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HomeMy WebLinkAbout0656 L""', ~~~~ 51 f~~t 051 } - I U and insurAnce premiuma, U th~ ease may beja.td'i ~.b~i ~ ~~kited by the mortgage(: on subsequent l)aYl1lenta to be made by the mortg~r. f, how~er,.'the munthly paymentls made by the mortgagol" under (b) of paraa.aph 2 precedina ab.all not be auftkient to pay lJ'Ound rents, taxes and assessments and iWlurance fremi~ aa the caae may be, when the-same shall become due and payable, then the mortgagor shal pay to the mortgqee auy amount neceuary to make up the deficiency, on or before the date when payment of such around rents, wee, &!ISeIlIlIllents, or inaurance premiuma shal! be due, If at anV time the mortgqor ahall tender to the mortKaaee in accordance with the proviaions of the note 8ecurect hereby, full payment of the entire indp.bt€dnc38 represented thereoy, the mortgagee shall, in com- puting the amount of such indebtedneaa, credit to the account of the mortgagor all parments made under the provisions of (4) of paragraph 2 hereof which the mortgagee hu not ~ome obhgated to pay to the Federal Houaing Commiaaioner and any balance remaining in the funds accumulated under the p:-o\'isions of (b) of said pSl'a.graph 2. If therE) aha.ll be a default under any of the proviJJionu of this mortgage. re- Hulting in 2. public sale of the premieee covered hereby, or if the mortgagee acquires the Itroperty other- wise after dt'lault, the mo~ ahall apply, at the time of the commencement of 8uch proceedings or at the time the property ia otherwlae acquired, the balance then remaining in the funds accumulated under (b) of par8.8Tapn 2 precedini. &8 a credit again8t the amount of principal then remaining unpaid under said note and ahall properly adjwst any payments which 8hall have been made under (a) of said paragraph. 4. That he will pay all taxes, asaesaments, water rates, and other governmental or municipal charges, fines, or impositiona, for which proviaion h&8 not been made hereinbefore, and in default therc-of the mort- gagee may ~ the aame; and that lie will prompUy de-liver the officiai receipts therefor to the rr.ortgagee. E'. That he will permit, conunit, or 8uffer no w&8te, impairment, or deterioratio!l of said property or any part thereof; &.1\d in the event ot the failure of the mortgagor to Keep the buildings on s8iri premises and those to be erected on said premi.aes, or improvements thereon, in good repait, the mortgagee may make 8uch repairs &8 in ita di.acretion it may deem necessary for the proper preservation thereof, ~ 'ld the full amount of each and every auch payment uha1l be immediately due and payable, and shall be st:..:ured by the lien of this mo~ 6. That he will pay all and 8ingular the costa, ehal'ltes, and expense8, including reasonable la~\'yer'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 costs, chargea, and expelUle8 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 exiating or hereafter erect.ed on the mortgaged property, ilUlured &8 may be required from time to time by the mortgagee against 1088 by fire and other hazards, caaualties, and contingencies in such amounts and for such perioill: 8.8 may be required by mortgagee. and will pay promptly, when due, any premium8 on such insurance for payment of whkh provision has not been made hereinbefore. All ilUlurance shall be carried in companies approved by mortgagee and the policies and renewala thereof shall be held h:i mortgagee and have attached thereto 108s payable clause-A in favor of and in fonn 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 mortgag')r, and each iIl.8urance company concem~ i8 hereby authorized and directed W 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 applie<! by mortgagee at ita option either to the reduction of the indebtedness hereby secured or to the re8toration or repair of the property damaged. In event of foreclosure of this mortgage or \Jther tralUlfer of title to the mortgaged prop~rtr in extinguishment of the indebtedness secured hereby, all right, title, and interest ef the mortgagor in and to any insurance policies then in force .hall paaa to the purehaaer 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 8uch 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 Ul,der- stood, ia hereby mortgaged 88 if .pecifically set forth and de8cribed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise ~ntrusted by a court to a receiver, Ilnd such appointment shall be made by such court as an admitterl equity and a matter of absolute right to said mortgag~, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the Holvency or insolvency of said mortg8gor or the defendant8, snd that sHch rents, I'rofita, income, issues, and revenues shall be applied by such receiver according to the lien of this mOl-tgage and the practice of such court. In the event of anr 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 (1,'1:.1) of the aggregate of the twelve monthly ilUltallments payable in the then current year plus the actual amount of the annual tax~l ,l'B8e38Illenta, water rates, and ill8urance premium8 for such year not covered by the aforesaid monuuy payments. 9. The mortgagor further covenant8 that should this mortga.Ke and the note secured hereby 110t be eligible for insurance under the National Housing Act within 30 days from the date hereof (written statement of any officer of the Federal Housing AdministratIOn or authorized agent of the Federal Housing Commissioner dated subsequeht to the aforesaid time from the date of this mortgage, declining to insure said note and this mortg,ge, being deemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all sum3 secured hereby immediately due and payable, 10, That (a) in the event of any breach of this mortgage or d,.fault on the part of t1w mortgagor. or (b) in the evept 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 performed; then in either or any such event, the said aggregate sum rllentioned in s:lId note then remaining unpaid. with interest accrued to that time, and loll mcneys 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 slims 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 in equity, may be 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 allowalH'('s. !!1 ~se ~f partial. foreclosure of thi8 mortgage, the mortgaged premises shall be sold subject to the con- ~JnUJng 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 mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premisea, 12. That no waiver of any covenant h~rein ~r ~f the obliga.tion secured hereby shal1 at any time thereafter be held to be t1 waiver of the tenns hereof or of the note secured hereby.