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HomeMy WebLinkAbout1190~+bRF ~~ F3iE~~~ and insurance premiums, as the case ma~Tl~'e~il~h G~;'cc~lsh~11~ credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the rortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance pren-iuma, as the case may be, when the aan~e shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on ar before the date when payment of such ground rents, taxes, assessxnenta, o insurance premiums shall be due. if at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee s}i<tll, in cont- puting the amount of such indebtedness, credit to the account of the mortgagor all pa~nnents 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 remaining in the funds accumulated under the provisions of (b) of said varagraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered }~ereby, or if the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceecli~~gs or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) ofparagraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust 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 -hunicipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in dei'2ult thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said pi•opert}: 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 ma}• make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full 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 costs, charges, and expenses, including reasonable law'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 $aid costs, charges, and expenses shall be immediately due and pay- ableand 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 dtie, 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 of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss dixectly 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 aecared or to the restoration or repair of the property damaged. I-t 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 purcha8er or grantee. $. 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 granting and habendum clauses hereof, and such receiver shall have all the broad and effective functior-s and powers in apt}'wise 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 according to the lien of this mortgage anu 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 reasdn- able monthly rental for the premises an amount at least equivalent to one-twelfth (;;~) 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 montftly payments. 9. TI-e mortgagor further covenants that should this mort age and the note secured hereby not be eligible for insurance under the National Housing Act within 3~ 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 30 DAYS time from the date of this mortgage, declining to insure said note and ±his mortgage, being deemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all sums secu ~d 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 znd 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 sum mentioned in said trots then remaining t;r~paid, with interest accrued to that time, and all moneys src!ired hereby, s;lall become due and payable forthwith, or thereafter, at the optio~t of said mortgagee, as fully and completely as if ail of the said sums of money were oi•ginally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary itotwithatanding; and thereupon or thereafter, at the option of said mortgagee, without notice oi• demand, slit at taw or inequity, may be prosecuted as if all money's secured hereby has matured prior to its insti- tution. _ The mort-gages may foreclose this mortgage, as to t-he amottnt~so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costa, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be. sold subject to the con- . timing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- visions of ±his paragraph may again be availed ~f thereafter from time to time by the mortgagee. 11. That the mortgagor :will g~ye. immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership o the premises. 12. That yto waiver of anY Covenadt Ac~i'ein or of the obligation secured hereby shall at any time '- thereafter be held to be a waiver of the terrrSs hereof or of the note secured hereby.