HomeMy WebLinkAbout1916 2. Ihal, ~n urJrr murc iully tu prutr~:l thr +rcunly uf th~~ murt~;.~gr. thr nwiigag.~r, tugrlhrr Nnh, anJ in aJJiuun tu, thr nr~nthl~
~+:~ymrnl. undr~ thr term. uf ~hr nu~r +atiurrJ hrr~hy, un ihr h~~~ Ja~ ul ~:~.h ~nunth until tht .aid nu~r fully p~~J, w~ll pay to thr
nwr~gagrt thr li?Iluw~ng ~unu:
lal .~n anwunt ,ufhcient to p~oviJt 1he hulJcr her~f with funJ~ to pay ~he ntxt mortgage ~nw~ance prrmium if this instrumrnt end
~he natr u:ured hrreby are incurrJ, ~ s mun~Aty charge ~in heu of a rtwrtgage insutat~ce prrmiuml ~f thty are hrlJ by lhe
Sctiretary of Hou~ing enJ Urban Devrlapnxnl, as fulluws:
111 If and w long as said note of even Jate arxi Ihis ~n~trumen~ are insu~crl or are reinwred ut?der tht Drovisions of the
Naliunal Howing Act, an amou~t suf'ficiem to accumulate in the hands oi the tal~~ une (1) month prior to its due date tht
.annual murtgagr insurance prrmium, ~n urdrr to pruviJr .uch hulJer w~th fun~ls w pay such premium to the Secretary ot
Nousing artd Urban [kvelopmrnt punuan~ tu the Nshunal Housing Act, ac amendaJ, a~xl applkable Regula~ions
~hrreunde~; or
111) If anJ w long as ,aid npte,o[lyq~ydate a~x1 this in.trumrnt are hrld by the Secretary of Housing and Urban [kvelopment,
a monthly cAarge lin lieu ~~fa mortgagr inwr~nce prtn?ium) which shall t+e in an amuunl rqual to unatwelfth 11112) of
unr-half 1'•2 ) ptr cenwm of the avetage uutstanJing balant;e Jue on the nute cumputtd w~thout ~aking intu aa:uunt
Jrlinyuencies or prtpayments;
Ibl A~um eyual tu the ground rents, if any, n~xt Jur, plus the prrmiums that will next become due and payable on policies of fire
a~xf othe~ hazard insu~ance cove~ing the owrtgaged prope~ly, plus taxes and assessments nrxt due o~ tht murtgaged property lall
as estimated by tt?t nwrtgagee) less all sums already paid thetelor divideJ by the number of rrwoth~ to elapse before one mon~h
prior to ihe date when sw:h ~rounJ rents, prrm~ums, laaes, and assessments will become delinquent, such sums to be htld by
mor~dagee in trust to pay said g~wnd rrnts, premiums, taxes, and spec~al assr~+menu; and
(c) All payments mentioned in the two proceding wbsections of this para~raph and all payments to be muJe under the ~wte secured
hereby shall br aJd~1 to6ether and ~he aggregate ambunt thereof shall be paid by the mortgagur each munth in a~ingle pay~mn~
w be applied by ~he mortgagee to the fdlov?•ing items in the order set forth:
111 premium charge~ under the contract of insurance with the Sccretary of Housing and Urt+an [kvelopment, or rrKinthly
charge (in iieu of mortgage insurance premiuml, as the case may t?e;
11U gruund rrnts, taxes, asse~sments, firr, and uther hazard insurance premiums;
(111) interes~ on the note secured hereby; ami
(IV) amortiration of the principal of said note.
Any Jeficiency ~n the a~wunt of such a~regatr monthty payment .hall, unle,s made gixxi by the murtg:igur priur tu the dur Jate of
~he ne~t wch paymtn~, cunstitute an rvrnt uf drfault under lhis murtgabe. fh~ mcxtg~gre may collett a"latr charge" nut w rxceeJ two
cents 12c) for cach J~Ilar IS11 of r:kh p•rymrnt more th:~n fiftern 1151 day~ in arrrars to cover the rxtra rxprme im•ulvc~l in hanJling
Jelinyuent paymenta.
