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HomeMy WebLinkAbout0981 _ . _ . ~ ~ . I ~ l~; ~ ~ ~ and inaurance premiume, as the case may be auch excess shall be credl~ed by the mortgagee on aubaeque;~t i p~nents to be made by the mortgagor. ~f, however~ th~ monthly payment~ ma~e by the mortgagrox ~ u~dQr (b) of paragraph 2 preceding shall nnt be suf~lcient to pay ground renta~ taxes and asseasmantg and insurance premiums aa the case may be, when the aame ahall become due and payable, then the mortgagor ahall pay to t~e mortgagee any amount neceasary to mane up the deficiency~ on or before the date when payment of such ground rent~, taxes~ aesessmenta, or inaurance premiuma shsll be due. If at any time the mortgagor ahall tender to the mortgagee in accordance with tho provisions of the note secured fiereby~ full payment of the entire indebtedness represented thereby, the mortgagce shall, ;n com- puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not becomo obligated to pay to the Federal Housing Commiasioner and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If tt?ere shs?11 be a default under any of the provisions of this mortgage~ re- aulting in a public sale of the premiaes covered hereby~ or if the mortgagee acquires the property other- wise after default, the mortgagee ehall apply~ at the time of the commencement of such proceedings or at the time the property ia otherwise acquired~ the balance then remaining in the funds accumulated under {b) of paragraph 2 preceding as a credit againat the amount of principal then remaining unpaid under i ~ said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. j 4. That he will pay all taxes, asse~aments, water rates, and other governmental or municipal charges~ flnes, or impositions, for which provision has not been made hereinbefore, and in defAult thereof the mort- ' ga~ee may pay the same; and that he will promptly deliver the oificial receipt~ therefor to the mortgagee. R 6. That he will permit~ commit, or suffer no waste, impairment, or deterioration of said pi~op~rty or ~ any part thereof ; and in the event of the failure of the ~nortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements th~reon, in good repair, the 'mortgagee may ~ make such repairs as in its discretion it may deem necessary for the proper preservation thereof~ and ihe . iull amount of each and every su~h payment shall be immediately due and payable~ and shall be secured by the lien of this mortgage~ ~ 6. That he will pay all and aingular the costs~ chargea, and axpe,~aes. including reasoriable la~yer's ' fees and casts of abstracts of title~ incurred or paid at any time by the mortgagee because of the failure ~ on t~e part of the rnortgagor promptly and fully to perform the agreernents and covenants of said prom- r issory note and this mortgage~ and said costs~ charges, and expenses shall be immedi~tely due and pay- able and ahall be secured by the lien of this mortgage. 7. That he will keep the improvementa now exiating or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loss 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 premiuma on such insurance for payment of which pravision has - , not been made hereinbefore. All insurance ahall be carried in companies approved by mortgagee and ~ the policies and renewalA thereof shall be held by mortgagee and have attached therQto loss payabie r" elausea in 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, . : and each insurance company concerned is hereby authorizeci and directed to make payment for such _ ~ losa directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance prceeeds~ or • ' h r he reduction of the indebtedness . n part thereof ma be a lied b mort agee at its option eit e to t a , Y PP Y S '•~'•.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 in~ebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force ahall pass to the purchaser or grantee. _ 8. That the mortgagee may, at any time pending a auit upon this mortgage, apply to the court hav- ' ing jurisdiction thereof for the appointment of a receiver~ and such court 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, is hereby mortgaged as if specifically set forth - and deseribed in the granting and habendum clauses hereof~ and such receiver shall have all the broad and effective functiona 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 aaid mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvsncy or insolvency of said mortgagor or the 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 tnortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (;1z) of the aggregate of the twelve monthly instaliments payable in the then current year plus the actual amaunt of the annual " taaces assessments, water rates, and insurance pretniuma for ~uch year not covered by the aforeaaid mont~ly payments. ~ ~ ~ - ~ 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be ' ~ligible for insurance undei• the National Housing Act within 30 DAY~ from the date hereof (evritten statement of any officer of the Federal Hcusing ~ir~~~rahon or authorized agent of the Federal Housing Commissioner aated subsequent to the time from the date of this ~ ~ mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- eligibifity) ~ the mortgagee or the holder of the note may, at its option~ declare all sums secured hereby E immediately due and payable. ' i ~ 10. That (a) in the eve~it of any breach of this mortgage or default on the~part of the mortgagor~ or (L) in the event that any of said suma of maney 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 covenants of said note and this mortgage, are not duly, prumptly, and fully performeci; then in either oi• any sucli event, the said aggi•egate sum mentioned in saici note then remaining unpaid, witti interest accrued to that time~ and all moneys secured hereby, shall become due and payable forthwith, or thereafte~, at the option of said mortgagee, as fully and completely as if all of the said sums of money . 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 stiid mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declar~d due and payable, and r i ~he sAld premises shall be sold to satisfy and pay the same together with costs~ expenses, and allowances. ~ In case of partiai foreclosure of thia mortgage, the mortgaged premises 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 c,~se the pra visions of this pai•agraph may again be availed of tliereafter from time to time by the mortgagee. K { 0, R' . ~ ao~K 1Q4 rAC~ 381 ~ . -