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Home My WebLink About0570 . . . . . .ii . .oa+' •r r..• . .~r~.ti~.~:~ • ~ ? ~ • • ~ . . • ~ ~nd insnrmos preminn~s. a~ the e~ue mq? be~ _sncb snceis shaU bs credited b~ the nartt~ee on subseQneat py?meata to bs m~de by t6e mort~a~or. It. however~ the nant6l~ p~ynnenb m~?de by ttu aart~a!'or ander t6) o~ P+?ra~n?P~? S Praoedint ahaD not b w~cient to pyr~ound renb, tuea and a~sesamentt . ind insur~nc~e~ preminn~ as ths case m~y be. whan ~ the wne beoome dne aad p~1Yab1q th~en the mo ~ s6W p~y to the mort~ag~es any amount neceesary ba malce up t1?e dellcienqr~ on or before th~ date wh~a ~ayment ot aucL ~round renta. taxe0. smeea~nents~ or inanranoe pre~niums ahaU be due. . at timb ~thhe mort6aBor s6~ll tender t~ the mort~gee in aaordance with the provis~oas oi the note • a~cnred heretiy. fiillp~ym ent oi the entire indebtedness repreeented ther+eby. the mort~a~ee shall, in owa- ip utin~ the ~uneunt oi anch indebtedneas. credit to the ~oo~unt oi the mort,~~or all enta made under re i ~ the proviaionb ot a) oi p~r~r~ph 8 hereoi which the mortasgee hss not beoam4 ligated to pay to the Federal Housing ioner and any, baLnce remainin~ in the funds aaumulsted under the provisiona oi (b) oi s~ldp~urage~ph 2. I# ther8 shall ba a defautt under any of t6e pmvisions of U?ia mortgage re- '~'sultin~ in.o pu Lb 'c aale oi the premiaes covered herebyt or ii the mortgagee ~oqu~res the property ot~er- wiae aiter deiault~ the mort8ai~ee ahall aPP1Y. at the Wne of t6e oommencement of such proceedings or at the time the pro is othervvise a~oquired, the baianoe then remsinia~ in the tunds accumulated under per~y n ~ (b) oi paragraph 2 p aa a cr~edit against tbe amount oi princapal then remaining uApaid under said note snd ahall pmperly a'nst aqy pqYmenta which shaU hsve been made under (a) oi asid paragraph. 4. That he will pa,y a11 ta~c~ aasesaments, water ratea, snd other governmental or municipal chargea, ~nes, or impasitiona, for which proviaion has not been made hereinbefor~ and in default thereof the mort- ~ages m~y puy the aame; and that he vviU promptl,j? deliver the o~ciai reoeipts thereior to the ~ortgagee. 6. Thst he wiU pernaik cammit~ or suffer no waate, impairmenk or deterionEion of said property or aa~y psrt thereoi; and in the event oi the failure oi the mortgag~or to keep the bulldings on asia prem~ E and those to be erected on aaid premises, or improvemeata thereon, in good repair, the mortgagee amay make anch repairs aa in ita discretion it m~y deem necesaary for the proper preservation thereof. and the fuU umount of e~ch and every euch p~yment a1?all be immediately due and psyrabte.~and ahalt be secured . by the lien o! this mortgsge, , ~ 6. Thst he will pay all and, aingvlar the coets, charges. ~nd expenses. inclu~g resaonable lawyer's ie~, snd oosta of abstracts of title~ incnrred or paid at any tune by the mortgngeebecause of the failure ~ on the part of the mortgagor pro,~nptly and iu11y to perform the agrecmenta and covenants of said prnm- iasory note and this mortgage, and said coata, chargea. ~Wd expensea sh~llll be immediatel~r due and pay- able and ahall be secured by the lien oi this mortgage. . That he will kee~ t1?e improvements now exiating or he~resiter erect~.~cl on the mortgaged pmpertq, in~nr+ed ~s may be requu~ed from time to fime bq the mort~s,g~ee itgainst loes by lire and other hazards, ~ casualties.•~nd contingenciea in auch amounta snd !or such periods aa may be required by niortgagee. . . L` and.will p~*promptly, when due, any prAmiuma on auch inauraaoe ior ~ayment of which pmvision has . not b~ made here~nbefore. AU insurswce shall be carried in compan~es appr.oved by mortgagee and the poLdes and renewats thereof ahalt be held by mortgagee ~u?d have ~ttached thereto losa payable = ~c~auses im isvor of and in form acceptable to the mortgagee. In event o~ loas he will give immediate ~i notioe by mail to mortgagee, and mortga~ee ma,y mske proof oi los~s it not made pmmptly by mortgagor. •aud each inaurance company conoerned ia hereby authorized and direct~l to make payment for auch l~edirectly to mortgagee instead of to mortgsgor and mortgs~e jointly, and the inaurance proceeda. or . ~p>trt thereof, may be applied by mortgagee at ita option either to the reduction of the indebtedneas by secured or to the restoration