HomeMy WebLinkAbout1104BURS ~11 fAi~`tJ~ •:~
and inaurbatce prerriiums, 3s the case m~ l~dl~y~h(~1{p~{~} ~l~e credited by the -nortgngee on auE1gesluent
paygnenta to be made by thN mortgagor. o r, ti ' onthly payments made by the mortgagor
under. (b) of par~trsph 2 preceding shall not bs aufflcient to pay ground rents, taxes and assessments
and~inaurancP premiuma~ as the case may be, when the name ah~-11 become due and payable then the
mortgagor shall pay to th6 nl°rtgaffee any amount necessary to make up the deficiency, on or ~efore the
date when paymet?t ut ouch ground rents, taxes, assessments, or insurance premiums shall be due. If
at any time the mortg~°r 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 cotn-
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 pay to the
Federal Housing Commissioner and any baliince remaining in the funds accumulated under the provisions
of (b) of said agraph 2. If theme shall be a default under any of the provisions of this mortgage, re-
sulting iu a pu lie sale of the premises covered hereby, or if the mortgagee acquires the property other-
wise after default the mortgagee shall apply, a1; the time of the commencement of such proceedings or at
the time the property is otherwise acquired, the balance then remaining in the funds accumulated under
{b) of parai~'aph 2 preceding-as a credit against the amount of principal then remaining unpaid under
said note and aha.ll properly adiuat any payments which shall have been made under (a) of said paragraph.
4: That he will ply all taxes, asaeasmenta, 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^
g~ may pay the acme; and that he will promptly deliver the offlci8l receipts therefor to ta-e n:ortgsgee.
6. That he will permit, commit, or euRer no waste, impairment, or deterioration of said property, or
~}, part thereo#; and in the event of the failure of the mortgagor to keep the buildings on sass premises
and those to be erected on said premises, or improvements thereon, to good repair, the mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the
foil 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 and singular the costa, charges, and expenses, including reasonable lawyer's
few 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, and expenses shall be immediately due an pay-
able and shall be secured by $ lien of this mortgage.
7. That he will keel the improvements now existing or hereafter erected on the mortgaged property,
insured as may be required from time to time by the mortgages against lose 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 compante~ approved by iriortgagee and
the policies and renewals thereof shall be held by mortgagee and have attached thereto loos payable
clauses in favor :.f and in form acceptable to the mortgagee. In event of loss he will give immediate
notice byy mail to mortgagee, an3 mortgagee may make proof of loss if not made promptly by mortgagor,
and eacl- 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 pa*t thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
hereby sr~ured 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 -nsurance 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 jt:risdiction 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-
ataod, is hereby mortgaged as if specifically set forth and described in the grantingand 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 attd 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
defendantsi and 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 ss a reason-
able monthly rental for the premises an amount. at least equtvalent to one-twelfth (;is) 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
montf-ly payments.
9. The mortgagor further covenants that should this mortga a and the note secured hereby not be
eligible for insurance under the National Housing Act within 30 days from the date hnreof
(written statement of any officer of the Federal Housing Aclministrat-on or authorized agent of the
Federal Ho•.-sing 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, declat•e 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
(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 that each and every the stipulations, agreements, conditions,
and covenan+s of said note and this mortgage, are not duly, promptly, and fully performed ; then in
either or unJ such event, the said aggregate sum mentioned in said note then remaining unpaid, with
interest accrued to the! time, and all moneys secured hareby~, shall become due and payable forthwith,
or thereaftet•, at the option of sairi mortgagee, as fully and completely as if all of the said sums of money
were 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 said mortgagee, without notice or demand,
suit at law or inequity, may be prosecuted as if all moneys secured hereby had matured prior to its inati-
t~~tion. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and
the said premises shall be sold to satisfy anc? pay the same together with costs, expenses, and silowances.
In case of 'partial foreclosure of this mortgage, the mortgaged premises 9ha11 be sold subject to the con-
tinuing lien of this mortgage for the amount cf the clpbt not then due and unpaid. In such case the pro-
visions of this paragraph ;nay again be availed of thereafter from time to ti-[te by the mortgagee.
11. That the mortgagor will give immediate notice by mail tot the mortgaged of any conveyance,
transfer, or change of ownership of the premises.
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time
thereafter be held to be a waiver of the terms hereof or of the note secured herehy. .~