HomeMy WebLinkAbout0088 and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subse~uent
payments to be made by the mortgagor. If, hawever, the manthly p~ytr.ents made by the mortgagor
under (b) of paragraph 2 preceding shall not be auPficient to pay ground renta, taxes and assessments
snd insurance premiums, as the case may be, when the same ahall become due and pa~•xble, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before tiie
date wh~en payment of such ground rents, taxes, assessments, or insurance premiums shall be due. lf
at any time the mortgagor ahall tender to the mortgagee in accordance with the provisions af the note
secured hereby~ full payment of the entire indebtetinesa represented thereby, the mortgagee shall, ;n com-
puting the amount of such indebt,~dneas~ credit to the account of the mortgagor all payments made under
the provisions of (aj of paragraph 2 hereof which the mortgagee has not becotne obligated to pa~• to the
Federal Housing Commissioner and any balance remaining in the funds accumulated under tre pro~•isions
of (b) of said paragraph 2. If thei•e ahall be a default under any of the pmvisions of this mortgage, re-
sulting in a public sale of the premises cavered hereby, or if the mortgagee acquires the propert~• other-
wise afier riefault, the mortgagee shall apply, at the time of the commencement of such proceedings or at
the time the property is otherw;se acquired, the balance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said note and shall properly adjust any payments which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmetttal or municipal charges,
fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mort-
gagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee.
5. That he will permit, commit, or suffer no waste, impairments or deterioration of said propert~• or
any part thereof ; and in the event of the failure of the mortgagor to keep thz buildings on said premises
and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee ma~•
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the
fu11 amount of each and every such payment shall be immediately due and payable, and shall be secured
by the lien of this mortgage,
6. That he will pay all and singular the costs, charges, and expenses, including reasonable la~+~~•er's
fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure
on the part of the mortgagor promptly and fully Lo perform the agreements and co~~enants af said prom-
issory note and this mortgage, and said costs, charges, and expenses shall be immediately due and pay-
able and shall be secured by the lien of this mortgage.
7. That he will keep the improvements now existing or hereafter erected on the mortgaged propertti•,
insured fss may 1~ required from time t~ time by the mortgage~ against lc,ss by fire and other hazar~-~s,
casualties, and contingencies in such amou~nts and for such periods a~ ma~~ be required by mortgagee,
and will pay promptly, when due, any premiums on such insurance for pa}~ment of ~•hich pro~•ision has
not been made hereinbefore. All insurance shall be carried in companies appro~•ed b~• mortgagee and
the policies and renewals thereof shall be held by mortgagee and have attached thereto loss pa~•able
clauses in favor af and in form acceptable to the mortgagee. In event of loss he w~ill gi~•e immediate
notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptl~• by m~rtgagor,
and each insurance company con~ei•ned is hereby authorized and directed to make pa~~ment for such
loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or
any part thereof, may be applied by mortgagee at its option etther to the re~uction of the indebtedness
hereby secured or to the restoration or repair of the property damaged. In e~~ent af foreclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness
securecl hereby, all right, t.itle, and interest of the mortgagor tn and to any insurance policies then in farce
ahall pass to the purchaser or grantee.
