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HomeMy WebLinkAbout1562 ' ~ ' ,i ~a 1 2 t :Z~ r t That, in wde~ mure IuUy to prut~t thr +t~unty uf ~his morlga~e, tht mungagur, wgether w~th, anJ ~n uJd~twn w, thr nun~hly paymrnts unJer tht terms u[ ~hr nute ~tcurtJ hercby, on tht firs~ Jay uf Ca.h rounth until thC said note i+ fully paid, Nill p;~y to thr murtg~g~~C thC [ulluwing wmc: (al An amuunt wftic~en~ tu pruvide the holde~ he~euf with fun~ls tu pay the next mo~t~:~o lnaurance premium if this instrument aod the nute xcu~rd hzrcby ue intured, or a monthly char~e lin lieu of a mo~tsa~e insuranco premium) if they are held by the Secrctary .>f NuuainY ~?nd U~ban Developmcn~ as fulbws: • 111 If and so lun~ us said note of even dyte aixi this instrument are insurnl or a~e reinw~ed unJer the provisions of the National Huusin~ Act. an amount suf('~cie~t to axumulate in the hands of the holder one 11) month prior to its due date the annusl moneagz inw~ance przmium, in ~xJer ta provide ~uch holder with funJs to pay such prcm~~m ~o thr Sec~etary ot Huusing and llrban Develupmtnt purouant to 1he Na~iunal Housing Act, as aimnded, arxl spplicable Regulatwns tAtreunder; or 111) If and so lon~ as ,aiJ nute of even date anJ this in+uument ue hekl Dy the Secrctuy of Housine an1 Urban Devrlopment, a monthly charge lio lieu uf a morlgagt in~urunce prrmiuml w•hich sAall t+e in an amou~t tqual to one-tw•el[th (11121 of ane-half (~h) prr centum of th~ avtrage uuutanJing balance due on the note cumputed withuw taking into xceount ~ delinquencies or prepaYments; Ib) A sum equal to tfx growxi rents, if any, next dua, plus the premiums that will neat become due and payable ort policies of firc t and othet haiard-insurance cavecing tM Dtu[t~agrtl pc~perlY. plus taxes and assessmtnts next due on the mart~aged p~operty laU ~ as estimated by the mortgagee) less all sums alrrady paid the~efor dividcd by the number of months to elapse before one month prior to the date when such ground rcnts, premwms, taxes, and asussments will become delinquent, such sums to be held by , ' mortgagee in trust to pay.said Qround rents, premiums. taxts, and special assessments; and te) All payments mentioned in the tvvo precedin~ subsections of this paragraph and all payments to be made under the note secured hereby shall be added t~ether and th! aggregate amount thereof shall be paid by the morlgagor rach manth i~ a single payment to t+e applicd by the rtwrtgagee to the [olbwing items in the urder set forth: 11) preauuln charges under the contract of insurance with the Secretary of Housing aad Urban Devebpment. or nwnthly charge (i~ licu of mo~tga~e insurance prcmium), as the case may be; (I11 ground rents, taaes, asscssmcnts, fire, and other hazard insurance premiums; Itlll interest on the notc secured hereby; and IIV1 amortization of the principal of said note. .~ny deficiency in the amount of such aggregate monthly payment shall, unless made goal by the mortgagor prior to the due date of ihr nr~t such payment, cunstitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two crnts 12c1 for each dollar IS11 of each payment more than fifteen (IS) days in arrears to cover the extra expense involved in handling delinquent payments. That if the total of the payments made by the mortgagor under Ibl of paragraph 2 preceding shall ezceed the amount of the payments xtually made by the mortgagee, tor ground rtnts, tata and assessments and insurance p~emiums, as the case may be, sucR excoss at the option of the mortgagee, shall. be credited on subsequent paymeats to be made by the mort`a6or, or refundod to the rYwrtgagur. If, however. the monthly payments made by the mortgagor under (A1 of para~traph 2 preceding shall not be sufficient to pay grourxi rent,, taxes anJ assesiments and insurance prcmiums, ac the case may be, when 1he same shall become due and payable, then the nwrtgagor shall pay to the mortgagee any amount necessary to maAc up the deficiency. on or t+eforc the date when payment of xuch grourxi rents. taxes. asxssments, or inturance