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HomeMy WebLinkAbout0187 .. ... . under (l)) of paragraph 2 p\'.x~t>djl!g ~h'a.l1 nbtEt~~l~lftL ~ pay grouad r,-nts, tax,,":; lLnd as!lt':Q'lll'at~ And insur~li('e premiums, as the case may be, when the MIlit, shall ~)t'cmne due and payable, thell the mortgt\g'Jr shaH pay to the mortgagee a;)y a.m')unt n~<,ssary to 11lak~' up the det~t'iellcy, 01\ or herut,. the dai:.e when pa)"llient of ttuch ground rents, taxes, It.8Scssmenta, or in~urance premiums shall be dut.'. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions uf the note :H.'Cured hereby, full payment of th~ entire indebtedneM represented tht~reby, the mortgagf"~ shall, in I'Om- putmg the amount of 3uch i.ndebtedne88, cr'edit to the account of the mortgagor all payments madl under the provisions of (a) of paragraph 2 hereof which the mortgagee has nl)~ becom<' obligated to pay to the . :Federal Housing Commisaioner and any balance remaining in thefund5 accumulated under the provisions of (b) of 'laid paragraph 2. If there shall be a def&ult under any or the provitions of this murtgage, re- sulting in a public sale of the premises covere<.l hereby, or if the mortgagt't' acquire:;! th.~ property other. wise ,\fter default, the mortgagee shall apply, at the time of Ute comrneneement of such pnKe(.dings or at the time the prop€rty is otherwise acquired, the balance then remaining in the funds i\ccumul.'.tt'd under (b) of paragraph 2 prEceding as a credit against t.he amount of principal then remaining unpaid under &aid note and she'!l properly adjust any payments which shal! have ~n made under (a) of .'laid paragraph. 4. That he will pay all taxes, a.8l'.pssments, water rates, and other governmental or r.1l1nit'ipal charge:'!, fines, or ir.l~){)sitions, for which provision has not been made herembdorc, and in default thcleof the mort- gagee may pay the same; and that he will promptly deliver the official receipt..'\ therefor to the n:ortgagee. 5. That he wili permit. commit, or t'..ffer no waste. impairment. or dderioration of said pr()perty or any part thereof; and in the event of the failure of the mortgagor to keep the b~lildings on saki pr('mis~s 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 presHvation thereof. and the full amount of each and every such payment shall be immediately due and payable, and shall o\.' secured by the lien of this mortgage. G. That he will pay all and singular the costs, charges. and expenst;s, including reasonable lawyer's fees, and costs oi abstracts of title, incurred or paid at any time by the mortgagee because of thE f~).illlre on the part of the mortgagor promptly and fully to perform the agreements and covenants of 3aid prom- issory note and this mortgage, and said costh, charges, and t!xpensea 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, insuied as may be required from time to time by the mortgagee agaim.t loss by fire and other hazards, casualties, and contingencit.'\ in such amounts and for such periods as may be requirt>d by mortgagee, and will pay promptly, when due, any premium'! 011 such insurance for payment of which provision has not be{m mad~ hereinbefore. All insurance shail be carri~d in companies apprt)\'ed by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in fonn acceptable to the mortgagee. In event of loss he will gi...e immediate notice uy mail to mortgagee, and mortgagee may make proof of loss if not made promptly by llllJl.tgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss diredly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or . any part t.hereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or r<'pair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgagee. property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in