HomeMy WebLinkAbout1656and insurance premiums, as the case may b u hi~~{c~~~ll „~1 c edited by the mortgag=e on subsequent
payments to be made by the mortgagor. •~~; ~btV~•~r,'~[!-rTrtt,bi~ly payments made by the mortgagor
under (6) of paragraph 2 preceding a±:al] not bs suft'iciQnt :o pay round r~nta, taxes and tsses3merts
and insurance pretniunts, as the case may be, when. the same aliall rectinie due and pay..ble, then the
ntartgagor shall pay to thc mortgagee ary amount necessary to make up the deficiency, or; or before the
date when payment of such ground rents, taxes, assessments, or it~surs-nce premiums ahal~ be due. If
at any tune the mortgagor shall tender to the mortgagee in accordance with the proviaicna of the note
secured hereby, full payment of the entire indebtedness repreaent•ed thereby, the mortgagee shall, in com-
puting +.he amount of ouch 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 anyi~alance remaining in the funds accumulated under the provisions
of (b) of said paragraph 2. If thet•e shall be a default under any of the provisions of this 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 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 paragraph 2 prececli g as a credit against the amount of principal then remaining unpaid under
said note and shall properly adjust any paymet.ta which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, aaseaaments, water rates, and other governmental or municipal charges,
fines, or impositions, far which provision has not been made hereinbefore, and in default thereof the mort-
gagee may pay the acme; and that he will promptly deliver the official receipts therefor to the mortgagee.
!i. That he will permit, commit, o; 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 io be erected on said premises, or improvements thereon, in good repair., the mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preservaiion 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 coats, charges, and expenses, including reasonable lawyer's
lees, 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 Lo perform the agreements and covenants of said prom-
isr~ory note and this mortgage, and said costs, charges, and expenses shall be immediately due and pay-
able and shall be aecure~d by the 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 mortgagee against loss by fire and other hazards,
casualtic~, and contingencies in such amounts and for such periods as may be required by mortgagee,
and will pay ppromptly, when due, any premiums on such insurance for payment of which provision has
not been ma3~e 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 savor 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 directl; to mortgagee iagtead of to mortgagor and mortgagee jointly, and the insurance proceeds, or
any thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
her y secured or to the restoration or repair of the property damaged. In event of foreclcbsure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness
aceured~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 t1-ie 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
entrusted by a court to a receiver, and such appointment ~ shall be made by such court sa an admitted
equity and a matter of absolute right to 8sid mortgagee, and without reference to the adequacy or inad-
equacy of the value of i.he 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 th'-a 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 (t~s) of the aggregate
of the twalve 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 aforesai3
monthly payments.
9. The mortgagor further covenants that should this mostga a and the note secured hereby not be
eligible for insurance under the National Housing Act ~vititin ; 3~ days from the date hereof
(written statement of any officer of the Federal Housing Administration or authorised agent of the
Federal Housing Commissioner dated subsequent to the aforesaid tir_ne 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, 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 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 perfot-teed; then in
either or any such event, the said aggregate sum mentioned in said note then remaining unpaid. with
interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith,
oi• 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 8sid note or in this mortgage to the contrary
notwithstanding; and thereupon or thereafter, at the option of 8sid mortgagee, without notice or d~tid,
suit at law or ir- equity, may be prosecuted ss if all moneys secured hereby had matured prrior to its insti-
tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, ar~d
the said premises shall be sold to satisfy and pay the same together with coats, expenses, and allowances.
In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con-
tinaing 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 mortgagor will give immediate notice ~y„ mail to .the mortgagee of any con.veyance'~
transfer, or change of ownership of the premise. ,~ `~'~~* `~~ ~•r~°'
12. That no waiver of any covenant hsrejn or of hgo~h~j~atian secured hereby shall at any time
thereafter be held to be a waiver of the terms ~ieregf or~ofrtFi~~Q't~.~tecured hereby.
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