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HomeMy WebLinkAbout1033 (.~ '. {' 'J . II. :! 'J' " () ;-(. 'J"('J L',) , '.... .j and insurance premiuIll8, as the ('.a8e rta)'~be, .UGH' ~c~ '.shafJllkcredited by the mortgagee on subsequent payments to be made by the mortgagor:- -jf,1m~er;-the- monU\ly payments made by. the mortgagor under (b) of paragraph 2 preceding duUl not be lufficient to pay ,-round "ents, taxes and assessmenta and iMurance premiums, aa the u.se may be, when the same ahall become due and payable, then the mortgagor shall pay to the mortgMgee any amount necesaary to make up the deficiency, on or before the date when payment of such ground rent3, taxes, aaseaaments, or inaurance premiwm shall be due. If at any time the mortgagor shall tender to the mortgagee in accordanco with the provisions of the Hote secured hereby, full payment of the entire indebtednesa repre8ented thereby, the mortgagee shall, in com- puting the amount of such indebtednesa, credit to the a~count of the mortgagor all payments made under the provision8 of (a) of paragraph 2 hereof which the mortgBa'ee h~8 not become obligated to pay to the Federal Houaing ComDiwioner and any balance remaining in the funds accumulated under the pro\'isions of (b) of said pa.ragraph 2. If then! shall be a defauJt under any of the provisiol18 of this mortgage, re- sulting in a public sale of the p:remiae8 covered hereby, or if the mortgagee acquires the property other- wise after default, the mortg~ee shall apply, at the time of the commencemf'nt of such proceedillKs or at the time the property is otherw~ acquired, the balance then remaining in the funda accumulated under (b) of paragraph 2 precedini. aa a credit against the amount of principal then remainbg unpaid under said note and shall properly adjuat any payments which 8hall have been made under (a) of said paragraph. 4. That he will pay all Weft, 888eaamenb, water rates, and other governmental or municipal charges, fines, or impogitiona, for which provision has not been made hereinbefore, and in default thereof the mOI.t- gagee may pay the same; and that he will promptly deliver the official receipts therefor to the rr.ortga~ee. 6. That he will permit, commit, or 8uffer no waate, 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 those to be erected on said preraiaea, or improvements thereon, in good repair, the mortgagee may make such repain &8 in ii;a diaeretion it may deem necessary for the rroper preservation thereof, and the full amount of each and every BUch payment shall be immediately due and payable, and snail be secured by the lien of this mortgage. 6. That he will pay all and singular the c08b, charges, and expenses, including reasonable lawyer's feetl, and C08ts ol abstracb 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 agreementa and covenants of said prom- i880ry note and thia mortgage, and said coats, charges, and expel18es shall be immediately due and pay- able and 8h.a11 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 1088 by fire and other hazards, ca.sualties, and contingencies in 8uch amounts and for such periods 88 may be required by mortgagee, and will pay promptly, when due, any premiums on such il18urance for payment of which pro\'ision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies ar.d renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in for.n acceptable to the mortgagee, In event of loss he will giw immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each iI15urance company concerned is hereby authorized and diree:t(-j to make payment for such 1088 directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or auy part thereof, may be applied by mo. tgagee at ita option either to the reduction of the indebtedness hereby secured or to the reatoration or repair of the property damaged. In event of foreclosure of this mo:rtgage or other tral18fer of title to the mortgaged property in extinguishment of the indebtedness secured here~y, all right, title, and interest of the mortgagor in and to any insurance pohcies then in force shall P888 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 premis~ covered hereby all and singular, including all and sillgular thc income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, i8 hereby mortgaged &8 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 and a matter of absolute right to said mortgagee, and wiH,out reference to the adcquac:. lit' inad- equacy of the value of the property mortgaged or to the solvency or insolvency of sdid mortgagor or the defendants, and that 8uch renta. profits, income, wues, and revenues shall be applied by such rl'cei\'er according to the lien of this mortgage and the practice of such court. In the event of any ddault on the part of the mortgagor hereunder, the m"rtgagoi 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 n'12) 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 paymenb. . .9. The . mortgagor further cove.nanta that. should t~is !Hortg-age and the note secured hel:eby not be ehglble for msurance under the NatlOnallIousmg Act wlthm 30 DA) 0 from the (late hereof (written statement of any officer of the Federal Housing Administration or authoriz('d agent of the Federal Housing Commissioner dated subsequeht to the 30 r,A.YS time frorr! the date of this mortgage, declining to insure said note and this mortgilge, bemg <Ieem('d conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declare all Bums secured hereby immediately due and payable. 10. That (a) in the event of any bre~h of this mortgage 01' defa~1t on the part of the mortgago;', or (b)' in the event 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 ag)(Tegate sum mentioned in said note then remaining 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, 88 fully and completely as if all of the gaid sums of money were Ol'ginally stipulated to be paid on such day, ani'thing 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 ia equity, may be pr08ecuted &8 if all moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount 80 declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expellses, and allowances. In cage 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 not 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 con\'eyance, transf~r, or change of ownership of the pr~mil:les, 12. That no Vtaiver of any covenant herein or of the obligation secured hereby shall at a.!lY time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. -- UJ