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HomeMy WebLinkAbout1891 : •1` ~ u th~. mw~ d?e mar~ eiher Muh. •nJ ~n aJJnian a. ~he nnx~~M . 1 hat. ~e w~k~ m~~r full~ tu pruiht ~hc t~ ~ d ta~e. t+~• ~t > paymtnu utkler the ~erm+ u( ~he ~te x~ure~1 hctcly~. .M Iht fit~l Jay uf c+?h nwnth u~ul !hc wMl nNe fuU~ paNl. wdf p.~~ ~u tAe murts;y~ce ~he f.?Il.~w~nr wm~: lal ^o anwun~ sufti:~eat tu p~uviJe tl~e haklcr hetcut Mrh fuaJ~ W p~Xlb4 neal tmx~~e ipwuace premwm if th~s insuument anJ ~he nwe aecure.l hereby ue insurc~l. ~ a monthly c~ v~e lla litu ora morlp~e iaw~ance premiunU if they ue held by tAe ~a~ety~y d Hw?s~ry{ and U~ban Devel~tenl, ss fulbNS: tll If and w Iwq as s+~~d note d eve~ dste aad this ~astrumeot are ~nsurai ~x ue reinau~ed unJe~ ~he orovisiuns of the Natiunal tluu~in~ Act. an am~wnt wfficknt lo aaumulate in the har~ls d ~he h~l~ w~e (1) ma?th prior to its due date the annual nw?rtYa~r inaurance premium. in ~xJer ta pruvi3e ~uch hdder with fu~ds to pay such pr~mium to the Secre~sry ot Nuusin~ and Urbxn Develupmeot punuanl to the Natiunal Houain~ Act. as amrnJeJ, and appticable Rc~ulaaons ~herewxler or 1111 If anJ +o lun~ w wiJ nwe of eveo Jate +?mi this imlr~~ment are heW by tht Secreluy of Hwuin~ et~d Urban l)evelopment, . a monthly charee I~n I~eu uf_a mortgage imurance prnmium) which aAall be in au anww~l e~qual to one-~we1Qh 11112) oi une-h•rlf 1'~l P~~ centum of the ave~age ~wtatanJing Nalance dur on the note comprf~ witlLqu,taking intu aociwnt delinquencies or prepayments; (bl r~ sum equal to the ~ound rent.. if any. nez~ due. plu's the pemiums that will next ~eoome due a~?d payabk o+i policies oi 6re and other hazard insurance cove~ing the mort~agod ptoperty, plus taxes and asxssme~ts neat due on the mort~a~td property lall as estimated Dy ti~e mort~agee) less all wms alrwdy paid therctor dividod by the number of months to elapse be[ore one month prior to ihe date when such graund rcnts, premiums, tues, and sssasments will become delinquent, srcd sums to be heW by mortgagee in ttust to pay uia around rents, prcmiums. wces, and special assescments; and (c) All paymeats meataned in the two procedin~ subsections of this puyr~ph and all puyments, w be_aads wder the uwe securcd hereby shall be added togcthcr and the aggregate amount thercof shall be paid by the mortga~or each month i~ a singk payment to be appli~d by the mortgagee to the following items in the orde~ set tc~th: (1) prcmium_ chargcs under the cuntract of i~urance with the Stcretary of Housing and Urban Devebpment, or ~twnthly charge (in litu of mortgage insurance premium~ as the case may be; l11) ground rents, taaes. acsescments, 6re, and other hazard insurance premiums; (111) interest on the nWe securod hereby; and (IV) amortiration of 1he principal of said nae. Any deficiency in the amount of such aggrcgate monthly payment shall, unless made goal by the mortgagor priur to the due date ot the next such payment, constitute an event of default under this mongage. The mortgagee may collect a"late charge' ~ot to exceeei Iwo cents 12c) fo~ each dollar tSll af exh payment more than fiftcen (IS) days in arrears to cover the extra expense involved in handlina delinque~t payments. 3. That if the total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall ezceed the amount of the payments actually made by the mortgagee, for ground rents, texes and as.ussments and insuranc;e promiums, as the case may bc, suct. ea~oess at ihe option of the mortgagee, shall. be cndited on subsequent payments to be made by the nwrtsagor, or rdunded to the mortgagor. If, however, the monthly payme~ts made by ~he mo~ieagor under Ib) of paragraph 2 p~eceJing shall not be sufficient to pay ground rents, ta~es and assescmentc and insurance premiums, as the case may be, when the same shall beoome due and payable, then the - mongagor shall pay to the mortgagee any amou~t necessary to make up 1he