HomeMy WebLinkAbout1896 ~!!1 t: ,
2. lAu. ~s ~xd~ eeore t~Qr a prwect ~he.ec~uay d ~ba nw~tse~e, the m?Kt~apu. ~.~aher wqh. arni in rW~Iwn 10. Ibe man~hl~
Paytuenq ue~der tM te~n~s d tAe aote sec~rod hcreby. os tAe fi~sl J~y uf ea~h momh ua~~l tAe aad nute ~s ru~~r P.~. w~u ~y ~o u~e
nart~aiee the folbwrna wats: ~
l~l An ~mouM wflicietH ~o provide ~he Aalder Aaed witA tuads to p~r tl~ ueat mortp~e ~nsw~na premwm ~t tha ~nwuma~ wd
the nde acurod Aereby u~ i~su~ed, ar a monlAlr char/e lin lieu d a na~t~ye imuraace premium) it they are bdd b1r ~he
Secrc~arf ot Housi~ and Urban Devclopment. as fdbws:
11) It and so lo~ as :aid note d even dats ~nd this ~mtrume~t ve iawred or ue reinsurod uader the qovisioas o~ U~e
Nuio~l Housint Act. an amouat wRicient to ~acumulate in the hrnds d the Iwlder onc l i 1 mon~h ptiar w its due ds~e the
a~nual monpie inwrana premium, in or~kr ~o pn~vide sucA hoWe~ with funds to pay sucA premium to the Secrc~ary of
Houtit~ and U~bu~ Development punuan~ to the Nation~l Housin~ Ac~ as. amended. and applicabk Re~ulstions
thercunda: ar
1111 If and so lonj ss said ~ote of eveo date ami tAis instrument are held by tAe Secrctuy of Houain~ and Ut~an Devebpment,
a monthly char~e lin litu of ~ raonsa~e irtsurance premium) which shall be in an amount equil to one-twelfth /1112) of
o~e-half l~a) per centum of the averase ouuuandin~ balance due oa the ~ae oomputed without taki~ iato aocouat
deiinque~cies or prepaymenu:
lb) A wm eqwl to the ~round rents, if any. next due. Plus the premiums tAat will next beoome due a~d parable on policies of tire
and other hawrd i~uuialfte aovnins the tisart~ared property. plw tuas aod assessa~ents next due on the mortiased propen~r ldl
as ptim*ted br the mortsssee) las all sur~ alreadY pa~d thaefor dividod by the aumber oi aantl~ to elsp~e before one month
prior to the dste wheri such ~rQUnd rCats. Premtums, taxes. aod assasments will become delinquen~. such sums to be held by
mort~a~ee in tnut to pay said `tound rents. premiums. taxes. and special assescments: and
(c) All piyments mentaned in the tvw proocdin~ wbsections of this parasn~h ard all paymcntt lo be m~de u~der tpe ooee sexured
hereby shall be added to~ether and thc ag~regate amount lhaeaf shall De paid by the mort~s~or each month i~ a sia~k paymeat
to b~app~ied by the mortaa`ee to the fdlowing items in the order set fonh:
(4 promium charges under the conuact of insurance with the Secretary of Housing and Urban Devebpment, or monthly
charse (in lieu of inertp`e ins~rance premium~ as tAe case may be: .
(Iq fround rents. tues. asseuments. Gre. aad othu hazard insurana premiuau;
(111) interest on the note secured hereby; and
(IV) amortiution of the priacipal dsaid rate. .
1ny de6ciency in the amount of wch aggreg~te monthly payment shall, unless made good by the mortgagor pr'ar to the due date of
the next such paymenl, constitute an event ot default Lrnie~ this mortgage. The mongagee may colloct a"late charge' not to exceed two
ants l2c) for euh dollu ISI) ut exh payment more than fifteen (IS) days in arrears to cover the extra oxpense invotved in hancilins
delinquent payments.
3. That if the total of' the payments made by the mort~agor under (bl of para~aph 2 preceding shall exceed the amount of the
payments acwally made by the mortgagee, for ground rents, taxes and acsessments and insurance premiums, u the case may be, suct.
excess at tt~e opeion of the mort~asee, s6a11, be creditod oa subsequeat paya~eats to be made by the mort~a~or, or refundod to tLe
mongaeor. If. however. the monthly payments made by the mon~agor undu (b) of parag~raph 2 prececiing snoll_ not be sufrcient to pay
ground renis, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable. then the
mortgagor shall pay to the mortgagee any amount nocesury to make up the deficiency, on or before the date when payment ot such
ground rents, taxes, assessments, or insurance premiums shell be due. If at any time the mortgagor shall.tender to the mortgagee in
accocdance with the provisio~n of the note secured hereby, tull payment of the entire indebtodness represented thereby, the mortga~ee
shall. in computiog the amount of such indebtedness, craiit to the aocount of the morigagor all payments made under the provis'ans of (a)
of paragraph 2 he~eof which the mortgagee has not become obligated to pay to the Socrctary of Nousing and Urban Dcvebpmait and any
balance remaining in the funds accumulated under the provisions of (6) of said paragraph 2. If therc shall be a detault under any of the
provisioac of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee aaquires the property othrnrix
after defaulb the mortgagee-shall apply, at the time of the commcnCement of such proceedings or at the.time the.property is otherwise
acyuirod, the balance then remaining in the fun8s accumulatod under Ib) of paragraph 2 precetfing ac a credit against the amount of
pri~cipal then remaining urtpaid under said note arni shall properly ~ljust any payments which shall have betn macte uRde~ (a) d said
paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charga, bnes, or impositions. for which
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will prompUy deliver the
official rceeipts therefor to the mortgagee.
