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HomeMy WebLinkAbout2155 2. fhat, in ~xder more fully ta prutcct the .ecu~ity uf th~s nxxi6ugc, the mungagur, tugrthrr w~~h, anJ in adJ~tam tu, the nr~nthly paymtntc undrr tht terms uf thr nutc ~rcurrJ hrrrby, un tAe fint Jay uf ca;h monlh unul the ~a~J nutr fully paiJ, w~ll pay w tht morlgagee lhe folloN~ng sums: Ia1 An amount wfPic~ent w pruvide ~he halder hereoi wi~h funds to pay the next m~xtga~e ~nsurance prcm~um if this ~nstrument an~i thc note secured hercby arc insurrJ, or a munthiy chu~e Iin Geu of s mortja~e ~nsurance ptem~uml ~f they are held by tlx Secrctary of Housin~ and Urban Devclopment, u folbws: • lll If and so loet as uid note uf evcn date and th~s iniuument are insutod o~ are roinsured unJer the Druviswns of the Nationsl Hou~en~ Act, an amount sufT~cient to sccumulate in the hanJs o( the ?alder oae (1) month pri~x to its due ilate the annual mon~age ~nsurance prem~um, in cxeier la pruviJe +uch hulder with iunds to pay such premium to the Sec~etary uf Nausing and Urban Developmcnt punuant ta ~he Na~ional Huusing Act, aa amended, and appl~cable Regulaucr~s thercurxfer; or 111) If and so long as ,aid nate of even dete and this instrum~nt are heM by ~hc Secretuy of Hou~inR and Urban Development, a monthly char~e lin lieu ot a murtgage imurance prrmiuml which shall be in an amewnt equal to onc-tweiRh iUt2T of une-hatf (~s1 pe~ centum of tht avrra~e oui~tarxiing balance due un the note computai without takin~ into account delinquenciea or prepayments; Ib) A ~um tqual to the ground ren~s, if any, nzx~ due, plus the premiums thal will next become due and payable on polic~es ot fire and other hazard insu~ance a~vering ihe nwr~gageJ pruperty, plus tazes and asstssments neat ~1ue on the m~tgaged properry lall as cuimated by the ~wrtga~eel less all wms alreidy paid lherefor dividod by the num~er of months to clapae before une manth prior to !he date when such `rou~xi rents, prem~ums, tazcs, and atxssments witt become delinquent, wch sums to bt held by mor~da~ee in trust to p~ay said ground rents, prcmiums, taxcs, and specisl assessmen~; and lel All payments mentaned i~ the two preceding subsectioro of tAis para~raph ud all payments to be made under the notc secured hereby shall be addeJ togethe~ and the aggrtgate amount thtrcotshall be paid by the mo~tgagor earh month in a sm~k payment to br applied by tht rrwrtgagee to the Cdlow ing itertu in the order set turth: 111 premium charges under 1he cuntract of insurance with the Secretary of Housing and Urban Devebpment, or munthly cha~ge lio lieu of m~xtgase ~nsurance premiuml, u the case may be; 1111 groun~i nnts, tues, assessments, fire, a~nf other har.a[J iacurance premiums; (11!) interest on the nae secured hereby; and (IV) amortization of the principal of said note. Any Jefi~iern:y in the amuunt ui a~xh aggrrgate monthly prymcnt ~t?all. unlc~s maJe g~xxi by tha murtgagur priur tu the duc date of the nex~ wch payrt~ent, cun,tiwte an ~vent of default uncirr thia murtgage, The murtgagee may cullec: a~~latt chargr" ~ot to r~cred twu cents lZcl for tach ~Ilar IS11 uf rach payment mure than fiftren (IS) day+ in arrc:us tu cuvr~ thr extra exprnse invulvrd in h~~x!lin~ Jzlinquent paymrnts_ 3. That if the twa! of ~ht payment~ made by the murtgagor u~aler IA1 of paragr:+ph 2 preceding ,hall etcted ~he amuunt uf the payments a~:tually maJe by tht m~xtg•rgee, f~x grounJ ~cnts, taxc-a arnl a~~sm~n~c and insuran~e prrm~um~, :u tho case may be, suct excess at the option of the mort~ee, sha11. be crcditcd on subsoquent paymcnu to be made by the mortgator, or rcfunded to the murtgagor. If, however, the munthly payments mnde by the rtwrtg:yjor unJer (b) of paragraph 2 preceding shall nut be suft'icitnt w pay ground rents, taxcs a~x! assr~sments and insurance premiums, ati the case may be, when thr samr shall become dur arn! payablt, then the mvrlga~gor shall pay to Ihe mur~g:?gr~ any amuunt nec~ssary to mal;e up the deficirncy, on ~x before the Jate