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Home My WebLink About1794 and inauranoe Premiums, ~s the case m~,y be~ _sach eaccen shaU be credited by ths:htor~k~ . on au6~~t ~ ~ p~?menb t~ be m~de by the mort~or. If, however, the mont~h~y pq~?meats i~ade b'y ~he mort,gs~or . ander (b) a~ Par+?~e'aPh $ P~eoedin~ ahall nat b~ suffideat ~ p~~yground rents. taxes and ~sseesments and insuranos premiums~ ~s the c~se msy be. when the aune. aiuU become due and p3~?abl then the ~ ~ mortga~or ahsll pgy to the mort~a~s sn~y i?mount neoeesary tro make up the deflciency, on or~i~ore th~ : dats whea payment oi aach ~uad renta. tases. ~esaaaents. or insuranoe prm~iums ahall be ue. ~ ~ st any time the mortga~or sh~ll tender to the mortga~ee in aooordance with the provisions oi the note aecured hereby, ~uttp~yn~ant o! the entire in~$htsdness represcnted Lher~eby. the martga~gee nhell. in com- ~ ' puting the amount oi such indebtednees. credit to the acoount oi the mortgagor aU ents made under the provisions o2 a) o! psta~raph S he~oi which the mo ~~~ee haa not heoome l~gated to p~U? to the ' Federal HousinB ~oner and any bslsnce r~emaining~In t[ie tands accumulated under the proviaions ~ ' oi (b) oi ssid ph Z. Ii thei~e ahall be a defanlt nader sny oi the proviaiona oi thia mortgage re- anltia~ in a p li~e oi the premiaes covered hereby or ii the mortgagee saquire~ the property ot~?er- wise atter default, the mortga~ee shall aPPly, at tbe t~me of the conamencement oi auch proceedings or at the time the pro~ is otherw~ae aoquired, the bal~noe then rem~inin~ in the funda accumulated under (b) o!par~graph 8-p as a credit againat the anaount o~ principal then remaining unpaid under ~ said note snd shall pro~ust an3? P~?menta which ahall l~ve been made under (a) oi said paragraph. 4. Tlu~t he wiU pa,y all te?:ea, seaessmenta. water rates. and other governmental or municipal chargea, : flnea; or impoaitions, ior which provibion haa not boen made hereinbefore, >und in default thereof the mor~ gag~ee ma,y p~r the aame; and thst he will prompt~y deliver the otticiai receip~s ~herefor io fi,he ~corigagee. 6. T6st he will permit, commit~ or auffer no waste. impairment~ or deterioration ot said property or any vart thereof; and in the event o! the failure of the mort~ag~or to keep the buildings on aaid premisea and ~hose to be ere.cted on said premiaes, or improvementa thereon, in good repair, the mortgagee may ~ make anch repaira aa in its discretion it ms~r deem necesaary for the pmper preservation thereof. and the iuU amount of each and every such payment ahall be immediately due and payable~ and ahalt. be aecured ~ by the lien oi thia mortgage. c ~ 6. That he will pay all and siagular the ooeta, charges, and e~cpensea, includin reaaonable lawyer'a ' ; t~es, and oosts of abstra,cts of title, incurred or paid at aay time by the mo~~tgagee use of the iailure ~ - on the pait of the mortgagor promptly, aad yto perform the agreementa and covenants of said prom- ; iasory note and thia mot~a,g~e, and a~ud caats,fi~ c;harges, and expenses ahall be immediately due and pay- . able and ahsll be aecnred br y the lien oi thia mortgage. • ~ T6at he will kee~ the impmvemente now exiating or hereaiter erected on the mortg~d property, ' inaured as m~y be reqnued from time to time by the mo nat losa by tire ~nd other hazarda. ! . caaualties, and contiagencies in auch amounts and for au~ ~aa may be l~equired by mortgagee. ; snd will pay promptly~ when due. sny presniuma on such insursnoe for ~yment of which proviaion has not been made hereinbeiore. All inauranoe ahall be carried in oompa~uea approved by mortgagee and ~ . the policies and renewals thereof shall be held by mortgagee and hsve attached thereto loss payable ' ~ clanaes in iavor oi and in form a~oceptable to the mortgagee. In event of loea he will give immediate ' notice b~' ~usil to mortgagee, and mortga~ee may make proof oi loss if not made pmmptly by mortgagor, and each inauranoe campany concerned ia hereby authorized and directed to make payment for such ~ loss dit+ect~y. to mortgagee instead of to mortgagor and mortgagee jointly. and the insu~ance proceeds. or sa,y thereof~ may be applied by mortgsgee at its option either to the reduction of the indebtedness ~ h~secured or to the reatoration or repair of the property damaSed. In event of foreclosure of this ' mortgag~e.or other tranafer of title to the mortgaged property in extinguishment of the indebtednesa ~ secured hereb , all right, title, and interest of the mortgagor in and to any insurance policies then in force i ahaU psss to ~e pnrchaeer or grantee. 