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HomeMy WebLinkAbout2742 ib~i 20 tW,[635 ander (b) of ~ph 2 prec.diq aha1l.>>tb._~~l.t.o~ p>ound reota, tax. &ad Ulll1l'1enta and inauranee pNmnDn~ .. the cue Jna,J)lM, ~ rtliif,..,.. ~ beeome due and payable. then the mortpaor shall pay to the mortppe any amount ner~...ry to make up the de&iency, on 01' before the date when payment of IUch II'OUDd rentc, tax... ....m.enta, or inaura:nce premlwna ahall be due, It at any time the mortcqor ahall tend.- to tM mortppe in accordance with the provWona of the note aec:ured hereby, full payment of the entire indebtedneu repreeented thereby, the mortppe Ihall, in com. putillir the amount of .uch indebtedn-. cndit to the account of the mortpaor all papnenta m~e under the proviaiona of (0) o~ ~ph 2 befoof which the ~o~ baa not become obllpted to pay to the Federal Housb1& CommLUlODer and &D7 balAUCe remalnmr iii the funda &<:cumulated under the proviaiona of (b) of aid parqraph 2. If there Mall be a default under any of the proviaiona of th.ia mort,., w.-. aul~ in a public aale of the premi-. covered hereby or if the mortp.pe &equine the property other- wiae after default. the ~ ahall apply, at the t!.;;e of the commencp.mentofauch proceedinga or at the time the property is otherwlH acquired, the balance then remainin, in the lunda accumulated under (b} of parap-aph 2 precediDf.u a credit apinat the amount of principal then remaininc unpaid under lI&1d note and ahall proptll"ly adjust any paymenta which ahall have been made under (0) of said paragraph. 4, That he will ;>aY all taxes, UlNlPllenta, water rate.. and other CQvernmental or municipal charcea, ftnea, or impositions, for which proviaion baa not been made hereinbefore, and in d~fault thereof the mort- pafee !)lay pay the aame ; and that he will promptly deliver the oftleial receipta therefor to the rr.ortragee. 5, That he will pennit. commit, or suffe~ no waate, impainnent, or deterioration of said property or any part thereof; and in t.l}e event of the fallure of the mortraaor to keep the buildinrs on said premises and those to be erected on said premiaea, or improvements thereon, in rood repair, the mortgagee ma)' make such repairs 83 in ita diacretion it may deem neceuary for the proper preservation thereof, and the full amount of each and every such payment ahall be immediately due and pa3'~ble, and shall be secured by the lien of this ~ 6. .That he wi!) pay all and singular the costs, charces, and expenses, including rea.aonable lawyer's fees, and coats of abatracts of title, incurred or paid at any time by the mortgagee *ause of the failure on the part of the mortra&or promptly and fully to perform the agreements and covenants of said prom- i880ry note and thia mortgage, and Mid coets, chugel, and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortpp. , 7, That he will keep the improvementa now existillir or hereafter erected on the mortgaged property, illBured 88 may be reqUired from time to time by the mortgagee against 1088 by fire and other hazards, casualtiea, and contingencies in such amou~ta and for sucn periods 88 may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision haa not been made hereinbefore, All insurance shall be carried in companiea approved by mortgagee and the policies and renewals thereof shall be held by mortgqee and have attached thereto loss payable claUAe8 in favor of and in fonn acceptable to the mortgagee, In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of 1088 if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such 1088 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 mortpge or other transfer of title to the mortgaged property in extinguishment of the .;ndebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force ahall paaa to the purchaser or l1'antee, 8, That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing juriadiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premise8 covered hereby all and singular, including all and singular the income, profits, wues, and revenues from whatever source derived, each and ~very of which, it being expreaaly under- stood, is hereby mortgaged as if specifically set forth ant! described in the granting and habendum clauses hereof, and such receiver shall have all the broa d and effective functions and powers in anywise entruated by a court to a receiver, and such appbintment 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 insolvency of said mortgagor or the defendants, and that such rents, profits, income, wues, 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 012) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l as.sessments, water rates, and insurance premiums for such year not covered by the aforeaaid momnly payments, 9. The mortgagor further covenants that should this mort.8a~ ,and the note secured hereby not be eligible for insurance under the National Housing Act within :' '., ,:.,,:.J from the date hereof (written statement of any officer of the Federal Housing Administration or authoraed agent of the Federal Housing Commiaaioner dated subsequent to the " , '. time from the date of this mortgaare, 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 (0) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event th~t any of said sums of money herein referred to be not promptl)' and fully paid with- out demand or notice, or (c) in the event that each and every the stipulationa, agreements, conditions, and covenanta of said note and this 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 moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, aa fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithatandinr; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, lUit at law or in equity, may be prosecuted 88 if all moneys secured hereby had matured prior to its insti- tution, The mortgagee may foreclose this mortgage, U to the amount so declared due and payable, and the said premiaee shall be IOld to aatiafy and pay the same together with costa, expenaes, and allowances, In cue of partial forecloaure of thia mortgage, the mortgaged prerniae8 shall be sold I!ubject to the con- tlnuillir lien of this mortgage for the amount of the debt not then due and unpaid, In luch case the pro- viaiona of thia paraanph may &pin be availed of thereafter from time to time by the mortgagee. 11. That the mortpa'Or wilt give immediate notice by mail to the mortpgee of any conveyance, transfer, or change of ownership of the premiaea. 12, That no waiver of any covenant herein or of the obliption leCured hereby Ihall at any time thereafter be held to be a waiver of the terrna hereof or of the Dote MCU1'eC1 heftby. '