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HomeMy WebLinkAbout0924_ __ .r aST. lt~r'f C;~l,'N?T. X14. t . an•' insurance premiums, as the case may be;-such excess siitrli os credited by the.t~4rt A '•4~ payments to be made by the mortgagor. If, however, the monthly »aytt;ettio~~~t`_, ~.. ,. - a - ound rents, taxes ~~~d aaaeagm~ under (b) of paragraph 2 pre..eding ahali• nut be autHc-ent top y and insurance prerr,iuma as the case may be, when the same shall become clue and payable, then the mortgagor shall pay 4.o t,~ie mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, aaae~smenta, or :isurance premiums shall bs due. If at any time the mortgaga: shall tender to the mortgagee in accordance w i[h the provisions 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 payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not becomQ obligated to pay to.the _ Federal Housing Commissioner and any balance remaining in the funds accumulated under the provisions of (b) of said ai•agraph 2. If there shall >7e a default under ~.tiy of the provisions of this mortgage, re- sulting in a public sale of the premises'~overed hereby, or if the mortgagee acquires the proper±y other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceed-nga or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedin as a credit age.inat the amount of principal then .remaining unpaid under said note end shall properly a~us: any payments which shall have been made under (a) of said paragraph. 4. That he will pay ell taxes, aaa~rmenta, water rates, and other governmental or municipal charges, fines, cr impositions, for which provision has not been made here~inbefere, and in default thereof the mort- gagee may psy the same; and that he will prorptly deliver the ou.C...l receipts therefor to the rr_ortgagee. 6. T~iat he will permit, commit, or suffer no Haste, impairment, or deterioration of acid property or any part thereof; and in the event of the failure of the mortgagor to keep the buildin~C a on said premises End those to be ere~:ted on said pi•einisea, or improvements thereon, m good repair, fhe _mortgagee may make such repairs as in its discretion itment shall becimriiedtately due amend payab eatand shall be secured full amount of each and every such pay by the lien of this mortgage. 6. That Ire will pay all and singular the costs, Charges, and expenses, including reaaonable~lawyer's fees, and costa of abstracts of title, incurred or paid at any time by the trtortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and eovenanta of said prom- issory note and this mortgage, and said costa, charges, and expenses shall be immediately due and pay- able and shall be secured by the hen of tliia mortgage. 7. That he will keep the improvements now existing or hereafter ere~;ted on the mortgaged prol~Y~ insured as may be required from time to time by the mortgagee against loan by fire and other hazards, casualties, and contingencies in such amountri 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 fiat 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 of lose if not made pnmptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such lose directly to mortgagee instead of tr -nortgagor 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 insurance policies then in force shall pass to the purchaser or grantee. S. 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, it being expressly under- stood, is hereby mortgaged as if specifically set forth and described in the grsnting and habeadum clat.ses 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 sa 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 inaulvency of said mortgagor or the defendants, and that such rents, profit, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such count. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the iortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (3i,) of the aggs•egate 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 not covered by tt,e aforesaid montf-ly payments. 9. The mortgagor further covenants that should thin mortgage and the note secured hereby not be eligible foi• insurance under the National Housing Act within 60 days from t}:e 3ate hereof (written statement of any ofRcer of the Federal Iiouaing Administration or authorized agent of the 1~ ecleral Housing Commissio,ier dated subsequent to the aforesaid time from the date of this mortgage, d ~~Qnnng t8ai>~ or th a holder of the otetmaye~ tits option, declare all suzYpis secured hereby eligibility), immediately due sad payable. 10. That (a) in the event of ar_y breach of 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 promptly and fully paid with- out demand or notice, or (c) in the event t}iat w_ach and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either cr any such event, the said agsfrenate sum mentioned in said Hots then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become doe and pt-yable forthwith, or thereafter, at the option of said ntortggagee, as fall; at;d completely as if all of the said sums of money were orginaliy stipulated to be paid en au2h.clay, anything in said-nat~ or in this morttgaee t~ the contrary notwithstanding; an~i thereupon or thereafter, at tine option of said tnortgxgee, without notice or det~and, shit ai< law or in ec~uit.y, may be prosecuted zs if all moneys secured hereby had matured prior to its ixisti-' tution. The mo*tgagee may farecloae this mortgage, as to the amount so declared due and payable, $.z;d - the stud premises shall be ~c:ld to aatigfy an~l~pay the same together with costa, axpense:i, and allowances. 4µ:- In case of partial foreclosure of this rnortgagQ, the mortgaged promises shall be sold ii-~b}eCt to rho can- tinning lien of this mortgage for the amour_*. of t}~~- ,lsbt not then due and unpaid. I~t iiach case thepro-~ visions of this paragraph may again be ati°ailed of thereafter from time to time by the *_nortgagee. ' 11. That the mortgagor will give irirriediatn notice by mail to th° mortgagee of any. conveyance, t1•tinsfer, or change of ownership ~f the p?'emi~es. ~ ~ ~ 12. That ;to waiver of any covenant herein or of the obligation aecureci hereby 9ha11 at any tins the-•eaftar be held to bA a waiver of the terms herFOf or of the n+~te secured h~rehy. r s'.i,