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HomeMy WebLinkAbout1995e~,~F ~~ P~,c.~ ~3~ eau insurance premiutna, as the case may~l~, ~1~e~cc~Ts~ra~i~credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph ~ preceding shall not be sufficient to pay ~ound rents, taxes ai-.i assessment9 and insurance premiums, as the case may be, when the name anal become dne and payable, cr~eti the mortgagor shall gatiy to the mortgagee my amount nQcessssy to make up the deficiency, on or before the date when payment of such ground rents, taaea, assessments, or insurance pre.••niuma shall be due. If at any time the mortgagor shall under to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in ,.om- puti.ng the amount of such indebtedness, credit to the account of the mortgagor all paxtnents oracle under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligLted to pay to the Fedexal Iiouaing Commissioner and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sale o; 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 pro~Y is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph Z precedingg as a credit against the amount of principal then remaining unpaid under wid note and atoll properly adiust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxed, asaesahnenta, 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- gagee may pay the same; and that he will promptl;,~ del.: er the official receipts therefor to the mortgagee. 6. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the even+, of the failure of the rzc .tgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the mor~gagee may 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 lies of this mortgage., 6. That he will pay all and ~gular the costs, charges, and expenses, including reasonable lawyer's fees; xnd coats of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on fhe part of the mortgagor promptly and fully to perform the agreements and covenants or said prom- isaory 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 aa~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 s.~d 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 ins-ante company concerned is hereby authorized and directed to make payment for such lose directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any rt thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby sa,ured or to the restoration or repair of the property dtunaged. 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 alt and singular, including all and singular the income, profits, issues, aid 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 a~:ch receiver shall have all the broad and af`ective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted egaity 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, i$aues, and revenues shall be applied by such receiver accordingg to the lien of this mortgage and the practice of such court. In the event of any default ~n the part of she 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 (iii) 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 mort age and the note secured hereby not be eligible for insurance. under the National Housing Act within ~0 DAYS from the date hereof (written statement of any officer of the Federal Housing Administration or author ized agent of the Federal Housing Commissioner dated subaegaeht to the =±;~ 7r~Y~ 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, declare all sums secured hereby immediately due and payable. 10. Teat (a) in the event of any breach of this mortgage or default or. the part of the mortgagor, or (U) in the event that any of said sums of money herein referred to be not promptly and fully paid ~vith- out demand oi• notice, or (c) in the event that each and every the stipulations, agreements, conditions, and covenants of saki note and this mortgage, are not duly, p~ ~mptiy, and fully performed ; 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 clue and pa~•able forthwith, or thereafter, at the option of said mortgagee, as fully and completely ag if ail 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 t}•,ereafter, at the option of said mortgagee, without notice or demand, suit at iaw or inequity, may bP prosecuted as if all moneys 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 costs, expenses, and a!lo~vances. 1n case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt nDt 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 by mail to the mortgagee of any conveyance, transfer, or change of ownership of"the premises. 12. T}'st no waiver of any covenant herein or of the obligation secured hereby shall at Any tlRlE' thereafter be held to be a waiver of the terms hereof or of the note secured hereby.