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Home My WebLink About0785 i. % . \ % ~nd inauranoe premiunae. as the caae m~y ~snch e~caas ahatl be crediLed by the mortgegea oa sub~equent ; pqymenta to be made by the mort~g~or. ~ ho~rever, the monthU p~yments made by the mort~s,~or under (b) of psraQrsPh 8 Preoedin?~ ah~ll not be sufficient ~o pa~,~~oun c~ reate. tsxea and aesesaments ~ and inaurance premiu as the casa may be. whe~n the e~ume s6a11 become due and p~yabl then the m~ h mortgagor ehall p~y to the mortgagee say amount neoeesary t~ malce up the deRciency, on or ore the date when payment oi auch ee'uund renta, taxea, aas~amenta. or insuranoe pr~niums shalt be due. Ii at any time the mortSaBor ahaU tender to the mortgagee in aooordance 'with the Praviaiona oi the note secured hereby. full payment oi the entire indebtedness repr~ented thereby, the mort8agee ahall. in oom- puting the amount oi auch indebtednems, credit to the aceount of the mortgag~or sU pa~?menta made under the provisiana of (a) of paraSraph 2 hereof wluch the mortgagee has not beoome obligated to pay to the Federal Hou9ing Commisaioner and any batance remaining in the innda ucumnlated under the pmvisions i of (b) of aaid paraBraph 2. If there ahaU be a default uader any of the pravisions of thia mortgage }r~- y. auiting in a public sale of the premises covered herebys or if the mortga8eeaoquirea the property ot~er- wise after default, the mortgapee ahall sPP~Y. at ~e ~e ~~e ~~~ent of such proceedings or at the time the pmperty is otherw~se acquired. the balanoe then remaining in the funda accumulated under (b) oi parag~c'aph 2 preeedin as a credit against the amount oi principsl then remaining unpaid under aaid note and shall pmperly a~uat anY Ps~rmenta which ahall hsve been made under (a) of said paragraPh. d 4. That he will pay all taxes, assessment?i. R?ater rat~, and other governmental or municipal chargea, ~ ~Sce a?~?Y PaY the~same: and t6at hew ll pramnp d~eL~ the ~o~cial ~receiPtaltherefor tothe~ort ~Sa~ee• 6. That he will pearmit, commit~ or suffer no waete. impairment, or deterioration of said prnperty or ; sny;part thereof; and in the event of the failure of the mortgagor to keep the buildinga on aaiai premisea . ~ and those to be erected on said premises, or improvements thereon, in good repair~ the mortgagee may ! make such repairs as in ita discretion it may deem neoeasary for t6e proper preservation thereof~ and the full amount of each and every auch p~?ment shall be immediste~jr due and p~?able, and ahsll be secured by the lien oi this mortgage. . 6. That he will pay all and. aingular the coeta. c6arges. and expenaea, including reaponable lawyer's ; feea. and costs of abstracta of tttle, incurred or paid st any time by the mortgagee because of the failure on the psrt of the mortgagor promptly and fully to perform the agreements and covenanta of 8aid prom- . iasory note an3 thia mortgage, and said costa, ch~rgas, snd expensea ahali be irnmediste~? due and pay able and ahall be secured by the lien of this mortgage. That he will keep the improvementa now exiating or hereatter erected on the mor.tgaged pmperty, inawred sa may be required from time to ti~ae by the mortgxgee against loaa by fire and other hazards. , ~ casualtiea, and contingencie~ in euch amounts and for such perioda as maY be requir~ by mortgagee, and yvill pay promptly, when due. any premiums on such inaurance ior ~syment of which provision haa , not been made hereinbefore. All insuramce ahall be carried in eom~an~ea appmved by mortgagee and : the poUcies and renewals thereof shaU be held by mortgagee and have attached thereto loas payable ' clauses in iavor of and in forin aoceptable to the mortgagee. In event of loss he will give immediats S notice by mait to raortgagee, and mortgagee may make proof of loss if not made promptly by mortgag~or, 1 and each insurance companY concerned is hereby authorized and directed to make p~yment for auch ~ Io~a directty to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance prooeeds, or ' any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtednesa ~ ~ hereby secured or to the restoration or repair of the property damaS~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged proper~y