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HomeMy WebLinkAbout1144 2. Thal, ~n ~xilcr muro fulty to prulc~t the actiu~ity uf this mort~a~a ~h~ mptl~t~e~he~~~ ~n :w1JU~~n ax ~hc rtr~mt+ly payments unJer the terms uf the rwte u+~ureJ he~eby. .x~ lhe fir:l d~?y ~~f exh muntA until the sai~i nwe is (ully paiJ, v?i11 pay a~ thr mortst~ee tht WU~iN•ing ~ums: (a) An am~wnt wfficient to proviJe the holder Aercoi with 14~n~t to p~y ~ M~ ~i~ ~~i~e premium ii'this inu~ument and the note ~ecuted hereby ue insured. or a monthly chusd li~ lieu of i ~11ott~s~e iawrance premium) it they ue held by the Sacretuy of Nousin~ a~i Urbxn Dsvelopmea~. ss fdbws: (1) lf aad so lon~ as said aote ot even date sad this instrument are insurcd or ue rcinsucod u~wier the Drov~siuns oi the Natiuaal H~wsia~ Act. aa amount w~cie~t ~o accumulate in the hands of the holder one ll) monthprior to its due date the annual mort~,a~e insurxnce premium. in order to provide such hdder with Wnds to par such premium to the Secretary ot Housins aad U~bra Development purwanl to tix. Natiw~al Housir.g Act, as amended. and appli~:able Regulations thweunde,~; or ll p if and ao loas ss +aid note even date snd this insuume~t are held by the 5ocretary of Housin~ and Urban Development. a rrwnthly charge lin lieu of a mort`age insurance premium) which shall be in an amount equal w one-twel(lh (1112) oi one-half (~i)~ per centum of the ave~a~e outsta~xiing balynce due on the note computod without takina into aaount delinquencies ar prepaYments; (b) A wm equal to the srcwnd rents. if any, next due, plus the premiums that will aext become due and payable oa policies ot 8re and otba har~~d insur~nce cwvering the mort~sgeA ~opertr. plus taxa a~d as:eisments nezt due on the mort~agcd property (all as estimated by th! mortga~ee) less all sums alceady paid thuefor dividod by the number of months to elapae befon one month . prior to the date whe~ such tround rents, prcmiums, tues. and auessments will become delinquent, such sums to be held by mortgagee in tryst W pay said arouud reats, premiutns. taues. and special assessmertts; and lc) AI{ paymeats mentioned in the two procedinQ subaectio~ of this para~aph. and atl payments.w be made uader the note securcd hereby shall be added together and the aggregate amount thereof shall be paid bg ihe mortgagor each month in a singk payment. to be applitd by the mortgagee to thr following items ia the order setfonh: ' (1) premium oharges under the contract of insurance with the Secretary of Nousing and Utban Devebpment, or monthly ctwr~e lin lieu of mortga?Qe insurance premium), as the case may be: - ~ (11) ground rcnts. taxes, assessments, fire. and other hazard insurance premiums: Illq interat on the note secured Aereby; and UV) amonization of the principal of said note. Arhr deficiency in the art~uni of such abgregate monthly payment shall, unlesc made good by the mortgagcx prior to the due date uf the next such payment, constitute an event of default under this mongage. The mortga8ee may collect a"lale charge' not to eaceed two ccnts (2c) for each dollar ISI) of each payme~t morc than fiReen 11S1 Jays in arrears to cove~ the extra eapense involv~d in handling delinquent payments. ' 3. That if the total of the payments made by tht mortgagor under !6) of para8raph 2 prececling shall exceed the amamt of the payments actually macle by the mortgagce, for ground rents, taxes and asxssments and insurance premiums, as the case may be, sucF.• exoas at the option of the mortgagee. shall, be credited on subsequeat ps~rments to be made by the mortjagor. or nefunded to the mortgagor. Ii, howeve~, the montl~ly payments made by the mo~tgagor under tb) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and ascessments and insurance prcmiums, as the case may be, when the same shall become d~ie and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deCxiency, on or before the date when payment of such ground rents, taxes, atsessments, or insurance premiums shall be due. If at any time the mortgagur shall tender to the mwtgagee in acoontance with the provisions of the note secured hereby, full payment of the entire indebtedness represented theret+y, the mortgagee shall, in oomputing the amount of such indeMedness, credit to the account of the mcxtgagor all payments made uniler the provisioru of (a) of paragraph 2 hereof which the mortgagee has not bemme obligated to pay to the Secretary of F1o+uing and Urban Devebpme~it and any balance remaining in thc funds accumulated under the provisions of (bj of said paragraph 2. If Iherc shall be a default under any ot the provisioas of this mortgage, resulting in a puMic sale of Ihe premises covered hereby, oY if Ihe mortgagee aoquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of such pra:eedings or at the time the propcrly is othrrwise acquirui. Ihe balance then remaining ia lhe funds accumulated under Ib? of pazagraph 2 preceding ac a crnlit agxinst the amuunt of principal then remaining unpaiJ urxier saiJ note and shall properly adjust any payments which shall have been maJe unJer (a) of said paragraph. 4. That he will pay all ~axes, assei~ments, water rates, and Wher guvernmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefi~rr. anJ in default thermf the mortgagee may pay the same: and that he will promptly deliver the official receipts therefor to the mortgagee. 5. 7'hat he will pcrmit, commit, or sutl'er no waste, impairmenl. ~x deterioration of saiJ property or any part thercwf; and in the event of the failure of the mortgagor to keep ihe builJings on saiJ premises anJ tF?ose to be erectrd on said premises, or improvements thereon. in good repair, the mortgagee may ma1:e such repairs as io its discretion it may deem necc~ary for the proper preservation thereof, and the futl anwunt of each and every soch payment shall be immediately Jue arni payable, arxi shall be secured by the lien otthis mortgage. 