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HomeMy WebLinkAbout0376 ` 1 ' . ~ •?ad insnrance premiuma. aa the caae m~y be~ such escess ah~U be credited by the mortgagee on subaequent pq?menta to be made by the mortga,~or. Ii~ however. the month~y p~ymenb made hy the mortgagoz ~ under (b) oi pira,~rsph S preoedin~ ahaU not bs su~cient to p~y~round reats, taxea nnd aeaesamenta and inauranc~e~ premiun~ ae the case me~y be. ~vhen the aune ahull ~ec~ome due snd psyable then the : mortgagor ahall pa~y to the mortgagee any amount neceaasry to make up the deftciency~ on or ~efore the ~t~ ~h~~ ~yment of such ground rents, tsxea. assesamenta, or insurance premiums aha11 be due. If at aay time the mortgagor ahall tender to t~e mortgagee in accordance wi~ ~i~ p~~v.ai~~s ~f i.'~~ $~t~ aecured hereby~ full ent of the entire indebtedneas repreaented thereby, the mort8agee ehall~ in com• putang the amount o such indebtedness, credit to the account of the mortgagor all pa~aeata made under ~ the,prnvisione oi (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the ~ Federal Housiug Conimiseioner and any balance remainin in the funda accu~r?ulated under the pmvisions r of (b) of aaid paragraph 2. Ii thei~e ahull be a default un~er u?y o# the pmvisiona of thi~ mortgage. re- ~ aulting in a public sale of the premisea covered hereby. or it the mortgagee acquires the pmperty other- wise after default~ the mortga~ee shall apply, at the time of the commencement oi auch proceedings or at the time the property ia otherw~se acquired. the balance then remaining in the funds accurr.~ilated under aaid note~an~ahall prnperly a~ust any lpaymenta which ahall ha e bcen made u dera ) of a'id pa ag aph. ~ ' E 4. That he will pay all taxes, asseasments, water rates, and other govemmental or municipal charges~ ; ~ flnea, or impoaitiona, for which pmvision has not ~u hereinbefore, aud iu ~:.~W ~.L th~: ~^f *.ti~ TM!+*_~ ; gagee may pay the same; and that he will promptly deliver the ot5cial receipta therefor to the mortgagee. ~ 6. That he will permit, commit, or sut~er no waste, impairnaent, or deterioration of said property or ' sny part thereof ; and in the event of the failure of the mortgagor to keep the buildinga on s±~id premises i ( and thase to be erected on said premises. or impmvements thereon, in good repair~ the mortgagee may ~ ~ make auch repairs as in ita discretion it may deem necessa=y for the proper preservation thereof. and the ~ inll amount of each and every auch payment ahall be immediately due and payable. and shall be secnred ' i by the lien of thia mortgage. ~ ~ 6. That he will pay all and, aingular the coafa, charges. and expenses. including reasonr~ble lawyer'a 1 ieea, and cwsta of abstracts of title~ incurred or paid at any time by the mortga~e because of the failure ; on the part of the mortgagor pmmptljr and fully to perforna the agreements and covenants of said prom- isaory note and this mortgage. and said costs. charges~ aqd expenses ahall be immediately due r.tid pay- I able and ahall be secured by the lien of this mortgsge. , ~ That he will keep the imprnvementa now existing or hereafter erected on the mortgage!~ prnperty. ~ insured as may be required from time to time by the mortgagee against less by fire and other hazards, , casualties. and contingencies in such amounta and for such perioda as may be required by mortgagee, and will pay promptly, when duP.. any premiuma on such insurance for ~ayment of which provision haa not been made hereinbefore. All insurance shall be carried in eompanies apprnved by mortgagee and ' the policies and renewala thereof shall be held by mortgagee and have attached thereto loss payable ' clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give unmediate notice b~r mail to mortgagee. and mortgagee may make proof of losa if not made pmmptly by mortgagor. ' and each insurance company concerned is hereby authorized and directed to make payment for such luas directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or anyp~ thereof~ may be applied by mortgagee at ita option either to the reduction of the indebtednesa - hereby secured or to the reatoration or repair of the property damaged. In event of foreclosure of thia ~ mortgage or other tranafer of title to the mortgaged property in extinguishment of the indebtednesa secured hereby, all right, title. and interest of the mortgagor in and to any insurance policiea then in force ahall 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- iag juriadiction thereof for the appointment of a receiver~ and such court ahall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singuiar the income. prnfits, iasues, and revenues frnm whatever source derived~ each and every of which, it being expressly under- . atood, ia hereby mortgaged 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 s entrusted by a court to a receiver, and such appointment ahall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the ad¢quacy 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, issuea, 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 as a reason- able montlily rental for the premises an amount at least equivalent to one-twelfth (l;,s) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual ~ taxes sasesaments, water rates. and insurance premiwns for such year not covered by the aforesaid mont~tY P$Yments. 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 from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Iiousing Commiss~oner dated subsequent to the time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- eligihility). 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 tfiis 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 atipulations. agreements, conditions, ~ and covenanta 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 tltat time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter. at the option of said mortgagee, as fully and completely as if sll of the eaid sams of money were orginally stipulated to be paid on such day. anything 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, - auit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to ita insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declared dae and payable. and ~ the said premises shall be sold to satisfy and pay 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 ~e pro- . visiona of thia 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 conveyance. tranafer. or change of ownerahip of the"prernises. 12. That no waiver of any covenant herein or of the obIigation secured hereby gi~ii at tim,e ' thereafter be held to be a waiver of the terms hereof or of the note secured herEby. r~tE 3~~ ~ ~i. - - - _ ' - ~ -