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Home My WebLink About2856 . ti . _ , . . ' ' r•• ' _ '~v , O Q ~ ~ f ' ~ . - ~ ~ . ~ wd insuranos prsmiunw a~ the c~ae m#y be! _such exceas shsU be credited by the atortgagee on subsequ~t py~neuts to be inade by the mort~aQar. Ii. however. the nionthly pa~yments msde by the :nortga~or under t~) o~ Psra~nP~h $ Preoedln~ shall aot be aufricient to p~?~ou d rents, taxes and i?ea~aaments and insuruic~e~ premiums, aa the cass mqy be~ ~rhen the sune ahall nbeoome due and payable then the anort,~a~or shall pqr to the mort,~agee ~r amount aeoessary bu ntake up the deficiency. on or ~efore the date when p~yment of auch ~round rents, t~uces. asseesmenta. or ~nsurance premie~ma shall be due. Ii at any time the mortgagar ahall tender to the mort~agee in aooordance with the proviaiona of the note secured hereby, !~Up~ym ent oi tie entire indebtedness represet~ted thereby, the mortgsgee shall, ;n com- puting the ~unount of a~ch indebtedneas, credit to the acoount of the ;nortgaAor ati paymenta made under the proviaions oi (a) of pnrAgraph 2 here.wf which the mor~tgagee has noL become obligated to pay to the , Federal Housia~ Commisaioner ~nd aqy balance remainin in t~ie funds ac:cu~ulated under the prnvisions of (b) oi aaidparagraph 2. Ii there shall be a defsult un~er aqy oi the ~lroviaiuns of this mortgage re- aultin,~ in a public aAle oi the premieas oovered hereby or if the mortgagee acquires the pmperty ot~er- wise after defsutt~ the morkQa~ee ahall apply. at the t~me oi the ~anmencement of such proceedings or at " the time the pmperty is otherw~se ~wquired, the balanoe then remaining in the funda accumutated under (b) oi ~wragraph 2 pr~eced' aa a credit aguinat the ~unount of prlncipal then remaining unpaid under esid note snd ah~ll properly a~j'uat any paymenta which shall have been mRCle under (a) oi uid paragragh. 4. Ths~t he will pay all taucea, ~sments. water rattee. ~nd other governmental or municipal charges~ flnes, or impositions, for which provision has not been tnade hereinb~efore. and in default thereof the mort- gag+ee may p~y the aarae; and that he wiU prompt~y deliver the o~cial receipts therefor to the ~ortgagee. 6. That he will penaik oornmit, or suffer no waste, unpairment~ ar deterioration of aaid prnperty or ~ , sny part thereoi; and in the event of the failure oi the mo r to keep the buildinga on said premises ~ ~ and tt?ase to be erected on said pre~ni~es, or impravementa~ n, in good repair~ the mortgagee may i n~&e auch repaira as in its diacretion it may deem neoessary for the pmper preservation thereof, aad the full amount of each and every anch pAyment ahall be immediatsly due and payable, and ahall be secured by the lien o! thia mortgag~~, ' r 6. That he will pay all and aingiilar the coeta, charges, and expenses, includiag reaaonable lawyer's ~o ! snd coste oi abatracta of title~ incurred or paid at any time by the mortgagee because of the failure on e part of the mortgagor prom~tly and iully to perform the agreementa and covenanta of aaid prnm- . issory note and this mortga~, and aaid costs, cha;gee, an@ expensea shsU be immediately due and pay- : able aad shall be aecUred by the lien of this niortgage. That he aciU kee~ the impmvements now existing or bereafter erected on the mortgaged property, insured as ma,y be requu~ed irom time to time by the mortgagee sgainst loss by lire and other hazards. casualties. and contingencies iw auch smounta and for such periods as maq be required by moMgagee. - and will pay pminptiy~ when due. any premiwns ott such insursnee for ~ayment of which pmvision has nat been made hereinbefors. All ibsurance shall be carried in oompani~ appmved by mortgagee and the polici~ and renewals thereof shall be held by mortgag~e and have attached thereto loas payable ~ clsuses in favor of and in form soceptable to the mortgagee. In event of loss he will give immediat,e notiae by mail tfl mo~ and mortga~ee may make proof of loss ~f not made promptly by mortgagor, ~ and each insurance cwmp~any ooncerned is hereby authorized eu~d directed t~ make payment for auch ~ laas directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the inaurance proceeda, or • hany part thereof, msq be applied by mortgag~ee at its option either tfl the reduction of the indebtedness ereby eecw~ed or to the reatoration or repair of the prnperty damaged. In event of foreclosure of thia mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedneas secured hereby. all right~ title. and interest of the mortgagor in and to any inaurance policies then in force shaU pass to the purchaser or grantee. That the mortgagee may, at any time pe~ading a suit upon this mortgage. apply to the court hav- ing ~nrisdiction thereof for the appointmeat of a receiver. and anch eourt shall forthwith appoint a rec~aver oi t6e premisea ~overed hereby sU and aingular, including aU and singular the income. pmtits, issues, snd revenuea fr~a whstever aource derived, each and every of which, it being expreaaly under- atood, is hereby mortgaged as if apecificaUq aet forth and described in the grantit~g and habendum clausea hereoi, suid such receiver shall huve all t~e bra~d and e~fective fnnctions and powera in anywise entrusted by a court to a receiver, and suc6 appointment shall be made by such court aa an admitted equity and a matter of abaolute nght to said• mortgagee. and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the aolveacy or ~nsalvency of said mortgagor or the defendants, and that auch rents, proftts~ income, issuea, and reveanes shall be appl~ied by such receiver acco~ to the lien of this mortgage aad the practice of such courk In the event of any default on the part oi e mortgagor hereunder! the mortgagor agrces to pay to the mortgagee on demand as a reason- able monthly reatal for thep~n ~ses an amount at least equivaleat tfl one-twelfth t3y=) of the aggregate - of the twelve monthly installments payable in the then current year plus the actual amount of the annual tuea asaessments, water ratea, snd insurance premiums for auch year not covered by the aforesaid montfily payments. ~ • 9. The mortgagor further cavenants that should this mortgage and the note secured hereby not be eligible gor insurance under the National Houaing Act within nQ yc from the date hereof (written atatement of any o~'icer of the Federal Hcusing Aclrn30ist~'~tidn or authorized agent of the Federal Housing Commissioner dated subsequent to the 30 ~~C t~me from the date of thia mortgage. declining to insure said note and this mortgage, bemg iYied conclusive proof of s~ch 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 pai t of the mortgagor. or (b) in the event that any of said sums of money herein referred ta be not promptly and fully paid with- out demand or notice, or (e) in the event that each and every the atipulationa. agreements, conditiona, ~ and covenanta of said note and this mortgage, are not duly~ pi~mptly~ and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then i~emaining unpaid, with interest accrued to that time. and all moneys aecured hereby, shall iuecome due and payable forthwith, or thereafter, at the optiou of said mortgagee~ aa iuUy 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 wntrary - notwithstanding; and thereupon or thereafter, at the option of aaid mortgagee, without notice or demand. ' auit at law or in equity, may be pro~ecuted 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 payable, at?d the aaid premises ahall be.sold to satiafy and pay the same together with coata, expenses, aad allowancea. ' In caae of partial forectosure of thia mortgage. the mortgaged premisea shall be aola subject to the eon- tinaing lien of this mortgage for the amount of the debt not then due snd unpaid. In such case the pro- ~ visions of thia paragraph may again be availed of thereafter from time to time by the mortgag~. ~ . . - ~~A~ 97 ~~E 455 ~ . - -