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HomeMy WebLinkAbout0471- 9 ~k ~~ FAGt ~ 1 ~. S ,S~T. LUCIE CCUNT~~ f CA• and ineurance premiums, as the case ;' c excess s gal ~e creaited by the mortgagee on subsequent payments to be made by the mortgagor. If, however,'the monthly payments made by the tr~ortgagor under (b) of paragraph 2 preceding-shall not be sltfRcient to pay ground rents, taxes and assessments ai:a insurance premiumsl as the case may be, when the salve shall become due and paya~le, then the mortgagor shall pay to ttie mortgagee any amount necessary to make up the deftciency, on or before the date when payment of such ground rents, taxes, assessments, or ineurance premiums shall be due. If nt Any time the mortgagor shall tender to the mortgagee in accordance with the provisionl~ of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee rhal~, in com- nltting the amount of such indebtedness, credit to the account of the mortgagor all tiaxnnenta made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Housing Commissioner and any bala~ice remaining in the funds accumulated under the provisions of (b) of paid psu'agraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires ±he property other- wiae after default, Lhe mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then rempaining in the funds accumulated under (b) of paragraph 2 pre~dtA~~t anY pal ymentts which hall have beercmAde under (s) of aid paragraph. acid note and shall props y 4. That he will pay all taxes, assessments, water rates, atld other governmelttal or municipal charges, ftnea, or impositions, for which provision has not been made here~nbefore, and in default thereof the mort- gagee map pay the same; and that he writ promptly deliver the official receipts therefor to the rrortgageV. 6. That he will permit, commit, or suffer n~ waste, impairment, or deterioration of said pl•opri•ty or any part thereof ;and in the event of thP failure of the mortgagor to keep the buildings on Raid prenuses and those to be erected on acid premises, ur improvements thereon, ln' good repair, the mortgagee may make such rapaira as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payr-ient 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 fees, and costs of abstracts 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- able and shaft be secured by the lien of this mortgage ~' and expenses shall be immediately due and pay- 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured sa may be required front time to time by the mortgagee against loss by fire and other hazards, casualties, and contingenciea in such amounts and for such periods as may be required by mortgagee, and wall pay promptly, when due, any premiums on such insuran.:a for payment of which provision has not besn made herelnbefore. 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 is hereby authorized and directed to make payment for such leas directly to mortgagee insteau of to mortgagor and ;nortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness here?~y secured or to the restoration or repair of the ~ roperty 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 right, title, and interest of the mortgagor In and to any inaursi-ce policies then in force 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 such court sha!1 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 havs X11 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 adn-itted 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 br to the solvency or insolvency of said mortgagor or the defendants, and that aurh rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of thSs 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 ac 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 tiie annual taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid mont,~lly payments. 9. The mortgagor further covenants that should this mortgag~.apayse note secured hereby not b~ eligible fcr insurance under the National Housing Act within Ucdt from the date hereo: (written statement of any o;ficer of the F'ed~ral Housing Administration or authorized agent of the Federal Housing Commissioner uated subsequent to the aforesaid time from 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 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 hercll. =-~.ferred to be not promptly and fully paid with- out demand or notice, or (c) in the event that each slid every the stipulations, agreements, r_onditions, <~nd covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in elthel or any such event, the said aggregate sum mentioned in said cote then remaining unpaid, with interest accrur.d to that time, and all moneys secured hereby, shall become due and payable forthwith, oi• thereafter, at the option of said mortgagee, as fully snd completely as if all of the said sums of money \1'C:'e OI'b::: ~iy ~~ipul~ted t0 b~ pai~± , n 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 equi~y, 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 t'ne said premises shat! be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- timing lien of this mortgage for the amount of the debt not then due and unpaid. In such rase the pro- visions of this paragraph may again be availed of thereafter from time to time by the mortgagee. -r 11. That the mortgagor will give immediate ,notice by mail. t,o the mortgagee of any conveyance, transfer, or change of ownership of the premises.• 12. That no waiver of any covenant hereirt• or~ of ~ the- a~biigaiion secured hemby shall at any timie "~ thereafter be held to be a waiver of the terms hereof or of the{note secured hereby. _ '