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HomeMy WebLinkAbout0713~~~~ JU lAf~ .l~ and insurance pre~niuma, a» the case may be, such excess shall be credited by the mortgagee on subsequent paynieiita to be made by the mortgagor. If, however, the monthly payments made b~• the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums as the case may be, when the same shall beccme due and payable, then the mortgagor shall pay to t.~ie mortgagee any amount necessary to make up the deficiency, en or before the date when pgynient of such ground rents, taxes; assessments, or insurance premiums stittll be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the nate 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 payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the Federal Iiouaing Commissioner and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default ender any of the provisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- wise of ter default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prulx~rty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedin as a credit against the amount of principal then remaining unpaid tinder said note and shall properly must any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision ha8 not been made hereitibefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipts therefar 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 said premises and those to be erected on said premiss, 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 ouch payment 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 costa, charges, and expenses, including reasonable 1a~4•yer's fees, and costa 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 costs, charges, and expenses shall be immediately due and pay- - able and shall be secured by the lien of this 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 mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums 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 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 ~f 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 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 inatirance policies then in force ai~all 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 aitigular, 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 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 rr~ortgager or the defendants, and that such rer-ts, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage avid the practice of such court. Iii 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 current year plus the actual amount of the annual taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible fo: insurance under the National Housing Act within 3Q ~,Y$ fr;~m 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 DRYS time from the date of this mortgage, declining to insure said note and this mortgage, ~ing 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 m~ default on the part of the mortgagor, or (b) in the event that any of said sums of mo:iey herein referred to be not promptly and fully paid w~th- out demand oi• 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 evtsnt, the said aggregate sum mentioned in said note then remaining unpaid, with interest accraed to that time, and ail moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if sli of the said sums of money were orginally stipulated ti<~ 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 lxw or iii equity, may be prosecuted as if ali 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 the said premises shall be sold to satisfy and pay the same {~gether with costs, expenses, acid allowances. In case of partial foi•ecl~sut•e 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 ae availed of thereafter from time to time by the mortgagee. I1. 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 covenant herein •oi• of the obligation secured hereby shall at any time ;- thereafter be held to be a waiver of the tortes hereof otYgf the note secured hereby.