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HomeMy WebLinkAbout0200 n. .. ~[O " 57 iAH19S and irummnce premiulllil, a.8 the case may be. sl!ch excess shall be credited by the mortga~ee on subsequent payrnent.s tt.> be made by the IllOrtgagor. If, however, the montl'aly paymHits made by the mortyn.gor under (b) of par~aph 2 preceding shall not be sufficient to p&.v ground rentA, taxes and assessments and insurance rr-o...miums, 8..3 the case may 00, when Uie same shall he<:ome due and payable, then the mortgagor aha! pay to the mortgagee any amount neceMary to make up the deficiency, on or before the date when payment of such ground renta, Woo, M8eaamenta, or insurance premiW1l8 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 indebtednC811 represented thereby, the mortgagee shall, in com- puting the amount of such indebtedne88, credit to thoa account of the mortgagor all payments made undl.'r the provisions q1 (a) of paragraph 2 hereof which the mortgagee hu not become obligate<: tr. pay to the Federal Housing Commi88ioner lmd any balance remaining in the funda accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the provisionB of thin mortgage, re- sl1ltiug in a public sale of the premises covered hereby, or if 1.l1e mortgagee acquireM the property other. wise aftf>l' default, the mortgagee shall apply, at the time of the commencement of 8uch proceedings 01" at the time the property is otherwise acquired, the balance then reinaining in the funds ac~umulated under (b) of paragraph 2 preCeding. as a credit against ~e amount of principal then remaining ~npaid under Mid note and shall properly adjust any paymenta whIch shall have been made under (a) of said paragraph. .d. That he will pay all taXC3, aMeasments, water ratea, and other govtlmmental or municipal charges, fines, or impd8itionB, for which provision haa ,lOt been made hereinbefore, and in default thereof the mort- gagee may pay the sa.me; and tl'aat he will promptly deliver the official receipts therefor to the rr.ortgagee. 6. That he will permit, r.ommit, or 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 saio premises and those to be erecled on said premises, or improvements thereon, in good repair, the mortgagee mdY make such repairs as in ita discretion it may deem neceallary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall b~ secured by the lien of this mortgage. .:- 6. That he will pay all and singular tl'ae costa, charges, 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- isaory note and this mcrtg8ge, and said costa, charges, and expenBC3 shall be immediately due and pay- able and llhall be secured by the lien of thi~ mortgage. 7. That he will kee9 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 period.'l as may be required by mortgagee, and will pay l.'romptly, 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 policie1 and renewals thereof shall be held by mortgagee and have attached thereto loss payable claU8C8 in favor of and in form acceptable to the mortgagee. III event of loss he will give immediate notice by mail tv mortgagee, and mortgagee may make proof of 1088 if not made promptly by mortgagor, and each insurartce company concerned is llereby authorized and directed to make payment for such 1088 directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied ~y rnortgag:ee at ita option either to the reduction of the indebtedn~s her(;oy secured or to the restoratIon or repaIr of the property damaged. In event of foreclosure of th18 mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, hll right, title, and intere&\ of the mortgagor in and to any insurance policies then in force ahall p8.88 to the purchaser or grantee. 8. That the mortgagee may, at allY 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 covereJ hereby all and singular, including all and singular the income, profits, isat'ea, 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 claus?s hereof, and such receiver shall have all the broa.d and effective functions and powel's 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, Bnd without reference to the adequacy or inad- ~uacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendaf'.~, and that such rents, profits, income, isaues, and revenues !P-!'.~~ Iv. Ap!1lipo hy lIuch r~(livpr according U> tl'ae 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 v) the mortgagee on demand as a reason- able monthly rental for the premisea an amount at least equivalent to one-twelfth (~)2) of the aggregate of the twelve monthly installments !>ayable in the then current year plus the actual emount of the annual ta.x~l .assesaments, water rates, and insurance premiums for I!uch year not covered by the aforesaid monuuy payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for in8urance under the National Housing Act within 30 Oft I.:> from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the ;.'ederal Housing Commissioner dated 8ubsequeht to the 30 Dr.\ S timc from the date of this mortgage, declining to insure said n0te and thi~ mortg~ge, being deemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, deciarc all Bums secured hereby immediately due and payable. . 10. That (a) in the event of any breach of this mortR'age or default on the pdrt of the mortgagor, OI' (b) in the event that any of said sums of money herein r~ferred to be not promptly and fully paid with- out demand or notiCe, or (c) in the event that each and every the stipulations, agreemer:ts, conditions, and covenants of said note and this mortgage, are net duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpai~, with inu.rest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, alS fully and completely as if all of the said sums of money were orginally atipulatecl to be paid on such day, anything in said note or in this mortgage to the contral Y notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, .lIay be prosecuted 88 if all moneys secured hereby had matured prior to its insti- tution. The mortgavee may foreclose this mortgc.ge, as to the amount 80 d{;ciared due and payahle, Sl.nd the said premises ~;. .ill be :wld to satisfy and pay the same together with costs, expenses, and allowances. III case of partial fu"eclosure 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 ~hen due and unpaid. In such case the pr')- 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 mortga~ee of any conveyance, traosfer, or ch&nge of ownership of the premises. 12. That no waiver of any covenant hereil1 or of the obligation secured hereby shall at any time thereafkr be held to be a waiver of the terms hereof or of thp. note secured hereby. -_......--..,.,. ~ ~-.. .~ 1 17 " ~:..