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HomeMy WebLinkAbout1028 ~ ~ c ~ and insurance gremium~a~ ae the case may ba euch exceas ahall be credited by the mortg~gee oit aubseqtten~ - paymenta ta be mad~ by the mortgag~or. ~f, however~ the monthly payments made by the mortgagor ~ ~ under (bj oi paragraph 2 precedIng ahall not be euf~cient to pay graund rents, ta~e~ and asaessmente ~ ~ and insuranee premiums as the case may be, when the ~ama eha11 become duQ ~nd payable then ths , mortgagor shall pay to t~e mortgagea any am~unt neceseary to make up thQ def~ciency~ on or ~iefore the date when payment of such ground rents, taxes, assessmenta, or insuranca premiums shall be due. If ` at any time the mortgagor ahall tender to the mortgagee in accordance with the provisions of the note secured hereby~ full payment of the entire indebtcdness represented thereby, the mortgagee shall, in com- ~ puting the amount of such indebtedness, credit to the account o# the mortgagor all pa~r?ents made under the pr~visiona of (a) of paragraph 2 hereof which the mortgagee has ,i.,t become obligated to pRy to the Federal Housing.Commiasioner and any balance remaining in tlie funda accumulated under the provisiona of (b) of aaid paragraph 2. If there shAll be a default under any of Lhe provisions of this mo'rtgage, re- sulting in a public aale of the pren~isea covered hereby, ~r if the mortgagee acquires the property oth~r- ! wise after default, tho mortgagee shall apply, at the time of the commencement of such proceedings or ~t ~ the time the properi;y ia otherwise acquired, the balance then remaining in the fund~ accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under Said note and ahall properly adjust any payments which ahall hAVe been made under (a) of said paragraph. ~ 4. That he will pay all ttixe3, assessments, water rates, and other governmental or municipal chargea, flnes, or impositiona, for which provieion has not been made hereinbefore, and in default thereof the mort- ( gage8 may pay the same; and that he~will promptly deliver the of~cial receipta therefor to the mortgagee. ' ; 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof ; and in the event of the failure of the mortgagor to keep the buildings on said prer~ises ~ ~ and those to be erected on said premiaea, or improvements thereon, in good repair~ the mortgagee~ may.. make such repairs as in its diacretion it m~y deem necessary for the praper preservation thereof, and.the ~ full'amount af each and every auch payment shall be immediately due and payable, and'shall be secured . ~ by thQ lien of this mortgage, . ~ ~ 6. That he will pay all and aingular the costa, charges, and expenaes, including reasonable~lawyer`s~' ' ~ fees and custs of abstract$ of title, incurred or paid at any time by the mortgagee because of the failure on t~ie part of the mortgagor promptly and fully to perform the agreements and covenants~of ~aid prom- ~ ia4ory note and this mortgage, and said costs, charge$, and expenses ahall be immediately due and 'pay- able and ahalt be secured by the lien of this mortgage. ' 7. That he will keep the improvements now existing or hereafter e.rected on the mortgaged property, . i it~ured as may be required from time to time by the mortgagee againsi, loss by fire and otJier hazards, ca,sLalties, and contingencies in auch amounta and for such periods as may be required by mortgagee~ and will p~y promptly, when due~ any premiums on such inaurance for payment of which provision has i no~ been made, hereinbefore. All insurance shall be carried in campanies approved by mortgagee and ~.~he policies ~ani~ renewals thereof shatl be held by mortgagee and have attached thereto loss payable ~ elauses in ~ayor..pf and in form acceptable to the mortgagee. In event ~f loss he will give immediate ° ;:npt3ce by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagar~ . ~ ~and each insurance company concerned is hereby authorized and directed to make payment for such loss~directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance ~roceeds, or ~ ~ any part thereof, may be applie~d by mortgagee at its option either to the reduction of the indebtedness hereby securecl or to the restoration or repair of the property darr~aged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness ~ secured hereby, all right, title, and in~rest of the mortgagor in and to any insurance policies then in force ~ ahail pass to the purchaser or grantee. . ; 8. 2'hat the mortgagee may~ at any time pending a$uit upon this mortgage, apply to the court hav- . ing_ jurisdiction thereof for the appointment of a receiver, and such r.ourt shall forthwith appoint a ~ receiver of the premises covered hereby all and singular, including all and singular the income, profits, ~ iasues, and revenuea from whatever saurce derived, e~ch and every of which~ it being expressly under- ~ stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses I hereof~ and such receiver shalt have ail the bmad and effective funetions and powers in anywise ; ~ entrusted by a court to a receiver, and such appointment shall be made by ~uch 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 property mortgaged or to the solvency or insolvency of said mortgagor or the i defendants, a~d that such rents, profits, income~ issues~ and revenues shali be applied by such receiver . according to the lien of this mortgage and the practice of such courk 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 rnonthly rental for the premises ~n amount at least equivalent to on~twelfth (1;12) of the aggregate 1 of the twelve monthly installmenta payable in the fihen current year pius the actual amount of the annuai taxes assessments, water rates, and insurance premiums for euch~ year- not c~vered by the aforesaid : mont~ly payments. ~ 9. The mortgagor further covenanta that should this mortgage end the note secured hereby not be eligible for insurar~ce under the National Housing Act within 30 day8 from the date hereof ~ ( written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commissioner dated subsequent to the sforese id time from the date of this ~ mortgage, declining to insure said note and this mortgage, being deemed conctusive proof of such in- ~ eligibility), the mortgagee or the hotder of the note may, at its option, declai•e all sums secured hereby - l immediately due and payable. ~ i 1,0. That (a) in the event of any breach of this mortgage or defanlt on the part of the mortgagor, or . (b) 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, agreemet?ts, conditions, ~ and covenants of said note and thia mortgage, are not duty, promptly~ and fuiJy performed; then in ~ either or any such event, the said aggregate sum mentioned in ssid note then remaining unpaid, with ~ ~ interest acerued to that time, and al! moneys secured hereby, shall 6ecome due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if all of the said $uma 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 said 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 declared due and payable, and the said premises shall be sold to satisfy and pay the same together wixh costs, expenses, and allowances. ' • In case of partial forecloaure of this mortgage~ the mor~ga,ged premises shall be aold subject to the con- . tinuing tien of this mortgage for the amount of the debt not then due and unpaid. In sach case the pra i; viaions of this paragraph may again be availed of tliereafter from time to time by the mortgag~ee. ~ 11. That the mortgagor will give immediate notice by mail to the mort ~4 gagee of any conveyance, ~ transfer, or change of ownership of the premisea. ~ ~ ~ 12. That no waiver of any covenant herein or of the obtigation aecured hereby $hall at any tiai,e ' ~ thereafter t~e held to be a waiver of the terms hereof or of the note secured hereby. ~ ; , _ - - '~oR~ . 10~ r~~~ 42$ ;