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and insuranoe pretniunu?. as the case m~,y be~such e~ccess slu~tl be credited by the mortga~ee on aeebaequent
pa~ymeafa to be msde by the mortgaQor. I!, however. the month~j? pqyments m~de by the mort,g~gor
ander (b) af para~rsph 8 preoediag ahaU not be anfficient to p~~y~round rents, taxes and asaeasments
and iaauranc~e~ prenaiums, aa the c.~se m~? be, when the same ah~U beoome due and payable, then the
mortgagor ahall pay to the mort~agee any ~naount neoeeaary tio m~lce np the deficiency. on or before the
date when p~yment oi anch ~rround renta, taxes, asse~eameata, or inaur~~noe premiuma ahull be due. Ii
at aoy time the mortgagor ahall tendor to the mort~ag~ee in ~?ocordance with the proviaions of the note ~
secured hereby, l~iUp~ym
ent of the entire indebtedneas represented thereby, the mortgagee ahall~ ia com• ?
pnting the amount of such indebt~ine~ credit to the acoount oi the mortgagor ~ttpaym ents msde under
the provisions of a) of pars~graph 8 her~eof which the mot~~ has not became obligated to pay to the
Federsl Houaing ~oaer and any balaace rie~nainiag~iln tTie funds accumulated under the proviaions
of ( b) oi aaid~aragrsph 2 Ii there ahsli be a deiault under ~?y? oi the prnviaions oi this mortgage re-
aultin~ in a p
liub
c sale oi tha premiaes covered herebys or ii the mortgag~ee aoquiree the property ot~esr- ~
wiae after detault, the mortgaf,~ee ahall apply. at the timQ of the oonunencement o! such proceedin~a or at
the time the praper~? is otherw~se acquired, the balanoe then remainin~ in the funda accwnulated under
~(b) of paragraph 2 p aa a credit a~gainat the amount oi princapal then remaining unpaid under
saud note and ahaU pmperr~uat any psymenta which ahall have been made under (a) of said paragraph.
4. That he will pay all ta~cea, aaaeeaments, water ratea, and other governmental or municipal chargea,
~ 8nea, or impoaitions, foz which pmviaion h~a not been made hereinbefore, and in default thereof the mor~
' gsg~ee may pay the same; and that he will promptly deliver the official receipts therefor to the n:ortgagee.
b. That he will penmit, commit, or suffer no waste, irapairment~ o~ deter~oration oi aaid prnperty or
: any part thereo~; and ia the event of the iailwre oi the mort~ag+or to keep the buildings on aaid premiaea
snd thaee to be erected on said premises. or improvemente tfie~reon. in good repair. the mortgagee may ~
~ malce auch repaira as in ita discretion it m~? deem necesaary for the proper pre~ervation thereof. and the '
~ full amount of each and every auch p$yment ahaU be immediately due and payable, and shall be secured
by t6e lien o~ this mortga,g~, - ~
,
6. Tlu~t he wi11 pay all and air~ilar the eostd
; charges, and e~cpenae~, including reaaonable lawy?er'a
fees, and ea~ts of ab~tracta of title, wcurr~ed or paid at any time by the mo because of the failure
on the part of the mo~ctgagor promptly and fully to perform the agreementa~
venants of said prom-
issory note and thia mortg~ag~e. and aaid costs, charges, and e~cpenaes ahall be imnaediately due and pay-
able and ~hatl be aecnred by the lien oi this mortgage.
That he will ~ee~ the improvements now exiating or bereatt,~r erect~d on the mortgaged property~ .
insured aa msy be requu,ed from time to time by the mo loss by flre and other hazards,
caaualties. and contingenciea in such amounts and for a~
~may be required by mortgag~ee,
; and will pay promptly. when due, an,y premiuma on such insurance ior ~a,yment of which pravision haa
not been made hereinbefox+~ AU inaurance ahall be c,arried in eompa~ues approved by mortgagee and
the policiee and renewala thereof si?all be held by mortgagee at?d have attached thereto losa payable
clauses in favor of and in form aeceptable to the mortgagee. In event of lo~s he wiQ gIve unme~diate
notioe by mail to mortgagee, and mortga~ee may make proof oi loss ii not made promptly by mortg?ag~or,
- and each ia~urance company concerned ~a hereby suthorized and directed to make pa3mlent for such
; loas dix~ectly to mortgagee instead of to mortgagor and mort~gee ~ointly. and the insurance proceeds. or
any~ thereof, may be applied by mortgagee at ita option either•to the reduction of the indebtedness
h y secured or to the rc~toration or repair of the prnperty damaged. In event of foreclosure of thia
mortgage or other transfer of title to the mortgaged prnperty in extinguiahment of the indebtedneas
secured hereby, all right, title. and intereat of the mortgagor in and to aqy inaurance polici~s then in force
ahall pasa to the purchaser or grantee.