3. fhat if Ihe wtal uf thr payment~ meJe by the murtgagur und~r Ibl of' par:ysraph 2 prctirding shall e~ceed Ihe a~twunt uf the
payments actually maJe by the m~xtgagce, fur ground rent~, ta~es anJ ~c~ment~ and insurance premiums, as the cas~ may be, aucF.
excess at the oplion of the mortgagee, shall, be crcdited on subsoquent payments to be made by the mortgagor, or refundod to the
mortgagur_ If, huwever, the munthly payment~ m:uie by the murtgagur undrr Ih? uf paragraph 2 preceding ~hnll not be ~ufficient w pay
grounJ rcnu, taxrs anJ ~weumrnts anJ inaurance premium~, r~ ~he case may be, w~hen the same shall bzcume due arxi payable, then !he
mortgagor shall pay to the murtgagee any amount nece~sary to male up the deficienry, on or befor~ the Jatr when payment of such
grourni rents, taxe+, asst~cmrnu, or ~nwrance prcmiums shall t?e due. If at any time the martgagor shall ternfe~ to ~he morigagee in
accurJ:~nce with the pruvi~iom of the nutr secured hrreby, full payment of Ihe entir~ irxiebteilness representeJ ~hereby, the nwrtgagee
shall, in cumputing the amouM of such i~xlebtctilnc~, crrelit to 1he account of the mortgag~x all payments made under the provisions uf Iu1
of peregraph 2 hercof which 1he mortgagre ha, nut brcume obligated to pay w the Secretary of Howing arni Urban Development and any
balance remair.ing in the funds xcumulatrd unJrr the provisiunc uf Ibl of +aiJ paragraph 2. If there shall br a default ureder any of the ~
provisions of thi~ mortgagr, rc~ulting in a public .ale uf thr prrmi+e~ cover~d hereby, or if the m~xtgagee aeyuires the property othecwisr i
after default, the m~xtgager shall :I~IY, :Il lFll' umr of the cummencemrnt of ~uch pnxeedings or at the time the pruprrty is otherN~se
xyuirtJ, the balatxe then remaining in the funds sccumulstrd unJer Ihl of paragraph 2 preceding as a credit against the amount of ;
principal then remaining unpaid under saiJ note anei Shall pruperly adjust any paym~nts which shall have been' maJr under lu) of saiJ
paragraph. _
a. fhat hr N~II pay all ta~cy, a*~c~~mrnh. Mater ratr~. anJ uther guvernmrnta) or municipal charge~, fine.. ur ~mpositium. for Nhich
pruvn~un ha~ not txen made hercinhrtiur, anJ in Jefault Ihrrcti~f Ihr m~xtgagee m:~y pay the same: and thal he wiU prumptly deliver the
official receiptx thrrefor to the murtgagre.
5. That he will permit, commit, or suffer nu wa.te, impairmen~, or deterioratiun uf.aiJ pn~rty or any part thrrcof; and in the event
uf the failure of thc mortgagor to keep the builJing~ un said premix~+ and tho~ to br ~~ctited on saiJ premixs. ~x impruvrments Ihrrcon.
in g~~l repair, thr mortgagre may~ mak~ such repairc •rs in its diurrtion it may dcem nece.uary for the proper preservation thereoL and
ihe full artwunt of each anJ every such payment ,hall t~ immeJiately Jue and payable, and shall be secured by the lien of this mortgage.
6. That he Nill pay all and singular thr c~xtc, charge~, and exprme~, including reasonable laNyer s fecy, anJ costs i~f abstracts uf ti11e,
~ncurrrJ ur paid at any time by the rtx?rtg~gee t?~au~r of thr failure on the part uf 1he awrtgagor promptly and fully to perform the
agreement, and covrnant~ of wid promi»ury nute :~nd thi. murtgage, and said cc»ts, ch-rrges, arxi exprme~ tihnll be immeJiately Jue ~nd
paysblr anJ ~hall he secured by the lien of this mortgage.
~ 7. "~h~t he will kerp the improvem~nts nuw axisting ur herrafter erected un the rm~rtg~grd propeny, insureJ a, may t+e reyuired from
` umr to tim~ by the murtgagee against loss by fire and other hazards, casulatic~s, and contingencies in such amuuntti ~nd for such periuJs as
} m•ay be rrqu~rrJ by mortgagee, and will pay prompUy, when Jue, any premiums on such insurance for paymrnt of which provisiun has not
3 been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be heW by murtgagee and have attached thereto luss payable clauses in favor uf and in form acceptable to the rrxutgagcr. In event of loss
he will give immediate notice by mail to mortgagee, arxl mortgaget may make proof of loss if not maJe prompUy by mortgagor, anJ each
~ ~nsurance company a~ncerned is hereby authorited and Jirected to make payment for such loss Jirectly to rtwrtgagee instead of lo
rrw~rtgagur anJ m~x~grgee jointly. :?nJ ~he insurancc proceed~. ~x any part Ihereof, may be appl~ed by murtgagee at its option either to the
rrductian uf Ihr indeMedness herebY ~ureJ ur to the re~torat~on ix Sepair of the property JamageJ. In evrnt of forecknure of this
; rtwrtgagr ur uther transfer of tide to the mungaged property in eztinguishment uf the indzbtedness securc~i hereby. al! right_ litle, anJ
interest uf thr mortgagix in anJ to any insurance policies Ihen in force ch~ll pass to the purchastr or grantre.
