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Home My WebLink About1607 ~ ~ ~ ' • ~ i ana insuranoe pre~aiums. aa the caae ma~y be~ _wch e~ccees a1~aU be credited by themortgagee on subaequaat ~ paymenb t~ be msde by the mort~a~or. Ii~ however, the monthbr p~yments m~de by the mort~a~or ~ nnder (b) ad pa~raP1~ S Areoedin~ shaU not be su~cient to p~U?~e~ound rents. tsxea and assessmeab ~ and ;nsuri?nc~e~ premiums, as the c.~ee may be. whea t6e aame dhaU beoome due and pa~yable then the • mort~agor slu~ll p~1? to the mortgag~ee u~y amount neoe~easry ta make np the deflcienqr, on or ~efore the dste when payment of auch gmund rents, tasee, aaseesments, or inaur:unoe pre~oniuma ahall be due. I~ ~ at any tims the mortgsgor shall tender to the morkgsgee in ~ooordance with the provisions of the note eecured hereby. inllpaym ent oi the entire indebtedneas represented thareby. the mortgsgee ahaU, in com. putin~ the amQunt of auch indebbedneae. credit to the s~coount a! the mortga~g~or all ents made under the provisions oi a) oi p~ragraPh 2 hereoi which the mortgag~e has not beoome ~ted to PaY to t1~e ~ Federsl Housin~ oner and any ba?lance • . in the fanda accumulated under the proviaions ~ - oi (b) ot aaidp~ragraph 2. Ii tliere ahmli be s defe~uit~er any oi the provisiona oi t6is mortgage re- ~ auiltin~ in a public eale of the pnmieea oovered hereby; or ii the mortgagee aoquirea the property ot~er- ~ wiae after default. the moitga~ee aha11 app~y. at the hme oi the oommenoemcnt oi auch proceedin~s or at . the time the P~~Y ia otherw~se acquired. the balance then remaiain~ in the funds aocumulated under . ~ sCaid ote~siuU pm~~st sqY FsYn?~ents which ahall ha~ beeucros~i~de nnder~(ajl oi~aaid p~aragr ph. 1 4. That hs wilI pay all tauces, aaseeament~, w~ter ntes, and other governmental or municiP~?1 chsr~ea. i flnes, or impoaitions, for w~uch provision has not been made hereinbetore, and in default thereof the mor~ gs,ges m~y p~1r the aame; and that he will promptdy deliver the officiat receipts therefor to the mortgAgee. . b, That he ~vill permit, co~nmit~ or anffer no waste, impt~irment, or deteriorAtion o! aaid prnperty or ; any part thereof; and in the event o! the fsilurn of the mo r to keep the buildln~s on sain premiaea . ~ and thcde to be erecfi,ecl on said premisea, or improvementa~ n. in good r8p~air, the mortgagee may ~ . maice such repairs aa in its diacretion it may deem neoeassry for the proper preeervation thereoi. and the iuU amount of eACh snd every such p~yment ahall be immediate~y due and payable. and sh~?U be aecured ~ , by the lien of this martgage. ~ 6~. That he wiU psy all and ainSular the ooets, charges, and espensa, including reasonable la r's fe~, ~nd ooste o! abatracts oi title. incurred or paid at aqy time bq the mort~~ because ot the f~ure ~ an the part oi ~he mortgagor promptly itnd i to periorm t6e agrePmenta and covenants of said prom- iasory note snd this mo and said oosts,u c~arg~, snd espensea ahall be immediatel~i due stnd pay- I able and s6s11 be secured by~~e lien oi thia mortgag~e. 'i 7. T6at he will kee~ the improvements now existing or hemeatter erected on the mortgaged prnperEy, insmced aa m~y be reqnued fro~n fime to time by the mo ~ainat Io~a by flre and other hazard~, cssualtiee. and oontingenciee in anch amounts and for a~ oda ss msy be required by mortgagee, I and will pay prampW?, when due. say premiums on such insursnc~e for ~nnent oi which provision has ~ aot been msde hereinbefore. All inswranoe ahall be carried in ewmpawea approved by mort~agee and - the policies 'and renewals thereot shall be held by morEgagee and have attached theret,o loas p~ayable cla~ses in favor oi and in form aooept~ble to the mortgagee. In event o! loss he will give immediate ; notice by mail to morRgagee, aad mor#ga~ee ma,y make proof of loss if not made pmmptly by mortgagor, and ~ach inaqranoe oo~nnpany concerned ~s hereby authorized and directed to make payment for such loss directly to mortgagee inatead o# to mortgagor and mo ~omtly. and the in,aurance proceeda. or ~ ~ anyp thereot, ma,y be applied by mortgsgee at its option~er•to the reduction of the indebtedneas hereby ~se~r~d or to the reatoration or repair of the progerty In event of foreclosure of this ; mortgaSe~ or other tranafer