vrhen payment of such grourxl rents, taxCS, asseasmrnts, ur insurance premiurns shull be Jue. If at any timr the m~xtgag~x shall trrxfer W the mwtgagee in a~:contance with the provisiuns of the note secured hrreby, full paymrnt of t~e enure incicbtalness reprrsrnted thereby, the mortgagee sha!!, in computing ~hr amuun~ uf such in~iebte~iness, cr~.fit ~o the accuunt of'thr mortgagix all payments made urnkr the provision~ uf tu) oi paragraph 2 hereof which the mortgagce has nut become ubligatal to pay to the Secretary ot Housine arnl U~ban Develupment arxf any halance ~ema~ning io the furxis accumulatni undrr the provi.iun~ of (b/ uf said paragriph 2. If thert shall be a defaull u~xfer any uf the provisiuns uf ~h?s murtgrge, rr+ulting in a public salt uf thr prcmisr+coverrd hereby, or if the murtgagte aoyuirzs tht pr.~erty othrrv?iu after dtfault, the m~tgagre shall apply, at the timr uf the commrncemtnt of ~w:h pr~reding~ ix at thc Umr the propr~ry i~ uthc~w~se acqu~red, the balance Yhen rrma~ning in the funds accumulatctil urtdrr ~h~ uf paragraph 2 prr~:eJing a~ a crrJi~ agairut ihe amuunt of prunipal Ihtn remaining unpaiJ unJer wid nutt arxi ~hall pruperly adjust any paymrnts vrhich shall have t?rrn maJe unJer lu) of sa~d paragraph. J. hat he w•ill pay aU t•rxrs, a~,~mrnts, watrr ratea, :,nd wher govrrnmrntal or munic,pal charges, fines, ur imp~»iupns. fur which i prov~siun ha~ nat t+ren madr hereintxf~ir~, and in default thtraif thr mixtgagre may pay the same; and that he N•il1 promptly Jeliver the i offic~a) recaipt~ therefor tu thr murtgagee. S_ ~Tha1 he will pe~mit, cumrtut, or wFf'er no wsstr, empairmrnt, ~x Jrtereurntiun o('said pn~xrty ix any part thercti~f: rrxl io the event .~f the failurt uf thr mwte:~gor to Aeep the build~ng~ un saiJ premi~ and tFx~e tu be crectnl un ~sid premix~. ~x ~mpruvrments thrreon, ~n g~x~J repair, the mortgager tnay make such repair, •rs in ~t. dixreuvn it may dcem necevary fix the proper presr~vation thereof, and ~hr fult artxwnt of each and every wch puyment shaN br ~mmediatrty due and payablt, and shall be xcured by the lien uf this mortgage. t~. -I~h~t h~ will pay all a~xl ~ingular lhe cmt~, chxrges, anJ expcnx~s, includ~ng resso~able lawyer's fces, and costs of abstracts of title, ~ncurreYl ur paid at any timr by ~he murtgagrr because of the failure un the part of the mortgagor promptly and fully tu perform thc agrcemrnts and covenants of taid promi+snry noie and this mortgage, and said custs. cha~ges, and eapertses shali be immeJiat~ly duc and payrblr anJ ~h•rl) be secured by the lirn of thi~ m~xtgagt. 7. I h~1 he will Iceep thr ~mpruv~mtnts novr exisung ur hrrcafter trected on the murtgaged proptrty, imured as may t?e requ~rrJ from umr to timr by the rtx~rtgager agsinst loss by fire anJ olher ha~arcis, tasulaties, arxl contingencirs in tiuch :~rtxwnt. and fix wch prriWis as may br requ~rcYl by mortgagee, :?nd wiR pay promptly, when due, any premiums on such insurance f~x payment of whi~h provuion h:?s not been made hereinbefore. All insuraace shall be carried in compania approved by mort~asee aad the poiicies and renewals the~cof sludl hr hrld by mvrtgagee and hxvr attachn! therrto loss payable claus~s in favor of and in farm acceptable to Ihe nwrtgagre. In evz~t of loss he N ill give immediatr noticr by mail to mortgagre, anJ rtwrtgagee may make pruuf of loss if not made promptly by morlgagor, and each ~nsurance cumpany concerned is hercby aulhorized and directed to make payment for such loss dircctly tu mortgag~e imteaJ of to nwrt~agur :erxi murtgagre joinlly, anJ the insurance proceeJs, ~x any part therrof, may be appfieJ by murtgagce at its opliun rithrr to the rrJuctiun of the indebtnlnnc hereby secured or to thr resturat~un .x repair of' the property damageJ. In event of fortcl~uurr uf this mortgagr ur olher t~~nsfer uf Utlr w the m~xtgageJ proprrty in extinguishment of the inclrbtccines~ serureei herrby, aU righi, title, anJ interest oi thr mortgagix in anJ to any insarance policie3 then in fo~ce shall pat+ to the purchaser ix grantce. 