~ S. "fha~ thr rrx~rtgagee may, at any time penJing a suit upon this mortgage, apply to the cuurt having jurixlKtion thereof for the
a appointment of s receiver, and such court shall forthw ith appoint a receiver of the premises covered hereby all anJ sengular. irkluding all
= and singular thr ~ncome. profit+. is.uet, and revenuc~s from whatever source derived, each and every of which. it t+eing expressly
~ unJerstixxi. iti htrcby murtgageYi a~ if spctiific.~lly ~et furth ~nd d~~rit~J in thr granting anJ habendum clau+e+ here~~f. and ~uch receiver
~ ,hall have all the broaJ anJ effective functiun. anJ puKrn in anyw itie entru~teJ by a court w a receiver, and +uch ~ppointment chall be
~ made by wch court s~ an ~Jm~tted dquity anJ a matter uf af~x~iute right to wiJ rtx?rtKagee. anJ withoW refererxe to the aJeyuacy or
~ i~~dryuaey of the value of the pruperly mc~rlgaged or to the solvency or ~nsolveney of saiJ rtwrtgagor or thr defendent+, arxf that ~uch
renb, profits, incume, iisues, anJ rev~nues shall be applied by ~uch receiver accorJing to the lien of this rtwrtgage arxi the practi.;e of wch
court. In the event of any Jefault on ~he part uf thr rtxirtgagor hereurtJer. ihr rtwrtgagur agrees to pay to the murtgagee on demand 3s a
reasonabfe monthly rental for the premiu~ an amount at leact equivalent to ont-twelfth 11112) of the aggregate of the twelve mc?nthly
installmeMs payable in the then current year plus Ihe actual amouol of the annual taxes, as.ussments, water rates. and inwrance premiums
for such year not covered by the afcxesaiJ monthly payments.
~ 9. That (u) in the event of any breach of Ihis mortgage ur defauh on the pan uf the mortgagor. cx Ib? in Ihe event that any uf ,aiJ
sums of money herein referred to br not prompUy and fully paiJ without dem:?nJ ur notice. or (c~) in the event that each and every Ihe
cUpulatiun~, sgreements, cundiUuns, and covenants of said note and this morigage, are not July, prompUy. arx3 fully perfi~rr?~ed: then in
~ erther or any ~uch event, the said aggregate sum mentiuned in ~aid rwte then remainig uopaid, with interest accrue~! to that time. anJ all
_ rtwnep..r~urrJ hrreby_ shall becume due and payable forthw ith. or thereaf[er. at the optiun of sa~d mcxtgagee. ati fully anJ completely as
if all of ihe taid sums of money were originall~• ~tipulateJ to be paiJ on wch day. anyihing in SaiJ note or in thiti rtx~rtgage tu the cumrary
:i twtwithstanJ~ng: and thereupnn or thereafter, at ~he option af said rtwrtgageq without nutice or Jemand. wit at law or in equity. may t?e
~ pnnecuttJ as if all moneys secureJ hereby haJ matur~d prior to its inctitution. "fhe rrwrtgagee may fixeclu~ this rtx~rtgage, a+ tu the
artwunt .o declared Jue ~nd payable, and the wid premi~es shall be wIJ to satisfy and pay the +ame tugelher with cints, ezpenses, and -
_ alluaanceti. In ~ase of partial furecl~rure of thiti mortgage, the mortgageJ premises shall be wIJ wbjcct to the continuing lien cf this
_ rrkirtgagt fur the amount of thc Jebt not then Jue and unpaiJ. In such casc the prov~~iuns of this paragraph may again be availeJ of -
` there:+fter from time to ume by the murtgagee.
' 10. ~hat the rtx~rlgagur will give immeJiatr nuUCC by mail tu the rtwrtgagee of any ~om•eyance, lrancfer, or change of i~wner~h~p of
= thc premisr~.
I I. ~hat no waiver of any coven~nl herein ur uf the oMigauon secured hereby ~h~ll at any time thereafter be heW to be a waiver of ~
= the term~ hereof ~x ot the rwte secureJ h~reby.
12. That if the rtxxtgagur Jefault ~n any uf the coven~nt, ur :~greement+ a~ntained herein, or in saiJ rwte. Ihen the mortgagee may ~
perform the same, and all czpenJilurr+ 1 irxluJ~ng reasunahle auorney's feesl made by the mortgagre in w Juing shall Jraw interest at the
_ rate xt forth in the rx~te secureJ hereby, anJ shall be repay able immeciiately anJ w ithuut demand by the mortgagor to the mortgagee, and,
tugether ~+ith interest anJ c~»ts accroing ~hereon, shall be secured by this mortgage.
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