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HomeMy WebLinkAbout1554 ` , ~ 1; ~ ~ ~ ? ' ~ ~ 2. That, in orJet more fully to protcct the xcurity of this nwr~gagr, thr murtgagur, tugcther with, aixl in additiun tu, the mu~thly payme~ts unJer 1he te~ms of Ihe oute sa;urtd heroby, un the first d:+y uf each mun~h un~il the ~~KI nute is fully paiJ, wi!! pay to the rtartgagee thr fi~Ilow~nR sums: • la) An amount suffk:ient to provide thc halder hereof with funds ta pay the next mor~~ase insurance premium if thi~ instru~rxnt and the note ucured he~eby are insured, or a moathly charge lin lieu ot a mort~age insurance {xemium) if tAty are held by the Secrctary of Housin~ aad Urban Development, as folbws: 111 If a~d w long as said note of even date and this instrument ut imured o~ are rcinsured under thc n~ovisions of thc National Nousing Act, a~ amount suflicient to accumulate in the hands of the holde~ one i I/ month priur to i4s due date the annual mortgage insurance prtmium, in orJer to provide such holder with funds to pay such premium ta the Sesretary of Housing and Urba~ Developmtnt pursuant to the Natiunal Housing Act, as amrnded, aixl applicable Regulatiuns thereunder; or • Ilt) If and w long as saiJ note of even date artd ~his instrumrnt are held by Ihe Secretary oi Housing and Urban Devtlupment, a monthly charge lin lieu of a mortgage insurance premium) which shall be in an amiwnt equal to o~e-twelfth 11/12) af one-half ~44) per eentum of the average uutsta~xiing balance due an the note cumputed without taking into aecaunt JtlinQuencies or prepdyments: lb) A sum equal to the gr~~wxi rents, if any, next due, plus the premiums that will next become due and payable on policies of fi~e artd oiher hazaTd itnuranceto~ering the mortgaged~ropen7r, ptus taxes and assessments next due on the mortgaged property (a!I as euimated by the mortga~ce) less a!! sams already paid the~efor divided by the number of months to elapse bcfo~e one moath ~ . priur to tt~e date when such gruund rents, premiums, taxes, anJ asses..ments will become delinquent, such sums to bc held by ~ mortgagee in trust to pay said ground rents, premiums, tanes, and special assessmena; and ~ fe) All payments mentioned in the two preceding subsections of' this paragraph and all paymena to be msde under the nute ~ecured ~ Aereby shall be addecl togethcr and Ihe aggr~gate amount thereot shall be paid by tht mortgagor each moath in a sin~le payment to be applied by ~he mortgagee to the following items in the order ut forth: U? premeum charges under the contract of insurance with ~he Secrctary of Housing and Urban Devebpment, or manthly ~ charge (in lieu of matgage insurance premium), as tAe case may be; ~ (11) ground rcnts, taxes, astessments, fire, and othzr hazard insurance premiums; q (1!1) interest on the note secured hereby; and 3 (tV) amortization of the principal of said note. ~ Any drficiency in the anwunt uf su~:h aggregale munthly p•rymrnt ~hall, unle~ made g~x~ei by thr mortgagur prior w the due dste uf ~ the next such payment, curutitutr an event of default under this m~~~g~gr. The murtg:?gee may rollctit a"late chargr' nut tu excerd two cents 12c1 fur each Jollar ISI1 of each payment murr than fifteen lISI Jays ~n arrears tu cuver the extra exprnsr involvnl in handlmg delinque~t paymerts. 3. That if the total of ~he paymrnts maJr by the mongagur urxier Ibl of parsgraph 2 prcYrding +hall rxcrrJ the artxwnt of the payments actually maJe by the mortgagee, f~x ground r~nts, taxes anJ n~.ea~ments and insurance premiums, e~ the case may be, wct. excess at the option of the mortgagce, shall. be creditod on subsoquent payments to be made by the mort~a~or. or refuadod to the mortgagor. If, however. Ihe munthly payments maJe by the rtx~rtg~~r under 161 uf paragraph 2 pr~edi~g shall nut be sufficient to pay ground reni~, taxr~ a~x1 asseyments and insurance premiums, as the c:~se may be, Nhen the same