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HomeMy WebLinkAbout1907 ? . ~ ~ . . ~ snd inauranoe premiums~ aa the case may lie. such'excesa atialtl~e credited by the mortgagee on aubsequent ~ p~rmenta to be made by the mortgag~or. If, however, the monthly payments made by tho mortgagor qnder (b) oi paraQr~ph 2 preceding ahall not be au~cient to p~yground renta, taxes and asseasmenta ~ and inauranc~e~ premiun~a, as the case may be, when the aame ahall recome due and payable~ then the mortgagor ahaU p~y to the mortga~e any amount necessary to make up the deficiency, on or befare the date when payment of such Qround renta~ taxes, asaeasmenta. or insurance prentiums ahall be due. lf st any time the uwrtgaQor ahxll tender to the mortgagee in accordance with the pmviaiona of the note secured hereby~ fullp~ym ent of the entire indebtednesa repreaented thereby. the mortgagee ahall, ;n com- puting the an?ount of such indebtedneas, credit to the account oi the mortgagor all pa~rmenta made under the pruviaiona of (a) of par~raph Z hereof which the morkga~ee has not beoome obligated to pay to the Federal Housing Commiasioner and any bs~lance remsining in the funda accumulated under the prorisions oi (b) of said paragraph 2. If thei~e ahall be a default under any of the proviaions of this mortgage. re- sultin~ in s public sale of the premisea covered hereby, or if the mortgagee acquirea the property otker- ! wise after default, the mortga~ee ahall apply~ at the time of the oommencement of such proceedings or at ~ the time the pmperty is otherw~se acquired. the balance then remaining in the funda accumulated under (b) of paragraph 2 preceding as a credit againat the amount of principal then remaining unpaid under asid note aad shall properly acij'uat a~y paymenta which ahall have been made under (a) of said paragraph, 4. That he will pay all taaea, asaeesmenta, water rates. and other governmental or municipat charges. Rnes, or impoaitiona, for which provision haa not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will pmmptJy deliver the official receipts therefor to the mortgagee. 5. That he will permit. commit, or suffer no waste~ impairinent, or deterioration of said property or ~ ; any part thereof; and in the event oi the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premiaes, or improvements tfiereon~ in good repair. the mortgagee may make such repairs as in ita c3iscretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment ahall be inunediately due and payable, and shall be secured by the lien of thia mortgag~, 6. That he will pay all and singular the casta, charges, and expenses, including xeasonable lawyer's feee, aad costa 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 to perform the agreements and covenants of 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. That he will keep the improvemet~ts now exieting or hereafter erected on the mortgaged property, insured as msy be required from time to time by the mortgagee againat loss by fire and other hazards, ~ casualti~, and contingencies in such amounta and for such periods as may be required by mortgagee, and will pay promptly. when due. any premiums on such insurance for payment of which provision has ~ not been msde hereinbefore. All insurance ahall be carried in companiea approved by mortgagee and ~ the policies and renewala thereof shall be held by mortgagee and have attached thereto loss payable clauaee in favor of and in form acceptable to the mortgagee. In event of losa ~:e wilt give immediate notioe by mail to mortgagee~ and mortgagee may make proof of loss if not made promptly by mortgagor, i and each insurance company concerned is hereby suthorized and directed to make payment for such loss directly to mortgag~ee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds~ or anypart thereof, may be applied by mortgagee at ita option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the prnperty damaged. In event of foreclasure of this mortgag~e or other transfer of title to the mortgaged property in extinguishment of the indebtedness sec~ired hereby, all right, title, and intereat of the mortgagor in and to any insurance policies then in force ahall paaa to the purchaser or grantee. 8. ~hat the mortg$gee may, at any time pending a suit upon this mortgage, apply to the court hav- ing juriadiction thereof for the appointment of a receiver. and such oourt shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits~ issues, and revenues from whatever source derived, each and every of which~ it being expressly under- stood, ia hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses hereof, and auch receiver shall have all the broad and effective functions and powers in anywise 3 entruated by a court to a receiver, and such 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 pmperty? mortgaged or to the aolvency or insolvency of said mortgagor or the defendanta, and that such rents, profits. income, iasues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part oi the mortgagor hereunder. the mortgagor agrees to pay~ to the mortgagee'on demand as a reason- able monthly rental for the prem~sea an amount at least ¢quivalent to one-twelfth (31z) of the aggregate of the twelve monthly installmenta payable in the then current year plua the actual amount of the annual taxea aasesaments, water rates, and insurance premiums for such year not covered by the aforesaid mont~lY l~Y~?ente. 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be . eligible for insurance under the National Housing Act ithin thir ty days from the date hereof ; (written statement of any officer of the Federal Housing Administration or anthorized agent of the { Federal Housing Commissioner dated subsequent to the thir ty days time from the date of this ' mortgage~ declining to insure said note and this mortgage, being deemed conclusive proof of such in- F eligibility), the mortgagee or the holder of the note may. at its option~ declare ali sums secured hereby immediately due and payable. 10. That (a) in the e~~ent of any breach of this mortgage or ciefault on the part of the mortgagor, oi• (G) in the event that any of said sums of money herein referred to be not promptly and fully paid with- out demand or notice, or (c) in the event that each and every the stipulations~ agreements, conditions, and co~enants of said note and this mortgage. are not duly, pi~mptly, and fully performed; then in eithei• or any such e~ent, the said aggregate sum mentioned in saici note then i•emaining unpaid~ with interest accrued to that time. and al) moneys secured hereby, shal) become due and payable forthw•ith, or thereafter, at the option of said mortgagee~ as fulls~ and completely as if all of the said suma of money ~~•ere orginally stipulated to be paid on such day. anything in said uote or in this mortgage to the contrary not~vithstanding ; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as i.f 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 shall be sold to satisfy and pay the same together H ith costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shal! be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such ca.se the pra ~ isions of this paragraph may again be availed of tltereafter from time to time by the mortgagee. ~ eooK~51,~ - 106 _n ~ K ~ ~ ~ ~ ~ ~ ~ r, ,~;.~r~.~ . ~ ~ -~'~~r-= ~ ~ s ~ ~ ° - -