8. That the mortgagee m~y, at any time pending a auit upon thia mortgag~e, apply to the court hav- ing juriadiction thereof for the appointment of a receiver. and anch eourt ahall forthwith appoint a ~ receiver of the premiaea covered hereby all and aingular. inclnding all and aingular the income, pmfita, ' issnes, and ~nea from whatever source derived~ each and every of which, it being expressly under- stood. ia hereby mortgaged aa if apeciflcaUy set iorth and described in the granting and habendum clauaes ' hereoi. and anch receiver ahaU have aU the broad and e~fective functions and powers in anywise entruated by a court to a receiver. and auch appointment st~all be made by auch court aa an admitted equity and a matter of absolute right to asid mortga~ee, and without reference to the adequacy or inad- eqnacy of the value of the pmperty mortgaged or to the solvency or inaolvency of said mortgagor or the ~ defendanta, and that such renta, profita. income, isaues, and revenuea ahall be applied by such receiver ~tcoo~to the lien of thi,s mortgage and the practice of such court. In the event of any default on the part o! e mortgagor hereunder, the mortgagor agrcea to pay to the mortgagee on demand as a reason- able monthly rental for the premiaea an amount at least equivalent to one-twelfth (3i:) of the aggregate . of the twelve monthly installments payabte in the then current year plua the actual amount of the annual - t~ucea asaesaments, water ratea, and inaurance premiuma for such year not covered by the aforesaid ~ mont~ly psyments. 9. The mortgagor further covenanta 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 (writtstt statement o! any officer of the Federal Housing Administrafion or authorized agent of the : Federal Housing Commissioner dated subsequent to the af oresa id time from the date of this ; mortgage, declining to insure said note and this mortgage, being deemed oonclusive proof of such in- eligibility). the mortgagee or the holder of the note may. at ita option, declare all sume secured hereby . imraediately 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 suma 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, oonditions, ~ ~ and covenants of said note and this mortgage, are not duly~ pro~ptly. and fully performed; then in either or any such event, the said aggregate 8um mentioned in said note then remaining unpaid, with ' intereat accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of aaid mortgag~ee, as fully and completely as if all of the said suma 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, suit at law or in equity, may be prosecuted aa if all moneys secured hereby had matured prior to its insti- - ~ tution. The mortgagee may foreclose thia mortgage, as to the amount so declared due 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 Uen of thia mortgage for the amount of the debt not then due and unpaid. In auch case the pro- ~ visions of thia paragraph may again be availed of thereafter from time to time by the mortgagee. • 11. That the mortgagor wiU glve immediate notice bq mail to the mortgagee of any conveyance, E ' transfer~ or change of ownership of the premiaea. . ~ ti 12. That no waiver oi any eovenant herein or of the oblig?ation secured hereby shall at any time . F + ~ thereafter be held to be a waiver o! the terma hereof or oi the note secured hereby. z ' - ~eo R~ 8i '~444 ~ ~ . ~ _ ~ - a:~:,~~ -