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HomeMy WebLinkAbout1327BORR ~l) ~~L~G6~3 '~ ~~ e.>±d inaumnco premiums, as the ease maybe Ruch excePS anal .~e credited by the inartgage~ on au~sequent Qaymenta t~ be made by the mortgagor. ~f, however, tl-~e monthly payments riade by the niartgagor cind•,,r (b) of paragraph 2 preceding shall not b® su!$cient to pay ground rents, taxes and assessments and irsuranc:e premiuma~ sa the u~ee may be, when the acme shall laecome due and payable, then the mortgagor shall pay to• the mortgagee any amount necessary to wake up the deficiency, on or beFOra the date when p:.gtnent of such ground yenta, taxes, assessments, or insurance premiums shall be due. if at any time the mortgagor shall tender to the mortgagee in accordance with the pt•oviaiona 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 tl±e account of the mortgagor all pa~trients made under the proviaiona of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Hoaxing Commissioner and any balance remaining in the funds accumulated under the provisions of (b) of said psu•agraph 2. If there shall be a default under any of the proviaiona of this mortgage, re- a~ilting in a public sale of the premises covered hereby, or if the mortgagee acquires the property ot}ier- -aise after default, the ttiortga~ee shall apply, at the time of the commencement of such pra:eediiigs or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragrap~i 2 precedin as a credit against the amount of principal than remaining unpaid under 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, asaesamenta, water rates, and other governmental or municipal chat ges, fines, or impositions, for which proviaior. has not been made hereinbefore, and in default thereof the mart- asgee may pay the name; 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 property or any part thereof; aatd 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 make such repairs as in its diricretion it may dezin necessary for the proper preservation thereof, ar,d 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 h$ will pay all and singular the costa, charges, and expeiiaes, including reasonable lawyer's fees, and rnsta of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of L`ie 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 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 ea~may be required from time to time by the mortgagee against loss by fire and ether hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay ppromptly, when due, any prer:iiums on such insurance for payment of which provision has not been ^Rade hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policie8 and renewals thereof shall be held by mortgagee and have attached thereto loss payab?e 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 campsny 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 pt-rt 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 iii force Shall peas to the purchaser or granter. 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 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 functions and powers in anywise entreated 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 *nortgagor or the defendants, 3irid that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice or 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 (!;~) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual fazes assessments, water rat,, and insurance premiums for such year not covered by the aforesaid mont.~]y payments. 9. The mortgagor further covenants that s;iould this most a e and the note secured hereby not be eligible for insurance under the National Housing Act within j~ ~aYS 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 pAy~S time from the date of this mortgage, declining to insure said note and this mortgage, being eemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note inay, at its 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 (b) in the event that any of said sums of money herein referred to be not promptly and fully pa~cl ~+•itli- out demand or 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 event, the said aggregate sum mentioned in said note then remaining unpaid, «•ith interest accrued to that time, and all moneys 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 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 pi•oaecuted as if all morieya 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 together with posts, expenses, and allowances. In case of partial forec:losur•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 be availed of thereafter from time to time by the mortgagee. 11. 'That the triortgagor 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 or of the obligation secured hereby shalt at any time thereafter be held to be a waiver of the terms hereof ar of the note secured hereby.