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HomeMy WebLinkAbout2158 _ • \ . ' ~ - _ _ _ ' - J +iA'~ i,r.. • I and insurenoe premiums, as the caae na~,y be auch exceas shall be credited by the mortgagee on aubsequent ' ~ p~ymenta to be made by the mortgag~or. however~ the moathly p~ymenta made by the mortgagor I nnder (b) o~! p~ur~Ph 8 PrededinS ahall not be au~cient to p~yground rente, taxea and aaaeasments ~ and inaursnc~e premiuma~ aa the caes msy be, whea the same ah~ll become due i?nd payable then the ' . mortgagor shall pay to the mortgagee aay ~mount neceasary to make up the deflciency~ on or ~efore the date when psyment ot ~uch ground rents. tsxes. asseescnents. or inaur~nce premiums ahali be due. If at any time the mortgagor ahali tender to the mortgagee in acxorda~nce with tt?e proviaiona of the note aecured hereby. fullp~ym ent oi the eatire indebtednesa repreaented thereby. the mortgagee ahall~ in com- putiag the amount of auch indebtedness, credit to the acoount of the mortgagor alip~m ents made under the provisions of (a) o! paragraph 2 hereo! which the mor~tgagee haa not beoome obligated to pay to the , Federal Houaing Commissioner and any balsnce remaining in the funds accumWated under the provisiona of (b) of said ph 2. If th~re ahall be a default under aqy oi the proviaione af thia. mortgage re- _ sulting in a pu lic sale of the premises covered hcrebyt or ii the mortgagee acquires the pmperty ot~?er- wise after defaulk the mortSap~ee ahaU apply, at the time of the oammencement oi auch proceedings or at ~ the time the pro~~ty is otherw~se acqulred. the balance then remainin8 in tho funda accumulated under ~ (b) ofpara~rap-h Z precedin~~ aa s credit againat the amount of prlncipal then remaining unpaid under aaid nobe and ahall properly_acl,lust any p~?menta which shall have been made under (a) of said paragraph. ~ ~,4. That he ~vill pa~y all tazea, a$ae$amenta, water ratea, and other goverumental or municipal chargea. ! flnes, or impositiona, for which prnvi~ion haa not been made hereinbefore, and in default thereof the mort- ga,gee may pay the same; and t6at he will prnmPt,~y delivez the officisl receipta therefor to the ~ortgagee. ~ b: T~at he will permi~ commit, or suffer no waste. impairment~ or deter~oration of said pmperty or ~ snyp~ thereof; and in the event oi the failure of the_mortgagor to keep the buildinga on said premises and ~hase to be erected on said premises, or impravements thereon. in good repair, the mortgagee may F inalce such repairs aa in ita diacretion it may deem neaessary for tEie prnper pr~ervation thereof. and the ~ ° full~a ount of each and every sach payment shall tre immediste~r dete and pa1?able, and shall be secured ~ by the lien of this mortgag~, . ~ ' , ~ 6. That he will pay all and singular the costa, cbarges, and expenaea. includi reasonable lawyer's os ~ !ees~ and coats of ab~atracta of title, incurred or paid at any time by the mortgagee use of the failure ; on the part of the mortgagor promptly and fnlly to perforni the agreementa and covenanta of said prnm- issorq nots and thie mortgag~e. and said costs, charges, and ~spensea shall be itnmediately due and pay- ( able and ahall be sec~red by the lien of this mortgage. ~ That he will kee~ the improvements now existing or hereaiter et ected on the mortgaged property, inaured aa may be requu~ed fmm time to time by the mort,gagee against lose by flre and other hazards. ; ~ casualtie~, aad contingencie~ in auch amounte and for such periods aa may be required by raortgagee. ? and will pa,y promptly, when due. any premiums on such inaurance for payment of which prnviaion has ; not been made hereinbefore. All insurance ahall be carried in companiea appmved by mortgagee and j the policie~ and renewala thereof shall be held by mortgagee and have attached thereto losa payable , ` clauses in favor of and in form aa;eptable t~ the mortgagee. In event of loss he will give immediate ~ notice by mail to mortgagee, and mortga~ee may make proof of Ioas if not made promptly by martg?agor, and each inaurance company concerned is hereby authorized and directed to make payment for such ~ loas directly to mortgagee instead of to mortgagor and mortgagee joiatly. and the insurance proceeds. or ~ any thexeof, may be applied by mortgagee at its option either to