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HomeMy WebLinkAbout0251 gb~l 17 PAGE245 under (b) of paraar.aph 2 preced1q ahall not be lUftieient to pa,y pound renta, taxes ud .....mOJlta and inlurance, premluma, u the eaae may be, when the lAlne 1Ih.u become d1M and ps,yeble, then the mortPSOr .hall pay to the morta..- any amount nec~"uy to ma\e up the det\cieD.C)', on or before the date when payment of lueh IfOW1d rents. tu-. ...",-enta, or inauraDee pnmiuma ahall be due, If at any time the mortpaor aha11 tender to the mortcqee in accordance with the proviaiona of the note MCured hereby, full payment of the entire iDdebtednea repruented thereby, the mortaape aball, in com. putiq the amount ?f .udl indebtedn.... eredit to the account of the mortcaa'or all parmentA made under the prcviaiona of (4) of p&rqTaph 2 hereof which the mortpaee hu not become obllpt.d t,o pay to the }'ederaJ. HoUl!m. Commiuioner and any balance remaininr iJi the funda accumulated under the proviaiona of (b) of aaid paraaraph Z. If there Gliall be a default under MY' of the proviaiona of thla mort~e, ~ .ulan. in a public sale of the premia.- covered heiWy, or if the mortgagee acquires the property other- wiae "'ter default, the mo~ ahNl apply, at the time of the commencement of auch proceedinp or at the time the property ia otherwlH acquired, the balance then remaining in the funds accumulated under (b) of parasraph 2 precedilli.U a credit &pinal the amount of principal then remaini~ unpaid under Kid note and ahall properly adjuat any paymenta which ahall have been made under (a) of Mid paragraph, .. That he will pay all taxea, aaaeumenta, wa~ ratee, and other governmental or municipal charaea, Anea, 0:::' impoaitiona, for which proviaion hu not been m5de hereinbefore, and in default thereof the mort- P8'fl8 may pay the ~e; and that he will promptly deliver the oftlcw receipta therefor to the Ir.ol'tgagee. 5, That he will permit, commit, or sutrer no waste. impairment, or deterioration of said property or any part thereof; and in the event of the fail~ of the mortaqor to keep the buildings on said premisea and thoee to be erected on said pretniaea, or improvementa tliereon, in good repair, the mortgagee may make such repairs as in ita discretion it may deem neceuary for the proper preservation thereof, and the full amount of each and every such payment shall be Immediately due and payable, and shall be &e<:ured by the lien of thia mortgage. 6. That he will pay all and aingular the cOlta, charcea, and expenses, including reaaonable lawyer's fees, and costa of abstracta of title, incurred or paid at any time by the mortgagee because of the failure on t..'t.e part of the mortgagor promptly and fully to , perform the agreementa and tovenanta of said prom- i~.:;ry note and thi8 mort~, and said costa, charaea, and expenaea shall be immediately due anrl pay- able and shall be secured by the lien of this mortgage. 7, That he will keep the improyementa now existing or hereafter erected on the mortgaged property, inaured as may be required from time to time by the mort(cB~ aaairult 1088 by fire and other hazards, caaualties, and contingencies in 8uch amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on 8uch inaurarace for payment of which provision haa not been made hereinbefore. All il18urance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto 1088 pa;.yable clauses in favor of and in fonn acceptable to the mortgagee. In event of 1088 he will give immediate not.ice by mail to mortgagee, and mortg~ec may make proof of 1088 if not made promptly by mortgagor, and each inaurance company concerned 18 hereby authorized and directed to make payment for such Iou directly to mortgagee instead of to mortgagor and mortgagee jointly, and the inaurance proceeds, or any part thereof, may be applied by mortgagee at ita option either to the reduction of the indebtedne38 hereby secured or to the restoration or repair of the property danlaged. In event "f foreclosure of this mortgage or other tranafer 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 insurancli! JX>licies then in force shall pau 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, i88ues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, ia hereby mortgaged 88 if 8pecifically set forth and deac..ibed in the granting and habendum clauses hereof, and such receiver shall have ail the broad and effective functiol18 and powers in anywise ent~ted by a court to a receiver, and such appointment shall be made by 8ud. 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 defendanta, and that 8uch rents, profita, income, iasuell, and revenues shall be applied by such receiver' according to the lien of thia 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 n)2) of the aggregate of the twelve monthly installmenis payable in the then current ~'ear plus the actua! amount oC the annual tax~l aaaessmenta, water rates, and insurance premiums for 8uch year not covered by the aforesaid mQnt.nly payments, , 9, The mortgagor further covenanta th~t should this mortgage and the note secured hereby not be eligible for inaurance under the National Housing Act within 30 DAYS from the date hereof (written statement of any officer of the Federal Housing Administrafion or authorized agent of the Federal Housing Commiaioner dated subsequent to the 30 D':W~ time from the date of thia mortgage, declining to inaure said note and this mortgage, bemg deemed conclusive proof of such in- eligibility), the mortgagee or the holdEr of the note I'MY, at ita option, declare allsuml8CCured hereby immediately due and payable. 10, That (4) 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 SUl11I 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 covenanta of said note and thia mortgage, are not duly, promptly, and fully perfonned; 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 moneYI secured hereby, shall become due and payable f(lrthwith, or thereafter, at the option of said mQrtgagee, as fully and completely as if all of the laid sums of money were originally stipulated to be paid on IUch day, anything in said note or in this mortgage to the contrary notwithatanding; and thereupon or thereafter. at the option of said mortgagee. without notice or demand, wit at law or in equity, may be prosecuted &IJ if all moneya secured hereby had JIlatured prior to ita inati- tution, The mortgagee may foreclose thi. mortgage, as to lhe amount 80 declared due and payable, and the said premiaea shall be sold to satiafy and pay the same together with coata, expel18es, and allowances. In cue of partial foreclosure of this mortgage, .the, mortgaged premises shall be sold 8ubject to the con- tinuing lien of t)lia mortgage for the Bl1\Ount of the (Jebt not then due and unpaid. In such case the pro- visiona of thia paragraph may &pin be availed of thereafter from time to time by the mortgagee. 11, That the mortgagor w"nt rive immediate notice by mail to the mortgagee of any conveyance. tranlfer, or change of ownership of the premiJea, , . 12. That. no waiver of any covenant h~rein or of the ob1igati~n aeeured hereby aha1J at any tiDM thereafter be held to be a waiver of the tenna hereof or of the note aecured hereby, -s...~1r'