end to any insurance policies then in force shall pMS 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 juril!diction 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 ei.lgular 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 habi>ndum clauses hereof and 8uc.h receiver shall hrwe all the broad and effective functions and powers in ann,,'ise entrusted by a court to a receiver, and such appointment shall bi:' made by such court as an adl~i~ted e<...uity 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 practi("c of such court. In the event of any default on the part of the mortgagor hereilnder, the mortgagor agrees to p&.y to the mortgagee Oil demand as a reason- able monthly rental for the premises fin amount at least equivnlellt to 0ne-twelfth (:/12) of the aggregate of the twelve monthly inst<:'lilments payable in the then current year plus the actual amollnt of the annual taxes assessments. water rates, and illflurance premiums for such yt:8.r not covered by the aforef:aid monthly payments. , .9. The .mortgagor further cove~ants that ,should thi~ n,lO r!~a~~ .am! the note secureri hereby no! be eligible for ln3UranCe under the NatIOnal Housmg Act wlthm ,jU ~)r'!::" from th" date hereof (written statement of allY 0fficcr of the Federal Housing Ad;nini3,tration or authorized a~:ent or the FeJBral Hotli\ing Ci)mmiNlioner dated subsequent to the ~ ,; ;...J ".- time from the date I)f this mortgage, dedining to insure &aid note and this mortgage, being deemed conclusive proof of such in- eligibility). the mortgage€ 0.. the holder of the note may. at its option, declare all sums s('cun.d hereby immediately due a!ld payabie. 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgag-or, or (b) in the event that any of said sums of money herein referred to be not promptly .,no fully raid with- out demand {>r notict\ or (c) in the event that \}!'ch and every the stipulations, g,gre<on1ents, conditiona, gl~d (:oven;wt.~\ o{.,Hud nut>.' ,wdthi!> moMl?::lge. an': not duly. promptly. an:l fully \If,dqrmed; then .il:l elU,Cl \ir any !',tlcn pVdlt, t.hfj ,3;'\Y1 <~ggYl;;K,n~ 5i11r tTlNil;V:F'0 ,li 31;.".,. (".te l:!i'r, n:pi;"^,'"r,g :;npiul wltn int,,~rest accnled to that time. and all f;wneys i!ioecun::d hereby, "hall b;'{'orn~ lith' .,rid pHy"Llfi fonhwith, or t.'1 ere.alt.el" , at the ot;tion of\!aid mort.~gee. M fu:ly and i:omplere;y as if a.n {)f HI(' said ",un" of mnl1l'Y were originally 5t.ipulat.e<:l to be paid on such day, ~Hlythng in .i\.l'\id note ur in thiS !~lo!"tgagl:' to the wn.trHY notwithstanding, and th.,r-?upon OJ t.hereafti:r, a.t the option of (Wid mortgag"f', withuut r,i}t;u~ or demand. gUlt;l),t lsw or in equity. may be prosecuted fl.€ if lill moneys E.e<:ur{'o hHeby had mi'4~,u...:d prior t.o it.:; j"sL. t.uticn. The mortga.g~ may foredt-'S(: this m()rtg&g~, &Eo to Uw F.In()Lmt ;Ii.' ckdared due and psynbk, anti the s.a.id premi5f:8 ahan be ~old to saUdy ami p.uy the same together with co~t~<;, exp0nses, and ail(IWlihce;::., in '.~.!!..'\e ')f paTti~l ron:o<:IOllur'e of thi~ mo;tllageo, tn€ mf.rtg&.ged pl'emia~ shall be f',(lJd 8iJbjed tn thf! con- tinuir.g jj~m of thUI mortgage for the a.!r.mmt of the debt not the~; due ~md unpaid. In such 1:i'.1:Li? the pr{;.. visiofl3 of t~lis paragraph may again he av:&.iled of thereafter from bme to tmH! by th>~ mDrtgagee, 11, Thl\t th€ rnorl;,g-agor ",:,ill ~i,:e imm~iate ni)~iN! by mall tr, Ow mortgi}g!X of any convey..,XiC€, t.tart,.atE~!\ or c~;.ange t)f iJ'W'tH:~r~Jnp or t.r~{; pr~;ml~z< 12 That no wlJ,lver of any CQv.;onant h~rBin Dr of th~ QCUgOiltion !if~lrr~i her.;bv t,h~ll .at.aDY t1nif; t:-:ef1;sft,Rr be hSilid to b€ it waiver of the t~rms hueo! Of of the t1.c.l:..i:' ~;urtd herf.'oy. 1 """" _~:~~~ ''''"'i._'-'-~ ~". ,..'