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HomeMy WebLinkAbout094780 K ~V PACEz~7 ~ ~ . Binder (b) of paragraph $ preoedint sbaQ not be wifddent th ~ rrnb. taxes and assessments and insurance reamum~ as the case may be, wheel the same beooone due and paythen the mortgagor sbaU pqr to ts-e m~~~ ~7 ~t ne°eeaary t° nD the ddlcieaey. on or ore the date wha- p~ment of sash rants„ taxes, aasewnents. ora~o~aviraooe paerniwru shall be due. u at aql- time the narttagor shall tenaee~ to the mortgagee in aoooz'd~s with the provisiaeu of the nob secured herby. i`ill t o! the entire indebtedness represented thereby. the mortgagee shall, in oan- puting the amount such indebtedness. Oredit to the account a! the mortgagor all ~ymeats made under the provisions of ((s) of paragraph 2 hereof which the mo has not beoane olligabd to 1~U- to ~ Federal Housing Commissioner and any balance resnainint in lands accumulated under the provisions of (b) of saWu~aragraph >:- T! there shall be a default an any of the provisions of this mortgage ra sulHng in a p tic sale of the promises eowred hereby or ii the mortgagee acquires the property ot~ieiti wise after default, the mortia~es aloft aP , st the time of the oommenoement of such proceedings ar at the time the proper is otherwise aoq the balance then in the loads accumulated under (b) of ~a~raph 2 ypreeed~g as a credit against the amountr~pal then remaining unpaid under said nob and shall properl3- adjust and' payment w~~ a~ have made ender (a) of said paragraph. 4. That he will pay all taxes, aaseasments, water' rates. and other godernmental or municipal charges, fines. or impositions, for which pmviisiai ~ not ~- made hereinbefore, and in default thereof the mort- gages may pay the same; and that he will ptamptly deliver the official reoeipL therefor to the mortgagee. 6. That he will permit. commit, or auger no waste. impairment. or deterioration of said property or thereof ;and in the event of the iailnre of the mortgagor to keep the buildings on said premisce e1~Y th th and oee to be erected on said pretnisea. or improvements ereon, in good repair, a mortgagee may make ouch repairs as in its discretion it >~ devn necessary for the proper preservation thereof, and the full amount of each and every sash psyzrknt shall 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 lees and cosh of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on tie part of the mortgagor prnmptly and sully to perform the agreements and covenants of said prom- issory note and this mortgage. ~ d ~ this mo charges, and ~~ shall be immediately due and pay- able and shall be secured by the >'~s~ 7. That he will keep the improvett=enta 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 such 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 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 kus if not made promptly by mortgagor. and each insurance company concerned u hereby authorized and directed to make payment for such toes 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 secured or to the restoration or repair of the property damaged. In event of foreclosure of this securt~ herebythall right, title. andlinterest of the maortgagoreln And to an1Y fast urance poliches then ire forpce 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 ouch 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 ev of which, it being expressly under- stood, is hereby mortgaged as if specifically net forth and deacribed~n the granting and habendum clauses hereof. and such receiver shall have all the broad and eRective fuactiona and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by adch 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, 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 ss a reason- able monthly rental for the premises an amount at leant equivalent to one-twelfth (1;14) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes asaeaaments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. ' 9. The mortgagor further covenants that should this mortage and the note secured hereby not be eligible for insurance under the National Houaing Act within .. ~ [=: ~ ~ -~ from the date hereof (written statement of any officer of the Federal Housing Adm_ iniatration or authorized agent of the Federal Housing Commissioner dated subsequent to the ~ ~ time from the date of this mortgage, declining to insure said note and thin mortgage, being deemed conclusive proof of ouch in- eligibilIty), the mortgagee or the holder of the note may, at its option, declare all soma 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 soma of money herein referred to be not promptly and fully paid with- out demand or notice, or (e) 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 to sum mentioned in said note then remaining unpaid with interest accrued to that time, and a moneys secured hereby, shall become due and payable fort~iwith, or thereafter, at the option of said mortgagee. as fully and completely as if all of the said soma of money were ongirally stipulated to be paid on such day, s thing 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, snit at law or in equity. maybe prosecuted sa if all moneys secured hereby had matured prior to its irati- tution. 'The mortgagee may foreclose thin mortgage, as to the amount so declared due and payable. and the said premises shall be sold to satisfy and pay the same together with costa, expenses, and allowances. In case of partial, foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- v~isuons of~tlds psragrap~h m yf again be~a~ fled of thereafter rom tune to timpe by the m rtgaregetehe pro- 11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership o! the premises. 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.