shall bewmr due anJ payable, thrn the mortgagor shafl pay to ~he mortgager any am~wnt o~eiwry to make up the drficiency, on or beiore the date when paymrnt of .uch grourxl rents, taxes, assc~+ments, or insurance premiums sh~ll bz Juc. If at any time the mortgagix shall ternler to !he murtgagee in acconlance with the pruvisiuns of the nute secured hereby, ful! payment ot' the entire inJebtetilness represented thereby, the murtg~gee shall, in computing ihe amuunt uf such irxiebt~ineu, creJit tu the account of the murtgagor alt payments maJe unJer ihe pruvisiuns of Io> of para6ra~h 2 hereof which the mortgagee has not become obligat~l to pay w the Secretary of Housing arxl Urban Develupment arn1 any t?alance remaining in the fumis accumulateJ u~xier the pruvisium uf Ih~ of said paragraph 2. If there thall be a default unJer any of the provisiuns of this mixtg3ge, resulting in a public cale of ~he premisrs cuverrd hrreby, or it the mortgagee aoquires the pr~rty othervrice after defaul~, ihe mixtg~gce shall apply, at the time of ~he cummer?cement of such pr~~ccedings ix at the time the propeny is othtrwise acquir~l, tht balancr then remaining in th~ fundt accumulated under /b~ of paragraph 2 preceJing as a crnlit against the amuunt of principa) then remaining unpaid under said nate arxl shaH pruperiy adjust any p:~ymenls which shal! have bern maJe under Iu) of said paragraph_ 4. That he v?iU pay aU tax~~, auessmeots, Nater rateti, anJ ~Nher governmrntal or mur.icipal charges, fines, ix'impositions. fur whizh ~ ~ pt6viAitfA Nss~udt fSCEii'h~idti+h~R~I~brfple~d in default therrnf thr murtgsgee may pay the same; and ~ha~ he will prompdy deliver the ~ ~lw~f}~ wt~,:.q~s~~s,~~ at he will,permit,.com~ t;ors fTr~ no wastr. impsirment, ur Jrterioratiun of said property or any part thereof: and in Ihe tvent ~ Prft e,~a urt o~'lh~ rt1Qrt a Y t6 Ye~~Aildings on ~aiil premesr+ anJ thutie to be era~:ted on said premises, or impro~ements thrreon. ~ ` i~l ~fU epair, lFt~ RtOSl~g~1~ ~ repain a~ in it. discrelion it may detm necessary for the propor preservation thereoL and the full anwunt of tach and every such payment shall t?e immrJiately due and payablr, atxl ~hall be securrd by the lien of this mortgage. 6. (1~at he will pay all and singular the rcnts, chargrc, a~xi et~?enses, ir?cluding rea,unable lawyer s fees, anJ cozts of ab~lracts of tiUe. incurred ix paid at any time by the nwrtg:?gee t+e:ause uf the failure on the part of the nwrtgagar promptly and fully to perform the agreements arnf covenants of saiJ promis~ory note and this murtgagr, and ~aiJ cucts, charges, and expenses shalt be immeJiately Jue and payeble and ,haH be secureJ by the tien of this mortg~ge. 1_ That he w•ell ketp the impruvement3 noM eaisting or hereaiter erectrJ on the murtgaged property, inwred as map be required from ~ime to timr by the morlgagee again+t Iou by fire and other haiarJt, cawfatiec, and contingencies in such amuonts and fi~r wch peri~xls as r may be required by mcxtgagee, anef wi!! pay promptly, when due. any premiums un such insuranct for payment of ahich provicion has not ; been made hereinbeforc. All insurance shall be curiod in compaaia approved by mortgagee and tix policies and renewals thereof shall ~ bt held by mortgagee and have attscheJ thereto loss payable clauses in favor uf and in form acceptabte to the murtgagec. In evrnt uf loss he will give immediate notecc by mail to mortgagce, and mortgagee may make proof of loss if rwt made promptly by mortgagor, and each ? insurarn:e company concerned is hereby authorized and directed to make payment for such laas directly to rtwrlgagee imtead uf to ' mortgagor and mortgagee joinUy, and the insurance proeenls, ~x any part the~wf, may be applied by murtgagee at its optiun aither tu the reductiun of the irtdebte-~lness hereby secured or lo Ihe rettoration or repair of the property damageJ_ In event of forecl~ure uf this ; mortgage or