or repair of the properly damsged. In event of forecloaure of Ehis mortgxge or other tranafer oi title to the mortgeged prnperty in eztinguishment of the indebtedneas secured hereby. all right, titl~, and intereat oi the mortgagor in and to aay insurance policiea then in foroe shsU p~asa to the purcha8er or grantee. ~ 8. That the mortgagee may. at any time pendin~ s auit upon this mortgag+e, apply to the court hsv ing jurisdiction thereof ior the appointment oi a receiver. and auch oourt ahall forttiwith appoint a receiver oi the preraisea eovered hcreby all and singular. including all snd aingular the~ income, pmfits„' iasnes. and revenuea from whatever aource derived~ each snd every ad which, it being expresaly under• . stood, is hereby mortgaged ss if apec,ificaUy eet forth and described in the granting and habendum clauaes hereoi, and such receiver ahall hsve ull the broAd and effective functions and powera itt anywise entrusted by a conrt to a receiver, and such appointment ehali be made by snch court ~ as an admitted equity and a matter of absolute right to said mortgagee, and without reierence to the adequacy or inad- equacy of the value of the property mortgaged or to the eolvency or inaolvency o~ aaid mortgagor or the defendanta, and that such renta. profita. income, isauea, and revenues ahsll be applied by such receiver ' ' acoo~ to the lien of thia mortgage and the pra~tice of auch oourt. In the event oi any default on the p~ut oi e mortgagor hereunder, the mortgagor ugrees to psy to the mortgagee on demand as ~ reason- able mont]ily rental for the preinises an amount at least equivalent to one-twelith (~s) of the aggregate ~ oi the t~velve montlily inatallmenta payable in the then current year pina t he actual amount of the annual taxes ~meata~ water rates, and insurance premiums tor auch year not oovered by the atoreaaid mont~Y Pai?ments. ~ 9. The mortgag~or further covenants thst ahould thia nwrtga~e and the note eecured hereby not be eligible for insurance under the National Houeing Act within 30 d aye from the datg hereof (written atatement of any officer of the Federal Housing Adminiatration or suthorized agent of the Federal Housing Commisaioner dated snbeequent to the aforesaid time fmm the date of this mortgage, declining to inaure said note and thie mortgag~e, being deemed conelusive proof of such in- - eligibility). the mortgagee or the holder of the note msy, at its option, declare all sum~ secured hereby • itnmediately due and payable. ~ 10. That (a) in the event of any breach of this mortgage or default on the part of tbe mortgagor, or ' ~ (b) in the event that any of said suma of money herein referred to be not prnmptiy and fully paid with- out demAnd or notice~ or (e) in the eveut that esch And every the ahpulations, ayreeaaenta, conditiana, and covensnta of aiaid note and thia mortgage, ere not duly, promptly, and fully pertormed; then in either or any such event, the aaid aggregate swn mentioned in aaid note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, ahatl become due and payable forthwith, or thereafter, at the option of said mortgagee. aa fuUy and co~npletely as if all oi the said aums of money ~ were orginally stipalsted to be p~aid on such day, anything in asid note or in this mortgage to the contrary : notwithatanding; and thereupon or thereafter, at the option of aaid mortgagee, without notice or demand, auit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to ita insti- . tution. The mortgag~ee may foreclose this mortgag~e. as to the amount so declared due sndpayable, and - the said premises shall be sold to eatisfy and pay the same together with coata, expenses. and allowances. In case of partiai foreclosure of~ this mortgage, the mortgaged premises ahai! be aold subject to the can- i tinuing lien of this mortgage for the amount of the debt not thett due and unpaid. In such case the pro- ' - visiona of thia paragraph may agsin be availed of thereaiter frnm time to time by the mortgagee. il. That the mortgugor will give immediate notice by mail to the mortgagee of any conveyanoe, . traaafer. or chang~e oi ownerahip oi the premidea. 1 ~ 1~. That no waiver of any covenant herein or ot the obUgation aecured her8by ~11 st any tit~ thereaiter be held to ba a waiver of the terms hereoi or of the note secut~ed hereby. A.• ~~,Og rrc~tJss