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Home My WebLink About1969 ~nd ineurance premiums. as the case may be auch excess ehalt be credited by the mortgagee on 8ubsequenz • p~ymeAta to b~ made by the mortgagor. ~f, however, the monthly payu~enta made by the mortgagor under (b) of paragraph 2 precedin~ ah~ll not be suBlcient to p~yground rente, taxes and assessments ~nd insuranc~e~ premiuma, aa the caae may be, whea the same ~hall Lecome due and payable~ then the ' mortgag~or ahaU p~? to the mortgagee aay amount necessary to malce up the deticiency, on or before the date when payment oi such ground reats, taxes, asse~nents. or ineurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee ia accordance with the provisiona of the note aecured hereby, f'ull payment of the entire indebtednesa represented thereby, the mortgagee ahall~ in com- putang the amount oi auch indebtednesa, credit to the acoount of the mortgagror alipaym enta made under ! the'proviaiona of (aj of paragraph 2 hereof which the mortga~e has not become obligated to pay to the 1 co Federal Housing Commissioner and any balauce remaining in the fund$ accwnulated under the provisions ! of (b) of saidpa~•agraph 2. If the.~~e ahstll be a default under any of the provisiona of this mortgage. re- ; sulting in a public sale of the premises covered hereby, or i! the mortgagee aoquires the pmperty othexL wise after default, the mortga~ee shal! apply~ at the time of the commencement of sach proceedings or at ~ the time the prnperty is otherw~se acquired, the balance then remainin~ in the funds accumulated under , (b) of paragraph 2 preceding as a credit againat the amount of principal then remaining unpaid under aaid nate and shal! properly acij'ust any paymenta which shalt have been made nnder (a) of said paragraph, ~ 4. That he will pay all taxea, asaesaments. water rates. and other governmental or municipal charges. flnes, or impositions, for which pmvision has not been made hereinbefore. and in default thereof the morG~ gagee may pay the same; and that he will promptly deliver the o~cial receipts therefor to the tr:ortgagee. 6. That he will permit, commit, or suffer ao waste, impairment~ or deterioration of said prnperty or aay part thereof; and in the event of the failure of the mortgagor to keep the buildinga on said premises and thaae to be erected on said premises, or improvements thereon, in good repair, the mortgagee m~y make auch repairs as in ita discretion it may deem necessary for the prnper preservation thereof~ and the full amount of each and every such payment shaU be immediately due and payable, and ehall be secured by the lien of this mortgage, ~ 6. That he will pay all and singular the costs, charges~ and expensea, including reasonable lawyer'a !e~, and casta of abstracts of title~ incurred or paid at sny time by the mortgagee because of the failure on the part of the mortgagor promptiy and fully to perform the agreements and covenants of said prom- iasory note and this mortgage, and said costa, charges~ and expe~ ahall be immediately c~ue and pay ' able and ahall be secured by the lien of this mortgage. That he will keep the imprnvements now existing or hereafter erected on the mortgaged property, insured as may be required fmm time to time by the mortgagee against loss by fire and other hazards, ' ~ ca~aualtiea. and contingencies in such amounts and for such periods as may be required by mortgagee~ - ; and will pay promptly. when due, any premiurris on such insurance for payment of which prnvision has f • not been ma de hereinbefore. All inaurance ahall be carried in companiea approved by mortgagee and ' the policies and renewala thereof snall be held by mortgagee and have attached thereto loss payable ~ claus~ in favor of and in form acceptable to the mortgagee. In event of loss he wilt give immediate ~ ' notice by mail to mortgagee~ and mortgagee may make proof of lass if not made promptly by mortgagor, snd each insurance company concerned ia hereby authorized and directed to make payment for such ~ lass directlq to mortgagee instead of to mortgagor and mortga ee jointly, and the insurance proceeds, or ` ~ anyp~ thereof~ may be applied by mortgagee at its option ei~er to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this t 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 policiea then in force ~ ahall pasa to the purchaser or grantee. _ _ 8. That the mortgagee raay. at any time pending a suit upon this mortgage, apply to the court hav ~ ing jurisdiction thereof for the a - ppointment of a receiver, and such court shall forthwith appoint a 1i receiver of the premises covered hereby all and singular. including all and singular the income~ prnfita, issues, and revenues from whatever source derived~ each and every of which~ it being expressly under• atood, is hereby mortgaged sa if specifically set forth and described in the granting and habendum clauses ' ~ hereof~ and such re~ceiver shall have all the broad and effective funetions and powers in anywise ~ entrusted 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 defeadants, and that such rents, profits, income~ issues, and revenuea ahall be applied by such receiver according 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 Ehe mortgagee on demand as a reason- $I IP Itl/1ITtIlI~/ tPtltPl f~ir the 1tPt(tlqPl9 Rf! AIf1~H1~~~ RC IPR4I P/~If~VR~Pit~ tU Uftp-tOY~If~I~ ~R~~~~ t~~ }~1P RL~LfYPJ~RE~ • q~ the twelve n~ontliiy instai~menta payable ~n lhe then current year plus the actual amount of the annua ~ ta~ces sssessments. water rates, and insurance premiums for such year not covered by the aforesaid ~ mont~ily payments. i 9. The mortgagor further covenants that shouid this mortgage and the note secured hereby not be ~ eligibie for insurance under the National Housing Act within 30 deys from the date hereof i~ (written statement of any officer of the Federal Housing Administration or authorized agent of the , Federal Housing Commissioner dated subsequent to the ~forese'd titne from the date of this mortgage, declining to insure said note and this mortgage. being deem~ conctusive proof of such in- etigibility) ~ the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ~ ` 20. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or ( b) in the event that any of said suma of money herein referred to be not promptly and fully paid with- , out demand or notice, or (c) in the event that each and every the atipulations, agreements, conditions, and. covenants of said note and this mortgage, are not duty, promptly. and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with intereat accrued to that time, and all moneys secured hereby, ahall become due and payable forthwith, or thereafter~ at the option of said mortgagee. as fully and completely as if all of the said sums of money were orginally atipulated to be paid on auch day, anything in said note or fn thi$ 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 tnay foreclose this mortgage, as to the amount so declared due and payable, 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 pra visions of this parag?raph may again be avai[ed of thereafter from time to time by the mortgag~ee. 11. That the mortgagor will give immediate notice by "mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 12. That no waiver of any covenant herein or of the obligation secured hereby shalI at any tirn,e thereaiter be hetd to be a waiver of the terms hereof or of the note secured here . ~ ~;.~I~ ~U t~(.r 1U . ~ , _ - -