other transfer of tiUe to the mixtgaged properry in extingu~shmeM of the indebtetiln~c securrJ hereby, all righl, tiUe, and 3 ~nterest uf the mixtgagur in and to any insurance policiec then in force shall pav to the purchaser or grantec_ R. That the morigsgee may, at any time peruiing a suit upon this mortgage. apply to the court having juris~iic.tion therrof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. ~ncluJing all and singular the income, profits, issues, and reve~ues tr~n whatever source derived, each and every of which, it t+eing expressly urxiersuwd, is hereby mortgaged as if specifixally ~et lorth end described in the granting anJ habendum clauses hereuf, and such receiver shall have all the t+road aoJ efYective functions and powers in anywise entrusted by a court to a receive~, and such appointment shall be made by such court as an admitteJ equity anJ a matt~r of absolute right to said mortgagee, anJ without referern:e 1o ihe aJequacy w ~na~icquacy vf the value of Ibe property mortgaged or to the solvency or inwlvency of said mortgagor or the dofendents, and that such rents, prufits. income, issues, and revenues shrrll be applied by sueh 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 hereunJer, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the prcmises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monihly installments payable in the then currcnt ycar plus the utual amount of the annual taxes, asussments, water rates, and insurance premiums for such year not coverod by the aforesaid monthly payments. 9. That (n) in thc event of any breach of this mortgage or default on the part of the mortgagor, ix Ib) in the event that any of said sums of money herein referred to be not promptly and fully paid ~vithout demand vr notice, ur Ic) in the evenl that each anci every the stipulatiuns, agrcements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fu!!y performed: then in either or any sueh event, the said aggregate sum mentioned in said note then remai~ig unpaiJ, with inrerest accrued to that time. arxi all rtx~neys securni hereby, shall become due and payable kxthwith. or thereafter, at the option of said m~xtgaget, as fully and completely as if all ef the said sums of money wert originally sdpulated to be paid on wch day, anything in saiJ note or in this morlgagt to tht contrary notwithst~rtding; and thercupon or thereafte~, at the option of said mortgagee, without ~wtice or demand. suit at law• ~r in rquity, may be proucuted a~ if all moneys secured hereby had matureci prior to its instiwtion. "fhe r?wrtgagee may faecluse this mongage, as to the artwunt w dcclared due and payabte. and the said prem~uc sha11 be +old to xatixfy and pay the same togcther witb axts. ~xpenses. and ~ allowancrt. In case of part~al foreclosure of this mortgage, the mortgaged premises shall be sold subject to the cominuing I~en of lhis rtwrtgage for the amount of the deht nut then due anJ unpaiJ. In such case Ihe provisions of this paragraph may agein be availrJ of thereafter from hmc to time by the mortgagee. 10. That Ihe murtgagor w~ll give ~mmediate nouce by mail to tho nwrtgagee of any conveyance, trantifer, or chang~ of uwnership of the prrmises. 1 1. That nu waiver of any covrnant hcrcin or of the obligation cecured herrby chall at any time thereafter be held to be a wairer of ` the term~ here~>f ix vf the rwte secured hereby. : 12. That if the nwrtgagor Jetault in any uf the covenants or agregments cuntained herein, or in said rwte, then the mortgagte may ~ perform the samt, ~ncl all expend~tures tincluding reasonable attornty's kes) rpadt'by the mcxtgagee in so duing sh~ll draw interest at the ~ rate set fath in the rwto secured hereby, and shall be rcpayable immodiately and without demand by the mortgagor to the mortgagee, and. ~ together with interrsl anJ costs accruing thercon, shall be secured by this mortgage. `o~2t~ ~1553 ~ ; ~ ~ _ _ . - _ .