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HomeMy WebLinkAbout1969 G \) f]~. --9 r.:.~\6 ~.J:', ~ if',:,JD and iMur-ance premiums, a8 the case may be, such eXCe88 shall be credi~ by the mortgagee on subsequent paymenta to be made by the mortgagor. If, however, the monthly payrlten~ made by the mortgagor under (b) of paragraph 2 preceding shall not be suftlcient to pay sround renta, taxes and &8SessmeH~ and insurance premi\1IM as the ~ may be, when the aame shall txcome.due and payable, then the mortgagor shall payi;o the mortgagee any amount neceaury to make up the deficiency, on or before t.}-,e date when payment of such ground renta, wee, uaesalnenta, or inaura.nce premiuma shall be due, If at any time the mortgagor shall tender to the mortgqo.ee in accorda...l1ce with the provisions of the note secured hereby, full payment of the entire indebtedn~ repr~nted thereby, the mortgagee shall, in com- puting the amount of such indebtedneaa, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof 'Which the morta6gee haa not become obligated to pay to the Federal Housing Commissioner and any balance remainina- in the funda accumulated under the provisions of (b) of said pa.ragraph 2. If thel'e shall be a default under any of the provisions of this mortgage, re- sultiD.i in a public sale of the premises covered hereby, or if, the mortgagee acquires the property other- wise after default, the mortg~ shall apply, at the time of the commencement of such proceedings or at the time the property is otherwl8e acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedln,,~ a credit agailUlt the amount of principal then remaining unpaid under aaid note and shall properly adjust any paymenta which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, &Mea&Dlenta, water rates, and other governmental or municipal charges, fines, or impositioM, for which proviaion baa not been made hereinbefore, and in default thereof the mort- gagee may pay the sarnA; and that he will promptly deliver the official receipts therefor to the mortgagee. 6. That he will pennit, commit, or suffer no waate, impainnent" or deterioration of said property or any part thereof; and in the event of the failure of tht' mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs a8 in its discretion it may deem neceua.ry for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due anI:! p~y~b!e and shall be secured . by the lien of this mortgager . 6. That he will pay all and singular the costa, 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 the part of the mortgagor promptly and fully to perfonn the aereements and covenants of said prom- issory note and this mortgage, and said costs, C~81, ~d expeD881 shall be h-nmediately due and pay- able and ahall be secured by the lien of this mortgage. 7. That he will keep the improvementa now existing or hereafter erected on the mortgaged property, insured aa may be required from time to time by the mortw-agee agaillBt 1088 by fire and other hazards, casualties. and contingencies in 8uch amounta and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for llayment of which proviSIOn has not been made hereinbefore. All insurance shall be carried in compames approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in fonn acceptable to the mortgagee, In event of 1058 he will give immediate notice by mail to mortgagee, and mort~ag'ee mav make proof of 1088 if not made vromptly by mortgagor, and each insurance company concerned is hereby authoriUOii and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any ,art thereof, may be applied by mortgagee at ita 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 tratulfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title, and intereat of the mortgagor in am! 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 shall forthwith appoint a receiver of the premises covered hereby all and sill8'ular, 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 as if specifically set forth and described in the granting and habendum clauses hereof and snch receiver shall have all the broa d 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 ab801ute right to 8aid mortgagee, and without reference to the adequacy or inad- eqU9.~y of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defenri,llnts, and that such renta, profits, income, issues, 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 &s a reason- able monthly rental for the premilles an amount at least equivalent to one-twelfth (%2) of the aggregate . of the twelve monthly ilUltallmenta payable in the then current year plus the actual amount of the annual taxes &8Se88ments, water rates, and insurance premiums for Buch ytmr not covered by the aforesaid monthly 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 (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the afore.aid 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. 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 (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 stipulatiolUl, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, tlnd fully performed; then in either or any such event, the said aggregate sum mentioned in said nore then remaining unpaid, with interest accrued to that time, and a\) moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, a8 fully and c()mpletely as if all of the said sums of money were orginally stipulated to be paid on such day, anythin~ 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 laH or in equity, may be prosecuted as if all moneys secure':i hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premiRe8 shall be 801d to satisfy and pay the same together with costs, expenp,'~8, and allowances, In case of partial foreclosure of this mortgage; the mortgaged premise8 shall be soH ..'lubject to the con- tinuing lien of this mortgage for the &m'ount of the debt not then due and unpaid. ~n such case the pro- visions of this paragraph may again be livailed of thereafter from time to time by ~he mortgagee. 11. That the mortgagor w,iLl give ilT!medlate nqtice by ma~l to the mortgagee of any conve~'ance, transfer, or change of ownershIp of.the pre1l113e8... . I... . _,,' .- 12. That no waiver of any ,covepant herein or of the obligation, secured hereby shall at Rny time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. ~_._~- -"-- - - - ~ . '. .. ~.l ~ ...: ~.t --