8. That the mortgagee may, at an~• time pending a suit upon this mortgage, app15• to the court ha~~-
, ing jurisdiction thereof for the appointment of a receiver, and such court shall forth~~•ith appoint a
receiver of the premises covered hereby ~Il and singular, including all and singular the income, profits,
issues, and revenues from whatever source derived, each and ever}~ of w•hich, it beir?g expressly under-
stood, is hereby mortgaged as if specifically s~t forth and described in the granting and habendum clauses
hereof, and such receiver shall have all the broad and effective functions and powers in any«•ise
entrusted by a c~urt to a receiver, and such appointmEnt shall be made by such court as an admitted
equity and a r~iatter of absolute right to said mortgagee, and w~ithout reference to the adequac~~ oi• inad-
equacy of the value of the property mortgaged or to the solvency or insoi~•ency of said mortgagor or the
defendants, and that such rents, profits, income, issues, and revenues shall be applied by such recei~•er ~
according to the lien of this mortgage and the practice of stich court. Tn the e~•ent of an~• default on the ~
part of the mortgagor hereunder, the moz~gagor agrees to pay to the mortgagee on demand as a reason- ~
able monthly rental for the premises an amount at least equivalent to one-tµ•elfth (!12) of the aggregate ~
of the twelve monthly~ installments payable in the then current year plus the actual amount of the annual
taxes assesaments, water rates, and insurance premiums for such year not covered by the aforesaid ~
mont~ly payments. ;
9. The mortgagoi• fui•t}ier co~-etia~its that stlould this moi~tgage and the note secured hereb~• not be ~
eligibie for itisurance uiiclei• the Natiori~l Housing Act ~~-ithin ~Q ()Aq~~ from the date hei•eaf ~
(~~~ritten statement c~f an~~ ~~i~icer of the Fedei•al Hausing ~dm~n~st?•aTion or auttwrized agent of the
I~'ederal Housing ~'~~mmissioner datec~ subsequent to the time from the date of this i
mortgage, declining to insure said note and this mc>rtgage, berit~~tieemecl ccmclusi~-~ proof of such in- i
eligibilit~•}, the mortgagee o~~ the ii~lder of the no±c~ ma~•, ~it ItS t)t]tlnIl; f~E'CIS1't' all sums secui•eci hei•eb~~ '
immedi~itel~• c(ue a~id pa}•abte.
lU. That (a) in th~~ e~~ent uf 171~' ~71'each c~f this mortga~~~ ar ciefault v?i the part of t?ir mortgagor, or
( h~ lll tllE' e~•e»t that an~~ c~f said ~ums ot' mor~e~• hei•ein i•efei•i•ed to be not prc~mptl~~ and fiill~• paid ~~~ith-
c~ut d~~mancl or notice, or in the e~~ent that each and e~~er~~ the stipt~lations, a~c~remeiits, cunditions, I
<tu~l e~~~~enants of saicf note and this mortg~tge, are not duly, ~~i•~~mj~tl~~, a?~d full~~ pc~rformed ; then in
~~itlier or an~~ sttch e~~rnt, t}ie saicj aggregate sum me~itioned in saicl note tl~~f~~i rr:naict~ng unp~id, ~~'ith
interest acci•ued tu that time, and all mo~ie~-s secui•eci hereb~~, shall become clue and pa~•able forth«~ith,
cai• thei~eaf~ter, at the o~~tic;n uf saicl mortgagee, as full}- and completc~lti• as if all c~f t}ie said sums of mone~• ;
~~~~~re orginall~• stipulated to be paici on such da~~, an~~ti~ing itz sai~l note or in t}~is mortgage to the .~ntrar~~
ilot«-ithstanding; an~l thc~rcupon or thereafter, at the option of said mortgagee, ~~-ithout notice or demand, '
su~t at la~~- oi~ iii e~~uit}•, ma}• i~e p~•oseeuteci as if all tnnne~•s secured iiet~eb~~ had matureii pi•iot• to its insti- ;
tution. The :nurtg~gc~c~ ma~~ foreclose this mortgage, as to the amount so cieelared ciue a:~I pa~able, anci
thc~ saici pi•emise~ shall b~~ sol~l to satisf~~ and pa~• the same together• ~.~~ith costs, exi~enses, and al1o~~~atu.~~.
In case of p~irtial f~~reciostn~e of this mortgage, the mortgageci r~remises shall be sc~ic! subiect to the con-
tinu:ng iien c~f thi~ mortgage f~~• the~ amrnint of the clc~bt not theti due an~i unpai~l. In such case the pro- ,
~~isioiis of this pai•a~~•ap}i ma~• again be a~~aiieri of thf~reaftEi~ from time tc~ time b~~ thc~ moi•tgag~~.
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