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HomeMy WebLinkAbout1392~: s ~ ~. ARK 5'1. enc~ ~v :~' aLd ~-~urartce premiums, as t;te case may be, such excess shall be credited by the mortgagee on Subsequent parntents to be made b:v the mortgagar. If, howQver, the mont}tly I',ayme.tts :Wade ay the rnortgatrer under (b) of paragraph 2 preceding shall not he sufP.cient to ~~ ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and jayaUle, then the mortgagor shall pay to the rnartgagee any amount necessary to make up the deftciency, on or before the date when payment of such ground ants, taxes, assessments, or insurance premiurna shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the proviaiona of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in com- peting the amount of such indebtedness, credit to the account of the mortgagor all payments made under t;Ye proviaiona of (a) of paragraph 2 hereof which the mortgagee has not becorrte obltgated to pay to the Federal Housing CommtaAtoner and any balance remaining in the funds accumulated under the pro~•istona of (b) of said paragraph `L. If there shall be a default under any of the proviaiona of thin mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at t)•se 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 paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust a---y payments which shalt have been made under (a) of said paragraph. 4. That he will pay all taxes, aasesamenta, water rates, and other governmental or municipal charges, fines, or impositions, for which provision haP not been made hereinbefore, and in default thereof the mort- gagee may pay the same ;and that he will promptly deliver the official receipts ±herefor to the tortgagee. b. That he will permit, commit, or suffer no waste, impairment, ov deterioration of said property or any part thereof ;and in the event of the failure of the mortgagor to keep the b;iildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs sa 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, cha.-gee, and expenses, including reasonable lawyer's fees, and costs 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 i.*nmediately 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 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 due, 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 acid 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 lose directly to mortgagee instead of to mortgagor and mortgaggee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee t:t its option either to the reduction ~f 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. 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 Hhatever 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 alt 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 ±he defendants, and that €uch rents, profits, income, issues, and revenuca 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 ass reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (~12) 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 monthly payments. 9. The mortgagor further covenants that should this mortgage attd the note secured hereby not be eligible for insurance under the National Housing Act within 30 DAY$ from the date hereof (written statement of any officer of the Federal Housing Admit-iatratton or authorized agent cf the Federal Housing Commissioner dated subsequent to the 30 DF~ti'~ time from the date of this mot•tgage, declining to insure said note and this mortgage, being deemed conclusive proof of such ~n- eligibilit~~), the mortgagee or the holder of the note may, 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 paid with- out demand ot• notice, or (c) iii the event that each and every the stipulations, agreements, conditions, and covenants of said note and this nlortguge, are not duly, promptly, and folly pet•formed; then in either or any such event, the said aggregate sum mentioned in said *tote then remaining unpaid, with interesi accrued to that time, and all moneys secured hereby, shall become duQ and payable forthwith, or thereafter, at the aption of said mortgagee, as fully and completely as if all of the said sums of money were orginally stipulated to tae paid on such day, anything in said note or in thin mortgage to the contrary notwi'~ltstandirg; and thereupon or thereafter, at the option of said~rtortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys assured hereby had matured prior to its insti- -- tution. The mortgagee ma;~ foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to ~tisfy and pay the same together with costa, expenses, and allowances. In case of partial foreclosure o: this mortgage, the mortgaged premises shall •be sold sub~ec;t to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- visiona of this paragraph may again be availed of thereafter from time to time by the mortgagee. 11. That the mor'gagor will give immediate notice by mail tQ the mortgagee of any conveyance, transfer, or change of ownership of the premises. 12. That na waiver of any covenant herein or of the obliga~ion secured hereby shall at any time ~~ thereafter be held to be a waiver of the terms hereof ar of th» note secured lterehy.