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HomeMy WebLinkAbout1888 A"~" --""~'~""and insurance premiuma. as the case may be such excesa shall be credited by the mortgagee on subsequcnt ~ paymenta to be made by the mortgagor. ~f, however~ the monthly paymenta made by the mortgagar under (b) oi p~ragraph 8 preceding ahall not be eut~cient to pay und renta,,taxes and assessments and ineurance prennaiums~ aa the case may be. whea the same ahal~recome due and payable~ then the mortgagor shall pay to the mortSaB'ee anY amount necessary to make up the deQciency, on or before th f date whea p~yment oi euch ground rents, taxes. assessmenta. or inaurance premiuma ahall be due. at any time the mortgagor shall tender to the mortgagee in accordance with the pmvision.g of the note secured hereby. full payment of the entire indebtednesa represented thereby. the mort8agee ahall~ in com- ; puting the amount of auch indebtednees. credit to the acoount oi the mortgagor all payments made under ' the provisiona of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the ~ Federal Housing Commiseioner and any balance remaining in the funda accumulated under the provisions j ~ of (b) of said agraph 2. If thei~e ahall be a default under any of the prnvisiona of this mortgage re- _ sulting in a pu lic sale oi the premises covered hereby. or if the mortgagee acquires the propert~~~ot~er- wise after default~ the mortSaBee ehall apply, at the time of the commencement of such proceedings or at the time the property ia otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedin~as a credit aBai~ w~ ch shall ha e rl n made under (a) of a'id pa ag aph. ~ aaid note and shall properly a uat any paym 4. That he will pay all taxes, assesaments. water rates, and other governmental or municipal charges, finea, or impositions, for which provision has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will pmmptly deliver the otRcial receipts therefor to the mortgagee. b. That he will permit~ commit, or suffer no waste. impairmen~ or deterioration of said property or ; any part thereof ; and in the event of the failure of the mortgagor to_keep the buildings on said premises ` and those to be erected on said preraises, or improvementa thereon. in good repair~ the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the - full amount of each and every such paynient shall be immediately due and payable, and shall be secured , by the lien of this mortgage, ' ~6. That he will pay all and singtilar the costa. charges, and expenses, including reasonable lawyer's ~ feea and costs of abstracts of title~ incurred or paid at any time by the mortgagee because of the failure , on t~?e part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- • issory note and thia mortgage, and said costs, charges, and expenses ahall be immediately due and pay- - able and shall be secared by the lien of this mortgage. 7. That he will keep the imprnvements now existing or hereafter erected on the mortgaged property, inaured as may be required from time to time by the mortgagee against losa by fire and other hazards; - ~ casualties. and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay pmmptly, when due, any premiuma on such insurance for payment of which provision has not been made hereinbefore. All insurance ahall be carried in companies approved by mortgagee and ' the policies and renewals thereof anall be held by mortgagee and have attached thereto loss payable clausea in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate ~ notioe by mail to mortgagee, and raortgagee may make proof of losa if not made promptly by mortgagor. ; and each insurance company concerned is hereby authorized and directed to make payment for such • ~ losa directly to mortgagee instead of to mortgagor and mortga~ee jointly, and the insurance proceeds. or ~ an,yp~ thereof~ may be applied by mortgagee at its option either to the reduction of the indebtedness here6y secured or to the restoration or repair of the property damaged. In event of foreclosure of this' mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title. and interest of the mortgagor in and to any insurance policies then in force ~ shall pasa to the purchaser or grantee. ~ ' 8. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court hav- ing jnrisdiction thereof for the appointment of a receiver. and such oourt shall forthwith appoint a ~ receiver of the premises covered hereby all and singular. including all and singular the income, profits, ; iasues, and revenues frnm whatever Source derived, each and every of which. it being expressly under- ~ stood, is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses ~ hereof and such receiver shall have all the broad and effective functions and powers in anywise entrus~ed by a court to~ a receiver, and such appointment ahall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency'of said mortgagor or the defendants, and that such rents, profits. income, issues. and revenues shall be applied by such receiver acxording 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 agreea to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (3iq) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual ; taxes sss~ssments, water rates~ and insurance premiums for anch year not covered by ttie aforesaid ' mont~ily payments. ' 9. The mortgagor further covenants that should this mortgag~a~d.the note secured hereby not be ~ eligible for insurance under the National Housing Act ~vithin 3 ays from the date hereof (written statement of any officer of the Federal Housing ~dministra~ion or authorized agent of the Federal Housing Commissioner dated subsequent to the a oresa~ time from the date of this mortgage, declining to insure said note and this mortgage, being deemed 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 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 atipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly~ promptly, and fully performed ; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest acerued to that time, and all moneys secured hereby~ shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said sums of money were orginally stipulated to be paid on such day, anything in said note or in this 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 all moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payabte, and the said premises shall be sold to satisfy and pay the same together with costs. expenses. and allowances. ~ In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- visiona of this paragraph may again be availed of thereafter from time to time by the mortgagee. 11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer~ or change of ownership of the premises. i 12. That no waiver of any covenant herein or of the obligation secured hereby ahall a~ y tim~e ` thereafter~ be held to be a waiver of the terma hereof or of the note secured hereby. ` Q 96 ~ BORK ~ FACf ~ °~~R' ~ ~ / ~ - _ . . < . _ - .