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HomeMy WebLinkAbout1177 i ~ ~ ~ ~ ' ~r . I wd ineurance premium~, aa ~he case may be such excees ~hall be credited by the mortgagee on eubsequen~ , j ~?ayments to be made by the mortgag~or. [f~ however, the monthly payments made by the mortgagor ~ under (b) of para,grs~ph 2 prec~dtng ahall not be suRi~tevt to pay gruund rents, taxes and aseessments ~ and insurance premiutna, as the case may be, when tho eame shall become dus and payable, then the mortgagor shall p~y to the mortgagee any amount necessary to xnake up ±h~ deflciency~ on or beforr the date when payment of such ground r~.uts, taxes. aasesamentb, or insurance premiume shall be due. Tf I at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note aecured hereby~ full paymeut of the entire indebtedness represented therehy, f.he martgagee s},a11~ in com- ; puting the amount of such indeb~edneas, credit ta the account of the mortgagor all pa~ments made under ~ • the provisions of (a) of paragraph 2 hereof which the martgage~ has not become obligated to pay to the ' Federal Houaing Commiasioner and any balance remaining in the funds accumulated under the provisiona ~ of (b) of Said paragraph 2. If there ahall be a default under any of the provisions of this mortgage, re- aulting in a pubJic saie af the premixes cuvered hereby, or if the martgagee acquires the property other- ' wise after default, the mortgagee shall 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 against the amount of principat then remaining unpaid under ~ said note and shall pmperly adiust any payments which 8ha11 have been n~ade under {a) of said par~grapli, . 4. That he will pay all taxes, asaesaments, water rates, and other governmentt•'. or municipal aharge9, ~ " Snes, or impositionss, for which provision has not been made hereinbefore, and in d$fault t}iereof the mort- ~ ~ gagee may pay the same; and that he will pmmptly deliver the official receipta therefor to the mortgagee, ~ ~ ~ That he will permit, commit, or suffer no waste, impairment~ or deterioration of $aid property or~~ . arvy part thereof; and in th~ event of the failure of the mortgagor to keep the buildinga on said premises and those to be ~rected on esid premises, or improvementt~ thereon, in good repair, the mortgagee may ~ make such repairs as in its discretion it may deem necessary for the proper preservation thereof, ancj the ' ~ full amount of each and every such payment ahall be immediately due and payable, and shall be secured ~ by the lien of this mortgag~, ~ . 6, That he will pay all and sing~lar the co~ts, eharges, and e~acpenses~ includin reasonable lawyer's feea~ and costs of abstracts of title~ incurred or paid at any tiYne by the mortg~gee~ause of the failure - on the part of the mortgagor promptly and fully to perform the agreementa and covenants of eaid prom- i~sory note and thi$ mortgage. and said c~osts, charges, and e~cpenaes ~hall be immediately due and pay- able and ahall be secured by the lien of thia mortgage. 7. That he will k~ep the improvements now exi~ting or hereafter erected on the mortgaged property, in~u~red aa~may be required from time to time by the mortgagee against loss by fire and other hazards~ :ca~tialtiea, and contingencies in such amounts and for auch periods ae may be required by mortgagee, sad will pay Rromptly~ when due, any premiums on such insurance for ~ayment of which provision has ' not been made hereinbefore. All insurance shall be carr'ied in compan~es approved by mortgagee and the Isolic~s atid renewals thereaf shal! be held by mortgagee and have attached thereto loss payable : clause~~in ~avbr of and in #orm acceptable to the mortgagee. In event of loss he will give immediate ~ notice by ~xiai1 to mortgagee~ and mortgagee may make proof of loss if not tnade promptly by mortgagor~ ~•and each ineurance company concerned is ~ereby authorized and direeted to make payment gor such Ioss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance praceeds, or - `anypart thereof, may be applied by mortgagee at its aption either to the reduc#ion of the indebtedness ~ h$reby secured or to the restoratian or repair Qf the property damaged. In event of foreclosure of thia mortgage or other transfer of title to the mortgaged pxoperty in extinguishment of the indebtedness ' I~ eecured her~by. all right, title, and interest of the mortgagor in and to any insurance policiea then in force . ~ ahall pase to the purchaser or grantee. ~ 8. That the mortg~gee may, at any time pending a suit upa?n this mortgage, appiy to the court hav- i ing jurisdiction thereof for the appointment of a receiver~ and auch covrt shali forthwith appoint a receiver of the premisea covered hereby all and 8ingular~ including all and singutar the income, profits~ . iesuc~, and revenues from whatever sonrce derived~ each and every of which, it being expreasly under- ~ atood, ia hereby mortgaged sa if apecifically set forth and described in the granting and habendum ciauses ~ hereof~ and auch receiver ahall have all the broad and eff~ctive functians and powers in anywise entrusted by a court to a receiver, and such sppointment shal! be made by such court as an admitted aq.uity 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 solvency or insolvency of said mortgagor or the , defendants, and that such rents, profits~ income, issues, and revenues ahail be applied by such receiver ~ a+xording to the lien of thia mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the m~rtgagor agreea to pay to the mortgagee on demand as a reason- i able monthly rental for the premises an amount ~t least equivalent ta one-twelfth (312) of the aggregate ? of the twelve monthly inatallmenta payable in the then current year plus the actuai amount of the annual ! tases assessments, waf,er rates, and insurance premiuma for such year not covered by the aforesaid a montfilY PaYI?lents. ` 9. The mortgagor further covenants that should this mortgage and the nbte secured hereby not be ~ eligible for insurance under the ldatianal Housing Act within 30 days from the.date hereof ; (written statement of any oflicer af the Federal Housing Administration or authorized agent of the j Federal Housing Comraissioner dated subsequeht to.the aforesa id time from the date of this ; mortgage. declining to insure said note and-this nnortg~ge, being deemed conclusive proof of such in- ` eligibility), the mortgagee or the hoider• of the note may, at its option, declare all sums secured hereby i immediately due and payable. 10. That (a) in the event of any breach of thi,s mortgage or default on the p~rt of the moz•tgagor, or ; (b} in the event that any of said sums of money herein referred to be not promptly and fully paid with- c out demand o~• notice, or (c) in the event that each and every the atipulationa, agreements, conditions~ and covenanta of said note and thia mortgage, are not duly~ prumptly, and fully performed; then in ~ ' either or ~r?y auch event, the said aggregate aum mentioned in saic~ note then remaining unpaid, with ~ interest accrued to that time, and all maneys secured hereby~ shall become de~e and payable forthwith, - ~ ~ or thereafter, at the option of said mortgagee, as fully and ~ompietely as if all of the said suma 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 moi•tgagee, without notice or demand, ~ suit at law or in equity, may be prosecuted as if atl moneys secured hereby had matured prior to its insti- ' tution. The mortgagee may foreclose this mortgage, as to ttie amount so declared due and payable, atid the said premises ahall be sold to satisfy and pay the same tagether with costs~ expenses, and allowances. • In case of partial foreclosure of this mortgage~ the mortga,ged premises shall be ~old subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pra ~ visiona of this pa?ragraph may again be availed of tliereafter from time to time by the mortgagee. ; . 11. Thak the mortgagor will give immediat~ notice by maii to the mortgagee of any conveyance, tranafer, or change of owner~hip of the premises. ~ 12. That no waiver of any covenant herein or of the obligation secured hereby t~~ti at any tir~~,e - ~ thereafter be heid to be a waiver of the terma hereof or of the note secured hereb Y eo~~ 1O~ ~~AG~ J77