Loading...
HomeMy WebLinkAbout1719 f :t.. ~ R, bd. "-9 '')~6 :J t.,~,t ,J":'" 1 \.) lUld insurance premiums, &8 the C88e may be) i\I<m:~ei8 _hIll ~~~ited by the mortgagee on subsequent payments to be rtlade by the mortgagor, H,- however,' the monthly payments made by the mortg~or under (b) of paragraph 2 preceding shall not be sufficient to pay 8l'Ound renta, tax~ and &88ea.smenta and insurance pr~miums, M the CMe may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necesaary to make up the deficiency, on or before the date when payment of such ground renta, taxea, useaamenta, or inaurance ,aremiums shall be due. If at any time the mortgagor shRlI tender to the mortgagee in accordance with lhe proviaiona of the note secured hereby, full payment of the entire indebtedneM repreaented thereby, the mortgagee Llhall, in com. puting the amount of such indebtedne&s, credit to the account of the mortgagor all paymenta made-under the provisions of (a) of paragraph 2 hereof which the mort.&agee haa not become obhgated to pay to the Federal Housing Commissioner and any balance remaininJ in the funda accumulated under the provisions of (b) of said pangraph 2, 1f there shall be a default under any of the proviaiona of this mortgage, re- sulting in a public sale of the premisea covered hereby, or if the mortgagee acquires 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 otherw~s\; Slcquired, the balance then remain in, in the funds accumulated under (b) of paragraph 2 precedang M a credit against the amount of principal th.n remaining unpaid under said note and shall properly adjU8t any paymenta which shall have been made under (a) of said paragraph, 4, That he will pay all taxes, &88esmnenta, water rates, and other governmental or municipal charges, ftne3, or impoaitiotul, for which provision haa not been made hereinbefore, aTld in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipta therefor to the mortgagee. 6, That he will permit, commit, or suffer no waate, impainnent, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on saia premises and th08e to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretionJt may deem necea.sary for the proper preservation thereof, and the ,f-ull amount of each and every such payment shall be immediately due and payable, and shaH be secured by the lien of this mortgage.,. 6, That he will pay all .md singular the C08U, charges, and expenSe3, including re880nable lawyer's leea, Md C08ts oJ abstracts of title, incurred or paid at any time by the InQrtgagee because of the failure on the part of the mortgagor promptly and fuHy to perform the agreements and covenants of said prom- i880ry note and this mortgage, and said cosu, charges, &I)d expenses shall be immediately due and pay- able and shaH be secured by the lien of this mortgage, 7, That he will keep the improvements now eXUlting or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against I08S by fire and other hazards, casualties, and contingencies in such amounta and for such periods aa may be required by mortgagee, and will pay promptly, when due, any premiums on such itulurance for payment of which provision has not been made hereinbefore, AH insurance shall be carried in companies approved by mortgagee and the n-~!ide5 and renewals thereof shall be held by mortgagee and have attached thereto 108s payable clauSes in favor of and in form acceptable to the mortgagee, In event of losa he will give immediate notice by mail to mortgagee, and mortgagee may make proof of 1088 if not made promptly by mortgagor, and each itulurance 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 of the indebtedness hereby secured or to the restoration or repair of the property 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 interest of the mortgagor in and to any insurance policies then in force shaH pa.sa 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 shaH 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 under- stood, is hereby mortgaged aa if specifically set forth and described in the granting and habilndum clauses hereof and such receiver shall have all the broa d and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shaH be made by such court as an admitted equi~y 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 insolvency of said mortgagor or the defendants, and that such rents, profits, income, issue3, and revenues 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 88 a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (~/12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes 888 e88m en ts , water rates, and insurance premiums for such year not. covered by the aforesaid monthly payments. 9, The mortgagor further covc.nants that. should t~ia mort~age an1 the note secured hereby not he eligible for insurance under the NatIOnal HOUSing Act wlthm 30 day B from the date hereof (written statement of any officer of the Federal Housing AdministratlOn or authorized agent of the Federal Housing Commissioner dated subsequent to the aforesaid time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, declar..: al1 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 (b) in the event that any of said sums of money herein referred to be not promptly and ful1y 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 mentioned in said note then remaining unpaid, with interest accrued to that ,time, an<;l aH moneys secured hereby, shall become due and payable forthwith, or thereafter, at the optlOll of Bald mortgagee, as fu\1y and completely as if a\1 of the said sums of mone\' were orgina!ly stipulated to be paid on such day, anything in said note or in this mortgage to th<! contrar)" 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 ms.tured prior to its insti- tution: The l!1ortgagee may foreclo~e this mortgage, 88 to the amount so declared due and payable, and the said premiSES shall be sold to satisfy and pay the same together with costs, expensee, and allowances. I!l c~se ~f partial, foreclosure of this mortgage, the mortgaged premi8e8 shall he sold subject to the con- tlllumg hen of thiS mortgage for the amount of -i.he debt not then due amI unpaid. In such case the pro- vision& of this paragraph may again-be availed of thereafter from time to time by the mortgagee. 11. That thl' mortgagor wiII give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises, '. .., , .. . '. . .. . I 12. That no waiver of any covenant herein or of the cmlige.tion secured hereby shall at any time thereafter be held to he a waiver of the terms hereof or of the note secured hereby. ..,. t