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Home My WebLink About1589 ~ ~ ~ ~ t r, and intunaos pre~niums, ~s the case mi~y bez _wch~eicceat eh~U be credited by the mort~ee on aabse~qu~t O+U?~ents to be made by the mort~a~or. If, however. tha montWy p~ymettts made by the mort,~~or ander (b) cd P~u'a~'uPh 8 preoedint shaU not b~ aulDcieni to p~~y~oun d reitt~, taxea and aaaee~sments and insurano~e~ premiua~ ~s the case m~y be~ phen t6e same ahaU b~oo~me due and p~yabl then the aaort~gor ahi?U p~? to t~?e mo~ sny ~naount naoeseary to maka up the deflcieucy. on or~fore the : date when p~yment oi such Qroun rents, t~xes~ aaseesments, or inauranoe pre~niwna ahall be due. at any time the mort~gor ahsll tender to the mortgag~ee in ~ccordance with the provlsions oi the uote ~ eecured herehy. ~uUp~ym ent oi the eatire indebt~cdness represented thereby, the mort,~s,~ee shall~ in com- putin~ the ~unount of auch ind8btedness. credit to the acaount oi tbe mortgaQor all ents made under the provisiona oi (a) o~ pzr~raph 2 hereof wbich the mo hss not beoome ~ted to psy to the Feder~l Houaing Co~nmisaioaer and aay balanoe rem ' ~n e funds s~ccumWated under the pmviaiona oi (b) ot saidp~ p~ 2. Ii there ahall be s deisult nn er an,y oi the provisions oi this mortgage re- , ~ sultin~ in a p lub ic~e oi the premises covered hereby. or if the mortgagee aoquires the property ot~er- wisa sitsr defaulk t6e mortga~ee sha11 apply. st the time of the oommeacement oi such proceedings or at the time the property ia otherw~se acqnired, the b~aace thea remainin~ in the fands sccumulated under .(b) oi per~rapb 2 pr~eoedu'~ aa a credit against the amount oi prtnc~eh de~r~(a) of~said paragr Ph. ssid nots and ah~U properly adjust sny p~ymenta which ahall have been ~ 4. Thnt he will pgy all ts~cea, aasessmenta. water rates, and other ~overnmental or municipal churgea~ flnea, or impo~sitiona, for which pmviaion has aot been made hereinbeiore, and ia default thereof the mort- ~~ee ma,y p~y the same; and ttu?t he will promptly deliver the o~cial receipts therefor to the n:ortga,gee. ~ . ; 6. Thsthe wiU permit, ~nmit, or auffer no waate, impairment, or detertontioa o! said pmperty or anY pt?rt thereot; and in the event oi the fsilure of the mort,gagor to keep the buildin~a on said premisea • : and those to be erected on ssid premiaea, or improvementa thereon. in good reYwir, the mortgagee m~y • ~ malce such repairs as in its discretion it may deem neoeasary ior the pmper preservat~on thereof. and the , fnll ~mount~o! each and every auc~t~payment ahaU be immediately due and payable~ and ahai2 be secnre~ ` ~ by the lien of t4ia mortgage. ~ - i . ~ & That he will pay all and aingulaur the eosta, charges, aad expenaes, including reasonable law~?er's ~ fe~, and ooeta ot abatracts of title, incurred or psid at any time by the mortgage~ because of the fa~lure j on the prrt o! the mortgagor pmmptly and fully to perform the agrePments and covenanta of aaid prom- issory note and this mo and'said caets. charQes~ and espensea a6a11 be ianmediatety due and psy- : ~ble snd s,hslt be aecured b~ lien of this mortgr~g~e. ! 7. Ttut he will kee~ the impravements now exiaW~g or bereafter erected on the mo inanred ~sms,y be reqau~ed from time to time by the irio againat losa by flre and~ot~h r hazar~da,~ ~ . casualti e s, s n d conti n g e ncies i n a u c h a n a o u n t s an d for a u~ o d s as may b e r~qu i r e d by mortgagee~ . and wiU pa,yprompt1y~ when due. any premiums on su~h insw~ance for ~yment of which pmviaion has h not bee~? m s d e hereinbefore. AU insursu?ce ahall be canried in compaa~ea appmved by mortgagee and ' ' the policies and renewals thereoi ahall be held by mortgsgee and have attached thereta loss payable clauaes in favor of and in form aoceptable to the mortgagee. In event of loas he will give immediate ~ notice by mail to mortgagee, and mortgagee may inake proof ot loss if not made promptiy by mortgagor, • and each insuranQe t~npany ca?ncerned ia hereby authorized and directed to make payment for auch ~ ~ea directly to martgagee inatead of to mortgagor and mortgagee jointly, and the insarance proceeda. or • _ sny part thereoi~ may be applied by mortgagee at its option either to the reduction of the indebtednesa hereby secured or to the restflration or repair of the pmperty damaged. In event of forecio~ure af this mortgag~e or other transfer o! title to the mortgaged property in extinguishment of the indebtedneas secured hereby. all right, title, and intereat of the mortgagor tn And tfl uny inaurance policies then in force shaU pass to the purchaser or grantee. 