premiums shall be due. If at any time the murtgag~x shall temier to the mortgagte in accordance with the provisions of the note secured hereby. full payment of the entire indebtctlness represented thercby, the mortgagee ,hall, in computing lhe amount of such indebtevlness, credit to the account of the mortgagor all payments made under the provisions of la) of paragraph 2 hereof which the m.irtgagee has not become obligateJ to pay to the Secrctary of Housing and Urban DeveloPment and any h:~lance remaining in the funJs accumulxted under the provisions of (bl of said paragraph 2. If thtre shall tx a default under any of the pruvisiom of this mortgsgr, re+ulting in a public ~ale of tha premises covereai hereby, or if the mortgagee aoquires the property otherv~ise after default. the mortgagee ~hall apply. at the time of'the commencerr~ent of such proceedings or at the time the property is otherwise a~yuirrd, the bal•rnce then rem:+ining in the funds ac.umulatcvi unJer (hJ ~f paragraph 2 prn:eding as a credit against the amount of princip:+l then remaining unpaiJ under wid noir anJ shall pruprrly :i.iju.t an~• payments Nhich shall have been made under !u) of said ~ paragraph. Ihat he will pay all taxc+, atce+~ment,. watrr rate+. ~nd Wher gu~~ernmental or mun~cipal chuges, fines, or impositions, for Which j provi.iun hati nut hern maJe hereinlxfure. and in default therruf thr mortgagre may pay the same; and that ht veil) prompdy delivor the ~ .~ffic~al reaeipt~ thrrefo~ to thr mortgagre. } S_ (hat he will permit, rummit, ur wfier n~~ W a+te. ~mp~irment. ~x Jeteriuratiun uf said property or any part theroof: and in the event ~ ui ihe failur~ of thr mortgagur tu Acrp th~ builJingc un wid premises and those to be erccted on said premises: or improvements thereon. ~ ~n g~x~ rep:+ir. ihe murtgagee map make ~uch repairs a, in its Jixretiun it may dzem necessary for the proper preservation thertof, and i ~he f~dl anwunt uf r:~h anJ e~•rry w~h payment shall hr imm~iistely dut and payablr, anci shall be secured by the lien of this mortgagc. ~ ~ 6. fhat fir W ill pay all arxl .ingul:~r thc cmt~, charg~y. arnl r?~per?mes. including rcawneble lawper's fees, and costs of abstracts of title. ~ ~ncurratii ~~r paid ~t any time by thr murtgagee t+ct~u.e of ~he failure on the part of the mortgagor promptly and fully io perform the ~ agrermrm. anJ cuvenant~ of wid promi..ury nute anJ thi, murtgagr. and said arits, chargzs. anJ expenses shall t+e immediatel~• due and i s payable :~nJ ~hall tx ~ecureJ b~ tha lien ~~f thi. m~xtg~gr. E 7. I Fl:ll FIC MIII LCt~ lFl~ impruvem~nt~ nuw~ e~i+ting ur hrrcafler erectcti! un the murtgagcJ pruperty. insured a. may t+e requireal from € nme tu lim~ hy the nwrtgagre againct liri+ M fire and uther h'xiartl+. cawlalies, arxl contingencim in sueh amounti and fur ~uch peri~xls as ma)• he rtquired hy m~xtgagee, anJ will pay prumpUy. wh~n due, ~ny premium~ un wch insurance f~x payment of which pruvision ha~ not ~ been made hereinbefort. All insurance shall be carried in comQania approved by morigagee and the policies and-renewals thereof shall ~ hr hrld by murtgagre and have attach~d thcretu I~», p~yable clauses in favor of and in fcxm acceptable to the mortgagee. In rvent of loss r he w ill give immrJiate notice by mail to murtgagrr. anJ mortgaget may make proof ot loss if not made prompUy by mortgagor. arxl each ~ ~n~uran:,r cumpany wncrroed i~ hercby authuriteJ and directed to make payment for auch luss directly to nwrtgagee imtead of to ~ ~~«K~iK~'r anJ mortgager jointl~, anJ the iruurance pnxredc. or ~ny part thtrmf, may t+e applied t+y rtx~rtgagee at it. optiun either to the rrduc~iun of the indebteciness hereby secureei or to the rest~xatiun ex repair of the propeny damaged. In event of foreelosure of ~his ~ rtx~rig:+gr ur other tr:~mfer of tidc to the mortgaged pnqxrty in e~tinFunhment uf the indebtcyin~~c uYUrcyf hereby. all right_ title. anJ ~ inter~~i of the murtgugur in arxl w any ~mur:~nce {xilicirs ~hen in force ,hall pa~c to thr purcha~r ix grantee_ ~ 8. Tha~ ~he mortgagre may, at