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HomeMy WebLinkAbout0768~ ~oo~ 26 P~c~ 6~ ~J and insurance premiums, as the case ma~~e~Wifcr d~btdhall>~a credited by the mortgagee on subsequent payment to be made by the mortgagor. 'if, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sulRcient to pay and rents; taxes and asaeaament and insurance premiu~na, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to ~ the mortgagee any amount necessary to make up the deficiency, on or before the date when payment o! sash ground_ianta, taxes, assesamenta, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in ricoordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall. in com- puting the amount of such indebtedness, credit to We adcount of the mortgagor all pa~-menta made under the provisions of (a) of paragraph 2 hereof which the morkgagee has not become obligated to pay to the Federal Housing Commissioner and any balance remaining ~n thhe funds accumulated under the provisions of (b) of acid agraph 2. If theme shall be a default under any of the provisions of this mortgage, re- sulting in s p lic sale of the premises covered hereby, or if the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of ouch proceedings or at the time the property ~a otherw~ae acquired, the balance then remainit~ in the funds accumulated under (b) of paragraph 2 -preceding_aa a credit against the amount of principal then remaining unpaid under acid riots and shall properly a ust any payment which shall have been made under (a) of acid paragraph. 4. That he will pay all taxes, asaeanmenta, water rates, and other governmental or municipal charges, Race, 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 olgcisl receipt therefor to the mortgagee. 6. That he will permit, commjt, or suffer no waste, impairment, or deterioration of acid property or any part thereof ;and in the event of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises. or improvement ereon, in good repair, the mortgagee may make ouch repairs as in ib discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. - 6. That he will pay ail and singular the coat, charges, and expenses, including reasonable lawyer's lees, and coat of abstract 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 agreement and covenant of said prom- issory note and this mortgage, and said costa, charges, and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage. 7. That he will keel the improvement 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, caaualtiea, and contingencies in such amount and for suchh 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 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 mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned ~a 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 anypart thereof, may be applied by mortgagee at it 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 ri t, title, and interest of the mortgagor in and to any iruurance policies then in force shall pass to the p or grantee. fi. That the mortgagee may, at any time pending s suit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a receiver, and aLCh court shall forthwith appoint a recPaver of the premises covered hereby all and aiagular, including all and aingular_ the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as it specifically set lorth and described in the granting and habendum clauses hereof, and ouch 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 s matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged o~ to the solvency or insolvency of said mortgagor or the defendant, and that such rents, profits, income, isau~, and revenues shall be applied by such receiver accord' to the lien of this mortgage and the practice of such coact. In the event of any default on the part oi~e mortgagor hereunder the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the prem~aea an amount at least equivalent to one-twelfth (3is) of the aggregate o! the twelve monthly installment payable in the then current year plus the actual amount of the annual fazes aaaessments, water rates, and insurance premiums for such year not covered by the aforesaid mont~r payments. - - ~. The mortgagor f~irther covenant that should thin mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within A npyS from the date hereof (written statement of any officer of the Federal Housing Adm~n3atlra" tioTi or authorized agent of the Federal Housing Commissioner dated aubeequent to the 30 DAYS time from the date of this mortgage, declining to insure said note and this mortgage, being seemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, st it 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 remand or notice, or (c) in the event that each and every the stipulations, agreement, conditions, and covenant of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any ouch event, the said aggre to sum mentioned 1n said note then remaining unpaid, with interest accrued to-that time. and all monaeya secured hereby, shall become due sad payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said wms of money were orginally stipulated to be paid on wch day, aaythin~ 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 prosecated as if ari moneys secured hereby had matured prior to it inati- tntion. -The mortgagee rsay foreclose tl~ia , ass to th8 amount so declared due and payable, and the acid premises shall be sold to satisfy anda~ same together with costs, ezpenaes, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold wb3ect to the eon- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- visions of this paragraph may again be availed of thereafter iron time to time by the mortgagee. 11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premLes. 12. That no -waiver of any covenant herein or of the obligation secured hereby shall st any time thereafter be held to bs a waiver of the bans hereof os of the note secured herby.