oi title to the mortgsged property in extinguiahment of the indebtedness - . aecured hereby, all right, title, and intereet of the mortgagor in ~tnd to an,y inaurance policiea then in force s6a11 pass to the pnrchaser or grantee. ~ 8. That the mortgag~ee ma~y, at any time pending a suit upon this mortgage. apply tfl the court huv- ing juriadiction thereof for the appointment of a receiver, and auch court shall forthwith appoint a z+eoeiver oi' the pr~nnisea oovered hereby all and aingular, ~ncludi.ng all And singular the inoome, pmfita, isana, and revenuea from whatever source derived~ e~ch and every of which, it being expresaly under- atood, is hereby mortgaged aa ii apeci5cst~y aet forth snd deacribed in the granting and habendum clauaea hereo~ and snch receiver shall have aU the brosd and effective iunctiona and powera in anywise entrusted by a court to s receiver, and sach appointment shall be made by auch oourt aa an admitted equity and a a?atter of abaolufire right to d mortgagee. and without refer~ence to the adequacy or inad- equacy of t6e vaIue of the praperty morlt~~ged or to the solvency or insolvency of said mortgagor or the defendanta, and tbat auch renta, pm8ts. income, issues, and revenues ahall be applied by auch receiver acco~to the lien of this mortgage and the praatice oi such courk In the event of any default on the part of e mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reaaon- able mont6ly rentat for the prmaisea an smount at least eqwvalent to one-twelfth of the aggregate of the twelve monthly inatallmenta payable in the then current year plus the actual uaount of the annusl tases asseaements, water rates~ and insuranoe pr+enaiums ;forj spch year ,not~.covered by the aforesaid mont~ly payments. ' ~ ' . 9. The mortgagor furthe~ covenants that should this mortgage and the note secured hereby not be ~ eligible for insurance under the National Housing Act within 30 deya from the date hereof (written statement of any o~cer of the Federal Ho~using e~esa~~n or authorized agent of the , Federal Housing Commisaioner dated subsequent to the time fmm the date of this mortgage, declining to ins~re said note and this mortgage, being deemed conclusive proof of such in- • eligibility), the mortgag~ee or the hoider of the note may, at its option, declare all suma secured hereby immediately due and payabl~ ~ 10. That (a) in the event of any brea~ch of fihia mortgag?e or default on the part of the mortgagor, or ~ tb) in the event that any of aaid aums of money herein referred to be not promptly and fully paid with- ~ „ out demand or notice, or (c) in tLe event that each and every the atipulationa. agreements, conditions, ~ and covenants of said note and thia mortgag~e, are not duly. promptly, and fully performed; then in either or any such evenk the sa~d aggregate aam mentioned in said note then remainir?g unpaid, with ~ intereat acerued to that time, and a~l moneya secured hereby, shall become due and payable iorthwith. , or thereafter, at the option of said mortgagee. aa fuUy and completely aa if all oi the aaid aums of money . ; -~were orginally atipulated to be paid on such day, anything in asid note or in thia mortgage to the~contrary ; notwithstanding; and thereupon or thereatter, at the option oi said mortgagee, without notice or demand, ~ s~it at la~v or in equity, may be praaecuted aa if all money~ aecured hereby had n~utured prior to ita insti- tution. The mortgagee may forecloae thia mortgage. as to the amount so declared due andpayable, and the aaid premises ahaU be sold to satiafy sad pay the same together with costs, expenses. and allowances. In case of partial foreclosure of thia mortgage. !he mortgaged premises shall be sold subject to the can- tinuing lien of thia mortgatge for the amount of the debt not then due and unpaid. In auch case the pro- • vistona oi thia psra~raph msq again be availed of thereatter from time to time by the mortgag~ee. li. That the mortgagor will give immediate notice bq mail to the mortgagee ot uiy conveyance, tranafer, or chang~e of owaerahip of the premisea. 12 That no wsiver oi ~ny oovenant herein or of the obUgstion eecured hereby shail at anp.tinn~e thereatter be held to be a waiver of the terms hereof or of the note secnred here , _ ~ - ~R~ ~s5 ~os