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Home My WebLink About1915 and insuranoe pretniuma, as the Eaae may betaach e~cceea shsU be credited by the mortg~gee on a~baequ~t.~ p~ymenta to be made by the mort~ag~or. u. however, the monthly p~?menta made by the.tnortgagor • nnder (b) ad paraSraph 8 precedia8 shaU not be au~cient to p~?ground rents, taxea ~nd aaseasmenta and insuranc~e~ prentiums~ aa the case m~y be, when the same ahall tieoome due and payable then the mort~agor ahall pay to the mortgagee an~y amount necessary bo matce up the deRciency. on or ~efore the date wheL payment of auch ground rents, ta:e0. aese~aments. or inauranoe premiums ahall be due. If at aay time the mortgagor shall tender to the mortgagee in atxordance with the pmviaiona of the note aecured hereby, fullps~yment of the entire indebtednesa repreaented thereby, the mortgagee shall, in com- pntuig the amount of such indebted.ness, credit to the account oi the mortgagor aUpaym enta made under tbe•provisiona of (a) of paragraph 2 hereoi which the mort,gagee has not become obligated to pay to the Federal Houaing C~ommissioner and ~,1r balance remaining in the funda accwnulated under the prnvisiona of (b) of eaidpara8ral~h 2. Ii ~here ahall be a default under any of the proviaiona of thia mortgage. re- aultiag in a public aale of the premisea covered he~by or if the mortgagee aalui~ the property othe~ wise after default, the mortga~e ahall ap ly, at the t~me of the oommencement of such proceedings or at the time the pm ia otherwise ac~quire~ the balance then Y~emainin8 i~? the funda accumulated under ~b~ ~p _ r~ust anY PaYm~ h~'~ch s~h~all~ha e been m~ad eunder ( j of sgaiud pParaSr Ph. ' Baid note an shall prnl~er 4, That he will pe~y all taues, assessments. a?ster ratea. and other g~overnmental or municipal chargea, '~ea. or impoaitions. for which provision haa not been made hereinbefore, and in default~thereof the mor~ - gagee may pay the aame; and #~at he will promptl,y? deliver the official receipts therefor to the ~ortgag~ee. 5. That he will permit, commit, or auffer no waate, impairment~ or deterioration o~ said property or any part thereof ; and in the event of the f~ilure of the mo r to keep the buildings on saiu premises and thase to be erected on aaid premis~. or impmvements~ n, in good repair. the mortgagee may . make anch r~paira as in ita diacretion it may deem necessary for the prnper pre~ervation thereof, and the ~ full amonnt of each and every such payment shall be immediately due and payable, and ahall be secured '~e by the lien of this mortgag~e. 6. That he will pay all and singular the co~ts, charges. and expena~, inclu ressonable law~?er'a ~ co ? ie~, and co~ts of abstracts of title, incurred or paid at at~y time by the mortga ~~euse of the failure ; on the part of the mortgagor promptly and iu1~? to perform the agreements and covenants of said prnm•_ issory note and thia mortgage. and said c:osta, charges, and eacpenses ahsll be immediateu? due and pay~ ,T able and shall be secured by the lien of thia mortgage. ~ • ; That he will kee~ the improvementa now existing or hereafter erccted on the mortgaged property, ; ~ inaured as m~r be required fmm time to time by the mo againat losa by ftre and other hazards, : casualties, and contingencie~ in such amounts and for su~'ods as may be required by mortgagee, y and wiU pay prompt~y, when due, aRy premiwns on such inanranoe for payment of which pmvision has ~ not been made hereinbefore. All insurance shall be carried in compan~es approved by mortgagee and x the policies and renewsla thereof shaU be held by mortgag~ee and have attached thereto loas payable ~ •.clanses in favor of and in form aoceptable to the mortgagee. In event of losa he will give immediate notioe by mail to mortgagee, and mortga~ee may make proof of losa if not made promptly by mortga,gor, • and each insnrance compa~? concerned is hereby authorized and directed tb make payment for such loas directly to mortgagee instead af to mortgag~or and mortga~ee jointly, and the insurance proceeds, or aay thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness . h~secured or to the restoration or repair of the property damaged. In event of foreclosure of this ' mortgage o~-;other transfer of title to the mortgaged pmperty in extin~uishment of the indebtedness secured•h~reby, aU right, title, and interest of the mortgagor in and to any msurance policies then in force ahaU paas'to the purchaser or grantee. & That the mortgagee may, at any time pending a suit upon thia mortgage, apply to the court hav- ing jurisdiction thereof for the appointment of a receiver. and auch court ahall forthwith appoint a . receiver of the premisc~s covered hereby all ~nd singular, including all and singular the income. pmftta, issues, and revennes from whatever sonn~e derived, each and every of which, it being expresaly under- ~ stood, is hereby mortgaged aa if specifically set forth and deacribed in the granting and habendum clauses hereof, and such receiver ahall have all the broad and effective functions and powers in anywise entrusted by a oourt to a receiver, and such appointment shall be made by such court as an admitted eqnity and a matter 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 aolvencq or insolvency of said mortgagur or the defendanta, and that such renta, profits, income, isaues. and revenues shall be applied by such receiver ac~oo~to the lien of this mortgage and the practice of such courk In the event of any default on the part of e mortgag~or hereunder the mortgagor agreea to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to on~-twelfth t3is) of the aggregate of the twelve monthly installments paysble in the then current year plua the actual amount of the annual . F taa~ assesaments, water rates, and inaurance premiums for snch year not covered by the aforesaid ~ mont~ly paypnenta. { 9. The mortgagor further covenants tha£ 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 t (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent ta the a f ores e id time from the date of this ~ mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option. declare all sums secured hereby . itnmediately due and payable. ~ 10. That (a) in the event of any breach of tfiia mortgage or default on the part of the mortgagor. or (b) in the event that any of said sums of money herein referreii to be not promptly and fully paid with- out demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions, ~ and covenanta of said note and this mortgage. are not duly, promptly. and fully perfornaed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with ` interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, F or thereafter, at the option of said mortgag~ee, as fully and completely as if all of the said sums 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 as if sll moneys secured hereby had matured prior to its insti- tution. The mortgagee ma,y foreclose this 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 casts, 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 auch case the pro- ~ visions of this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ ' il. That the mortgagror will g?ive innmediate notice by mail tfl the mortgagee oi any conveyance, ~ transfer, or chang~e of ownersh~p of the premises. ~ . 12. That no waiver of any covenant herein or of the obUgation secured hereby ahall at any time ~ thereafter be held to be a waiver of the terma hereof or of the note secured hereby. O.R' 8~ 80: _ ~ L ~ . ~