The URL can be used to link to this page

Home My WebLink About0778 ~ ~ ~ . t t . ; • ~ snd inanrawoe premiumm, as the case may be. such euoeee ahaU be creditcd by the mortgagee on aubsequent • payments to be made by the mortgag~or. Yi~ however, the~ monthly pa,ymenta made by the morkgag~or ` nnder (b) ot psragraph 8 preceding ahAll not be snfficien! to p~? und renta, taicea anci asaessments ! and inauran~oe_pn:miume, ss the caee m~y be, rvhen the same ~'0i~me aue ~a nar~i~+~~A t~~ .i mortgagor hall ps~? to the mortgagee any amount necesaary to nu~e up the deRcienp?~ on or fore the t , date when payment of anch ground renta~ taxes, aasesa:nenta, or inaurance premiuma ahatl be due. It ' at any time the mortgagor ahalt tet?der to the mortgagee in aecordsuice with the provieiona of the note ~ aecurEd hereby, full ent of the entire indebteduesa repr~ented thereby~ the mortg?agee ahall. in com• ~ putin~g the amount o auch indebtedn~sa, credit to the acoount of the mort,gag+~r aUp~ym ents made under ~ the provisiona ot (a) of paragraph 2 hereof which the mort,gag~e haa not beoame obligate@ to pay to the Federal Houaing Commisaioner and any balance x~emaining in the iunds accumulated under the provisiona of (b) of ~ paragraph 2. Yt there shall be a default under at~r of the provisiona of thia mortgage~re- aulting in ublia sale of the premiaea covered hereby~ or if the mortgagee aoquirea the property o er- wise atter default, the mort~ga~ee ahaU apply, at the time of the oommencement of auch proceedings or at the time the property is otherw~se acquired, the balance then remaiain~ in the f~nda accumulated under . (b) of para~raph 2 preced' as a credit against the amount of principal then remaining unpaid under said note and shall praperly a~C j'nat auy payments which shall have been made nnder (a) of said paragraph. t 4. That he will pay all ta~cea. aa~su~ents, water rat+~, and other governmental or municipal charges, s' flnea, or impositiona, for which proviaion haa not been made hereinbefore, and in default thereo~ the mort- gag~ee may p~y the same; and that he will promptly deliver the official receipts therefo; •to t~he ~ortgagee. ~ ~ ~ ~ 5. That he will permit, commit~ or suffer no waste, impairment~ or deterloration of ~aaid property or ~ aq1? part thereof; snd in the event of the failure oi the mort,gagor to keep the buildir~ an said premisep ~ t and thoae to be erected on said premiaea, or improvements thereon, in good repair, the. inortgagee :ris~ ~ ? make such repaira as in its diacretion it m~,y deem nece.ssary for the proper preservation 'thereof. and ~~he~ full amownt of each and every auch pa,ymaent shall be immediate~y dne and p~yable~ and'~hall be.secu~'ed by the liea of this mortgage, 6. That he will pay all and aingular the coab. charges, and expenaea. including reasonable lawyer'a iea, sad costa of abstracta of title, incurred or paid at aqy tizne by the mortgagee because of the failure o~n the part of the mortgagor promptly and ful~? to perform the agreements and covenanta of said prom- a isaory note and this mortgage, and aaid eo~ts~ charges, and eapense~ ahall be Immediately due and pay- able and shall be secur~ bq the lien of thia mortgage. That he wiil kee~? the improvements now eai~ting or her+eafter ex+ected on the mort8'a8'~ P~l~rt3?. insured aa may be requu~ed frnm time to time by the ino againat loss bq fire and other hazards, cssnalties, and contiugenci~ in such amounts and for su~'oda aa may be required by mortgagee. snd will p~,y promptly, when due, aqy preminma on such inaurance Yor ~?ayment of which provision has not been made hereinbefox~e. AU insurance ahall be carried in oom • the policie~ an@ renewals thereof shall be held by mortgag~e and h~av~e attached~thereto loa~s g~ ~d payable • clansea in favor of and in form acceptable to the mortgagee, In event of losa he wiU give immediate notice b mail to mortgagee, and mortgagee may make proof of Ioas if not made promptty by mortgag+or, and ~ in$urance oompaqy conceraed is hereby suthorise~ and directed to malce payment for such : losa dixe~tly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance Droceeds. or ~-any patt thereof~ may be applied by mortgagee at its option either to the reduction of the indebtednesa hereby secnrQd or to the restoration or repair of the prnperty datnaged. In event of loreclosure of thia mortgage or other traasfer of title to the mortgag?ed property in extinguiahment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to aqy insurance policiea then in force ahaU pasa to the purchaser or grantee. . . . 8. That the mortgag~ee may~ at any time pending s suit npon thia mortgage. apply to the court hav ing juriadiction thereof for the appointment of a receiver, and auch court ahall forthwith appoint a receiver of the prennises cavered hereby all and singular, including all and singvlar the income, pmfita, iasues, and rEVenu~s fmm whatever sonroe derived, each and every of which, it being expressly under- atood, ia hereby mortgaged aa if apeciftcaUy set forth and described in the granting and habendwn clauaea hereof, and auch receiver shaU have all the broad and effective functiona and powers in anywise entrusted by a court to a receiver. and such appointment ahall be made by such courE aa an admitted equity and a matter of absolute right to said mortgagee, and withont reference to the adequacy or inad- equacY of the value of the prnpertq mortgaged or to the solvency or insolvency of said mortgagor or the defendanta, and that such renta, profifis, income, issuea, and revenuea ahall be applied by such receiver acxo~ to the lien of thia mortgage aad the practice of such courk In the event of any default on the part of i e mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reason able monthly rental for the premises an amonnt at least equivalent to one-twelfth of the aggregate of the twelve monf.hly installments payable in the then carrent qear plas the actual atnount of the ~tnn~ tazea assessments, water rates, and insurance premiuma for auch year not cavered by the aforeaaid ~ mont~ly ps,ymenta. 9. The mortgagor further covenants that ahould this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within "~~~r from the date hereof (written statement of any officer of the Federal Housing A Qi~t~n or authorized ag~ent of the Federal Housing Com~niasioner dated subsequent to the time from Lhe date of thia mortgage~ declining to insure said note and~ this mortgage, ing d~emed oonclusive proof of such in eligibility), the mortgagee or the holder of the note may. at its option, declare all aums secured hereby immediately due and payable. 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagur. 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 stipulations, agre~ments, conditions, and covenants of said note and this mortgage, are not dtily, promptly~ and fully performed; then in either or any such even~ the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall became due and payable forthwith. or thereafter, at the option of said mortgagee, as fully and completely as if all o~ the said suma of money were orginally stipulated to be paid on such day, anything in said note or in this mortgage to the oon notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or dem ~,nd suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its insti- tution. The mortgagee may forecloee this'mortgag~e, as to the amount so declared due andpa~ abl~ and the said premisea shall be aold to satisfy and pay the same together with costs, expenses, and allowancea. In case of partial foreclosure of this mortgage, the mortgaged premisea ahail be sold aubject to the oon- tinuing lien of this mortgag~e for the amount of the debt not then due and unpaid. In auch case the pro- CL7 visions of thia paragraph may again be availed of thereafter fmm time to time by the mortgagee. +i~! , ii. That the mortgag~or witl give iaimediate notice by mail to the mortgagee of an,y canveyanoe. ~ transfer, or chang?e of ownerahip of the premises, • . ~ 12. That no waiver of any cwvenant herein or of the obligatioa aecared h8reby shall at any tim,e thereafter be held to be s waiver of th~ terma hereoi or of the note secured hereby. ~ k _