S. 'ifiat he wiU permit, commit, or suffer no waste, impairment, or dete~ioration of said property or any part theroof: and in the evenr '
of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premisa, or improvGments thaeon,
in good'repair, tfie morigagee may make such repai~s as in its discrelion it may deem necessary for the proper preservation thereof, and
the full amount of each and every such payment shall be immodiatdy due.awd payable, and shallbe securod by the lien o~this mortgage.
6. That he will pay all and singular the costs, charges, and expenses. including reasonable lawyer's fees, and costs of abstracts of title,
incurrod or paid at any time by the mortgagee bocauce of the failure on the part of the mortgagor promptly and fully to perform the
agrcements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mortgage.
7. That he will kecp the improvements now existing or hueafter crected oa the mortgaged property, insured as may be required from
time to time by the mortgagee against loss by fire and other hazards. cawlatia, and contingencies in such amounts and for wch periods as
; may be requirod by morigagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not
! boeo made hereinbefore. AO iasurance shall be carried ia companies approved by mortEagee and the policies and re~ewals thereof s6a11
`t be held by mortg~gee and have attachod thereto loss payable clauses in favor of and in form acceptable to the mortgagce. In event of loss
~ he will give immediate notice by mail to mortgagee. and mortgagee may mate proof of !oss if not made promQUy by morigagor, and each.
insurance company coacerned is hereby authorized and dircctcd to make-payment for such loss dir~cQy to mortgagee instead of to
mortgagor and mortgagee joinUy, and the insurance proceeds, or any part ther~of, may bc applied by morigagee at its option either to the
reduction of the indebtedness hereby securod or to the restoration or repair of the property damaged. In event of foreclosure of this
mortgage or other transfer of title w the mOrtgaged property in eztinguishment,of the indebtodness secured hereby, all right, title, and
interest of the mortgagor in and to any imurance policics ihen ie torce ~haltpass to the purchaser or grantee.
8. That the mortgagce may, at any-time pending"a suit upon lhis modgage, apply.to the court having jurisdiction thereof for the
appointment of a receiver, and such court shall forthwith-appoint s rceeiver of the premises eoverod hereby all and singular. including all ~
and singutar the income, profits, issua, and revenues from whatever source derived, each and evtry of which, it being eacpressly ~
understood, is hereby mortgagod as if specif~cally sd fonh and described in the granting and habendum
clauses heroof: and such receic~~
shall have all the broad and efYoctive functions and powers in anywise entrusted by a court to a receiver, aod such appointment shall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference w the adequacy or
inadoquaey of the value of the property mortgaged ar to the solvency or insdvatcy d said mortgagor or the defendents, and that such
rents, profiu, income, issues, and revenues 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 of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a,
rcasonable monthly rental for the prcmises an amount at least oquivalent to one•twelfth (1J12) of the aggregate of the twelve monthly
installmenu payable in the then current year plus the actual amount of the annual tues, assessments, water rates, and insurance prcmiums
for such year not coverod by the aforaaid monthly payments.
9. That (o) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said
sums of money herein rderred to be nol promptly and ~ully paid without demand or notice, or (c) in the event that each and every the
~ stipulations, agrcements, conditions, and covenants of said note and this matgage, are not duly, prompUy, and tully performed; then in
either or any such even~ the said aggregate sum mentioned in said note then remainig unpaid, with interat accrued to that time, and all
moneys securcd hereby, shall become due and payable torthwith, or thereafter, at the option of said mortgagee, as fully and completely u
~ if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary
~ notwithstanding: and thereupon or thereafta, at the oQtion of said tuort~agee, without notice or demand, suit at law or in equity, may be
prosocutod as if all moneys sacured hereby had matured prior to-its institution. The morigagee may foreclose this mortgage, as to the
amount so dcelared due and payable, and the said premises shall be sold to satisfy and pay tht same together with oosts, expenses, and
albwances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the oontinuing lien of this
mortgage for the amount of the debt not then duc and unpaid. In such case the provisions of this paragraph may again be availed of
thereafler from time to time by the mongagee.
10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance. transfer, or change of ownuship of
the premises.
11. That no waiver of any covenant herein or ot the obligation secured hereby shall at any time thereafter be held w be a waiver of
the terms heroof or of the note securcd hercby_
l2. TAat if the mvrtgagor detaull in any of the covenants or agrtements contained herein, or in said note, theo tNe mosttagee may
~ pettorm the same. and all expenditures 1 including rcasunable atwrney's fea) made by the mortgagee in so dan~ shall draw interest at the
rate set forth in the note secured hereby, and shall be repayable immediately and without dtmand by the mort~agor to the morisa~ee. and,
to~ether witt~ int~aat and costs xcruing thereon, shall be secured by this mortgage_
~ _ > ~
~ aooK20i ~?~E1894 ~
y 1 ~ _ :~r~'~m