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HomeMy WebLinkAbout0293 ~ . ~ ~ , . , ? ~ , and in~ursnce pr~miums, a~ the case may be ~uch exce~s $hall be credited by the mortgagee on subsequent : payment~a to be made by the mortgag~r, ff, however~ the monthly payment~ made by the mortga~or ~ ander (b) o~ paragrAph 2 preceding Shall not be ~uf~icient to pay ground renta~ taxea and assessmenta ~ ~ and insurance premiume aa the caae may i~e, when the same sha11 become due and payable~ then the mortgAgor shali pay to t~te mortgagee any amount necesaary to make up the deficiency, on or before the • date when p~yment of such ground rents, taxes, assessments, or in~urance premiums ah~ll be due. If ~ a~ any time the mortgagor shall tender ta the mortgagee in accordance with the provisions of the note . secureci hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com- ~ puting the amount of au~h indebtednesa~ credit to the account of the mortgagor all pa~?ments made under ~ the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obl~gated to pay to the ~ Federal Housin~ Commisaioner and any balance remaining in the funds accumulated under the pi•ovisiona ? of (b) of ~aid paragrmph 2. If there ahull be a default under any of the provisiona of this mortgage, re- ' sulting in a public sale of the premises covered hereby, or if the mortgagee acqaires the property other- wi~e after defauit, the mortgage~ ahall apply~ at the time of the commencement of ~uch proceedings or at ~ the time the property is otherwise acquired, the balance then re~aining in the funds accumulated under (b) of paragraph 2 prececiing as a credit against the amount of principal then remaining un~aid 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 ratea~ and other governmentai or municipal charges, ftnes, or impositions~ for which provi~ion has not been made hereinbefore, and in default thereof the mort- , gagee may pay the same; and that he will promptly deliver the of~icial ~receipta therefor to the mortgagee. 5. That he will permit, cQmmit, or suffer no waste, impairment~ or deterioration of said property or - i any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises ~ ~ and those to be erected on said premises, or improvements thereon, in good repair~ the mortgagee may ~ make auch repairs as in its discretion it may deem necess$ry for the proper preservation thereof, and the ~ full amount of each and every such payment shall be immediately due and payable~ and shall be secure.~3 ` by the lien of this mortgage, , ~ 6. That he will pay all and singular the costs, charges~ and exp~n$es, including reasonable lawyer's fees, and costs of abstracts of title~ incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly t~nd fully to perform the agreements and covenants of said prom- issory note and this mortgage, and said costs, ch~rges, and expenses ahall be immediately due and pay- ! able and shall be secured by the lien of this mortgage. ~ 7. That h~ will keeg the improvements now exiating or hereafter erected on the mortgaged property, . insured as may be required from time to time by the mortgagee against Ioss by fire and other hazards, casualties~ and contingencies in such amounts and for such periods as may be required by mortgagee, - and will pay promptly, when due~ any premiums on such insurance for payment of which provision has pot been made hereinbefore. All inaurance shall he carried in com anies approved by mortgagee and ~ ~ the policies and renewals thereof ahall be held by mortgagee and ~ave attached thereto loss payable clause$ in f~vor of and i~ form acceptabte to the mortgagee. In event of loss he witl give immediAte . natice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor~ ' and each inaurance company coneerned is hereby authorized and directed to make payment for such los$ directly to mortgagee instead of to mortgagor and mortgagee jointly, and the inaurance proceeds~ or ~ . anypa rt thereof~ may be applied by mortgagee at its option either to the reduction 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 propertv in extinguishment of the indebtedness aecured tlereby, all right, title, and interest of the mortgagor in and to any insurancc policies then in force ahall pass to the purchas~r or grantee. ' 8. That the mortgagee may, at any time pending ~ suit upon this mortgage, apply to ths court hav- ' . ing jurisdic~ion thereof for the appointment of a receiver~ and such court ahait forthwith appoint a receiver of the premises.-covered hereby all and singular~ including a!1 and singular the income, profits, issues~ and revenues from whatever saurce derived, each and every of which, it being expressly under- ' stood, ia hereby mortgaged as if apeciftcally set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powera in anywiss entrusted by a court to a receiver, and such appointment sha11 t~e made by such court as an admitted . equity and a matter of absolate 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 th~ defendants, 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 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 orie-twelfth (ii~) of the aggregate of the twelve monthly instaliments payable in the then current year ptua the actual amount of the annual taxes aasesaments, water rates, and insurance premiums for such ~?ear not covered by the aforesaid mont~Iy gaymente. 9. The mortgagor further cov~nants that st?ould this mortgage and the note secured hereby not be ~ ejigibie for insurance undei• the National Hausing Act within thirtq d~ye from the date hereof ~ (written statement of any oflicer of the Federal Housing Admi~istrafion or authori2ed agent of the Federal Housing Commissioner dated suGsequent to the ~hirty d8yi9 time from the date of thia mortgage~ declining to insure said note and this mortgage~ being aeemed conclusive proof of such in- eligibility), the mortgagee or the holder of the note may, at its option, dectare ali sums secured hereby immediately due and payable. . , 10. That (a) in the eve~it of any breach of this mortgage or default on the part of the mortgagar~ or ~ (L) in the event that aiiy of said sums of money herein referred to be not promptly and fully paid with- out demand or natice, oi• (cj in the event that each and every the stipulations, agreementa, conditions, and covenants of said note and this mortgage, are not duly~ prumptly, and fully performed; then in i either or any sucli event, the said aggregate sum mentioned in sttici iiote then i•emaining unpaid, with interest accrued to that time~ and all moneys secureci hereby, shall become due and payable forthwith, oi• thereafter~ at the optio~i of said mortgagee, as fully and completely as if ail of the said aums of money were orgi~ally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwitnstanding; and thereupon or thereafter~ at the option of said mortgagee, without notice ai• demand, suit at Ia~v or iu equity~ may ~e-pi•osecuted as if alI 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 with costa, expenses, and allowances. In case of partial foreclosure of this mortgage, the moi-tgagecl premises shall be sold subject to the con- • tinuing lien of this mortgage for the amount of the debt noE then due and unpaid. In such case the pra visions of this paragraph may again be availed of tliereafter fz•om time to time by the mortgagee. ~ . ~ BQ 103 F~~.F2~, 3