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HomeMy WebLinkAbout0491..~~. - _ - r +~r~ r?rr~rV Oil ~ w.--,-....~-...-l.y,~.~~_... . _ .. _. t~ ~b~~ 2~ X49'1 ~.) wader (b) ad paragraph g preoedins shall noR be wtldcieat to psi teats, lases and assessments sad i»rurano~e~p~+eo~~as~ as tip. ca.. myr be. wren the same shall beoooae due and p~ysb~ then the r~a~o~r shall payi th t6e m11- amount neoessaty tD mate up the dellcieacy, on o~' betora the da~ ppment of ash IR~rM-h„ lases. assessafents. or insurance premiums shall be due. Tt at atgr time tM mo:ti~'a" shall tendse bo the mortgages in aoooa~danoe with the provisions of the note secured hereby, roll payment of tDe eotirs indebtedness rept~sseated thereby, the mortgagee shall. in cotn- ppnntitig the amount of such indebbdaw. crdtt to the account at tM mortsagor all a~menta msde under tlhe provisions o! a) o! paragraph Z bereoi which the mo has not beooa-e obligated to pay to the g~v g~ and sty balance its is itmds accumulated under the provisions of (b) o! said S, u there shall be a deft an~lt under atV ~ t6e proviQiae~s of this mortgage, re- snlting in a sak of the premise~.eovared hereby or ii the mortgages acquires the property other- wise after defattlk the Magee shalt , at the t~me of the oommencemen of such proceedings or at the time the pro 4ni~~ e~w3se aaniirthe bsLnce then renwi~ning in the funds accumulated trader s(abid sots an shall 2prpo~per~~uLataanp~nb hi~ch~ahoall~ha a beencim~ade u derma( j oi~said P ragr Ph 4. That he will pay all lazes, assesstnsats, water rates, and other governmental or municipal charges, tines. or impositions. for which provision has not been made hereinbefore, and in default thereof the more gages m41- pay the name; and that he will promptly deliver the oBcial reoeipb therefor to the mortgagee. 6. That he will permit, cammit,.or suffer no waste. impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor 'o keep the buildings on said premises end those to be ese4ted on said premises, or improvements ttFhiereon, is good repair, . e mortgagee may make such repairs ae is its discretion it may deem accessary for the proper preservation thereof, and the full amount of each end every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. - -- 6. That he wW pl-y all and, singular the costa, charges, and expenses, including reasonable lawyer's fees, and costa o! 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 perform the agreements and covenants of paid prom- issory note and thin m and acid casts. charges. and expenses shall be immediately due and pay- able and shall be secured b~e lien of this mortgage. . 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be requu~i from time to time by the mortgagee against loan by fire and other hazards, csaualties, and contingencies in ouch amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached there(o loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss lie w(11 ve immediate notice by mail to mortgagee, and mortgagee may make proof of loan if not made promptly by mortgagor, and each insurance company concerned is hereby authorised and directed to make payment for ouch Ices directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any pert thereof, may be applied by mortgagee at its 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 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 peas 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 !or 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 apeciflcally set forth end 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- equscy 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 end 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 leant equivalent to onetwelfth (1,12) of the aggregate of the twelve monthly inatallmenta payable in the then current year plus the actual amount of the annual taxes aaseaamenta, water rates, and insurance- premium for such year not covered by the aforesaid monthly payments. 9. The mortgagor further covenants that should this mortgag~ee and the rote secured hereby not be eligible for insurance under the National Housing Act within 60 days from the date hereof (written statement of any oR1cer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the afosesaid 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 mor~age or default on the part of the mortgagor, or (b) in the event that any of said sums of money herein re erred to be not promptly and fully paid with- oat 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 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, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such dsy, 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, suit at law or in equity, may be prosecuted as if all mornys 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 shall be sold to satisfy and pay thee same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the smount of the debt not then due and unpaid. In such case the pro- visions of this paragraph may again be availed of thereafter from time to time by the mortgagee. il. That the mot! jtgor will give immediate notice by mail to the mortgagee of sny cwnveyance, transfer, or change of owns-ship of the premis~,s. 12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be s waiver of the terms hereof or of the note secured hereby.