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Home My WebLink About2256 - .~r .a+ i - . • - r . . . . .,.~,~•w~?.~,u.;,~-~ - - . . - . •nd insurance premiuma~ as the caae may be~auch eucees ahall be credited by the mortgugee on aubsequeat p~ymenta to be made by the mortga8or. ii, however. the month~y paymenta • made by the mortga~g~or ander (b) cd paragraPh S Pre~edir?S aha11 not be aufQcient to P4~y~round rents, taxes and aasesamenta and insuranc~e~ premiuma~ as the case mgy be, when the same stu~ll beoome due and psyabl then the ~ moxtgagor ahaU p~1? to the mortgagee any amount neo~a:?ry to nu~&e up the deflciency. on or~iare the ; date when payment oi auch around rents. taucee. aa~asmenta. or insurance premiums ahall be due. Ii ~ at su?y time the mortBaB^or shsll tender to the mort8a8ee in accord~nce with t~?e proviaiona oi the note ; secured hereby. itillp~m~ ent o! the entire indebtedneaa repreeented thereby. the mortga~ee shall. in com- . ~ puting the amount oi such indebtedne~sa, cndit to the acoount o! the mortgagor all ents made under the proviaiona of (a) of paraeraph 2 hereo! wluch the morkgaeee has not beoome ligated to pay to the Federal Houaing Commiseioner snd any balance remaining in the iunda accumulated under the provisions ~ o! (b) oi said ph 2. if th~ ~1 ~e a defautt under any of the proviaions of this mortgage re- : aulting in a pu lic sale of the premises oovered hereby. or if the mortgagee aoquirea the propertY ot~er- + m wiee after default, the mort8a~ee ahall apply. at the f~me of the commencenaent oi auch proceedin or at the time the pro~~y vs otherwiae ~u~quired. the b~lance then remaining in the fnnda aaumulat under ~ (b) ofpara~rap~h 2 p•~d~n~~ aa s credit a8ainat the amount of principsl then remaining unpaid under : said note and ahall pmper~ lY a~1~st ~Y P~1?meata which ahall have bcen msde tmder (a) oi said paragraph. i 4. Thst he will pay all tsxes. aaaeaaments. water rate~, and other g~overamentsl or municipal chargea. + flnes, or impoaitiona, for which prnvision haa not been made hereinbefore, and in default thereof the morE~ ; gag~ee may psy the ~ne; and that he will promptty deliver the o~cial receipts theretor to the mortgagee. ~ 6. That he will pexmik commit, or auffer no waste. impairment~ or deterioration of said prnperty or ~ i aqy part thereof ; and in the event of the failure oi the mortgagor to keep the buildinga on sain premises ~ , and those to be erected on said premisea, or imprnvementa thereon. in good repair. the mortgagee may ` make auch repairs aa in its discretion it m~y deem necessary for the proper preservation thereof. and the ~ ~ full~ ount of each and every such payraent shall be immediately due and payable, and ahall be secured r . by tbe lien of this ruortgage. ! g ao 1 6. That he will pay all and singvUr the costa, charges, and expensea. includin rea~onable lawyer's ~ fees. sad coats of abstracts o! title~ incarred or paid at any time by the mortgagee because of the failurs - 0 on the part oi the mortgagor pmmptly snd fully to perform the agreementa and covenants of $aid prom- - issory note and this mortgage. and said ooata. charges, and e~cpeasea ahall be im~mediately due and p~y- ; able ~uund ahall be aecured by the lien of this mortgage. ~ r ~ . 7. That he will keep the improvementa now exiating or hereafter erected on the mortgaged pmperty. ; inanted as may be required fmm time to time bq the mo a~a~ net lo~s by fire aud other hazarda. ~ cssualti~e. and contingencies in auch amounta and for s~ oda as may be required by tnort8aeee, , and will pay promptly, when due. any premiums on auch insurance for ~a,yment of which pmvision has not been made hereinbefore. All insurance ahalt be carried in eaapamea apprnved by mortgagee and the policies and renewala thereof shall be held by mortgagee and have attached thereto loss payable ~ clanses in iavor of and in form acceptable to the mortgaaee. In event of las9 he will give immediate notioe by mail to mortgag¢e, and mort,gagee may make proof of loss if not made promptly by mortgagor, and each insurance c~mpany concerned ia hereby suthorized and directed to make payment for such lo~a directly to mortgs,gee instead of to mortgagor and mortgagee jointly, and the insurance proceeda, or aRyp~ thereoi, may be applied by mortgagee at ita option either to the reduction of the indebtedneas hereby secured or tfl the reatoration 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 indebtednesa secured hereby. all ri8ht, title, and inter~t of the mortgagor in and to a~y inaurance policies then in force , shall psas to the purchaser or grantee. 