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HomeMy WebLinkAbout0365 S . . . ~ ~ ^ • i ~ t ? and inaurance premiuma, as the case may be such exceas ahal! be ereciited by the mortgagee on subaequent ~ payments to be made by the mortgagor. however, the monthly payments made by the mortgagor ~ under (bj of paragraph 2 pxeceding shall not be aufRcient to payground rents~ taxes and a~sessments ~nd inaurance premium$ as the case may be, when the aame ahall become due and payable~ then the ~ mortgagor ahall pay to t{~e mortgagea any amount necessary to make up ~he deficiency, on or before the ~ date when payment of such ground rents, taxes, assessmente~ or insurance premiums shall be due, If , at any time the mortgagor ehalt tender to the mortgagee in accordance with the provisions of the note ; se~ured hereby, full payment of the entire indebtedness represented thereby~ the mortgagee shalt~ ~n com- ~ puting the amount of such indebtedness, credit to the account of the mortgagor all pa~?tnents made under ! the provisiona of (a) of paragraph 2 hereof which the mortgagee has not become obl~gated to pay to the ` Federal Houaing Commissioner ~nd any balance remaining in the funds ~c~umulated under the provisions ~ of (b) of said paragraph 2. If there shall be a default under any of the provisiona of this mortgage, re- ~ eulting.in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- ; wise after default, the mortgaAee shall apply, at the time of the commencement of such proceeciings or at ~ the time the property ia otherwise acquired~ the balance then remaining in the funds accumulated under (b) of paragraph 2 precedin~ as a credit against the amount of principal then remaining unpaid under a said note and ahall prnperly a just any payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxe.s, assesaments, water rates, and other governmental or municipal charges, Rnes, or impositions, for which provision has not bEen made hereinbefore, and in default thereof the mor~ i gagee may pay the same; and that he will promptly deliver the ofticial receipts therefor to the rr.ortgagee. ~ 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of aaid properCy or any {~art thereof ; and in the event of the faiture of the mortgagor to keep the buildings on saia premises ' and thoae to be erected on said premises, or improvements thereon, in good repair~ the mortgagee rnay make auch repairs as in its di$cretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment ahall be immediately due and payable, and shail be secured by the lien of thia mortgage, ~ . 6. Th~~. he will pay all and singular the costs, charges, and exp~nses, including reasonable lawyer's ~eeg; 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 to perform the agreements and covenants of said prom- r 3 isaory note and this mortgage~ and ~said cost8, charges, and expenses ahail be immPdiately due and pay- . able and ahall be secured by the lien of this mortgage. That he wilt keep the improvementa now existing or hereafter erected on the mortgaged property~ • insnred as may be required frnm time to time by the mortgagee against loss by fire and other hazards, caeualties, and contingencies fn such amounts and for sach periods as may be required by mortgagee~ - aaid will pay promptly, when due~ any premiums on such inaurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewala thereof shall be held by mortgagee and have attached thereto loss payable clausea in favor of and in form acceptable to the mortgagee. In event of lass he will give immediate ; notice hy mail to mnrtgagee, and mortgagee may make proof of loss if not macte promptly by mortgagor~ . ~ and each insuranee company concerned is hereby authorized and directed to make payment for such I 2oss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance prceeeds. or • ; anypa rt #hereof, may be applied by mortgagee at its option either to the reduction of the indet~tednesa 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 mortg~gor in and to any inaurance policiea then in force ahall pass to the purchaser or grantee. . 8. That the mortgagee may, at ax~y time pending a suit upon this mortgage~ apply to the court hav ing jurisdiction thereof for the appointment o# a recei~~er, and such court shall forthwith appaint a ! receiver of the premises covered hereby all and singular~ including atl and singuiar the income~ profits, ~ iasues, ~nd revenues from whatever source derived, each and every of which~ it being expressly under- ~ stood, ia hereby mortgaged as if specifically set for#h and described in the granting and habendum cla~ses hereof~ and such receiver shall have all the broad and effective iunctions and powers in anywise ~ entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted ~ equity and a matter of absolute right to said mortgagee, and without reference to the ~dequacy or inad- ( equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the ~ defendants, and that auch rents, profits, income, isaues, and revenues ahall 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 rentat for the premises an amount at leas$ equivalent to one-twelfth (li1z) of the aggregate ~ of the twelve monthiy installments payable in the then current year plus the actual amount of the annual ~ taxea ~ssessments, water rates, and inaurance premiuma for such year not covered by the aforesaid y~ mont~?ly payments. ~ 9. The mortgagor furtl~er covenants that should this mortgage and the note secw•ed hereby not be . eiigible for insurance under the National Housing Act within .DAYS from the date hereof Y (~vritten statement of any officer of the Federal Hcusing Admin~~~at~on or authorized agent of the Federal Housing Commissioner dated subsequent to the ~Q DE1 time from the date of this 1 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. ~ ~ i 10. That (a) in the e~~e~it 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 fully paid with- r out demand or i~oti~e. or (c) in the event that each and every the stipulations. agreements, conditions, ~ and covenants of said note and this mortgage, are not duly, prumptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid~ with interest acerued to that time~ and all moneys secured hereby, aha11 become due and payable forthwith, ; or thereafter, at the optioii of said rnortgagee, as fulil~ and comptetely as if ail of the said sums of money . ; ~ were orginally stipulated to be paid on such day, anything in saic~ tiote or in this mortgage to the contrary i notwithstanding; and thei•eupon or thereafter, at the option of said mortgagee, without notice oi• demand, , suit at la~v or i~i equity, may be prosecuted 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 shail be sotd to satisfy and pay the same together with costs, expenses~ and altowances. ~ In case of partial foreclosure of this mortgage, the mortgaged premises shaU be sold subject to the con- ~ .tinuing lien ~f this mortgage for the amount of the ciebt not then due and unpaid. In auch case the pra • ; visions of this paragraph may again be availed of tliereafter from time to time by the mortgagee. . . 0. R' ~ . an~.r