6. That he will pay all arxl singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, jncurred or paid .at any time by the mongagee because of the failure un the part of the mongagc>r promptly and fully to perform the agreements and covenants of said promiswry nute and this morigage. and said casts, charges, and expenses shall be immediately due and , payable and shall be securcd by the tien of this mortgage_ j 7. That he will keep the improvement+ nuw existing or hereafter erected un the mortgaged property, insural as may be required from ! time to time by the mongagee against 1~ by fire and other hazards, cas~!aties, and contingencies in such artwunts and for such perKxls as I may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has nut ~ been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the po~ic~es and renewals thereof shall be held by mortgag~e and have attached thereto loss payable clauses in favor of and in form acceptable to tht mortgagee. In event of loss ~ he will give immecfiate notice by mail to mortgagre, arxf mortgagee may make prouf ot Icns if no[ made promptly by mortgagor, and each i~surance company concerned is hereby authurizeJ anJ directed to make payment for such loss directty to mortgagee instead of to mortgagor anJ mortgagee jointly, and the insurance proceeJs. or any part thcreof, may be applied by mortgagee al its option either to the ~ reduction of the indebtedness hercby secured or to the restoration or repair of the property damaged. In event of foreckxure of this mongage or olher lransfer of tiUe to the mcxtgaged pn~?erty in extinguishment of the inclebtedness securevl hereby. all right, title, and ~ interest of the mortgagor in anJ to any inwrance policies then in force shall pass to the purchaser or grantce. 8. That the mortgagee may, at any time pending a suit upon this mortg3ge, apply to the court havine jurisdiction thereof for the appoin~rmnt of a receiver, and such court shall forthwith appoint a rcceiver of the premises covered hereby all and singular, including all and singular the income, profits, issua. and revrnuts from wHatever soui~ce derived. esch and every of which, it being expressly unckrstixxl. is hereby mortgagevi as if specifically Set forth and descritxd in the granting and habendum clauses hereof, •rnd such receiver shall have all the bro:?d anJ efTective functions anJ powers in anywise entrusled by a court to a rectiver, and such appointment shall be mack by such court ss an admitted rquity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadoquacy of the value uf the property mortgaged or to the solvency or inwlvency of said mortgagor or tht defendents, and Ihat such . reats, profits, income. issues, anci revenufs 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 part otthe rrwrtgagor hereunJer, the mortgagor agrees to pay to the mortgagee un demand as a reasonabk monthty rentai for the premises an amount at least. oquivalent to one-twelfth 11~12? d the aggegate of the twelve monthly ~ instxllments payable in the then current year plus the act~?'al amount of the annual taxes, assessments, water rates, and in~urance premiurtts for such year not covered by the aforesaid munthly paymentc. 9_ That (a) in tbe event of any brcach of ihis mortgage or default on the pan of thc mortgagor, or (b) in the event that any of said ~ sums of money herein referred to be nd promptiy and fully paid without demanJ or notice, or (e) in the event that each and every the ~ stipulations, agrcements, conditions, and covenanu of said note and this mortgage, are not duly, prompUy, anJ fully performed; Ihen in cither pr ar~y such gvent. the said a~regate wm mentionecl io said note then remainig unpaid, with interest accrued to ihat time, and all ~ moneys secured hereby, shall become due and payable fortbw•ith, or thereafter, at the option of said morigagce, as fully and completely as ~ if all of the said sums of money were originally stipulated to t?e paid on such day, anything in said note or in this mongage to the cvntrary ~ notwithstanJing; and ihereupon or therrafter, at the option of said mortgagce. without notice or Jemand, suit at law or in equity, may be ~ prosecutod as if all nwneys secured hereby had,maturecJ prior to its insliwtion. The mortg:sgee may foreclcxe this mortgage, as to the amount so declared due and payable, anJ the said premises shall be wld to satisfy and pay the sartx together with cacts, expenses, and albwances. In case of partial foreclosure of this mortgage. the mnrtgaged premises shall be sold ~ubject to the continuing lien uf this ~ mortgage for the amount of the debt not then due and unPaid. In such case the provisions of this paragraph may again be availed of ~ thercafter from time to time by the mortgagee. I0. "That ~he rrxxtgagor w ill give immeJiate notice by mail to the morigagee of aoy conveyance, transfer, or change of ownership of ~ tbt prcmises. I I. That n~~ waiver of any covenant herein or of the obligation secured hereby shall at any Iime thereafter bt heW to be a warver of the terms hereof or of the nate secured hereby. 12. That if the murtgagor Jefault in any of the covenants or asreements contained herein, or in said note, then the morigagee may ~ pedorm the same, and all expenditures (including rrasonable attorncy's fees? made by the mortgasec in so doinQ shal) draw interest at the rate set forth in the note secured hereby, and shall be repayabte immaliately and without demand by the mortgagor to the mort~agee, and. together with interest anJ casts accruing Ihereon. shall be secured by this mortgagt. ~ . '°'°~~,°~'j2 ~ _ - ~ _ _ .