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HomeMy WebLinkAbout2329 . ~ ~ snd insurauoe premitta~a~ aa the c~se m~? be~such e~cc~es ahsU be credlted by the mort~agee on subsequeat p~yrnents to be made by the mort~aeor. II, however. the monthl,y p~ymeuta made by the mortga~or ~ nnder (b) od psrsgrsph 8 precedin~ shsU not be su~cient to p~U?ground rents, tuea and asseaaments and insurance premiwaas, as the case m~y be, arhen the same ahall reoome due and pnyable then the aaortgagor ahall p~y to the mortgagee any amount neceasary to make up the deflciency~ on or ~efore the date when payment oi such ~round renta, tax~. assesaments. or insurance premiu:as ahall be due. If at any tuae the mortga8or shsU tender to the mortgagee in ucordance with the proviaiona of the note aecured hereby, t~ll payment oi the entire indebtednesa repreaented thereby. the mortgagee ahalt, ;n com- puting the amount of such indebtcdness, credit to the account of the mortgagor all pa}?ments made under the proviaiona of (a) oi paragraph 2 hereof which the mortgagee haa not become obligated to pay to the Federal Houaiag Commisaioner and any balance remaining in the fuada accumuiated under the prnvisiona of (b) of ~aid paragraph 2. If theie ahall be a default under ~ny of the pmvisions of this mortgage, re- aulting in a public sale of the premisea oovered hereby. or if the mortgagee aoquirea the property other- wise sfter default, the tnor±-pta~ee ahall apply, at the time of the oommencement of such proceedings or at c the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of rincipal then remaining unpaid under ~ aaid note and shall prnperly adjuat any paymenta which shall have ~n made under (a) of said paragraph. 4. That he will pay all taxes, assessmenta, water rates. and other governmental or ir?unicipal chargea. _ flnes, or impositiona. for which provision has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he wili pmmptly deliver the o~cial receipta therefor to the n:ortgagee. ~ b. That he wiU permi~ commit~ or suffer na waste, impairment, or deterioration of aaid property or. ~ any part thereof; and in the event of the failure of the mortgagor to keep the buildings an said premises ~ ~ and those to be erected on $aid premises, or impmvementa thereon, in good repair~ the mortgagee may make such repairs as in ita diacretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment ahall be iminediately due and payable. and shall be secured by the lien of this mortgage. 6. That he will pay atl and singutar the costa, charges. and expenses, including re:sonable lawyer'a fees. and c~osts of abstracta of title~ incurred or paid at any time by the mortgag~ee because of the failure on the part of the mortgagor promptly and fully to perform the agreementa and covenanta of said prom- issory note and thia mortgage. and said costs~ charges~ and expenses ahail be immediately due and pay able and ahall be secured by the lien of thia mortgage. . Thst he will kee~ the improvements now exiating or hereafter etected on the mortgaged pmperty. inaured aa may be required from time Lo time by the mortgagee against loss by 8re and other hazards, easualties. and contingencies in auch amounts and for such periods as may be required by mortgagee, snd will pay promptly, when due, at?y premiums on auch inaurance for payment of which provision has not been made hereinbefore. Atl~ insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shsll be held by mortgagee and have attached thereto loss payable clauaea in favor of and in form aoceptable to the niortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made pmmptly by mortgagor. ' and each inaurance company concerned is hereby authorized and direetec~ to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the it~surance proceeds. or • anypa~ thereof. may be applied by mortgagee at ita option either to the rednction of the indebtedness hereby secured or to the restoration 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 indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force ahall pass to the purchaser or grantee. 8. That the mortgagee may~ at any time pending a suit upon thia mortgage~ apply to the court hav- ing jurisdiction. thereof for the appointment of a receiver. and auch court ahail forthwith appoint a receiver of the premisea covered hereby a11 and singular. including all and aingular the income. profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood~ ia herebp mortgaged as if apecifically set forth and deacribed in the granting and habend~un clauses hereof. and auch receiver ahall have all the broad and effective functions and powera in anywise entruated by a court to a receiver. and auch appointment ahall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the ~olvency or insolvency of said mortgagor or the defendanta. and that such renta~ profits. income. issues. and revenuea shall be applied by such receiver , according to the lien of this mortgage and the practice of such courk In the event of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premisea an amount at least equivalent to one-twelfth (3is) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tsues assessments, water rates, and insurance premiuma for auch year not covered by the aforesaid mont~?ly paymenta. • • 9. The mortgagor further covenants that should this mort a e and the note secured hereby not be eligible for insurance under the National Housing Act within 3~ ~AY~ from the date hereof (written statement of any ofl5cer of the Federal Hcusing Administration or suthorized agent of the Federal Housing Commissioner dated subsequent to the 3p pAy~ 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 its option, declare all sums secured hereby immediately due and payable. . 10. That (a) in the e~~ent of any breach of this mortgage or defauit on the part of the mortgagor. or (L) in the event that any of said sums of money herein referred to be not promptly and full}~ paid with- out demand or »otice, or ;c) in the event that each and every the atipulations. agreements, conditions; and covenants of said note and this mortgage~ are not duly, pi~mptly, and fully performed; then in either or any suct? event, the said aggregate sum mentioned in saict note then i~emaining unpaid. with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the optiou of said mortgagee, as fully and completely as if all of the said suma of money were orginally atipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said mortgagee~ without notice or demand. suit at law or iu eQuity. may be prosecuted 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, and ~ the said premises shaU be sold to satisfy and pay the same together with costs, expenses~ and allowar?ces. In case of partial foi•eclosure of this martgage, the moi~tgaged pi•emise$ shall be sold snbject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- - visions of this paragraph may again be availed of tliereafter from time to time by the mortgagee, BO~K 111 fACE 525 ~ ; ~ , ' ' _