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HomeMy WebLinkAbout1016,~ - o. K:• ~0 PbeE~~~3 e~e~ and insurance premiums, as the case si-r+Tl fie credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by file mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay.~round rents, taxes and assesamente and insurance p7emiumaj aa~ the cage rnaY be. when the same shall become due and payable, then the mortgagor shall pay to fife mortgagee any amount necessary to make up the dafiCicncy, on or before the date when payment of such ground rents, taxes, assessments, or inauralue premiums shall be due. If at any time fhe mortgagor shall tender to the mortgagee in accordance with the provisions of thz note secured hereby. full pavyment of the entire indebtedness represented thereby, the mortgagee shall, in com- puting the amount of ouch indebtedne8a, 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 pay to the Federal Housing Commissioner and any balance rem~iining in the funds P_ccumulated under the provisions of (b) of said pa~•agraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public gale of the premises covered hereby, or if the mortgagee 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, the balance then remaaining in the funds accumulated under (b) of paragraph 2 precedin as a credit a gni~ which shall have been n ads under (a) lof aid paragraph. said note and el-iall properly a~uat any paym 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impoaitiors, for which provision has not been made hereinbefure, and in default thereof the mores gages may pay the same; and that he will promptly deliver the ofRcial receipts therefor to the mortgagee. 6. 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 premises, or improvements thereon, in good repair, the mortgagee may full amount of each and everycauch paymeIIt shall beoimmediatelyhdue nd paab eaand shall be secured - by the lien of t;:is-mortgage. - 6. That he will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees' and costa of abstracts of title, incurred or paid at any time by the mortgagee because o~ the failure on tie part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- issory note and this mortga e, and said costa, charges, and expenses shall be immediately due and pay- able and shall be secured by ~e 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 amountll and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of whict- provision has not been mace hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held b; mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the n-ortgagee. 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 lose 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 insurance policies then in fore shall pass to the purchaser or grantee. 8. That the mortgagee ml~y, 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 granting and habelldum 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, profits, income, issues, and revenues shall be applied by such receiver accordingg 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 (i12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual {~~ g a~aaxnmpnt_Q; water rates, and insurance premiums for such year not covered by the aforesaid mont~lly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing pct within 30 days from 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 afor~sa~ d time from the date of this rnort,;age, declining to insure said note anc; this mortgage, being deemed conclusive proof of such in- elig~bility), the mortgagee or the holder of the note may, at itg 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 (G) iii the event that airy of said sums 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, gnd covenants of said note and this mortgage, are not duly. promptly, and fully performed ; thin in -~ei'iher or any such event, the said aggregate snm mentioned in said note then remaining unpaid, with interest accrued to that time, and all morays secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums of money ~t~re orginally stipulated to 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 sand mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all monoys secured hereby had matured prier to its insti- tution. The mortgagee may foreclose tiffs mortgage, as to the amount so declared due and payable, tired fife said preinisea shall be sold to satisfy and pay the same together wit,}i costs, expenses, and allowances. In case of partial foreclosure of this mortgage; the m-urtgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. :n such case the pro- visions of this paragraph may again be availed of thereafter from time to time by the mortgagee. • 11. That the mortgagor will give immediate notice t>y mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. ~" . " - - 12. That no waiver of any covenant herein'or' of the obligation seci:red hereby shall at any time -. ~ thereafter be held to be a waiver of the terms hereof or of. the note secured hereby. - ~ ~. _ ~