said slims of money wl'n' ol'ginally stipulated to be paid on sllch day, anything in said note 01' in this mortgage to the contrary notwithstanding: and then'uJlon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in Nluity, may be prost'cuted as if all moneys securt,<1 hert'by had matured prior to its insti- tution. The mortgage.. Play foreclose this mortgage, as to the amount so declared due and payable, and tht' said pl'f'mises shall bl' sold to satisfy and pay the same together with costs, expenses, and allowances. In caSt' of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage fOl' the amount of the debt not then due and unpaid. In such case the pro- visions of this paragraph ma)' again lx' availed of thereafter from tim.. to time by the mortgagee. II, That thl' mortgagor will give immediate notice by mail to the mortgagee of any conve)'ance, 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 he a waiver of the tenns hereof or of the note secured herehy.