deficiency, on or beforc the date when payment of such ground rents, taaes, assessments, or insurance premiums shall t+r due. If at any lime the mortgagor shall tenJer to the mortgagee in accorJance with the provisions of the note secured hereby. full payinent af the enti~c indebtedness represented thereby, the m~rtgagee shall, in computing the amuunt of such inJebtedness, credit to the account of the mortgagor all payments made under the provisio~ of 1a) of paragraph 2 hereof which the mortgagee has not become obiigated to pay to ihe Secretary of Housing and Urban Development and any balance remaining in the funJs accumulated under the pro~tisions of (b) of said paragraph 2. If there shall be a default under any of tht pruvisions o[,this m~xtgage, resultina ia a public sale of the..premisescoYered hereby, or if the marlgagee aoquires the property otherwise after default, the mortgagee shall appty, atlhe time of the commerieement of such-proceedingc or at the time the property is oth~rwise acquireJ, the balance then remaining in the funds accumulated under Ih~ of paragraph 2 p~eceding as a creJit agaimt the amount of principal then remaining unpaiJ uruier said note and shall properly adjust an~ payments whjc6 sl all have been madt unJer (u) of said pa~agraph. . d. That he wilt pay aU taxes, assessments, water rates, an.1 other governmental or municipal chazges, fihes. or imp~ositions, for which provision has not been made hereinbefure, and in defauh therc~P the mixtgagee may pay the sari~e; and that he will promptly delivC[ the of'ficial receipts therefor tu the mortgagee. ' ' ~ ~ . S. That he will permit, commit, or ~uITer no w:ute. impairment, or dete~ioration of said property or any part thereof; arn1 in the event of the failure of thc mortgagor tu keep the buiWings un said premises and Ihose to be erecteJ on said premises, or improveme~ts thereon. in ~ood repair. the r?iortgage2 may make such repain at in its discretioA it may deem necessary for the proper preservation thereof, and the full amount of each und every such payment ~hall he immediately due and payable, apd shall be saured b~t the liea of this mortgage_ 6. T'hat~he will pay all.arxl singular the co3ts, charges, and expenszs, including reasdnaMe lawyer s fees, and'costs of abstracts of title, incurred or paid at any timr fiy the morigagee becaau oP the failure on the part- of thc mortgagor promptly and fully to perform the - agreements anci covenants of ~aid promic,ory note and this mortgage, anJ said costs, charges, anei expenses shall be immeJiately due and payable and shall be secured by the lien of this morlgage. ~ 7. That hz will keep the improvemeMs now existing or hereafter erected on the rrwrtgaged property, inwred as may t+e reqoired from time to time by~ the mortgagee against kxc by fire and other hazards. casulaties, a~x1 contingencies in such amounts and for such periods as i may be required by mortgagee, and will pay promptly, whbn due, any premiums on such insuraoee for payment of which provision has not l been made hereinbefore. All insurance shatl be carriod in companies approved by mortgagee and the policies and renewals thercof shall ~ be held by mortgagee and have attachecf thereto losc payable clauses in favor of and in form acceptable to the mortgagee. In event of lou j he wi1F give immediate notict by mail to mortgagee and mortgagee may make proof of lacs if not made promptly by matgago~, and each ~ insurance company conzernrd is hereby authoriucl and directed tolnal-e paYment_for suctr I~s dirtcdy_to mongagae instead of to mortgagor arxi mortgagee jointly, anci the insurance prceeecis. or any part thereof, may be applied by mortgagee at its optiun either to the reduction of the indebteJnets hereby secured or to the restoration or repair of the property damaged. In event of forecl~xure of this mortgagc or other transfer uf title to the morigaged propehy in ~xtinguishment of