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Home My WebLink About2244 "'0 ......ti-i ~,' ~ fj. :,\l:.A-'ll .'; ;:.() t.,.,~)' ,. . . .... ' I .;,' . ;Juu an~ in";iak~~huif1'!J ~ t~d.8e may be, s~;h exce:: ~hal:l'b~ credited by the mortgagee on subsi.quent paymentarO ma<TeDy lh-e-wrnortgagor. If, however, the monUlly payments made by the mortgagor under (b) of paragraph 2 prec.eding shall not be sufficient to pay ground rent8, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessment8, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby full payment of the entire indebtedness represented thereby, the mortgagee shall, in com- puting the amdunt of such indebtednesa, 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 Commi~ioner and any balance remaining in the funds accumulated under the pro\'isions of (b) of said paragraph 2. If thel'~ shall be 8 default under any of the provisio~s of this mortgagl', re- sulting in a public sale of the premises covered hereby, or If the mortgagee acqUIres the propl'rty other- wise after default the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prope'rty is otherwise acquired, the balance then remaining in the funds accumulated Ull<lpr (b) of paragraph 2 prece<I:ng as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which sh~l have 'been made under (a) of said paragraph, 4, That he will pay all bxes, assessment8, .....ater rates, and other governmental or municipal charges, fines or impositions for which provision has not been made hereinbefore, ~nd in default thereof tl1(> mort- gag~e may pay the s~me; and that he will promptly deliver the~fficial receipts therefor to the n~ortgag/.'t', 5, That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof' and in the event of the failure of the mort~agor to keep the buildings on sai(i premises and those to be e~ected on said premises, or improvements thereon, in good repair, the mortgagl'(' 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 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, !ncluding 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 perform the agrl'ements and covenants of said prom- iss0ry note and this mortgage, and said costs, charges, 8I}d 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 loss by fire and other hazards, CJi8ualties, and contingencies in such amounts and for such periods as may be required by mortgage('. and will pay promptly, when duf', any premiums on such insurance for payment of which pro\'ision 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 theretn loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgal{ee, and mortgagee may make proof of loss if not maoe promptly by mortgagor, a.nd each insurance company concerned is hereby authorized and directed to make payment for such 103S directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro('ppos, 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 forcclosurf' of this mortgage or other transfer of title to the mortgaged property in extinguishmf'nt of t~le indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grant-ee. 8. That the mortgagee may, at any time ~ending 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 singular, including all and singuiar the income, protlts, issues, and ~venues from whatever source derived, each and every of which, it being ~xpressly under- stood, is hereby modgaged as 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 matt~r 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 saio mortgagor or the defendants, and that such rents, profits, income, issues, and revenues shall be applied by such n'cl'i\'er 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 reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (111) of the aJ.':'gn';,atl' of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxesh assessments, water ratp..s, and insurance premiums for such year not co\'ered by the aforesaid mont ly payments. 9, TIll' mortgagor further co\'('nants that should this mortgage and till' notto secun'd hl'r..lJy not bl' eligible for insurance und('r thl' !\ational Housing Ad within 30 days from thl' datI' h(')'('of (writtpn stat.enwnt of any ofticer of the Fedl'ral Housing Administration or authorizt'd ag"!1t of tht' Fl'deral Housing Commissioner dated subsequent to the af ore said tillh' from thl' datI' of tllls mortgage, dl'(:lining to insure said note and this mortgagl.', be;:lg dl'Pllwd condusi\'., proof (If slIch Ill- eligibility), the mortgagpe or the holder of the notl.' may, at its option, (!Pclart' all sums sl'cured ht'fl'hy imml'diatl'ly due and payable, ,'\ I 1 (I. That (II) in tilt' e\t'llt of any breach of this mortgage or default on thl' part of thl' llHd'tgagor. or (II) in Ow /.'H'nt that any of said sums of money herein referrpd to be not promptly and fully paid with- out demand or notin', or (c) in the pvent that each and ('w'ry the stipulations. agn,pmpnLs. conditiolls. and (,O\'l'llants of said notl.' and this mortgage, are not duly, promptly, and fully pcrforllwd; thl'n ill elthl'r or any such e\"(>nt. the said aggregate sum n1l.'ntioned in said notl' thl'n remaining unpaid, with interl'st aCel'ued to that timp, and all mor~ers sl~ured hereby, shall beconw dup and payahlt' forthWith. or thl'n'after, at tl1I.' option of said mortgagee, as fully and complrtply as if al\ (If the .said Slims of Il1Olle\' werp orgillall~' stipulated to be paid on such day, anything ill said note or in this murtgagl' to tlll' contrar~' nutwlthstal1lhng; and tlll'reupoll or thereafter, at the option of said mort gagel', without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had maturnl prior t.o iLs insti- tutlOn,. Thl' r:rlOrtgagl'l' may forl'rlose this mortgage, as to the amount so dl'clan'{l due and payablp. alld th/.' salll premlSf'S shall l)f> sold to s~tisfy and pay the samp togethpr with costs, eX!H'ns.'s, and alllm'ann's, In rasp ~f partial, fo!'('closurl' of thIS mortgagl', th(' mortgaged prl.'mises shall be sold subject to the con- tlHlllnj.(' b'n of thIS rnortj.('a~w for the amount of thp debt not th('n due and unpaid. In :~Ul'h case tlll.' pro, \'ISlOns (If thIS paragraph may again bp avail('d of thl'r('after from time to time' by th.. fI1ortgax.'t'. 11. That the mortgagor will give immediate notice by mail to the mortl{aXI'{' (If any l'onwyanu', transfer, or change of ownership of the premises, 12, That no waiver of any covenant hf>rein or of the obligation secured herf'lw shall at any timp thereafter he held to be a waiver 01 the terms hereof or of the note secured hereby, ' ~ . .. ".. _ _ 'O'-~___~~"--.r.....,....,,~,",,