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HomeMy WebLinkAbout2502~o~~ _ 28.~37~ U sad insurance premiums, as the~case may 1~~u~~o~~~ c~ by the mortgagee on wbsequent pgments to be made by the mortgag~or• ice' n~~~"~' a is made by the mortgages under (b) o! paragraph S preceding, ahaQ set be .dlltieient be py ts. taxa ana .~..asm.4ts and insurance iu~ms, as the case ma,T De. when the ~sme become sue and p~Yablet t!-en th. mortgagor shall p~i~ to the ~a~es s~ amount nea~at~- to wks np the debcieaq, on or oafore the date w ea payment o[ such goronn- d rents taxes. aaae~ts. or inanranoe Pzemiums shall be due. Ii st any time the nartgagor shall tender to the mortgagee in sooo:dsna with the provisions of the note secured hereby. irtllpaymw t of the satire indebtedness rept'~~ y ~ ~• in ooza- pu~g the amount of each indebtedaessr credit to the account of the mortgagor aU p~ment made under the provisions of ((a) of paragraph 8 heseof which the n has not become odltgated to pay to the Federal Housing Commissioner and aqy bsLnce re~~n~a~ining in a funds accumuLted under the provisions of (b) of saidu~aragrsPh 2. If there ahan bs a default nnde~r any of the provLions of this mortgage re- wlting in a p bblic sale of the premises povered hereby. oz if the mortgagee ao4uires the ProP~Y ot~er- -- wise after default. the mortgages shall sp . at the time of the commencement of such proceedings or at the time the pro is otherwise soquthe balance then remaining in the funds accumulated under (b) ~ puagrapp ~,as a credit against the an-ount of principal than rwmaining unpaid under said note and shall Prop~erlY •wuat uU' PUnne'nf+ which shall have been made Hader (a) of said paragraph. 4. That he will pay all taxes, assesiments, water rates. and other governmental or municipal charges. tlnea. or impositions. for which Provision has not been made hereinbetore, and in default thereof the more _ ~ gages may pay the same: and that he will promptly deliver the official receipt therefor to the mortgagee. b. That he will pernut, commit. or suffer no waste. impairment~ or deterioration of said property or any part thereof ;and in the event of the failure of the mo r to keep the buildings on aa~a premises and those to be erected on said premises. or improvements, in good repair, the mortgagee may full amount of each aadlev ~onP~11 mgt ~ ~ ~~f~~ d e amend ppaywib eatand shall be secured by the lien of this mortgage. 6. That he will pay all and, singular the costa, charges, and expenses, includin reasonable lawyer's few and cost of abstract of title, incurred or paid at any time by the wortgageeuae of the failure on the part of the mortgagor promptly and fully to perform the agreement and covenants of said prom- issory note and this mortgage. fiend of this o ~~~ and ~~~ shall be unmediately due and pay- able and shall be secured by the 7. That he wiU keeF the improvement now existing or hereafter erected on the mortgaged property. insured as may be requu~ed from time to time by the mortgagee against loan by fire and other hazards, casualties, and contingencies in such amount and !or aucli peri'oda sa may be rc~luired by mortgagee, end will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. AU insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loan payable clauses in favor of and in fgrm acceptable to the mortgagee. In event of loss he will give immediate notice byy mail to mortgagee, and mortgagee may make proof of loss if not made promp*.ly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loan directly to mortgagee i... Lead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at it option either to the reduction of the indebtedneaS hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of thin mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedneaa secured hereby, all ri t, title. and interest of the mortgagor in and to any insurance policies then in force shall pass to the p or grantee. 8. That the mortgagee msy~ at any time pending a suit upon this mortgage, apply•to the court hav- ing ~uriadiction 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 end described in the granting and habendum clauses hereol, and ouch receiver shall have all the broad and effective functions and powers in anywise entrusted by a rnurt 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- egracy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendant, and that such rents, profit, 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 onetwelfth (3,=) of the aggregate of the twelve monthly installment payable in the then current year~plus the actual"amount of the annual taxes asaesamenta, water rates, and insurance premiums for such year not covered by the aforesaid mont~ily payments. 9. The mortgagor further covenant that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 DAYS 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 said note and this mortgage, b~n~~~e~r-ed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at 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 (6) in the event that any of said sums of money herein referred to be not promptly and fully paid witrt- out demand 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 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 orginally stipulated to be paid on such day, 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 sa if all moneys Secured hereby had matured prior to it insti- tution. The mortgagee tray 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 cost, 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 this paragraph may again be availed of thereafter from time to time by the mortgagee. 11. That the mortgagor will give immediate~sotice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the p#~emisea. . 12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the Cefima he£egf or of,>;he~note secured hereby.