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HomeMy WebLinkAbout0936 ," ~l D.Il.' Bn~K .\ J 58 t~~r 23:3 !Uld iMurance premiums, all the ('age'mr-,y tiJ, '8h~'hlh~~t~,{tk~edited by the mortgab'l:c on subsequent -payments to be made by the mortgaaur. If, how8'fIer, the monthly paymen~ made by the J'rlortgagor under (b) of paragraph 2 preceding shall not be aufficient to pay ground rents, taxes and assessments and inaurance premiums aa the cue may be, when the same shall become due and payabie, then the mortgagor shAll pay to the mortgagee any amount necessary ~ make up the deficiency, on or bef(,re the .late when payment o!; such irl'ound !'(lnta, taxes, &.88essmenta, or in8urance premiums shall be due, If at any time the mortgqor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtoone88 represented thereby, the mortgagee shall, in 1:001- Duting thE; amount of such 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 Commiasioner and any balance .remaining in the fund8 accumulated under the provisions of (b) of,wd ~'agraph 2. If thel'~ shall be a default unde.r any of the provi8io~ of this mortgage, re- sulting in a pubhc sale of the premu~es covered hereby, or lf the mortgagee acqUlres 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 otherwi8e acquired, the blllance then remaining in the funds accumulated under (b) of paragraph 2 precedin.l[&a a credit again8t the amount of principal then remaining unpaid under said note and shall properly adju8t any payments which 8hall have been made under (a) of said paragraph: .... ~. That he will pay all taxea, aaaessmenta, water rates, and other governmental or municipal charges, tines Q1' impoaitiona, for which uro.'iBion haa not been made hereinbefore, and in default thereof the \Ilort- g~1C~ may 'pay the same; and that he will promptly deliver the official receipts therefor, to the n:ortgagee, 6. That he will permit, commit, or suft'e~ no waste, 'impair~ent, or deterioration of "aid property or any part thereof I and in the event of'the faIlure of the mortgagor to keep the buildings on sai{i pr{':llises and those to be erected on said pNlllises, or improvements thereon, in good repair, the mort){ag'ee fllay make 8uch repair8 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 lien of this mortgage. 6,. That he will pay all and singular the costs, 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 l.he part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- i880ry 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 mortgage. . 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against iuss by ~ and other hazar,ls, casualties, and contingencies in such amounts and for such periods as may be required by mortgagl'p, 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 and renewals thereof shall be held by mortgagee and have attached thereto loss payable c!auses in favc,r of and in form acceptable to the mortgagee. In event of loss he will give immediate noti~ bytrtail to mortgagee, and mortgagee may make proof of 1088 if not made promptly by mortgagor, and each irusurance company concerned is hereby 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 roortga~e<! at its option either to the reduction of the indebtl'dne~s 'hereoy secured or to the restoratIOn or repaIr of the property damaged. In event of foreclosun' of thIS mortgage or other transfer of title to the mortgaged prOperty in extingu:shment of the ind{'bt{'dness secured hereby, all right, title, and intereat of the mortgagor in and to any insurance policies then in force shall pasa to the purchaser or grantee. S, That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing juri8diction 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, aud revenue:! from whatever source derived, each and every of which, it being expressly under- stood, i8 hereby mortgaged as if specifically 8et 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 8uch appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the ade'<iuacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mort~a){ol' or the defend~nts, and that 8uch rents, profits, income, i88ues, and revenues shall be applied by such n'l'ei\'{~r according to the lien of this mortgage and the practice of 8llch court. In the event of any default 011 the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a t'{'3son- ablp. monthly rental for the premises an amount at least equivalent to one-twelfth (11;l) of the aggn'~atl' of the twelve monthly installments payable in the then current year plus the actual amount of the annual t.axes assessments, water rates, and insurance premiums for such year not covered by the aforpsald monthly payments. 9. The mortgagor further covenant.<! that should this mortgage and the noh, secuH'd hen'by not IH' eligible for insurance under the National Housing Act within 30 DAYS from the datp hen';I!' (written statement of any officer of the Fedeial Housing Administ;-ation or authoriZl'd :\~t'Ilt pf th!, Federal Housing Commi~ioner dated subsequent to the 30 D,'.:" tlllll' from till' dat.. of th IS mortgage, declining to insure said note and this mortg(ige, 6eing deemed conrlusiw proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all sums spcurpd IlI'rpby immediately due and payable. 10, Tha~ (a) in the event of any breach of this mortgage 01' default 011 the part of the nwrtgagpr, nr (b) in the event that ailY 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 eac!l and every the stipulations, agrl'ellll.'nts, conditions, and covenant.<! of said note and this mortgage. are not duly, !Jromptly, and fully pl'rfprnlt'd; tlwn ill either or any such event, the said aggregate sum mentioned in said note then rl'mainillg' unpaid. with interest accrued to that time, and all moneys secured hereby, shall become due and pa:.ablp fprthwith, or the"eaft~r, at the option of said mortgagee, as fully and completely as if all of the said sums of mOIll'Y were orginally stipulated to be paid on such day, anything in said note or in this mortgage to tilt' cn:ltrary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice 01' demand. suit at law or in C\juity, may Le prosecuted as if all mOlleys sCaJ!red. hereby had matured prior t.o it.'i ill~ti- tution. The mortgagee rr.ay foreclose this mortgage, as to the amount so declared due all,1 payable, alld the said premises shall be sold to l;8tisfy and pay the same together with COSL'>, expellSI''', and allowalll'l's. In case of partiai foreclosure of this mortgage, the mortgaged premises shal! be sold ;,ubjed to tlll' 1:011. tinuing lien of this mortgage for the amount of the debt lIot thell due and unpaid. III such l':l>;l' the pro- visions of this paragraph may again be availed of thereafter from time to time by tll<' mprtgagl';', 11. That the mortgagor will give immediate notice by rna:1 to the mortga~ec of any CGllwyancp, transfer, or change of ownership of the pre;niaes. 12, That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured he)'!>by.