Loading...
HomeMy WebLinkAbout2898 C~ 1 ~ % and insurance premii~ms~ ~s tlie case muy be~ such excess shall be eredited by the mortgagee on subsequent payments to be made by the mort~agor. If, however~ the monthly .payments made by the mortgagor - under (6) of paragraph 2 preceding ahal~ not be suft'icient to pay ground rents~ tAxes ~nd nssessmrnts and insurance premiums~ as the case may be, wl~en the s~me shnll become due and.payable~ tl~en the mortg~gor sh~ll p~y to the morlgagee ~ny amount necessary to make up the deficieney, on or before the date when pAyment of such ground rents. taYes~ assessmeuts, or insurance premi~ema sh~ll be ciue, If at uny time the mortg~gor shall tender to the mortgagee in accordanc~ ~vith the provisions of the IIOt@ : secured hereby~ full payment of the entire indebtedness represented thereby~ the mortgagee shall, ~n com- puting the amount of such indebtedness~ credit to the nccount of the mortgagor nll payme~its tnnde under the provisions of (c~) of paragraph 2 hereof wl~ich the moi•tgngee has not become obligated to p<<~• to tiie Federal Housing Commissioner nnd ~ny balnnce remai»ing in the funds accumulated un~lei' t~lC ~)1'O\•isions • of (b) of said pnr~grflph 2. If there shall be a def~ult under any of the provisions of this mortguge, re- sulting in a publie sale of the premises covered hereby~ or if the martgagee acquires the pruprrl~• other- wise after default~ the mortgagee shali apply, At the time of the commencement of such proccedii~~;s ur At the time the property is otherwise Acquired~ the bulance then remaining in the funds accumulztecl under (b) of paragr~ph 2 preceding as A credit against the lmount of principal then ren~aini»g unpaicl under . said note and sliall properly adjust any p~yments ~vhicli sliall liave been made under (a) of s~id paragra~~h. ~ 4. That he will pay all taxes. assessmeiits~ ~vater rates~ ~nd other governmental or municipal ch~rges, ` ~ fines, or impositions~ for ~vhich provision has not been made hereinbefoi~e, and in default thereof. the rnort- gagee n~ay pay the same; and that he wiU prurnptly deliver the ofFicial receip~g therefor to the rr.oi•tgagee. ~ , . 5. That he will permit~ commit, or sutfer no ~vaste, impairment, or deterioration of said propei•ty or any part thereof ; and in the event of the failure of the mortgagor to keep the buildings o~i saici prenuses ~ 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 may deem ~iecessary for the proper preservation thereof, anci the full amount of each and every such pt?yment shall be immediately due and payable, and sh~ll be secured '~~r • ~ by the lien of this mortgage, . • ~ 6. That he will pay all and singular the costs~ charges, and expenses, including reasonaUle la~vyer's fees~ and costs of abstracts of title~ iiicurred or paid at any time by the mortgAgee becuuse of the failure : ~ on the part of the inortgabor promptly and fully to perform the agreements and covenants of said prom- issory note and this mortgage~ and said costs~ ciiarges, aiid expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage. , ' 7. That he will keep the improvements no~v existing or hereafter erected on the mortgaged property~ insured as may be required from time to time by the mortgagee against loss by fire and other hazards~ ~ casualties, and contingencies in such amounts and for such perials as may be required by mortgagee~ i and will pay promptly, when due~ any premiums on such insurance for ~ayment of ~ti~hich provi~ion has = not been made hereinbefore. All insurance shali be carried in companies approved by mortgagce and - the policies and renewals thereof sl~all be held by moi~tgages and have attactied thereto loss payable clauses ir~'favor of and in form acceptable to the mortgagec. I~ event.of loss he ~viil give immediate = ~,-.notice by niail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, ~ ` and each insurance company concerned is hereby authori~ed and directed to make payment for such _ = x= :'loss directiy't~o mortgagee insteAd_ of to mortgagor and mortgagee jointly~ and the insurance prceeeds~ or ~ ; any part thereof, may be applied by mortgagee at its optio~i either to the reduction of the indebtedness ~ hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this ~ ~ ;••mortgase or other transfer of title to the mortgaged property in extinguishment of the indebtedness ~ secured hexeby~ all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pasa to the purchaser or grantee. . ' 8. That the martgagee 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 such court shail forthwith appoint a [ receiver 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 being expressly under- ~ stood, is hereby mortgaged as if specificaliy set forth and describetl in the granting and habendum clauses hereof~ and such receiver shall have all the broad and effective functions and powers in anywise . ~ ~ entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted ` - ~ equity and a matter of ab~olute right to said mortgagee~ and without referenc~ 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; ana 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 f; part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reason- s~ able monthly rental for the premises nn amount at least equrvalent to one-twetfth (~,12} of the aggregate of the twelve monthly inskallments payable in the then current year plus the actual amount of the annual taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid mont~?ly payments. . ' 9. The mortgagor further covenants that should this mortgage and the note secured hereby not be ~ eligible for insurance under the National Housing Act ~ti~ithin tbl~ty days from the date hereof ' ` (~~~ritten st~tement of any of3icer of the Fedei•al Housi~ig Administi•ation or authorized agent of the ~ Federal Housinb Commissionei• dated subsequent to the ~;~ty days time from the date of this r mortgflge, declining to insure said note and this mortgage~ being dcemed conclusive proof of such in- eligibility), the mortgagee oe• the holder of the note may~ at its option~ declare all sums secured hereby ~ immedi~tely due ~nd payable. . ~ 10. That (a) in the event of any breach of this mortgage oi~ default an the part of the mortgagor, or • ~ (L) in the event tlint a~iy af said sums of mone herein i•eferred to be ~iot rom t! and full ' y p p y y paid «~ith- ~ - out demand or i~otice, or (c) in the event that each and every the stipulations, agreements~ conditions~ ~ ~ and covenants of said note and this mortgage, are not dul~~~ pi•umptiy, and fulfy pei•formed; then in f° ~ ~ either or any such eve~it, the said aggregate sum mentioned in sai~i note then rcmaining u~~paid, with : ~ ~ interest acerued to that Lime, and all moneys secured hez•eby, shall become due and payable forthwith, ; . or thereafter~ at the optio~i of said mortgagee. as fuUl~ tind compl~tely as if all of the saici sums of money - ; ~ were oi•ginally stipulated to be paid o~i such day, anything iii saici ~iote or in this mortgage to ttie contrary • notwithstanding; and thei•etipo~i or thereafter, at the option of said mortgagee, without notice or demand, ~ suit at law or iu equity, may be prosecuted as if all moneys secured hereby had matured prior to its insti- . ~ tution. The mortgagee may fui•eclose this mortgage, t?s to the amount so declared due and payable~ and ' the said premises shali be sold to satisfy anci pay .the same together ith costs, expenses, and allowaneQS. ~ In case of partial foi•eclosui•e of tiiis moi•tb~~ge~ the moi•tgaged premises shall be sold subject to the con- ` ~ tinuing lien of tliis mortgage for the amount of the debt ~iot then due and inipaid. In such case the pro- ~ visions of this paragi•aph may again be availed of tlierelftei• from time to time by the mortgagee. ; ~ i ~ ~ ~ ~ ~ ~~~~~~~J7 ~ s ~ . . _ - _ . i - ~ : _ . . .