8. That the raortgagee may, at any time pending a suit upon this mortgage. apply to the court huv- iag jurisdiction thereaf for the appointment of a receiver. and such eourt shall forthwith appoint s receiver of the premises covered hereby aU and singular. including all and.aing~lar the income, pmfita, iasuea. and r~.wennea fmm whatever sonrce derived, each and every of which, it being expressly under- atood, is hereby mortgaged as if apeciRcally set forth and described in the granting and habendum clausea hereof. and auch receiver shall have all the broad and effective funetions and powers in anywise - entruated by a court to a receiver. and snch appointment ahall be made by such court as an admitted equity and a matter of absolute right tfl said mortgagee, and withont reference to the adequacy or inad- - equacy of the value of the property mortgaged or to the aolvency or insolvency of said mortgagor or the = ~ defendanta, and that auch renta, profita, income. iaaues, and revenues shall be applied by auch receiver sooord' to the Uen of this mortgage and the practice oi such oourk In the event of any default on the . part of~e mortgagor hereunder. the mortgagor agreea to pay to the mortgagee on demand aa a reason• _ able montlily rental for the premises an amount at least equivalent to one-twelfth (1,',=) of the aggregate of the twelve monthly installments payable in the then current year plua the actual amount of the annual F taxes asnesaments, water rates, and ~jns~rance premi~uns ior auch year not covered by the aforesaid ~ mont~ly psymente. . r ; ~ 9. The mortgagor further covenanta that should this mortga~e and the note sectu~ed hereby not be ~ ~ eligibl~ for insurance ander the National Housing Act within 30 deys from the date hereof F (written statement oY any o~cer of the Federal Housing ~dministT~tion or authorized ageat of the ; . Federal Housing Commissioner dated subseqnent to the a oresa L 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 ita option, declare all awns secured hereby , ~ ; immediately due and payable. ~ € ~ 10. That (a) in the event of any breach of thia 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 atipulationB. agreements, conditions, ~ and covenants of said note and this mortgage, are not duly, promptly, and fuUy performed; then in ~ ? either or any auch even~ the aaid aggregate sum mentioned in said note then remaining unpaid. with € intereat accrued to that time, and all moneya secured hereby, shall beoome dne and payable forthwith, e or thereafter. at the option of said mortgagee. as fully and completely as if all of the said suma of money ~ ' were orginally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary s' notwithstanding; and thereupon or ~hereafter, at the option of said mortgagee, without notice or demand. ~ auit at law or in equity. may be prosecuted as if all moneya secured hereby had matured prior to ita inati- ~ : tution. ~e mortgagee may foreclose this mortgage. aa to the amount ao declared dus and payable, and F the said premises ahall be sold to satisfy and pay the same together with costa, expenaes, and ailowancea ~ • In case of partial foreclosure of this mortgage, the mortgaged premisea ahall be sold sabject to the aon- k tinuing lien of thia mvrtSaBe for the amount of the debt not then due and unpaid. In such case the pro- ~ viaions of this paragraph may again be availed oi thereaiter from time to tune by the mortgagee. ~ 11. That the mortgagor will give immediate notice by mail to the mortgagee oi any conveyance, ~ transfer, or change oi ownerahip of the premiaes. ~ ~ 12. That no waiver of any covenant herein or of the obligation aecured hereby shall at any tin~e ~ thereatter be held to be a waiver oi the terma hereof or of the note aecured hereby. - . ~oR~ 96 455 ~