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HomeMy WebLinkAbout0764 . : ~'r ~ : . , ~ . . ! ; and inaurance premiums, as the case may bE+ such exce~ aha11 be credik~d by the mortgagee on eubeequ~nt _ p~ya~$nte to be made by th~ mortgagor. however, th~ monthly payments mado by the mortgagc~r ~ nn~ler (b) oi peuragraph 2 preceding ahall not be suf~cient to pay g~ruund rer~ta, t~xes and assessment~ j and inaur~nce preiniuma, ae tho ca8e may be, when the $ame ehall becor.?A due and payable then the ~ mortgagor ahalt pay to the mortgagee any amount neces~ary to make up the deficiency~ on or ~efore the d~te when payment o# euch ~and renta, taxes, a$sessmer~ts, or insurance premiuins shall be due. If _ ~t any time the mortgagor ehall tender to the mortgagee in accordance wii~h the provisions of the note eecw~ed hereby~ full payment of the entire indebtedness represent.ecl thereby~ the mortgagee ahall~ in com- ~ putiug the amount of such indebtednea~s, credit to the account of the mortgagror all pa~nents made under the prnviaiona oi (a) of paragraph 2 hereof which the mortgagee hag not ~~ecome obligated to pay to the E Federal Housing Commiasioner and ariy balance remaining in the funds accumulat~d under the provisions o! (b) oi eaidparagraph 2. If thei~e shall be a default under any of the provisiona of this m~rtgage~ re- sulting in a public eale of the premises covered h~reby~ or if the mortgagee acquires the property other- wiae sfter default, the mortga~ee shall apply~ at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under ~ (b) of paragraph 2 precedin as a credit againat the amount of principal then remaining unpaid under ~ said note and shall properly a~~ust any payments which shall have been mad~ under (a) of said paragraph. ~ 4. That he will pay all taxes, assesainents, water rates, and other governmental or municipal charges, ? fin.ea, or imposi'tione, for which provision has not been made hereinbefore, and in default thereof the mort- ; , gagee m.ay pay the same; ~nd that he will promptly deliver the official receipts therefor to the mortgagee. ~ 5. ~`hat he will permit, commit, or suffer no waste, impairment, or deterioration of said property or ~ sny part thereof ; and in the Qvent of the failure of the mortgagor to keep the buildinga on said premises = and thase to be erected on said premises, or improv~ments thereon, in good ~repair, the,mortgagee may r~~ make euch repairs as in its discretion it may deem necessary for the proper preservation~thereof~ and the _ , iull amount of each and every such payment shall be immediately due and payable, and~$hall be secured_ ; by the lien of this mortgage. ; • . ~ 6. Thst he will pay all and singular the costs, charges~ and expenaes, including reasonable l~wyer's teea, $ad costa of abstracts of title, incurred or paid at any time by the mortgagee becauss of the failure i-~ on the ~aart of the mortgagor prnmptly and fully to perform the agreements and covenanta of said prom- ; iasory note and 4hia mortgage, and ~aid costa, charges, and expenae$ shall be immediately due and pay- ; able and ~hall be sec~red by the lien oi thia mortgage. i 7. That he will keep the improvements now exieting or hereafter erected on the mortgaged property~ ' i inaur~ed ss•may be re~uired from time t,o time by the mortgagee against losa by fire and other hazards, ' ~ cssualtie$, and contingenciea in euch amounta and for such periods as may be required by mortgagee, ' and will pay promptly, when due, any premiuma on such inaurance for payment af which provision has ~ s`' `not been made hereinbefore. All insurance shall be carried in ~ompanies approved by mortgagee a:~~l ! the polici ar.d renewals thereof shall be held by mortgagee and have attached thereto loss payab!e ;:`+r~: rclauses ia~favor of and in form acceptable to the mortgagee. In event of loss he will give immediate ~ , notice,by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, j=``` and •eaeh it~surance company concerned is hereby authorized and directed to make payment for such _ .~osa dit~ectly to mortgagee instead of to mortgagor and mortgagee jointly~ ar.d the insurance prceeeds. or - i ~ anp p~art thereof, may be applied by mortgagee at its option eit her to the reduction of the indebtedness hereby-secured or to the restoration or repair of the property damaged. In event of foreclosure of this ' mortg?age or other transfer of title to the mortgaged property in extinguiahment of the indebtednesa ' ' secured here~?y, all right, title, and interest of the m~rtgagor in and ~t~o any insurance policies then in force s ahall paas to the purchaser or grantee. ; 8. That the mortgagee may, at any time gending a suit upon this mortgage, apply to the court hav- iag jurisdiction thereof for the appointment of a receiver~ and such court shall forthwith appoint a ~ receiver of the premi~es covered hereby all and eingular, including all and singular the. income, profits, iaaues, and revcnues from whatever source derived~ each and every of which~ it being expressly under- # etood, is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses ~ hereof and such receiver shail have all the broad and effective functions and powers in anywise entrus~ed 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- equacp of the value of the property mortgaged or to the solvency or inaolvency of said mortgagor or the ~ defendanta, and that such rents, proRta, income, isaues. and revenues ahall be applied by such receiver ~ ~?ccording to the lien of this mortgage and the practice of such court. In ~he event of any default on the ~ ; psrt of the mortgagor hereunder~ the mQrtgagor agreea to pay to the mortgagee on demand as a reason- f sble monthly rental for the premises an amount at least equivalent to one-twelfth (~,12) of the aggregate ' f ' of the twelve monthly installmenta payable in the then current year plus the actual amount of the annual 4 ~ taxes aasessments, water rates, and inaurance premiums for such year not covered by the aforesaid ; ' • ; montfily paymenta. ~ 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 days ~ from the date hereof ~ L~ (written statement of any officer of the Federal Housing Administration or authorized agent of the ; Federal Housing Commissioner dated subsequeht to the af oreea ici time from the date of this ! mortgage, declining to insure said note and. this mortg~ge, 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. f ; 10. That (a) in Lhe event of any breach of this mortgage or default on the part of the mortgagor, or ' ` (b) in the event th~t any of said sums of mo:iey herein referred to be not promptly and fully paid with- ~ out demand or notice, or (c) in the event that each and every the atipulations, agreementa, conditiona, and covenanta of said note and this mortgage, are not duly, promptly, and fu11y gerformed; then in either or any auch event, the said aggregate sum mentioned in saic~ note then remaining unpaid, with 4' interest accrued to that time, and all moneys secured hereby~ shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fuUy and completely as if all of the axid aums of money ` i were orginally stipulated to~be paid on such day, anything in said note or in this mortgage to the contrary " notwithstanding; and thereupon or thereafter~ at the option of said mortgagee, without notice or demand, . ~ i suit at law or in equity, may be prosecuted as if all mor~eya secured here by ha d m~?tured prior to its insti- ' tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable~ and ' the said premises ahall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premi~ea shall 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 t~?e pro- visions of thia paragt~aph may again be availed of thereafter from time to time by the mortgagee. ~ 11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownerahip of the premises. ' i2. That no waiver of any covenant herein or of the obligation secured her~by aha11 at any tim,e - thereafter be held to be a waiver of the terms hereof or of the note secured her~by. ~ ~ ~ 80~Ic ~~GE~~ _ - _ . ~.,_~~..~rP_ _ s _ ,__r_,_~.w._._...