The URL can be used to link to this page

Home My WebLink About2587 ~ ' ~ J ; ' . ~ ~ . ~ . . ; •'~nd'inaurance premiuma, ae the case may be such exceas ahall be credite~i by the mortgagee on subaequent Ua~ynnante to be made by the mortgag~or. f f~ however~ the monthly payments~ mad~ by the mortgagror under (bj of p~ragraph 2 preceding ahall not be Bu~icient to payground renta~ ta~cea and asgessmenta and insuranc~ premium& as the case may be~ when the same shall become due and payable then the mortgagor ahall p~y to the mortgagee any amount necessary to make up the deftciency~ on or ~efore 4he date when payment of euch ground rauts, taxes, aeses~mentey or inaurAnce pr~aniume shall be due. If at any time the mortgag~r ahall tender to the mortg~gee in accordance with the provisiona of the note eecured hereby~ fult payment of the entire indebtednesa represented thexeby~ the mortgagee shall, 111 COIiI- puting the amount of such indebtedness~ credit to the ~ccount of the mortgagor all pa~?menta made under the provisions of (a) of paragraph 2 hereof which thQ mortgagee has not become obligated to pay to the Federal Housing Commissioner and any balance rem~ining in the funds accumulated under the provisiona of (6) of said paragraph 2. If thei~e ahall be a default under any of the proviaiong of this mortgage~ re- aulting in a public aale of the premises cover~d hereby, or if the mortgage~ acquires the property other- wiee $fter default~ the mortgagee shall apply, at the time of the commencement of auch proceedings or at tJie time the prop~rty ia otherwise acquired, the balance then remaining in the funds accumulated under . (b) of paragraph 2 preceding as a credit againat the amount of ~rincipal then remaining unpaid under eaid note and ~hall prope~ly ac~juat any payments which shail have be~en made under (a) of said paragraph. . 4. That he will pay all taxes, asaessments, water ratea, and other governmentr.'. or municipal oharges, ftnea, or impositiona, for which provision has not been made hereint~fore, and in default ttiereof the mort- gagee may pay the same; and that he will promptly deliver the o~icial receipta therefor to the mortgagee. b. 7"hat he will permit. commit~ or suffer no waste, impairment, or deterioration of said pr~perty or ~ any p~rt thereof; and in the event of the failure of the martgagor to keep the buildings on a~id premises'' ~ and those to be erected on said premises, or improvements thereon, in good repair~ the mortgagee may make such repairs as in its discretion it m~y ~eem nec.eseary for the proper preservation thereof~ and the full amount of each and every such payment shall be immediately due and payable~ and sha11 be secar~ed ~ b~ the lien of this mortgage. _ ' 6. That he will pay all and singular the costs, charges, and eacpense$, includIng reasonable lawyer's ieea and coata of ab~tracts of title, incurred or paid at any time by Lhe mortgagee because of the failure on t~e part of the mortgag~r prornptly and fully to perform the agreement$ and covenants of said prom- iaeory note and this mortgage, and said costa~ charges, and expenses shall be immediately due and pay abie and ahall be secured by the lien of this mortgage. 7. Th~t hs will keep the imprnvements now exi$ting or hereafter erected on the mortgaged property, in,gt}r~ as•may be re~qluired from time to time by the mortgagee against loss by fire and other hazards~ es, at~d contingenciea in euch amounta and for such periods as may be required by mortgagee, ` ~~t• atid wiu pay'promptl~r, ~?hen deae, any premiuma on such inaurance for payment of which provision has ; .'not bee~ made hereinbefore. All insurance shall be c~rried in companies approved by mortgagee and : the pohciea, ~~d renewals thereof ~hall be held by mortgagee and have atta~ched thereto loas payabte : ; claus~s-in ~av5r of and in form acceptable to the moi°tgagee. In event of loss he will give immediate ` ' notice by rnail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, '•aad~ eaeh in8ur~nce company concerned is hereby authorized and directed to make payment for ~ueh ' s'~osa directly to mortgagee instead of to mortgagor and mortgagee jointiy~ and the insurance broceeds~ or - any par~ thereaf, may be~pplied by mortgagee at its option either'to the r~duction of the indebtedness ~ • hereby secured or to the restoration or repair of the property damaged. In event of foreclo~ure of this mvrtgag~e or a~ther transfer of title to the martgaged propert~ in extinguishment of the indebtednesa ~ aecured hereby, all right, title, and intereat of the mortgagor in and to any insurance policies then in force ahall pass to the purchaser or grantee. 8. ~'hat the mortgagee may. at any time pending a suit upon this mortgage~ apply to the court hav- ~ ing jurisdiction thereof for the appointment of a receiver, and auch court ahall forthwith appoint a~ ' . receiver of the premisea covered hereby all and singulur, including al! and singular the income, profits, . issues, and revenues from whatever source derived, each and every of which, it being expressly under- ~ atood, ia herebp mo~rtgaged as if ap~cifically set forth and described in the granting and habendum clauses hereof and such receiver shall have all the broad and effective functions and Fowers in anywise - entrus~ed by a couxt to a receiver, and such appointment shal! be made by auch court as an admitted , equity and a matter of absolate right to said mortgagee, and without reference to the adequacy or inad- ~ ~ equacy of the valu~ 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 sha11 be applied by such receiver ~ according to the lien of thia mortgage and the practice of such court. in the event Qf any defa?alt on the • part of the mortgagor hereunder, the mQrtgagor agreee to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (1;12) of the aggregate of the twelve monthly installments payable in the then current year plus the actuai amount of the annual taxes asaessments, water rates~ and inaurance premiums for such year not covered by the aforesaid xnont.{i.tY PaYments. - , 9. The mortgagor further covenanta that shoutd this mortgage and the note secured hereby not be . eligible for insurance under the National Housing Act within 30 deys from the date hereof (written statement of any oflSc~r of the Federal Housing Adrninisti•ation or authorized agent of the Federal Housing Commissioner dated subsequeht to.the aforesa id time from the date of thia mortgage~ declining to insure said note and this mortg~ge, being deemed conclusive proof of such in- eligibility) ~ the. mortgagee or the hoIder~ of the note may, at its option, declare ali sums secured hereby ' immediatety due and payabte. ~ - ~ 10. That (a) in the event of any breach of tiiis mortgage or default on the part of the mortgagor, or ; (b) in the event that any of said suais 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, conditic~ns, and covenants of said note and thi~ mortgage, are not duly, prumptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note'then remair?ing unpaid, with interest acerued to that time, and ali maneys secured hereby, ~hall become due ana payable forthwith, : - . or thereafter, at the ogtion of said mortg~gee, as fully atid completely as if all of thE said aums of money were orginally stipulAted to be paid on such day, anything in said note or in this mortgage to the contr~ry ~ notwithatand~ng; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, • suit at law or in equity, may be prosecuf,ed as if aIt 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 psiy the same together with costs, expenses, and altowances. In ca~e of partial foreclosure of this mortgage~ the mortgaged premises shall be sold suhject to the con- ; tinuing lien of thia mortgage for the amount of the debt not then due and unpaid. In such case the pro- # 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 ownership of the premfses. 12. That no waiver of any covenant herein or of the obligation secured hereby sh~l1 at an timie ~ , qr o t e note secured hei~eby, R. thereafter be heid to be a waiver of the terms her e~? f R, 8 0~ K 1 Q~ E~ aGE 7 ~ ; 8J„K ~U~_FAf,~~ - -