the reduction of the indebtedness ~ h~secured or to the reatoration or repair of the property damaged. In event of foreclosure of this ' mortgag~e or other transfer of title to the mortgag?ed pmperty in extinguishment of the indebtednesa i securea hereby, all right~ title, and interest of the mortgagor in and tfl any insurance policiea then in force ~ ahaU pass to the purchaser or grantee. ~ 8. That the mortgagee may, at any time pen.ding a anit upon thia mortgage. apply to the court hav ing juriadiction thereof for the appointment of a receiver~ and auch coart shall forthwith appoint a receiver of the premises covered hereby all and aingular. including aU and_aingular the income, pmfits, isaues, and revenuea from whatever soun~e derived, each and every oi which, it being expressly under- ~ stood, ia herebq mortgaged as if apecifically set forth and de~cribed in the granting and liabendwn clauses ~ ~ hereof and such receiver shall have all the broad and effective funetions and powera in anywise ~ entrus~ed by a court to a receiver, and such appointment ahall be made by auch court as an admitted equity and a matter of ab~olute right to said mortgagee, and without reference to the adequacy or inad- i equacy of the value of the property mortgaged or to the solvency or insolvency of said martgag+or or the . ; defendanta, and that such renta. prn8ta, income, iasaea, and revennes shall be applied by such receiver , acco~to the lien of this mortgage and the practiee of auch courk In the event of any default on the part of e mortgagor hereunder, the mortgagor agreea to pay to the mortgagee on demand as a reason- able monthly rental for the prennises an amount at least equivalent to one-twelfth o# the aggregate of the tq?elve monthly installmenta payable in the then current year plus the actual amount of the annual ; ta~ces ssaessments, water ratea, and insurance premiums for such year not covered by the aforesaid ~ mant~il,y paymenta. ; 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 3v days from the date hereof ~ ; (written statement of any ofticer of the Federal Housing Adminiatration or au~horized agent of the ' Federal Housing Commissioner.dated subsequent to the aforesa ~d time from the date of this ~ mortgage, declining to insure said note and this mortgage, being deemed concluaive proof of such in- ~ eligibility), the mortgagee or the holder of the note may, at ita option, declare all sums eecured hereby immediately due and payable. 10. That (a) in the event of any breach of this mortgage or defanlt on the part of the mortgag~or. or (b) in the event that any of said sums of money herein referred to be not promptly and fullq paid with- ~ out demand or notice, or (c) in the event that each and every the stipulatiotus, agreementa, conditions, ~ and covenants of said note and thia mortgage. are not duly, promptly, and fully perfornaed ; then in + either or any such event, the said a egate sum mentioned in said note then remaining unpaid, with intereat acerued to that time. and al~ oneys secured hereby, shall become due and payable forthwith, j or thereafter, at the ogtion 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 iu said note or in this mortgage to the contrary ~ notwithatanding; and thereupon or thereafter, at the option of aaid mortgagee, wIttiout notice or demand, ~ suit at law or in equity. may be prosecuted as if ail moneys secured hereby had matured prior to ita insti- ~ tution. The mortgagee may foreclose this mortgage, aa to the amount so declared due andpayable. attd ; the said premises shall be sold to satisfy and pay the sarae together with costa, expenaes. and allowancea. ; In case of partial foreclosure of this mortgage, the mortgaged premises ahalt be sold subject to the con- ~ tinuing lien of this mortgage for the amount o! the debt not then due and unpaid. In auch case the p`r~ , viaiona of this paragraph may again be availed of thereafter from time to time by the mortgag~ee. i li. That the mortgagror will give immediate notice by mail to the mortgagee oi any conveyance. transfer~ or change of ownerahip oi the premisea. 12. That no waiver of any cavenant herein or of the obligation secured hereby shaU at any time thereatter be held to be a waiver oi the terms hereof or oi the nate secured hereby. a. . . R,~~~ 96 ,aCC~57'