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Home My WebLink About0869 . - ~ O . : . 1 Y \'~:~f t1' / . ! ~ t? ~ ~.1..'jii ~ and insur~?noe prenniums~ as the case m~y be~ _auch exce~e ehall be credited by the mort,~a,Qee on subeequent p~?menta to be m~We by the mort~ag~or. Ii, however, the naathl,y p~y~n?ents m~de by the n~ort~os f ! , ander (6) o~ P~+~?P~ $ P~pS ahall aot bs auRlcient to p~y~e~ound renb, ta~ces and a~a~ments ? and iASUranc~e_ premit~aas,, aa the caae m~y be, whea the eame ehall beoo~ne due snd ~th mortgagor ahall pgy to the mortQa~gee say_ amouat neoeeasry to make up the deflciencyp on~or beio e Lhe ' date when p~yment o! aucte ~z~ound renta~ ts~ces. ssseasments, or inaur~~ncs premiuma ahall be due. If ~ ~ ' at any time the nartg~gor shall tender to the mortgagee in acoordance with the proviaiona of the note ; aecured hereby. ttiillp~ym ent oi the entire indebtedness represenfRd thereby, the mortgagee ahall. ;n com- ; ' puWig the amount of such ind4btedaess. cr~edit to the ~u~oount oi the mort,~sgor allp~ym enta made under 1 the provisiona oi (a) oi p~raQrsph 2 hereoi which the mort,~a~ee hu not beoome obligated to pay to the Federal 8ousing Commiasioner and any balanoe remainiug in t(ie iunds accwmulated under the provialons ~ of (b) of said agrapl~ 2. If there shnU be a default under sn,y of the pmvisiona of this mortgage re- sultinQ in a p lic aate o! the premises oovered herebyt or if the mortgagee uquirea the pmperty ot~?er- wise aiter defaulk the mortSa~ee ahsll app~y, at the time oi t1?e ooa~unencement oi auch proceedings or at the ti~ae the pro~erty is otherwiae avquir~ed. the balance then remainin~ in the funda ucumulated under (b) of p~ura~rapti 8 p aa s credit againat tt~ amount oi princ~pal then remaining unpaid under said note an shaU properly a'wst any psymenta W}uch ahall have been msde under (a) oi said paragraph. 4. That he will pay aU teuces, ass~amenta, water r~tes. and other g~vernment~l or municipal charges, tinea, or impositions. for which praviaion has not been made hereinbefore, And in default thereof the mort- gagee muy pa,y the aame; snd that he will prosnpt~y deliver the o~cisl receipts therefor to the ~ortgagec. ~ b. That he will permit, commit, or su~er no waate, impairment~ or det4xioration of aaid property or E any part thereof; and in t6e event of the failure oi the mortgagor to keep the buildings on aaid premiees ~ and tho~e to be erected on aaid pre~oaiaea. or improvements thereon. in good repair. the mortgagee m~y? make such repaira as in its discretion it may deem aeceaaary for the pmper praservation thereof, and the . fnll amount of esch and every such payment ahaU be immediately due and payable. and ahall be aecured ~ by the lien of thia mortgage. 6. That he will pay all and singular the costs, charges. and expeneea. including r~asonable lawyer'a iees~ and coets oi abatracta of title~ incun~ed or psid st eny time by the mortgagee because of the failure oa the part of the mortgagor promptty and ful r tA perform the agreements and covenanta of said prom- ~ isaory note and this mortgage. and 'aaid co~ts, ee, snd expens~ ahaU be immediately due and pay- ~ble and ahall be aecured by the Uen oi fihia mortgage. ~ 7. That he will kee~ the improvementa now exiating or hereafter er~cted on the mortgaged property~ : insured as ma,y be requu~ed from time to time by the mo against loas by Sre and other hazards, ' caaualtiea, und contingencies in such amounts and for au~riods As may be required by mortgagee~ and will pay promptly, when due. a~y premiuma on such insuruace for ~ayment of which provision has not been made hereinbefore. All insurance ahall be carried in compa~uea approved by mortgagee and the policies and renewals thereof ahall be held by mortgagee and have attached- thereto loea payable clauaes in #avor of and in form acceptable to the mortgagee. In event ot loss he will give immediate . natice by mail ta mortgag?ee, and mortga~ee may make proof of loss if not made promptiy by mortgagor. and each insurance campaqy concerned ia hereby authorized and directed to make payment for such ~ losa directly to mortgagee instead of to wortgagor and mortga~ee jointiy, and the insurance proceeds~ or • ~~part thereof~ may be apptied by mortgagee at its option either to the reduction of the indebtedneas by aecured or to the restoration or repair of the property damag~ed. In event of foreclosure of this mortgage or other tranafer o! title to the mortgaged prnp~xty in extinguishment of the indebtednesa secured hereby, all right, title, and inter~t of the mortgagor m and to any insurance policiea then in force ,.