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HomeMy WebLinkAbout2168~~~' 37 order (b) of paragraph S preceding . sluU sot be wAkient to pay rents. taxes and assesamenta and in+suranca ink as the case may be, when ~e came shall absooene due and payable, then the mortgagor shall ~py to the morq~~ any amount necessary to make up the delfciency, on or before the date- when payment of -such groua~ rents, taxes, aasesameats. or insurance premiums shall be due. Ii at any time the mort~ago~r shall tender to the mortgages in accordance with the provisions of the note secured hereby. itiill p~yme~t of the entit+e indebtedness represented thereby, the mortgagee shall, in cam- puting the accsount of such indebtedness. credit to the account of the mortgagor all payments made under the provisiotu of a) of paragraph 2 hereof which the mo has not become obligated to pay to the Federal Housing and any balance rema~~ in a funds accumulated under the provisions of (b) of said agraph & Ii there shall be a default Hader any os the provisions of this mortgage, re- sulting in a pu lic sale of We premises covered hereby or it the mortgagee acquires the property other wise after default, the mortgages shall apply, at the time of the commencement of ouch proceedings or at the time the props is otherwise acquired, the balance then remaining in the funds accumulated under (b) of ph 2 precedityE,aa a credit against the amount of principal then remaining unpaid under said noteshall properly a uat any payments which shall have been made under (a) of said paragraph. 4. That he will pay aA fazes. aaseaamenta, water rates, and other governmental or municipal charges, Saes, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortr gages may pay the same; and that he will promptlj- deliver the oi$cial receipts therefor to the mortgagee. 6. That he will permit, commit, or su8er no waste, impairment, or deterioration of said property or anq part thereof ;and in the event of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee m$y make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the fuU amount of each and every ouch payment shall be immediately due and payable, and shall be secured by the lien of thus sn~*tgage: _ 6. That he will pay all and singular the ~coeta, charges, and ezpenses, including reasonable lawyer's fees, and costa of abafracta 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 said prom- iaaory note and this mortgage, and acid cost8, charges, and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage. _ _ _ _ . _ ?. That he will keeF the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the mo g against loss by fire and other hazards, casualties, and contingencies in such amounts and for aurcti p~erioda 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 fcti~or 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 lose 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, qr 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 mortgage or other transfer of title to the mortgaged property in eztinguishment 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. S. 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 specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anxwiae entrusted by a court to a receiver, and such appointment shall be made by sslch 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 as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (!12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes assessments, water rates, and insurance premiums for ouch year not covered by the aforesaid montfsly payments. 9. The mortgagor further covenants that should this mortgage and. the note secured hereby not be eligible for insurance under the National Housing Act within :. - • ~ from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the time from the date of this mortgage, declining to insure acid 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 ar_y breach of thin 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 thin 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 day, anything in acid note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said mortgagee, without notice or demand. snit st 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 shall be sold to satisfy and pay the same together with coats, 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 amount of the debt not then due and unpaid. In such case the pro- visions of Chia paragraph may again be availed of thereafter from time to time by the mortgagee. il. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of 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 a waives of the terms hercef or of the note secured hereby.