Loading...
HomeMy WebLinkAbout0533' D.R. ~J ~'AGE~~J ) 90EK and insu:aiice premiums, as the case may tie, su~•h"exc~§~ ehr+ll'b~ credited by the mortgagee on subsequent payments to bye made by the mo*•tgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to ~l1' ground rents, taxes and assessments _ • and insurance premiums, as the case may be, when the lama ahal! become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deftciency, on or before the date when payment of such- ground rents, taxes, asaesamenta, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the prnvision~s of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in com- puting the amount of such indebtedness, credit to the account of the mortgagor all pa~rients 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 balance remaining iu the funds accumulated under t}-e provisions of (b) of said paragraph 2. If thei.~ 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 rnoitgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, t)`~ balance then remaining in the funds accumulated under (b) of paragraph 2 preced:ng 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 card paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, flnea, or impositions, f•- which provision has not been made hereinbefore, and in default thereof the mort- gag~ ma;~ pay the lapis; and that he will promptly deliver the official receipts therefor to the mortgagee. 6. That he will permit, commit, cir surer 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 said premises and those to be erected on said premises, or improvements t arson, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. ` 6. That he will pay all sad singular the costa, charges, and expenses, including reasonable lawyer's lees, and coats 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- issory note and this mortgage, and said costa, charges, aid expenses shall be immediately due and pay- able and shall be secured by the lien of thin mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property , insured as may be required from time to time by the mort~agee against loss by fire and other hazards, c8sualties, and contingencies in such amounts and for suc periods as may be required by mortgagee, and will pay promptly, wlizn due, any premiums on such insurance for payment of which Provision has not been ma~.la 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 clausal 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 loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pi•xeeds, 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 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 insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at ary 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 exliressly 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 entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted e;uity and s matter of absolute right to asiid mortgagee, and without reference to the auequacy or inad- equacy of the value of the props: ty mortgaged or to the solvency or insolvency of said mortgagor or the - defendants, Pnd 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 (iii) of the aggregate of the twelve monthly installments payable in the then currant year plus the actual amount of the annual taxes assessments, water rates, and insurance premiums for such year r_et ~~ •ered by the aforesaid monthly ipayments. 9. The mortgagor further covenants that should this mortggaage and the note secured hereby not be eligible for insurance under tl:e National Housing Act ~viihin 60 days from the date hereof (written statemen+ of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated 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 .ecur2d hereby immediately due and payable. 10. That (a) in the event of any breach cf this 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 n=nmptly and fully paid with- out deir,and or notice, or (c) in the event that each and every the atipulat;ons, agreements, conditions, and covenants of sAid note and this mortgage, are not duly, promptly, ar.4 fully performed; t!rerr 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 ail of the said suers of money were orginally stipulated to be paid on such day, anything in said note or in this m.~rt.gage to the contrary notwithstanding ; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law o~• 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 bayable, aria the said premises shill 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- tinuinfi lien of this mortgage for the amount of the debt riot then due and unpaid. In such case the pro- visions of this paragraph may agair. be availed of thereafter from time to.time by the mortgagee. Z1. That the mortgagor will give immediate notice by mail to the m©r#gagee o~ any.cariveyance, transfer, or change of ownership of the premises. l2. That no waiver of any covenant herein or of the obligation secured hereby shall st any time the~gafter be held to be a waiver of the terms hereof or of fire pule assured kereby. - • , ~'~