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HomeMy WebLinkAbout2461 ~o~i 20 PACE354 under (b) of paragraph 2 preceding shall not be sufficient to pay JI'OUlld rents. taxes and uaeaaments and illBurance premiums, aa the cue mal' be. when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount neceuary to make up the def\ciency, on or before the date when payment of such ground rents. taxes. aaseaamenta. or insurance premiums shall be dUe. If at any time the mortgagor shal! tender to the mortga,gee in accordance with the provi$ioll3 of the note secured hereby. full payment of the entire indebtednes.a repreaented thereby, the mortgagee shall. in com- puting the amount of such indebtedneaa, credit to the account of the mortgagor all parments made under the provisions of (4) of paragraph 2 hereof which the mortgagee haa not become obhgated to pay to the Federal Housing CA>nuniasioner and any balance remaining in the funda accumulated under the pl"ovisiona of (b) of wd paragraph 2. If there shall be a default under any of the provisiollB of this mortgage, re- lultini in a public sale of the premises covered hereby. or if the mortgagee acquires th~ 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 in the funds accumulated under (b) of paragraph 2 preceding aa a credit agaillBt the amount of principal then remaining unpaid under said note and shall properly adjuat 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 charges, finea, or impositions, 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 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 shan 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 promptl). and fully to perform the agreements and covenau.ts of said prom- issory note and this mortgage, and said costs, charges, and expellBes shall be immediately due and pay- able and shall 00 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 3uch amounts and for such periods as may 00 required by mortgagee, and will pay promptly, when due, any premiums on such illBurance for payment of which pro\'ision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall 00 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 mail to mortgc1<t~, 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 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 its option either to the reduction of the indebtedness hereby gecured 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 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, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specifi~lIy set forth and described in the granting and habendum clauses hereof, and such receiver shall have aU the broad and effective functions and powers in an~'wise entrusted by a court to a receiver, and such appointment shall be made b)' such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequac~. or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendanta. 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 (% d of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l assessments. water rates, and insurance premiums for such year not covered by the aforesaid momnly payments. 9. The mortgagor further covenants that should this mortgag,.e an~ the note secured hereby not be eligible for illBurance under the National Housing Act within ?O L'I,',::> from the date hereof (written statement of any officer of the Federal Housing Admipi&tration or authorized agent of the Federal Housing Commissioner dated subsequent to the ?~ l t." I J time from the date of this mortgage, declining to insure said note and this mortgage, being deemed 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 (a) 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 performed; then in either or any luch event, thp 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 fu lly and completely as if all of the said sums of money were originally stipulated to be paid on luch day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, auit at law or in equity. may be prosecuted as if all moneys secured hereby had matured prior to-its insti- tution. The mortgagee may foreclose this' mortgage, as to the amount so declared due and payable, and the said premises Ihall be sold to satisfy and pay the same together with costs, expenses, and allowances, I!1 ~ c:J! partial. foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con. anumg hen of thl. mo~ for the amount of the debt not then due and unpaid. In luch case the pro- viaiona of this paragraph may again be availed of thereafter from time to time by the mortl@gee. 11. That the mortgagor will give 'immediate notice by mail to the mortgagee of any conveyance, tnnafer. or chanKe of ownership of the premises. ,. 12. That no waiver of any covenant herein or of -th~ obligation Secured hereby shall at any time thereafter be held to be . waiver of the tenna hereof or of the note secured hereby. -