ao) time pending a.uit upun thi~ murtgage. apply to the cuurt having jur~ufictiun thereof for the :,ppuintment of a receiver, and such rourt shall f~xthwilh ap~xiint a re~eiver of the prem~ses covered hereby all arx! singul:~r. irxluJing all arxl ~ingular thr income. profit~, i„ues, and revenue+ frwn whatever wurce derivrd, each and every bf whieh, it bein~ expressly ~ ~ unJrr,tu.xl. i~ hereby mortgagctil a~ if ,~xYificatly ~et furth anJ Jesc~ihcY1 io thr gran?ing and habrndum clauses hereof. and ,uch receiver ~ ~ .hall fi.?vr all thr bruad anJ rRc~t~vr fuMlium and puwrr~ in an~ai.r rnlru,trd by a court Io a recei~er. and +uch appuiniment ~hall t?e ~ maJr hy .uch cuurt a~ ~n aJmiurJ ryui~~ anJ a matter uf at+.ulute nght to +aiJ mortgagee. anJ w ittuwt rekrerke to the adequacy or inad ua~ uf thr value uf the ru ert murt • ctii ur w thc wlvcnc or mwlv2nc of +aiJ murt a or or the Jefendentc, a?xi that ~uch ~ r4 Y P P S" b~& R' B ~ rents, prufitc. income, i~,uc~+. arxf revenue; +hall 1x appiieJ My wch receiver accurding to thr lirn of th~ti nwrtgage arxl the practicr of wch ~ caur~. In the event of any Jefault on thr part of the rtx?rtgagur herrunJer. Ihr m~irtgagur agrce~ to pay to thr murtgagee un Jemand as a Es j rea+onable monthly renlal for the premitec an amount at Ira~~ rquivalent to one-twdith 11/121 of ~he aggregatr of the twelve monthly ~ ~n~tallments payabie in the thrn current year plus th~ acwal amount .~f the annuaf t•rxes, asu~iments, water rate~, anJ insurance prtm~ums fur tiu~h year nut co~•ered hy thr afixr+aiJ munthly pay~ment.. - 9. "(ha1 1~~) in the evrnt of any brrach o( this m~xtgage or default on the part uf Ihe rtx~rtgag~~r. ~x Ih? in the e~ent that any ~~f wid ` ~um, uf mune} herein referretii tu t+e nut promptl~ and fully paiJ withuut demanJ or nutic~. ~K 1~~1 ir. the evrnt that c:+ch arxl rverr tht ; ~u ulauun.. a reements, cund~tium. ~nJ cuvenanu uf saiJ nutr and thiti m.xt r e, are nW duh•. um tl anJ fuU erf~~rmrd: thrn in € ; P R B' B Pr P Y• ' Y P ; ~ either ur any sur.h event, the ~aiJ a~regate ,um menti~~oeJ in ,aid nute thcn remainig unpa~J, w ith intrre~t accrurJ tu ih•rl timr. and -all ~ r:; rtwneyti xtiurctil hcreby. shall hrcome due and pa}able f~xthw ith. ur therraflrr. at ihe uptiun .~f wiJ murtgagre. a~ (ully anJ complrah a~ ~ = if all of the v-~id wms of money were onginally .tipul•rtrd tu tn paiJ un w~h day. anyihing ~n ~aiJ nutc ur in thi. nwrtgagr tu the ~ontr:iry nutw ithstanding: anJ thereupun ur-ihereatter, at thr uptiun ~~f aaid nxirtgagee. w ithout n.~tice or demanJ. ,ui~ at 1~w ur in ~yuny. ma> bt _ pnnrcut~~l a~ if all moneys tiecared hereby~ haJ ma~ur~d pnur t~. itti in,tiWUOn. 1he rtwrtgagrr may fixrclu~e thi+ murtgagr. a. t~~ thr ~ ~rtx~unt ~ declareJ due and payaMe. anJ thr said prrmi.e, ,hall t?r wW to tatisfy and pay thr +amr tugether wilh m+h_ r~Ex nus, and ~Iluwancr~. In ca~e of parual f~xeck?tiure uf thi~ mortgagr. Ihe murtgageJ premises +hall tx wW ,ubj~t to thr c~~nunuing I~en uf ~his - =s rnurtgage fur Ihc amuunt af Ihc Jebt nut th~n Jue arn; unp.~id. In .uch ca~c the pru~i.ium uf ~hi. p;?ragraph m:~~ again hc a~:ul~til i~f ~ ~hereaRer fnrm umr to time hy Ihr murlgager. - 10. lh:~t lhe rrn~rtgagur will girr immrdiate nuhcr by msil to thr mortgaget uf any conveyarkr. tramfer. ur change uf uwnrnhip of { ~he prrmi+e.. = I 1. Ihal nu aaivrr uf any cuvrnrnt herein ur uf 1hr obligaliun ~ureJ herrby tihall at any timr thrrrafter t+e heW lo hr a w~rvcr of thr tcrm~ hrrcuf ur uf thc rn~tr ,ccurrJ hercbp. " 12. I hrt it the rtxxtgag.x Jcfauh in any uf th~ cuvcnant~ or agrerment+ rontaineJ hrrein. or in wid rx~te. then the mortgagre may ~`t perform the wme, srn1 all e~pcnJiwr~ti I~ncluding rea,un~~~,;itturneq'~ feecl maJe hy the m~xtgaEre in w Juing shall draw interest at the rate set forth in tbe note ~e~ured hereby, anJ ~hall t+c repayab~e ~rlti~to~i~dy aoJ w ithuut dcmanJ hy the mortgagor to the rtwrtgagee, and. wgether w ith interest anJ an1+ accruing thereon, chall br secured by this mortgage. 4~ ~o~2U~l ~~Ei~61 ' x~ ~ - - ~ _ ~ _ . - r ..r.~ ~w.