8. Thst the mortgagee may, at any time pending a auit upon this mortgage.-Apply to the oonrt hav- ing ~urisdiction. thereof for the appointment of a receiver, and such oourt shall forthwith appoint a recpaver of the p~emises covered hereby all and ai aiar, inclnding all and singular the income, pmfits. iaauea, and reveauee from whatever sonroe derive~ each and every oi which, it being expressly under- s~, ~s ~~Y ~~B'!Sed as if apeciRcally aet iorth and described ia the gn~nting and habend~un clauses herEOi, aud such recxaver ahall have all the brosd snd effective fnnctions and powera ia anywiae entrnsted by a oourt to s receiver. and such appointment ahall be made by aoch court as an admitted eQuity and s matter oi abaolute right to ~sid mortgag~ee, and without reference to the adequacy or inad- ~ d~efendants, and that such ren~y or to the aolvency or insolvency of said mortgagor or the ta, pm8ts, income, iasues, and revenues ahall be applied by such reoeiver usco~ to the liea of this mortgage and the pratctice oi such caurk In the event of aay default on the psrt oi e mortgagor hereunders the mortgagor agreea to pay to the.mortgagee on demand aa a reason- ~ able mont??lq rentsl for the prem~sea an amount at leaat equivalent to one-twelfth (3is) of the aggregate of the twelve month~y iastallments payabie in the then current ye~~r plus the actual amount of the annusl t~ucee assessments, water ratee, aad insuraace premiums for auch yesr not covered by the aforesaid mont~ly pa~yments. 9. The mortgagor further covenants that should thia mortga,ge and the note secured hereby not be , eligible for insurance under the National Housing Act within ~tiaety Days from the date hereof •(written statement of any oHicer of the Federal Housing Adminiatration or autharized ag~ent of the Federal Housing Commissioner dated subsequent to the y~}~ ~ ~q time from the date of this mortgage, declining to inaure said note and this mortgage~bemg ~eerped cunclusive proof of such in- eligibility). the mortgagee or the holder of the note may~ at its option. declare all sums secnred hereby ' immediately due and payable. 10. That (a) in the event of any breach of this niortgage or default on the part of the awrtgagor, or (b) in the event that any of said auma of money herein referred to be not prnmptly and fufly paid with- out demand or notice. or (c) in the ~vent that each and every the atipulationa, agreements, c4ndltions, • and covenanta of said note and this mortgage, are not duly, pi~nmptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then iemaining unp~id. with intereat accrued to that time. and alt moneya secured her~by, shail became due and payable forthwith. or therea~ter. at the optiou af said mortgagee~ as fully and oompletely as if all oi the said sums of money . were organally atipulated to be paid on such day, anything in said note or in thia mortgage to the contr~ry , notwithstanding; and thereupon or thereafter~ at the option of said mortgagee~ without notice or demane~, auit at taw or ip equity~ may be pro~ecnted as if atl moneys secured hereby had matured prior to ita inati- " tution. The mortgagee inay foreclase this mortgage, as to the amount so declared due andpay$ble, and the said premises ahall be sold to satisfy and pay the aame together with coata, expense.s~ and allu„~?$nces. In caae of partial foi~eclosure of thia mortgage. the mortgaged premisea ahall be aold subject to the con- • tinuing lien oi thia mortgage for the a~nount of the debt not then due and unpaid. In such case the pro- viaions of this paragraph may again be availed ot thereaiter fmm time to time by the mortgag~ee. ~ ~ ~BO~x - 9~ r~388 . - ~ ~ ~..r.._ _ - -