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Home My WebLink About1583 t ,P J ~ r s ~nd insursnoe premiutaa. as the case may be ~Lh Pacceaa ahalt bdcredited by the mortgagee on subsequent p~q~rmenb to be mAde by the mort~agor. Ii~ however, the monthly payments made by the mortga8or tu~der (b) o~ psra~rsph 2 precedit~ ahaU not b~ wlacient to p~~y~round reata, tsxes and asaesamenta and inauriutc~e~ premiuma~ as the case may be, when the aame ahaU beoome due and payable. then the mortQagor ahaU p~y to tha martQa~e aqy ~nount neceassry to make up the deftciency~ on or before the date ~vhen payment oi auch ~round reats, txxes, se~seeament+s, or insurance premiuma ahall be due. If at iu?,y tiaae the mort~s~or ahall tender to the mortgagee in aocordsoce with the proviaiona of the note aecared hereby. t~Upaym ent oi the entire indebtedness repreaented thereby. the mortgagee ahall. ;n com- puting the amount of anch indebtedness, credit to the acoouat oi the mort,~sgor ail p~?menta made under the pmviaiona oi (a) oi par~raph 2 hereoi which the mortQ~ee haa not become obligated to pay to the Fede~l Houain~ Commiaaioner and sny balsu~ce remainin~ in e funda accumulated under the pro~ isiona of (b) of aaid a~rraspL 2. If thei~e shall be a default under sny oi the pmviaions of this mortgage~ re- a su1Hn~ in a pu lic aale of the premiaes covered hereby. or if the mortgagee aoquir~ the property other- wiae after detault, the mort8a~ee ahs~U applq, at the time oi the conamencement of such proceedings or at the time the pmp~ is otherwiae aoquired, the balanoe then remaining in the funds accumulated under (b) oi pat~graph 2 preceding sa ~ credit a~gainat the amount of pruicipnl then remaining unpaid under said note snd shall pm p e rly adj'uat a n y payments which ahall have been made under (a) of said paragraph. 4. Thst he will p~y aU tuea. ~aseaementa, ,;ates, and other g~overnmental or municipal chargea, fines, or impoaitions. ior which proviaion has nbt n~le hereinbefore, and in default thereof the mort- ~agee maq p~? the aame; and that he will prumptly deliver the o~cial receipts therefor ta the n:ortgagee. b. That he will pern?it, ~it, or auffer no wsate, impairment~ or deterioration of said prnperty or aay part thereof; snd in the event oi the failure of the mortgagor to keep the buildin~s on said premises - and- ~hase to be ereated on said premises, or-impmvements tiiereon, in good repair. the mortgagee may ma~e auch repairs as in ita diacretion it may deem neceasary for the proper preservation thereof. and the full amount of each and every such payment ahall be immediately due and payable~ and ahall be secured by the lien of thia mortgage. 6. That he will pav all and singular the caeta. charges~ attd expensea. including reasonable laH~yer's fees and costs of abstracta of title. incurred or paid at any time by the mortgagee because of the failure on t~e part ot the mortgagor prom~tly and fully to pertoma the sgreements and covenanta of said prnm- iaeory note and thia mortga~e. and said coats, chsrges~ and expenaes ahall be immediately due and pay- able and shaU be eecau+ed by the lien oi thia morEgage. Tl~t he will kee~ the improvementa now exiatitig or hereafter erected on the mortgaged property. inaured as m~y be requu~ed from time to time by the mortgagee against loss by fire and other hazards. caaualties, and contingencies in such amounta and for such periods as may be required by mortgagee. snd wiU p~q promptly; when due, any premiutna on such inaurance for payment of w hich provision has not been made hereinbefore. All insurance ahall be carried in companies approved by mortgagee and the policies and renewala thereof ahall be held by mortgagFZ and have attached thereto loas payable clauses in fa~or of and in iorm acceptable tfl the mortg~agee. In event of loss he wiU give immediate notice by mail to mortg~gee, and mortgagee may make proof of loss if not made pmmptly by mortgagor. and each inanranee company concerned is hereby suthorized and directed to make payment for such loss direetly to mortgagee instead of to mortgagor and mort jointly. and the insurance proceeds. or anypa~ thereof, may be applied by mortgagee at its option ei~r to the reduction of the indebtedness hereby secnred or to the reatoration or repair of the property damsged. In event of foreclosure of this mortgage or other tranafer of title to the rnortgaged property in extinguishment of the indebteciness secured hereby, all r~ t, title, and intereet of the mortgagor in and to any inaurance policies then in force shsll paes to the p or grantee. 8. Thst the mortgagee may, at ~y time pending a suit upon thiar mortgag~; apply to the court hav- ing juriadiction thereof for the appointment of a receiver, and auch court shall forthwith appoint a I receiver of the premiaes covered hereby all and singular, including all snd singvlar the income. profits, ! iasuee, and r~weuuea fmm whatever source derived, each and every of which~ it being expressly under- atood. is hereby mortgaged aa if apecifically set forth and described in the granting and habendum clauses hereof. and such receiver ahall have all the broad and effective fnnctiona and powers in anywiae ~ entruated by a court to a receiver, and auch appointment shall be made by such court as an admitted equity and a matter of alssolute right to aaid mortgagee. and witheut reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or inaolvency of said mortgagor or the defendants, and that such renta, prnfits, income, issuea, and revenues shall be applied by such receiver acco~to th lien of this mo=tgage an~i the practice of such oourk In the event of any default on the part of e mo or hereunder, the mortgagor agreea to pay to the mortgagee on demand as a reason- able montlily ren for the premisea an amount at least~equivalent to one-twelfth (3is) of the aggregate oi the twelve monthly installmenta payable in the then current year plus the actual amount of the annual tazes aas~smenta, water ratea, and insurance premiums for such year not covered by the aforesaid montf?ly psymeata. 9. The mortgagor further covenants that should this moi~tgage and the note secured hereby not be eligible for insurance under the National Housing Act within thirty days from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the th~rty da~s time from the date of this mortgage, declining to insure said note and this mortgage. bemg deem conclusive proof of such in- eligibility), the mortgagee or the holdei• of the note may. at its option, declare all sums secured hereby immediately due and payable. _ 10. That (a) in the erent of any breach of this mortgage or default 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 fuily paid with- out demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions~ and covenants of said note and thia 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, ~vith interest accrued to that time, a~d all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fu113~ and completely as if all of the said sums of money ~vere orginally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary ~ notK~ithstanding; and thereupon or thereafter, at the opt~on of said mortgagee. without notice or demand, suit at law or in equity, may be prosecutecl as if all moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage. as to the amuunt so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises ahall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- ~•isions of this paragraph may again be availed of tliereafter from time to time by the mortgagee. a~o~ i5(l ~ 382 ~~~ti _ fi - stY'^ _