~hstt pass to the purchaser or grantee. _ . . 8. That the mortgagee may, at any time peading s suit upon thia mortgage. apply to the ca~rt hav- ing ~uriadiction thereof for the appoinh»ent of i receiver, and auch court ahall fortt~with appoint a receiver oi the premis~ covered hereby aU and aingular. including all and aingular the income. pmfitb, iaaues, and revenae~ from whatever sourc~e derived~ e~ch snd every of which~ it being expresalq under- atood. is hereby mortgaged as if specificatly set forth and deacribed in the granting and habendum clauaea hereof~ and auch receiver shall hsve all the brosd and ei~ective iunctiona and powera in anywise " entrusted by a court to a receiver. and such appointment Shall be made by such oourt as an admitted equity and a matter of absolute right to aaid mortgagee. and without reference to the adeqnacy or inad- equacy of the value of the property mortgsged or to the aolvency or inaolvency of said mortgagor or the - defendants, snd that such renta, pm8ta, income, issuea, and revenues ahall be applied by such receiver sooording to the lien of thia mortgage and the practioe of such courk In the event of any defauIt on the part of the mortgagor hereunder, the mortgagor agrees to psy to the mortgagee on demand as a reason- ~ abte monthly rental far the premises an amount at least equivalent to one-twelith (3i:) of the aggregate o! the twelve monthly inatallments payable in the then current year plos the actual $mount of the annual ~ t~suces aaaessmeata, water rat~~ and inauranoe premiums for auch year not cavered by the aforeaaid mont~ly paqments. ~ ~9. The mortgag~or further covenarits that should this mortga~ ~}~di~he note secui~ed hereby not be eIi ble for insuranc:e under the National Housing Act withia ~ from the date hereof (written statement of any ofl9cer of the Federal Hcusing Ad~j~ tra,~on or authorized agent of the • Federal Housing Commisaioner dated subsequent to the ~{:~iaSrS time from the date of this mortgage~ declining to inaure said note and thia mortgage, being deemed conclusive proof of such in- eligibility). the mortgagee or the holder of the note may, at its option, deciare all suma secur~d hereby immediately due and payable. 10. That (a) in the event of any breach of this mortgage or deiault on the part of the nwrtgagor, or (L) in the event that any of said sums of nnoney herein referred to be not prompt.~y itnd fully paid with- out demand or notice. or (c) in the• event that each and every the atipulationa, agreementa~ conditions, and covenants of said note and thia mortgage, are not duly. promptty. and fully performed; then in either or aay such event. the said aggregate surrt mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby. ahap beoom~ due and payable forthwith, or thereafter, at the optiou of said n?ortgagee. aa fully and completely as if all of the said suma of money were oiginally stipulated to be paid on such day, anything in said note or in thia mortgage to the contrary notwithstand?ng; and thereupon or thereafter. at the option of said mortgag~ee~ without natice or demand, suit at law or in equity, may be prasecuted as if all moneys aecured hereby had matured prior to ita insti- tution. The mortgagpe may foreclo,ae this mortgage. as to the amount so declared due andpayable. and . the said premises ahall be soid to satisfy and pay the same together with costs, expens~a. and allowancea. In case of partial foieclosnre of thia mortgage, the mortgaged premisea Bhall be Bold subjeet tfl the oon- tinuing lien of this mortgage ior the amount of the debt not then due abd unpaid. In auch c~sae the pro- ~ viaiona of this paragraph may again be svailed of thereafter from time to time by the mortgagee. . • g~ s~ ~~~~6~ -