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HomeMy WebLinkAbout0767 r, R, t: r. 61 (:' , ~ , ~ lJ, ~ f ,\, ~ a . , and irumrance prellliulllB, as the case ma~l:nMt~~c~M<~iall bihedited by the mortgagee on subsequent payments to be made by the mortkagor~"'~If~noweve'r,- thtn:nontifly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be suftlcieJ1.t to pay ground renUl, taxes and assessments and illilurance premiums as the c~ may be, when the same shaH ~me due and payable, then the mOi.tgagor shall pay to the mortgagee any amount neceS8&T'j to make \!p the deficiency, on or before the date when payment of such ground rents, taxes, aB8ea.sm~ta, or insurance premi:.uns shall be due, If at auy time the mortgagor shall tender 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 com- puting the amount of such indebtedneas, credit to the accpunt of the mortgagor all payments made und('r the provisions of (a) of paragraph 2 hereof which the moH.gagee haa not become obligated to pay to the Federal Housing Commi88ioner 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 provisiollil of this mortgag(', re- sulting in a public sale of the premiscs covilred hereby, or if the mortgagee acquires the pn perty oth!:'r- wi5t: after default, the mortgagee shall apply, at the time of the c.ommencement of such proceedings or at the time the property is otherwise scquired, 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 adjuat any paymenta which shall have been made under ((1) of said paragraph, 4, That he will pay all taxes, &88essmenta, water rates, and other governmental or municipal charges, fines, or impoaitiollil, for which provision has not been made herNnbefore, and in default thereof the mort, gagee may pay the 8&JT1e; and that l~e will promptly delh'er the official receipts therefor to the rr.ortgagee. 5, That he will permit, commit, 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 saici premises and thos~ to be ~rected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necesaary for the proper preservation thereof, and the full amount of each and every such payment shall be imm~atelY d\!e and payable, ana shall lie secured by the lien of this mortgage. , <-,.. 6. That he will pay all and singular the coats, charges, and expenses, including reasonable lawyer's fees. and costa of abstracts of title, incurr~ 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, charges, and expenses shall be immediately due and pay- able and shall be secured by the lien of this rr.ortgage. 7, That he will keep the improvementa 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 contingencics in such amounts and fo" 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 carded in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauaes in favor of and in form acceptable to the mortgagee. In event of loss he will give imp1ediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each illilurance company concerned is llereby authorized and directed to make payment [or such loss directly to mortgagee instead of to mortgagor and mortgag-ee jointly, and the insurance proceeds, or any part thereof, may be applied by mortga~ee at ita option either to the reduction of the indpbtedne3s hereby secured or to the restoration or repair of the property damaged, In event of foreclosul'l' of this mortgage or other trander of title to the mortgaged property in extinguishment of the indl'btedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall p&88 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 sin~ular 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 as an admitted equity anc! a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the ';alue of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such renta, profits, income, issues; and revenues shall be applied by such receiver according to the lien of this mortg'lge and the practice of such court, In the event of any default on the part of the mortgagor hereunder, the mortgagor agn.-ee to pay to the mortgagee on demend as a reason- able monthly rental for th~ premises an amount at least equivalent to one-twelfth (~/12) of the aggrpgate of the twelve monthly installments pS\yable in the then current year plus the actual amount of the annual tax~l assessments, water ratcs, and insurance premiums for such year not covered by the aforesaid momnly payments, 9, The mortgagor further covenants that should this mortgage and the note secured hereby not be digible for insurance under the NationallloU!!ing Act within . 60 days from the date hereof (written statement of any officer of the Federal Housing Admmistration or authorized agent of thC' 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 cO'lclusive proof of such in. eligibility), the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immediatdy due and payable, 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (h) in the event th~t any of sa!d sums of money herein referred to be not promptly and fully paid with. out demanrl or notIce, or (c) In the event that each and every the stipulations, agreements, conditions. and covenanl-g of said note and this mortgage, are not duly, promptly, and fully performl'd; then in I'ither or any such event, the said a6~regate sum mentioned in said note then H'maining unpaid, with interest accrued to that ,time, and all moneys 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 sums of money were OI.ginall?, stipulated to be paid on such riay, anything in said note or in this mortgage to the contrar)' no~withstandl!1g; a~d thereupon or thereafter, at the option of said mortgagee, without notice or demand, SU1~ at. law or m eqUIty, may be prosecuted as if all moneys secur.e...d hereby had matured prior to its insti. tutlOn., The ,!!ortgag.ee may foreclose this mortgage, as to the amount so declared due and payable, and the saId premls,~ shall be sold to satisfy and pay the same together with costs, expenses, and allowanc('s, I ~l c~se ~f partial, foreclosure of this mortgage, the mortgaged pl'9IDises shall be sold subject to the con- tl,n~tng hen ~f thIS mortgage for the amount of the debt not then due and unpaid, In such case the p\"O- VISIons of thIS paragraph may 3gain be availed of thereafter from time to time by the mortgagC(', ] 1, That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises, 12, That no waiver of any covenant herein or of the obligation I>ecured hereby shall at any time thereafter be held to be a waiver of the ternlS hereof or of the note secured hereby, -"'--'-"':i!Iiiij('