the inJehtedneu secureJ hereby, all right. tiQe, and interest of the mortgagor in and to any-insurance policies thin in force Shall pass to the purcha~er or grantee. F. That the mortgagee may, at any timt pending a suit upori this morteagc. apply to tt}e.cuurt having juriuliction thereof for the ~ appointment of a receiver, anJ such court shall forthwith appoint a receiver of lhe premises coveted hereby all and cingular, including all arni singular the income. profits, iswes, 'and sevenues fro(n whalever source- derived: esch and every ut which, it being expressly unJerstoai, is herei~~ mortgaged as if specifically set forth and dleseribed in the g~anting and habtndnm clauses heroof, and such receiver shall have all thr broaJ anJ effective functions and powers iri anywise entrusted by a court to a receiver, and such appointment shall be made by such coun as an admitted equety and a matter of absc~lute right to said mortgagee, and without reference to the aJoquacy or inadeyuacy of the value of the propeny mortgaged or to the solvency or insolvency of said rtwrtgagur or the Jefendents, and that such rcnts, profits: income, issues. and revenues shall l~e 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 pari of the mortgagor hereunder, the mortgagor agrees to pay to'the mortgagce on demand as a reuonabfe monthly rental for the premises an amount at leut equivalent to one-twelfth (11~2) of the aggtegate of the tw-elve monthly installments payahie in the then current year plus the actual amount of the annua! taues, atsessments, water rates, and inwrance premiums for such year not covered by the aforesaid monthly payments 9_ That (a) in the eveni of any breach of this mortgage or default on the part of the mortgagor, or (h) in the event that any of said ~ sums ofmoney hetein referrecl to be not promptly and fully paid without demand or notice, or (c) in the event that each an~J every Ihe stipulations. agreements, conJi~ions, and covenants of said mxe and this mortgage, are not duly, promptly, and fully perf'ormed: then in ~ either or any such evenl, the saiJ aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, aod all moneys secured hercby, shall txcome Jue and payable forthwith, or thereafter, at 1he option of said mortgagee, as fully and completely as ~ if all of the said wms of money were originally stipulated to be paid on such Jay, anything in said note or in this mongage to the contrary ~ notwithstarxiing; and thereupon or ihereafter. at the option of said mortgagee, wi~hout notice or demand, suit at law or in equity. may be ~ prosecuteJ as if all rtwneys secured hereby had matured prior~to its instiwtion. The morigagee may foreclo~e Ihis m~rtgage, as to the . ~ amount so declared due and payable, and the said premises shall be sold [o salisfy and pay the same togelher with sosts, expenses, and allowances. In cax of partial foreclosure of this mongage, the matgaged premiscs shall be sold subject to the continuing lien of this mor~gage for the amount of the debt not then due arxi unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagce. t0. That the mortgagor will give immediate notice by mail to the mongagee of any conveyance, transfcr, ur change of ownership of the premises. 1 I. That no waiver of any covenant herein or of the ubligation secured hereby ~hall at any time thereafte~ be held to be a wai~er of the terms hereof or of Ihe note secured hereby. 12. That if the mortgagor Jefault in any of the covenanis or ageements contained herein, or in said note, then the mortgagce may perform the same, and all expenJitures 1 including reasonable attorney's feesl made by the mortgaaee in so duing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immodiately and without demand by the mortgagor to the mortgagee, and. to~ether with inte~est and costs accruing thereon, shall,be~Nc~red~ Yys morigage. ~,.:t).~~i ~ ( ~oox ~ 1889 ~ ~ ~ ~ - ~l 1~= x _ - ~..~v: