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and insurance premiunu. a~ the case m~y be~such ezce~a ahaU bs ct,edited by ths mortQ~ee on subsequent ~
p,ymenb to bs made by the mort~a~or. u~ however~ the montbly p~?men4 made by the awrtQa~or ,
~ a~nd~ina(as~os~~u~n~,aa
thp~ci~ nW? b0. ~vh~
t~h
~e~am~ ~ d rents. taxes and aaaeasmenta ,
~ ~hall beoame d~e and p~yabl then the
,r.,~ ~-n~ia~~ ~;~1 t~ tha m~rt~tag~~ t~ a~tount n~ry to maks up ths sklktency, on or~ore the ~
d~?te when p~yment of auch ground renta, tase~. seseesmenta. or inauranoe premiuma ahall be due. Ii f
~ at any time the mort,gaSor shaU tender to the mortgagee in aaordance wit6 the proviaions oi the note .
eecured hereby. iullpaym ent oi the entire indebtedneas represented thereby. tt?e mortgagee shall. in cam-
00 puting the amount of auch indebtedness, credit to the acoount oi the mortgagor aU p~?naents made under '
the provisiona of (a) of paragraph 2 hereoi which the mo ag haa not become obligated tvpay to the •
Federal Housing Commisaioner and aay balance remaining
irtn the
funda accumulated under the prnvisions
oi (b) oi aaidpa~ agraph 2. If thei~e ahall be a default under any oi the proviaions of thia mortgage re- ,
aultin~ in s public sale of the premisea covered hereby~ or if the mortgagee aoquirea the pmperty ot~er-
a~ wiee after default, the mort8a~ee ahall apply. at the time oi the oommencement of such proceedinga or at
the time the prop~~y ia otherwise acqu~red. the balanoe thea remaining in the funds accumulated under
(b) oi para8rap~h 2 precedin as a credit against the atnount of principal then remaining unpaid under
e a
i
d n
ote and shall pm
p er
l
y a~ust a
n
y paymenta which ahall have been made under (a) of said paragraph.
4. That he will p~y aU tauee. aesessments. water rates, sad other governmental or municipal chargea.
8nea, or imposition8. for which provision has not been made tiereinbefore, and in default thereof the mort-
~ag~ee ma,y pay the same; and that he wiU pmraptly deliver the oflicial receipta therefor to the n:ortgagee.
b. That he will permit. commit~ or suffer no waste, impairment~ or deterioration of aaid property or
an,y part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premisea
and those to be erected on said premises. or improvementa thereon. in go,d repair~ the mortgagee may
mate auch repairs as in ita discretion it may deem neceasary for the proper preservation ther¢of. and the
full amount of each and every such payment shall be immediately due and payable. and ahall be secured
by t6e lien of this mortgage.
~ 6. That he will pay all and. aingular the casts, charge8. and expenaea. including reasonable lawyer'a
fees. and eosts of abstracta ot title~ incurred or paid at any time by the mortgagee because of the failure
on the part of the mortgagor promptly and fully to perforna the agreements and covenants of said prom-
issory note and this mortgage, and said costs, charges, and expensea ahall be immediately due and pay- .
able and ahalt be aec~red by the lien of this mortgage. F•
T6at he will kee~ the improvements now existing or bereafter erected on the mortgaged property.
inaured as~may be required from time to time by the mort~agee against loss by fire and other hazards.
eaaaaltiea, snd contingenciea in aach amounta and for such periods as may be required by mortgag¢e,
and will pay promptly, when due. any premiuma on auch insurance for ~yment of which provision has ~
not been made hereinbefore. All insurance ahall be carried in compamea approved by mortgagee and
the policiea and renewals thereof shall be held by mortgagee and have attached thereto losa payable ~
clausee in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate
notice by mail to mortgagee~ si,d mortgagee may make proof of losa if not made promptly by mortgagor.
and each insurance company concerned is hereby authorized and directed to make payment for such ~
loss directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the inaurance proceeds, or ~
anypart thereof, msy be applied by mortgagee at its option either to the reduction of the indebtedness •
h
e
r
e
b
y aec
u
r
e
d or t
o t
he res
t
ora
tion or repair o
f t
he prope r t
y damag
e
d. In even t o f fo
rec l o
s u re o f t h i
s '
mortgage or other tranafer of title to the mortgaged property in extingvishment of the indebtedness ~~s?
secured hereby, all right, tiUe, and intereat of the mortgagor in and to any inaurance policiea then in force •:r
ahaU pasa to the purchaser or grantee.
8. That the mortgagee may, st any time pending a suit upoa thia mortgage. apply to the court hav ~
ing jarisdiction thereof for the appointment oi s receiver~ and such court shall forthwith appoint a
receiver of the premises covered hereby all and singular. including all and singular the income. profits. •
. isaues, snd revenues frnm whatever source derived, each and every of which. it being expresaly under- • s:
atood~ ia hereby mortgaged 8a if specificaUy aet forth and described in the granting and habendum clausea
hereoi, and such receiver shall have all the broad and effective functions and powers in anywise :
entn~sted by a court to a receiver. and such appointment shall be made by such court as an admitted ~i~•
equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inad-
~ ~u~p of t~he t?~i~e nf the property mortgaged or to the solvency or insolvency of said mortgagor or the ;
~ defendants, and that such rents, profits, income, issues, and revenuea shall be applied by such reoeiver
sc~ordin to the lien of thia mortgage and the practice of such courk In the event of any default on the
sc o
part of e 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 (i;l=) of the aggregate
of the twelve monthly installments payable in the then current year plus the actual amount of the annual {
taxes sasessments, water ratea~ and inaurance premiums for auch year not covered by the aforeaaid
mont~ily paymenta.
J f , '
9. The mortgagor further covenants that should thia mortgage and the note secured hereby not be .t
eligible for insurance under the National Housing Act within 3n ne from the date hereof •
(written statement of any of~'icer of the Federal Housing Admi~(i~it8~r~n or authorized agent of the
Federal Housing Commissioner dated subsequeht to.the ~v (~KYS time from the date of thia
li in to insure said note and thia mort ' e bein deemed conclusive roof of such in- ~
mortgage. dec n g . 8~8 , S P
eligibility), the mortgagee or the holder- of the note may, at its option, decl~re all sumB 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
E (b) in the event that any of said sums of money herein referred to be not promptly and fully paid with- `
o u
t d
e
m a n d o
r n o
t i ce. o r ( c) i n t
h e e
v
e n
t t
h a
t e a
c h a n d e v e ry t
h e s
t i p u l a
t i o
n s. a~
t~
e e m
e n t
a~ c o n d i t i o n~,
and covenants of said note and thia mortgage. are not duly. promptly. and fully performed; then in
~ either or sny such event, the said aggregate sum mentioned in said note then remaining unpaid, with
~ interest accrued to that time, snd all moneya secured hereby, ahall become due and payable forthwith. -
i• or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums of money ,
i i-• were orginally stipulated to be paid on such day. aay~.~ng in said note or in this mortgage to the contrary
~ C.i notwithatanding; and thereupon or thereafter, at the option of said mortgagee. without notice or demand,
suit at Iaw or in equity. may be prosecuted as if all moneya secured hereby had matured prior to ita insti- ~ '
tution. The mortgag~ee may foreclose this mortgage, as to the amount so declared due and payable, and (
~ the aaid premises ahall be sold to satisfy and psy the same together with costs, expenses, and allowances.
! In case 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-
visiona of thia paragraph may again be availed of tliereafter from time to time by the mortgagee.
il. That the mortgagor will give immediate notice by mail to the mortgagee of ar~y~epnve?~ ,
. transfer. or chsnge oi ownerahip of the premises. ~1; X- ~I~P~CE343 '
12 That no waiver of any covenant herein or of the obligation secured hereby shal}-at any time-~-
theres?tter be held to be a waiver of the terms hereof or of the note secured hereby.
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