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HomeMy WebLinkAbout0674~. _- hi`~ ~~ l~Ar.E ~i~~ .. ,.,~ -r and insurance premiums, as the case may be ~ such excess si~~ll bo credited by the mortgagee on subsequent payments to be made by the mortgagor. '~f, however, the monthly payments made by the mork~g~ under (b) of paragraph 2'preceding shall not be sufficient to pay and rents, taxes and ssaesamenta and insurance prertiuma, as the cage may be, when the same ahal~tiecome due and payable, ther. the mortgagor shall pay to the rzw*tgagez any amount necessary to malre up the deRciency, oli or before the date when pay;nent of such ground rents, taxes, assessments, or insurance premiums shall be due. If xt any time the mortgagor shall tender to the mortgagee in acco;dance with the provisions of tt-e note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in com- putii~o ±he amount of such indebtedness, Credit to the account of the mortgagror all payments 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 remair_in in the funds accumulated under the pro4'isioua of (b) of said paragraph 2. If there shall be a default un~er any of the provisions of this mortgage, re- sulting i.n a public Salo of the premises covered Hereby. or if the mortgagee acquires the property other- wise after default, the n°=ortga~ee eitall apply, at the time of the commencement of au~h proc~cdinga or at the time the property is otherwise acquired, the balance then rempalni:ns in the funds accumulated under (b) of paragraph 2 preceding as a credit a carts which hall have been made under (a) o;. said~pa1ra.Sr Ph said note and ahail properly adjust any paym 4. That he will 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 oflicisl receipts therefor to the mortgagee. 6. That he will perniit, 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 Bain premises and those to 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 proper preservation thereof, and the full amount of each and every au~h'payment shall be irranediately due and payable, and shall be aec:ired by the lien of this mortgage. 6. That he will pay all and singular the costa, charges, and experaes, including reasonable lrwyer'a fees, and costa of abstracts of title, incurred or paid at any time by the mortgagee becac:ae of the fsilure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- a iasory note and this mortgage, and said costa, charges, and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage. 7. That he will kEeF the improvements now existing oi' hereafter erected on the mortgaged property. insured as may be required from time to time by the mortgagee against lose by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be regmred by mortgagee, and will pay ppromptly, when due, any premiums on such insurance for payment of which provision has not bn~en mad8 hereinbefere. All insurance shall be carried in compan~ea approved by mortgagee anal the poliriea and renewals thereof shall be held by mortgagee and have attached thereto Zags payable clauses in favor ~f and in form acceptable to the mortgagee. In event of loss he will give immediate notice b- mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor. and eac~ 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 t,e 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 rn and to any insurance 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 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, rt 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 entrusted by a court 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- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, proftta, income, issues, ar-d revenues shall be applied by such receiver according to the lien of thta 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 demar_d as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (x,14) 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 such year not covered by the aforesaid mont,~ly payments. 9. The mortgagor ;urtheY covenants that should this mortgage and tfie note secured hereby not be eligible for ins~!rance under the National Housing Act within 30 dale' from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated sub~equent'~o the ofores3id time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive pr^a~f of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all sima secured hereby immediately due and payablz. 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (L) in the event that any of said surna 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 this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate suns mentioned in said not, then remttipnat ~1e ~id~, with, interest accrued to that tune, and all moneys assured hereby, shall become due and or thereafter, at the option of said mortgagee, ag fully and completely as if all of the E-aid sums of money were orginally atipulAted to be paid on such day, anything in said note or in thi8 mortgage to the contrary notwithstanding; and thereupott or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had rr9aturetl prior to its insti- tation. The mortgagee may forectos~rhis mortgage, as to the amount eo declared due sad payable, and the said premises shall be sold to satisfy and pay i:he same together ysrith costs, expenses, and allowances. In case of partial foreclosure of this mortgage; the mortgaged premises shall bg so13 a~abjz:.t to the con- tinuing lien of this mortgage for the amount of the debt not then dui and unpaid. In such case the pro- visions of this paragraph may aslain b~ availed of thereafter from time to time by the mortgagee. 11. That the mortgagor will give immediate. notice by mail to the mor±gagee of any cot;veyance, transfer, or change of ownership of the premises. ~ ' 12. That no waiver of any covenant herein o* of the obligation secured hereby shall at any limo thereafter be held to be a waiver of the terms Hereof or of the rots secured hereby.