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HomeMy WebLinkAbout1582 (, ,.. R. ~ j ~ ~) 59 ft.llf 17fJ and insurance premiUD18, all the case may: be~ ~tlch ~~' ~Hi11 ~ k-lledited by the ~ortgag~ on subsequent paymenta to be made by the mortgagor. If) noW~I', -Unnnonthl'y paymenta made by the mortgagor under (b) of p&r&iP'aph 2 precedina &hall not be suf5cient to pay JI'Ound renta, taxea and &8Ses.smenU! nnd insurance premiums, as the (,.a&e may be, when thtl aame shall become due and payable, then the mortgagor shall pay to the mortKagee any amount neceaaary to make up the deficiency, on or before the date when payment of such Kl'Ound renta, t,axee, aaaeaamenta, or inaurance premiUlIl8 shall be due, If at any time the mortaagor &hall tender to the mort&agee in accordance with the proviaions of the note secured hereby, full payment of the enUre indebtedneaa repreeented thereby, Ufe mortgagee shall. in com- putinK the amount of such indcbtedneu, credit to the account of thP. mortgagor all parmcnta made under the provisions of (a) of paragraph 2 hereof which the mortgagee haa not become obligated to pay to the Federal HousiIli Comminioner and any balance remainin, in the funda accumulated under the provisions of (b) of said pal'agraph 2. If there shall be a default under any of the proviaiona of this mortgage, re- sulting in a public sale of the premiaea covered hereby, or if the mortgagee acquirea the property other- wise after default, the mortg8t{ee shall apply, at the time of the commencement of such pr9Ceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding u a credit against the amount of principal thed remaining unpaid under said note and shall properly adju&t any paymenta which shall have been made under (a) of said paragraph. 4. 'l'hat he will pay all taxea, aaseaamenta, water rlltea, and other I[Overnmental or municipal charges, fines or impositions, for which proviaion haa not been made hereinbefore, and in default thereof the mort- gag~ may pay the same; and that he will promptly deliver the official receipta therefor to the reortgagee. 5. That he will permit, commit, or8uffer 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 buildin~!l on said premises and those to be e;'ected on said premiaea, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shaH be immediately due and payable, and shall be secured by the lien of this mortgage. ' 6. That he will pay all and singular the costa, charges, and expenSeB, including reasonable lawyer's fees and casU! 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 thi8 mortgage, and said costa, charges, qd expenaea 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 exi8ting or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against 1088 by fire and other hazards, casualties, and contingenciea in such amounts and for 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 carried in companies approved by mortgagee and the policies and renewals thereof shall he held by mortgagee and have attached thereto loss payable clauses in favor of and in fonn acceptable to the mortgagee. In event of 1088 he will give immediate notice by mail to mortgagee, and mortgagee may make proof of 1088 if not made promptly by mortgagor, and each insurance 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 by mortgagee at its option either to the reduction or the indebtedness hereby secured or to the restoration or repair of the propeny damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and intereat of the mortgagor in aud to any insurance policies then in force shall pass 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 IIhall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenuea from whatever sour('!! derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specificaUy 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 recei\~'r, and such 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 adequacy or inad- equacy of the value of the property mortgaged or to the solvency or i:1solvency of said mortgagor or the defendants, and that such rents, profits, income, issues, and revenUeB shall be applied by such receiver according to the 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 to the mortgagee on demand as a rea"lon- able monthly rental for the premises an amount at least equivalent to one-twelfth nIl 2 ) of the aggregate oi the twelve monthly ilUltallments payable in the then current year plus the actual amount of the annual taxesl assessments, water rates, and insurance premiums for such year not covered by the aforesaid montnly payments. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 days from the date hereof (\\'ritu>n st.au>ment of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated suhsequent to the aforesaid time from the dat~ of this mortgage. declining to insure said note and this mortga~e, being deemed condusive proof of slIch in- eligibility), the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (/l) 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, cO'1ditions, an(l 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 mentioned in said note then remaining unpaid, with mterest a~crued to that ~Ime, an? all moneys secured hereby, shall become due and payable forthwith, or there;1,tter, at the optIOn of saId nlortgagee, as fully and completely as if all of the said sums of monev were orginally stipulated to be paid on such day, anything in said note or in this mortgage to the contrar:,' not withstanding; 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 '!lortgagee may foreclo~e this mortgage, as to the amount so declared due and payable, and the saId prertllSl.'8 shall be sold to satIsfy and pay the same together with costs, expenses, and allowances. In ('~se o.f partial. foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tlI1Ull1g hen of thIS mortgage for the amount of the debt not then due and unpaid. In such C3se 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 conveyanC{' transfer, or change of ownership of the premises. I 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 hereby. . .