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HomeMy WebLinkAbout1903 ~ . ~ • \ - r,. R.~ r~aCE ~ 9~,;: K snd in~urance premiums; as the case may be, such exceav shall be credited by the mortga~ee on subseque~t payments to be made by the mortgagor. If, however, the monthly payments made by the mortgngor under (b) of paxagraph 2 preceding ahall not be suf~cient to p~y ground rents, taxes and assessmenta and insurance premiums as the case may be~ when the aame ahall become due ~nd pay~bte~ then the mortgagar shall pay to t~e mortgagee any amount necessary to make up the deficien~y~ an or before the d~te when payment of such ground rente, taxes, assessments, or insurance premiwns ahall be due. If at any time the mortgagor shali tender to the mortgage~ in accordance with the provisions of the note secured hereby, full payment of t}ie entire indebtednesa represent~d thereby~ the mortgagee ahall~ in com- puting the amount of attch indebfi,edness~ credit to the account of the mortgngor all pa~rments made urider the provisions o# (a) of paragr~aph 2 hereof which the mortgagee has not kx:come obl~gated to pay to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the provisione of ( b) of eaid paragraph 2. If thet•e ahall be a default under anyr of the provisions of this mortgage~ re- aulting in a publie sale of the premises covered hereby~ or if the mortgagee acquires the property other- wise after default, the mortgagee ahatl apply~ at the time of the commencement of such proceeclings 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 principal then remaining unpaid under ~ as~id note and $hall progerly ~dju~t any paymenta which shail have been matle under (a} of said paragraph. , 4. That he will pay all taxes, assessments, water rate.s, and ather governmental or municipal charges, fines, or impositiona, #or which provision has not been made hereinbefora~ and in default thereof the mor~ ' ~ gagee may pay the same; and that he wili promptly deliver the of~cial receipts therefor to t11e mortgagee. , 5. That he will permit~ commit, or suffer no waete, impairment, or deterioration of said property or $ny part thereo#; and in the event of the failure of the mortgagor to keep the buildings on aaid premises ~ and those to be erected on said premises, or ua~provements thereon, in good repair, the mortgagee may . make auch repaira as in its discretion 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 shall be secured by the lien of this mortgage, ' . 6. That he will pay all and singular the costa, charges, and expenaes~ including reasonable i~wyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failur~ on the part of the mortgagar promptly and #uliy to perform the agreements and covenants of 8aid pr~nm- xssory note and thia mortgage. and said costs~ charges, a~d expenaes ahall be immediately due and pay able and shall be secured by fihe lien of this mortgage. 7. x'hat he will keep the improvement~ now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the mort agee againat loss by fire and other hazards, casualties, and contingencies in such amounta and for auc~ geriods, as may be required by mortgugee~ and will pa~ promptly~ when duP, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and ~ tlie policies and renewals thereof shall be held by mar~gagee and have attached thereto loss payable :'clauses 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 authorized and directed to make payment for such los~ directly to mort~gagee instead of to mortgagor ancl mortgagee jointly, and the insurance proceeds, or : any part thereof, may be applied by mortgagee at its option either to. the reductien of the indebtednesa ' hereby secured or to the restoration or repair of the prop~rty damaged. In event of foreclosure of thi8 mortgage or other transf~r of title to the mortgaged property in extinguishment of the indebtedness secured hereby~ all right, title, and interest of the mortgagor in and to any insurance policiea then in force ~ ~ ahall pass to the purchaser or grante~e. , 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav ing jurisdiction the~`~of for the appointment of a receiver~ and such court ahall forthwith appoint a receiver of the premises covered hereby all and singuIar~ inctuding ali and singutar the income, profits~' issues, and revenue~ from whatever source derived~ each and every of which, it being expressly under- stood, ia hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof and such receiver shall have all the broad and effective functions and powera in anywise entrus~ed 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 re~'erence to the adequacy or inad- equacy of the value of the property mortgaged ar to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, income, issues, 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 mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-Lwelfth (~,1z) of the aggregate ~ of. the twetve month~y instaliments payable in the then current year plua the actual amount of the annuat . taxes assessments, water rates, and insurance premiwna for such year not covered by the aforesaid mont.~ily paymenta. ~ . 9. The mortgagor further covenants that ahould this mortgag and the note secured hereby not be : eligible for insurancg under the Nationai Housing Act within 3~ days from the date hereof ' (written statement of any officer of the Federal Housing Administration or authori~ed agent of the ; Federal Housing Commissioner dated subsequent to tlie aforesa~d time from the date af this mortgage, declining to insure said note and thie mortgage, being deemed con•~lusive 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. ~ 10. That (a) in the event of any breach of this mortgage or default un the part of the mortgagor~ or (L) in the event that any of said sums of money herein referred to be not promptly and fuily 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~ pramptly, and fully performed; then in ' either or any such event, the said aggregate sum mentioned in saici note then remaining unpaid, with ~ interest accrued to that time, and all moneys secured hereby, ahall become due and payable forthwith~ ~ or thereafter, at the optio~i of said mortgagee, as fully and completely as if ali of the said svms of money ~vere orginally atipulated to be paid on such day, anything in said note or in this mortgage to tlie contrary ~ not~vithstandi~g; and thereugon 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 ita insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises ahall be sold f,o satisfy and pay the same together with costs, expenses, and allowances. In case of partial fot•eciosure of this mortgage, the mortgaged p~•emisea shall be sold subject to the con- tinuing lien of this mortgage for the amount of the deb~ not then due and unpaid. In such case the pra visions of this paragraph 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. 12. That no waiver of any covenant herein or of the obligation secured hereby ahall at any tirr~ ~ thereaft.~r be held to be a waiver of the terma hereof or of the note secured hereby.