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Home My WebLink About2271 ~ , # ~ Y i ~ ~ • andl insurance premiuma, as the case may be such excess ~hall be credited by the mortg~gee on subsequent ~ payments to be made by the mortgagor. ~f~ however~ the monthly payments made by the mortgagor # under (b) of paragraph 2 precec~ing shall not be suRicient ~o p&1? ground rents, taxes nnd assessments ~ and insurance premiums ~ the case may be, when the sanie ahall b~come du~ and payable, then the ' ~ mortgagor ahall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the ; date whe?Y payment of $u~h ground rents, taxes, assessment9, ot° insuranco premiurns shall be due, If : ~ at any time tl~e mortgagor shail tender to the mortgagee in accordance r~vith the provisions of the note ~ secured hereby~ full payment of the entire indebtedness repre.gented thereby~ the mortgagee shall~ in com- ~ ; puting the amount of such indebtedness~ credit to the account af the mortgagor all pa~?ments made under ~ ; the provisiot?s of (a) of paragrAph 2 hereof which the mortgagee has not become obligated to pay to the s ~ederal Housing Commissioner And any balance remaining in Lhe funds accumulated under the provisions ~ ~ of (b) of said pat~s~graph 2. If thei•e shall be a default under any of the provisions of this mortgage, re- ~ aulting in a public sale of the premises covered hereby. or if the mortgagee 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 is otherwise acquired, the balance then remaining in the funds accumulated under ~ ~ (b) of paragr~ph 2 preceding as a credit against the amount of principal then remaining unpaid under ~ ~ ~ said note and shall properly adjust an~+ payments which shall have been made under (a) of said paragraph. ~ # ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, ~ ~ Rnes, or impositions, for which provision 1?as not been made hereinbefore~ and in default thereaf the morC- ~ Y. ~ gagee may pay the $ame; and that he will promptly deliver the official receipts therefor to the mortgagee, , ' ~ b. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or ~ ~ any part t.hereof; and in the event of the failure of the mortgagor to keep the buildings on sata premise~ ~ and those to be erectecl on ~aid premises~ or improvements thereon, in good repair, the mortgagee may • ~ ~ make auch repairs as in its discretion it may deem necessary for the proper preservation thereof~ and the ~ full amoant of each and every suc,h payment shall be immediately due and payable~ and shall be secured ~ by the lien of this mortgage,. - ? . 6. That he ~vill pay all and singular the costs, charges, and expenses, including reasonable lawyer'~~ ~ ~ f~ea, and costs of abstracts of title, incurred or paid at any time by ~he mortgagee bec~use qf the faiture - on the part of the mortgagor promptly and fulty to perform the agreements and covenants of,~aid prom- a ; issory note and this mortgage, and said costs, charges~ and expenses shali be immediately due and pay- ~ F able and shall be secured by the lien of this mortgage. • ~ ' 7. That he will keep the improvements now exiating or hereafter erected on the mortgaged property, ' 3naured as may be required from time to t~me by the mortgagee against lass by fire and other hazards~ ~ casualties, and contingencies in such amounts and for such periods as may be required by mortgagee, ~ and will pay promp~ly. when due, 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 ~ the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable ~ clauses in favor of ~nd in form ~cceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee~ and mortgagee may make praof of loss if not made promptly by mortgagor, . ~ - and each insurance company concerned is hereby authorizecl and directed to make payment for such ~ loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds~ or • any part 4hereof, may be applied by mortgagee at its option either to the reduction of the indebtedness ~ hereby secured or to the restoration or repair of the property damaged. In event of foreciosure af this . ~ r, mortgage or other transfer of title to the mortgaged property in extinguishn~ent of the indebtedness ; secured hereby, a11 right, title, and interest of the mortgagor in and to any insurance policies then in force ~ shal! pass to the purchaser or grantee. ~ 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav ~ ; ing jurisdietion thereof for the appointment of a receiver, and such court ahall ~forthwith appoint a ~ - rec~iver 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 heing expreasly ttnder- stood, ia hereby mortgaged as if specifically set forth and described in the granting and habendum clauses ; hereof~ and auch receiver shall have all the broad and effective functions and powers in anywise ; entruated by a court to a receiver, and such appointment ahall be made by such court as an admitEed ~ equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- ; equacy of the value qf the property m+ortgaged or 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- ~v ahiP r~onthly rental for the premises an amount at teast equivalent to one-twelfth of the aggregate ~ } of the twetve monthly installments payable in the then current year plus the aetuai amount of the ~nnual ` ~ taaces assessments, water rates, and insurance premiums for such .year not covered by the aforesaid ~ mont~lY payments. - _ fi, ~ ; 9. The mortgagor furtl?er covenants that-should this mort age and the note secured hereby noi be ~ i eligible for insurance under •'~e National Housing Act within ~0 DAYS from the date hereof ~ ; ~ (~vritten sttitement of any oflicer of the Federat Hcusing Administration or authorized agent of the - Federal Housing Commiss~onei• dated subsequent to the ~0 DqYS time from the date of this ~ mortgage~ declining to insure said note and this. mortgage, being dgemed eonclusive proof of such in• ~ eligibility), the mortgagee oi• the holder of the note may. at its option, declare all sums secured here~y ~ - ~ immediately due And payable. ~ 10. That (a) in the event of any breach of this mortgage or defauit on the part of the mortgagor, or ~ (L) in the event that aiiy of said sums of money herein referred to be not promptly and fully paid with- ~ out demand or ~iotice, or (c) in the event that each and every the stipulations~ agreements, conditiona~ `s and covenants of said note and this moi•t~age, are not duly, pi•umptly~ and fully performed; then in eithei• or any sucl~ event, the said aggrega e sum mentioned in sRid note then a•~maining unpaed~ ~vith ~ = interest accrued to that time. and all moneys secured hereby~ shall become due and payable forthwith, ~ - oi• thei•eafter. at the option of said mortgagee, as fully ancl completely as if alt of the said sums of mone~~? - = were orginalty stipuiated to be paid on such day~ anything in said note or in this mortgage to the contrary = k notwithstanding; and the2•eupon or thereafter, at the option o~,said mortgagee, without notice or demand, - ~ suit at la~v 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 payabte~ and the said premises shall bs soid to satisfy and pay the same together K~ith costs~ expenses, and allowances. ~ ~ In case of partial foreclosure of this mortgage, the mo~•tgaged premises shaU 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 the pra ? visions of this paragraph may again be availed of tliereafter from time to time by the mortgagee, ~ ~ R:~ ~1 • 4 ~ K 1~~ Fr~E ~#~0 ~ ~ , ___ur._R_~_~.....~~...V,,..riR,.~.-...,~,Q..-,,.~.v..~_,~...~~...__....~_..~._..~ ~ -