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HomeMy WebLinkAbout1530 ' ~ a ~ . . , ~tnnd insuranoe premiun~~ aa Lhe caae may be such excx~s ahsll be credlted by the mortgagee on subaequent ; paymente to be made by the mortga~or. ~i. however~ the nwnthly paymeata msde by the mortgagor : nnder (6) o! puaQraph 8 preoed,ing ehall not be sufficient to p~y~round rents. t~ucea and aasessmenta , and inawranc~e premium~ ~s the case mai? be. when the a~me shall ~eaome due and pa1?able then the mortgsgor shall psy to the mortgages ~y ~unount neceaaars? to make up the deftciency. on or ~efore the ' date when p~yment o! anch ground reats, taxea. ass~aments, or inaur~nce premiwns ahall be due. If , st any? time the mortBaSor ahnll tender to the mortgagee in ucordance with the proviaions of the note - ' aecured hereby. fWl ent of the entire indebtedneas represent~d thereby. the mortgagee aha1L ;n com- . puting the a~nount o auch indebte~neaa~ credit to the account o~ the mortgsgor all pa~rmenta made under the prnvisions of (a) oi p:u~agraph 2 hereof which the mortgagee haa not beoome obligated to pay to the , Federal Housing Commisaioner and any l~lance remaining in the funda accutaulated under the provisiona of ~b) of said agraph 2. Ii there shali be a default ander any of the proviaions of this mortgage. re- ~ aultiag in a pu lic sale oi the premiaea covered hereby, or if the mortgagee aoquir~ the pmperty other- , wiae aiter default, the mortga~ee shsU apply. at the time oi the oommencement of such proceedings or at the time the pro~~ty is otherw~se acquired. the balance then rea?aining ia the funda accumulated under ~ (b) of paragraph 2 precedin ss a credit againat the amount of principal then remaining unpaid under a a~ d n o t e a a d s~ ll p rn p e r l y a~ juat a q y p a y menta which ahall have been made under (a) of said par a gra ph. ~ 4. That he will pay aU taxea, aseeesmenta, w~tsr rst~ea, and other governmental or municipal charges, . ~nes„ or impoaitions, for which pmviaion haa not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver ttie o~cial receipta therefor to the mortgagee. 6. That he will permit, commit, or suffer no waete, impairment, or deterioration of aaid prnperty or aay part thereof; and in the event of the failure of the mort~agnr ta keep the buildings on said premises ' ~ and thaae to be erected on said premiseg, or impmvementa t.~iereon, in g^ood repair, the mortgagee may make such r~paira as in ita discretion it may deem necessary for the pmper preaervation thereof, and the . fnll amount of each and every such payment shaU be immediately due and payable, ~nnd ahall be secured • ' by the lien of thia mortgage. . 6. That he will pay sll and singular t6e eo~ts, charqes. and expenses, including reaaonable lawyer's ie~, and costa of abstracta of title~ incun~d or paid at any time by the mortgagee because of the failure oa the p~trt of the mortgagor promptly and fully to perform the agreementa and covenanta of said prom- : iasory note and this mortgage, and ~said casta. chargea~ and eapensea ahall be immediately due and pay- ~ sble and shall be secured by the Uen of this mortgage. r• ~ That he will kee~ the impmvements now exiatiug or hereafter erected on the mortgaged praperty, inaured as may be requu~d irom time to time by the mo~ against lass by tire and other hazards, . casu8ltie~. and contiageii~ies in such amounts and for su periods sa may be required by mortgagee, and wiU pay promptly, when due, aqy premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance ahall be carried in companiea approved by mortgagee and the polici~ and reaewals thereof ahall be held by mortgagee and have attached thereto loss payable clansea in favor of and in form aoceptable to the mortgagee. In event of loss he will give immediate . notice b~r mail to mortgagee, and mortgagee may make proof of losa if not made promptly by mortgagor, and each inaurance company concerned is hereby authorized and directed to make payment for snch - lo~a directiy to mortgagee instead of to mortgagor and mortga~ee jointly~ and the insurance praceeda, or • anpp~ thereof~ may be applied by mortgagee at ita option either to the reduction of the indebtedness herebq secured or to the reatoration or repair of the property damaged. In event of foreciosure of this ~ mortgage or other transfer of title to the mortgaged pmperty in extinguishment of the indebtedness aecured hereby. all right, title, and interest of the mortgagor in and to any insurance policies then in force ~ dhaU p~sa to the purchaser or grantee. ; E. , 8. Tl~t the mortgagee may~ at any time pending s suit upon thia mortgage. apply to the court hav- ing juri$diction thereof for the appointment of a receiver, and such oourt shall forthwith appoint a receiver of the premisea covered hereby all and aingular, inclading all and aingular the income. profita. ~ iaauea, and reveuues from whatever aource derived~ each and every of which~ it being expresaly under• atood, is hereby mortgaged as if specific,all,y aet forth and described in the granting and habendum clauses hereof, and auch receiver ahall have all the broad and effective functiona and powers in anywise . entrusted by a court to a receiver. and auch appointment shall be made by such court aa an admitted equitq and a matter of ab~olute right to said mortgagee, snd without referenoe to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagror or the defendants, and that such renta. profita, income, isauea. and revenuea shall be applied by such receiver a«:ording to the lien of this mortgage and the practice of such courk In the event of any default on the part of the mortgagor hereunder.~the mortgagor agrees to pay to the mprtgagee on demand as a reason• . able monthly rental for the premises an amount at least equivalent to one-twelfth (3i:) of the aggregate ;Y~ of the twelve monthly installmenta payable in the then current year plus the actual amount of the annual ~ taxes assesaments. water ratea, and insuranae premiums for such year not covered by the aforesaid h mont~ily payments. ~ 9. The mortgagor fnrttier covenants that sho~ld this mortgage and the note secui~ed hereby not be eligible for insuraace under the National Housing Act wit~hin from the date hereof (written statement of any officer of the Federal Hcusin Admi or authorized agent of the ` Fed'eral Housing Commisaioner dated subsequent to the • ~Q pAYe time frora the date of this rnortgage, declining to inaure said note and this mortgage, ing d~emed conclusive proof of such in- eligibility) ~ the mortgagee or the holder of the note may, at its option, declare all sums 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 mortgagor. or (b) in the e~ent that any of said sume of money herein referred to be not promptty and fulty paid with- i out demand or notice. or (c) in the event that each and every the stipulatiot~s, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly. and fully performed; then in either or any sucli event, the said aggregate sum mentioned in said note then i~emaining unpaid~ with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said tnortgagee, sa fully and completely as if all o! the said sums of money ~ were oiginally stipulated to be paid on such day, anything in said note or in thia 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 atl moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose this martgage. as to the amount so declared due and payable, and the aaid premises ahail be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premisea 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 ~e pro- visions of this paragraph may again be avaited of tliereafter from time to time by the mortgagee. _ . ~ ~ ' Bo~~ ~ ~ 9~ P~~f~32~ ~ ' .