8. Chat the rrx~rtgagce may. at any ume pernling a~uit upon this muclgage, apply to the court having ~uns.liction therzof fur the appointment of a receiver, and such court shalt forthwith apEx~int a receiver of the premises Coverec! htreby a!I arni singular, including aU ~ anJ singular the incume, profits, issues, and revenues from whateva source derived, tach and every of which, it being expressly ~ undersaxxl, i~ hcreby ~rwrtgaged as if specifically xt forth and Jescribai in the gtantina and habenJum clauses hercrof, anJ such receirer i shall have aU ~he bruad a~xi cttective functions and pi~wen in anywise entrusted by a court to a receivcr, anJ such appuentmrnt shall be maJe by sucA courl •r~ an admittod oquity and a mauer uf abwlute right tu saiJ murtgagee, and without rcference to the adequacy or ~naJeqUacy of tht value of 1he propecty mortgagal or to the solveocy or insolvency of said rtwrtgag~x ur the defendents, a~xi that ~uch reots, prufits, income, issucs, anei revenuc, shall be applied by such receiver acconfing to the lien of this mortgage arni the practice of such court. In the cvt~t of any default un the pert of the rtwrtgagor hereunJer. the ~rwrtgagor agrets to pay to the mcxtgagee on demaod as a rcasonable monlhly rental fur the prcmises an amount at least equivalent to one-twelfth ~l/i21 of the aggrcgate of the twetve monthly installments payaWc in the then current year plus the actual amount of the annua! lues, assessments, water rates, and inwrsnce premiums for sucA year not coverai by the afcxesaiJ mon~hly payments. i 9. That lu) in the eyent of any breach of ihis mortgage or dcfault vn the pa~t of the rtwrtga~or, or IA) in the evem that any of said ~ sums of money herein referretii to t+e not promptty and fully paid without demanJ or naice, ix Ic) m tht event lhat rach arxi every the ` stipulatiunc. agreements, conditiom, and corenants of said note and this m~xtgage, are not July, promptly. anJ fully prrfvrmrd; then in rither or any such event, the saKl aggregatc sum mentioned in aaid ~wte then remain~g unpa~J, with ~nterest acc~ued to that time, arni ati muncys ~ured hereby, ~haH bnome due and payable forthwith, or thrreafter, at the optiun of saiJ mortgagec, as fully and completely as = ~f all of the said sum~ of money werc originally stipulateJ w be paid on wch day, anything in said note or ~n this rtwrtgage tu the ~ontrary ! rwtw~thuanJing; and tAer~upon or thereafter, at the opuon of said nwngagee, withw?t notice or demand, suit at law ur in oqu~ty, may be prv+ecuted at if all me~neys ~ecurecl hereby had maturerl prKx to it~ ~nstitutiun. ~Ilu ttwrtga~ce may forecbse th~? mottgage, as w the ~ anx~unt w declared due and payable, and the wiJ premiset chalt tx wIJ to satisfy and pay lhe same together with cc»ts, expenses, and ~ elluNan~e+. In catir of part~al fcxecknurc of th~~ m~tgage, ~he murtgaged prrm~us shall be wW +ubjecl to the cuntinuing I~rn uf lhis f , mvrtgage for the zmuunt uf !he Jtbt no1 then~~uc~arxl unpaiJ. !n ~uch cau the prov~siun~ uf Ihi+ paragreph may agatn be availrJ of ~ thercafier from time to time by the murtgagre. 10. That the mortgag~?r will give immrdiate nunce by ma~l tu the nwrtgagee of any cunveyarke, trancter, or change of ~wner,h~p ~f ; ehe premises. 11. Thst na waiver u( aey oovetynt herein or uf the ubl~ga~~un +rcureJ hercby shall at any Ume thereafter be helJ tu bt a wa~~er uf the terme hrr~uf or of 1he rn~te crcureJ hcreby. 12. (hat if the rrx?rlgagur detault in any uf the ruvrnanl+ ur agtrrmenh cunta~neJ hercm, ix in aaiJ nute, thin the martua~ee may perform the samt, arrl ell ezpenJiture~ 1mcluJing rea~onable atturncy'~ fresl maJc I+y thr mixtgager m w dwng shall dtaw ~nterest at lht rate +et fcxth in the rwte se~urrJ hereby, anJ ~hall he rrp•ayablc immat~aicly and without demanJ by the murt~agor to the mort~a~ee, anJ. € wgether w~th inieresl anJ c~hts acrrwng thereon, ~hall bt u~u~ed by thi~ owrtgage. , ~ ~ °c~x 1~,~g Q.~-~1~ # ~ : - x_.