' 8. That the mortgagee may, at any time pending a suit upon this mortgag~e. spply to the conrt haw
ing juriadiction thereof for the appointment of a receiver. and avch court ahall forthwith appoint a
, receiver of the premises covered hereby all and ain~ular, including all and eingular the income. pmfits.
iasu~, and revenuea fmm whatewer source. derived~ each and every oi which~ it being expresaly under- ~
atood, ia hereby mortgaged as if specifically set forth and described in the granting and habendeim clauses
hereof and such receiver shaU have sU the bras d and effective fnnctions and powera in anywise
eatrus~ed bg a court to a receiver, and such appointment ahall be made by sUCh oourt aa an admitted
equity and a matter of abaolute right to,said mortgagee. and witho~t reference to the adequscy or inad-
equacy of the value of the pmperty mortgaged or to the solvency or it~aolvency of said mortgagor or the
, defendants. and t~hat 8uch renta, prnfita„ incom~ issugs, and reventtes ahail be applied by such receiver ~
~ ac~eo~to the lien oi this mortgage and the practice of auch oourt. 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 reason-
able monthly rental for the prem~sea an amount at least equivalent to on~twelfth (l;,=) of the aggregate
of the twelve montlily inatallmenta p~yable in the then current year plus the actual amount of the annual
; ta~cea aseessments, water ratea~ and insurance premiuma for auch year not covered by the aforeaaid
mont~9y paym~nta.
9. The mortgagdr further covenauts that ahould thia mortga~e and the note secured hereby not be
eligible for insurance under the National Housing Act wittiin $p d~y~ irom the date hereof
(written statement o! any o~cer of the Fe~ieral Housing Administration or suthorixed agent of ~the
Federal Housing Commissioner dated subsequent to the aforese~d time from the date of thia
mortgage, declining to inaure said note and thia mortgag~e. being deett?ed conclusive proof of such in-
eligibility), the mortgag~ee or the holder of the note may; at its option, declare ali aums secured hereby
immediately due and payable.
10. That (a) in the event of any breach of thia mortg or default on the part oi the mortgagor, or
(b) in the event that any of said suma of money herein r~fe~rred to be not promptly and fully paid with-
out demand or notice. or (e) in the event that each and every the atipulatione, agreements. conditions,
~ and coven~wts o! said note and this mortgage, are not duly~ promptly, and fully performed; then in
~ either or any such evenk the said aggregate sum mentioned in eaid note then remaining unpaid, with
interest accrued to that time, and all moneys secured hereby, shall beoome due and payable forthwith.
or thereafter, at the option of said mortgagee, as fully and completely as if all oi the said atuna of money
were orginally atipulated to be paid on auch day, aqything in aaid note or in thia mortgag~e to the contrary
notwithstanding; and thereupon or thereafter. at the option af said mortgagee, without notice or demand,
suit at law or in equity, may be prosecuted as if all moneys secured her~by had matured prior to ita inati•
tution. The mortgagee may foreclo~e this mortgag~e, as to the amount so declared due and payable, and
the said premiaes shall be sold to satisfy and pay the same together with oasta, ex~renses, and allowances.
In case of partial foreclasure of thia mortgage, the mortgaged premises shall be sold subject to the con-
tinning lien of thia mortgag~e for the amount of the debt not then due and unpaid. In auch case the pro-
visions of thia paragraph may again be avaited of thereafter from time to time by the mortgagee.
lI. That the mortgagor will give imnaediate notice by mail to the mortgagee of any conveyance.
tranafer. or change of ownerahip of the premiaea.
12. That no waiver oi any cove~naat herein or of the obligation aecured hereby ahall at any tinwe
tLereafter be held to be a waiver of the terms hereoi or of the note secured hereby.
~ A~Rj~ 86 '435 .
~