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HomeMy WebLinkAbout02249~~K ~~ 1'nc~~~~ and insurance pre;7riums, xs the case may be;-such excess ~i~1c11 ue credited by the rnortc;~xee on subsequent payments to he made by the mortgagor. If, however, the monthly payments ma.t~~ t1y the mortgagor' under (b) of par.-gxaph 2 preceding shall not be ~uRicient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due End payable, then. the mortgagor shall pay to ;.he mortgagee any amount necess~rry to make up the deficiency, on or before the date when payment of such groritrc: rents, taxes, assessments, or insurance premiums shall be due. if at any time the mortgagor shall under fa the mortgagee in accordance with the provisions of the rate secured hereby, full payment of the entire indebtedness represented thereby, t]ie mortgagee shall, in com- puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the I•'eueral H~usirg Commissioner and any balance remaining in the funds accumulated under the provisions of (6) of said paragraph 2. If there shall be a Qrfault under any of tha provisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- wise alter default, the mortgat,~ee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding as a'credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he wilt pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, 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 official receipts therefor to the mortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof ;and in the event of the failure of the mortgagor to keep the buildings on axis premises and those tc be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the propel- preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, Rnd shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, acid expenses, including *easonable la\vyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on tI1P part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- issory note and this m~~rtgage, and said costs, charges, and expenses shall be immediately due and pay- able and shall be secures: by the lien of this mortgage. 7. That he v: ill kee ~ the improvements now existing or' hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee agair-st loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee, and \~•ill pay promptly, when due, any pretnir,ms 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 c1a17ses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notica by n1ai1 to mortgagee, and mortgagee may make proof of loss 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, or any part thereof, may be applied by mortgagee at its option elther to the reduction of the indebtedness here?iy secured or to the restoration or repair of the property damaged. Ill 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 itrter~•st of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grar-tee. R. 'T'hat 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 anywise etltrusted by a court to a receiver, and such appoil.tment shall be made by such court as an admitted equity and a matter of absolute right to said tortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to t~1e 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 th;s mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the r_iortgagor 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 (i12) of the aggregate of +he twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, assessm~nis, water r&tes, and insurance premiums for such year not ;;overed by the aforesai~ monthly payments. 9. The mortgagor further covenants that should tlri~ mortgage and the note secured hereby not be eligible for insurance under the National llousing Act \cithin 60 days from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the federal llousing Commissioner dated subsequent to the aforesaid time frcm 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 sec~.tred hereby immediately due and payable. 10. That (a) in the e\•ent of any breach of this mortgage or default on the part of the mortgagor, or (b) 171 the e\'e Ili t}rat ally of said sums of money herein referred to be riot 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 notC arld 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, wiUi interest accrued to that time, and all moneys see:~1-ed here';y, shal' became due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said auras of money \\•ere orginally stipulated to b~ paid or. such day, anything in said note or ic: this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at la\v or in equity, may be prns~cuted as if all mone;~s secured hereby had matured prier t.o its iilati- tution. The mortgagee nay foreclose this mortgage, as to the amount so declared due and p+ryable, and the said premises shall be sold to satisfy and pay the same Together with costs, a°penses, and ;llowa-ices. 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 cases the pro- \•isions of this paragraph may again be availed of thereafter from 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 premises. ' 12. That no waiver of any r_ovenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured het•ehy.