in extinguiahment of the indebtednesa ~ aecured hereby. all right, title, and int,~reat of the mortgagor in and to say insurance policiea then in force ahaU p8ss to the purchaser or gtantee. . , 8. That, the mortgagee may, at any time pending s_suit npon this mortgage. Apply to the oourt hav- ing juriadiction thereof for the appoin~aent of a recPaver. and such eourt shall forthwith appoiat a ' receiver of the premises covered hereby sil and aingular, inclndiug aA and.singular the- income. profita. issues, and revenues from whatever aouroe derived, each and every of which~ it being expreasly under~ stood, is hereby mortgaged as if apecificaUy set iorth and deacribed in the granting and habendum clauaea : hereo and snch receiver ahall have all the' broad and ef[ective functions and powera in anywise = en by a court to a receiver, and such appointment ahall be made by such court as an admitted ~ equit and a matter of absolute right to said mortgagee, and ~rithout referenue to the adequacy or inad- ; equacy of the value of the property mortgaged or to .the aolvency or inaotvency of said mortgagor or the defendants, and tha~ such rents. profits. income. issuea, snd revenuea ahall be applied by auch reoeiver ~ acoording to the lien of thia mortgaSe and the practice of such courk In the event of su~y default on the i part of the mortgagor hereunder, the mortgagqr agrees to psY to t1?e n?ortgagee on demand as a reason- ~ able monthly rental for the premises an amount at least equivatent to on~-twelfth (~s) of the aggreBate • of the twelve monthly inatallments payable in the then current year plns the actual amount of the annual taxes assessments, water rates~ and inaurance premi~una for snch year not covered by the aforessid mont~~Y Pa3?menta. - 9. The mortgagor further covenants that should this mort_~ageAYd the note secured hereby not be eligible for insurance under the National Housing Act within ~U from the date fiereof (written statement of any officer of the Federal Housing Administra~on or authorized ag~ent of the Federal Housing Commissioner dated subsequent to the ~r~ n~~• time from the date of this mortgage, declining to insure said note and this mortgage. 6ei'"a c~eemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may. at its option, declare aq ma secured hereby immediately due and payable. ~ 10. That (a) in the event of any breach of tfiis mortgage or default on the part f the mortgagor. or ' (b) in the event that any of said sums of money herein referred to be not promp~ly snd fully paid with- out demand or notice, or (c) in the event that each and every the atipulations, agreements, conditions. ~nd covenAnta of said note and thia mort~a~e. ue not duly, promptly; and fully perlormed; then in ~ either or any such event, the said aggregate, sum mentioned in said note then remaining unpaid, with interest accrued to that time, and ail moneya secured hereby. shall become due and payable forthwith. or thereafter. at the option of aaid mortgagee, as fully and oompletely as if al! of the said suma of money , were orginally atipulated to be paid on such day, anything in said note or in thia mortgage to the oontrary ~ notwithstanding; and thereupon or thereafter, at the option of aaid mortgagee. without notioe or demand, . suit at law or in equity. may be prasecutQd as if all moneys secured hereby had matured prior to ita insti- tution. The mortgagee may foreclose this mortgage. as to the amount so declared due and payable, and ; the said premises shall be sold to satiafy and pay the saxne together with c~oeta, expenses. and allowancea ~ In case of partial foreclosure of this mortg?age. the mortgaged premiaes sh$ll be sold aubject to the con- ~ tinuing lien of this mortgag~e for the amount of the debt not then due and unpaid. In such mse the pro- visions of this paragraph may again be availed of thereafter from time to time by the mortgagee. • il. That the mortgag~or will give immediate notice by mail to the mortgag~ee o! sny eonveyu?ee~ ~ transfer. or change of ownerahip of the premisea. ± 12. That no waiver oi any covenant herein or oi the obligstion sec~red hereby ahaD at any tin~e ~ , t6er~eatter be held to be a waiver of the terma hereQf or o~t~~ n~~~{~~ ~~~y. ~ : 1 ' BQ.;X j~ i~'.f