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HomeMy WebLinkAbout1953 ! ~ ~ ~ ittl ~ 2. lAat. ~p a~ln mote t~lly to ~wo~y ~Ae s~.urnY u( tM. a~wt~ye. ~l~e mwt~x, t.~c~her +~~A, and wW~~MM w, ihc nrM~hiy ~ paYmeets u~fa the terna o( ~f~e note secund hettby, w~ dN A~ Jyr.uf eaeh rtwnth um~l ehe .sd ewls a t~llr psxf. ~N pw tu tNe ~ ~xt~e~ee !be tdluwinr wms: • 1~1 Ae ~mouat wfl4risnt to provide the hdd~r bsreof wnh fueds ~o par ~he nea~ nw~t~a~e ~nwrs~oe ~emwm i( ~h~. ~awua~eni aad # iAe nwe securod hereb~r ue +awred. or a monthly char~e lin I~eu d a nwrt~ye iawra~ce prer~~um) it ~hey .rs Aeld by ~he ; Secrctary d Hoeeans sad Urbaa De+~slapn~t~. sa tdbws: 111 If aad ~o lon~ ss said nwe d evee date and lhis iiauument arc ~awrod or ue otinwrod uodet the pror~sioas d the Natioe~al Housi~ Acl. ae a~nount wfr'~cieet to aacumulue in the Aands a~ the hdda ope t I! montA}x~ar w ia due date the annua! mort~ase ir»urince premium, in arder to pruviJe such hdde~ with funds w pay such prcmium to ~he Secrcaryr ot Housins aad Urban Development pursuaat tu the Nati~al Housi~ Act. ss amendaf. and appl~cabk Ite~ulaUw~s thercunder: or tiU If and so lans as said note af eve~ date and this instrumcnt sre held by the Secretuy of Housin~ and Urban DevelopmeM, a monthly cha~~e lin lieu oi a m~xt¢a~e insurYnce premium) which shall be in an amount oqual tu onatwelfth 111121 uf une-half tl~i) pe~ ce~tum of the avera~e outstandins balance due on the ncrte computal without takin~ into aocount delinqneneia or {xepayments; Ib) A wm eqwl to the grournl rents, if any, next due, plus the premiums that will next bernme due s~?d payablc on policies of tirc and other hazud insu~ance oovering 1he morlsaaed property, plus tua anci ~ssrssments next due on the mon~a~ed propertY !sU u atimated by the mortsa~eo) less all sums already paid thtrefor dividod by the numba of months to elapse be(ore one month . prior to the date when sucl~ grou~d rents. prem~ums, taxes, and assasments will become deli~quent, such sums to be held by mongagee in trust W par said ground rents, premiums, taxes, and specia! asussments; and Ic) All payments mentioned ia the tvro precedios subsoctio~ af this para~raph and all payn~enu w be mwde under the oote secured hereby shall bc added uogether and the ssgegate amount thereaf shall be paid by the mo~t~agor each month in a sin~le payment to be applied by the mortgagee to the fdtowing items in the order set forth: ~ premium charges undcr the contract ot insurance with the Secretary of Housina a~d Urban Devebpment, or monthly charge (i~ lieu of mortgage insutance premium~ as the case may be; l1U ground rents, taxa. assessments. 6re, ae~d other hazard insurance premiums; l111) interest on the note securod hercby; and (IV) amortiution of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to ehe due date of the nett such paymeni. cunstitute an event of default u~?~fer this mortgage. The mortgagee may collect a"late chazge" not to exceed two cents 12c) for each dollar lSl) of each payment m~re than fifteen ~151 days in arreara to cove~ the extra expe~ne involved in ha~xlling delinqu~nt payments. 3. That if the total of the payments made by. the mongagor under Ib) of puagraph 2 preceding shall exceed the amount of the payments acwally made by the mortgagca. for ground rents, taxes and asxssments and insurance premiums, as the case may be, sucF. eacess at t6e optaa of the mcxtsagee, shall. bc aoditod on wbsaquent paymeou to be ~nade by the mort~a~or. or refunded to the murtgagor. !f, however. the monthly payments made by the mongagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and as.xssments and insurance premiurtu, as the cax may be, when the same shall became due and payabte, then the mortgagor shall pay to the mo~tgagee any artwunt necasary to make up the eieficiency, on or before the Jate when payment uf such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in acconlance with the provisions of the note secured hereby, full payment of the entire indebtalness represented thereby, the mortgagee shall, in computing the amount uf such indebt~aess, credit to the avcount of the mortgagor all payments made under the provisions of (a) . of paragraph 2 hereoi which the mortgagee has not become obligatai to pay to the Secretary of Housing and Urban Devebpmerit and any balance rcmaining in [he funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, resulting in a public sale of the premisa coverod hereby, or if the mortgagee aoquires the property othenvisc after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then ~emaining in the funds accumulated under Ib) of paragraph 2 preceding az a credit against the arttount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (u) of said paragraph. . - 4. "That he will pay all taxes, assessments, water rates, anJ other governmental or municipal charges, fines, or impositions, for which provision has not l+een made hereinbefore, and in default thereot the mortgagee may pay the same: and that he will promptly deliver the official receipts therefor to the mortgagce. 5_ That he will permit, commit, or mtTer no waste, impairment, ix deterioration of ss~id property or any part theroof: ard in the event of the failure of the mortgagor to ketp the Mei)dings on said premises aod those to be erected on said premises, or improvements thereon, in good repair, the morigagee may a~ake sLCh repaits as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment sha11 beammediately due anJ payable. and shall be securcd by the lien of this mortgage. 6. That he w~N pay all arxi sengular the costx cha~es, ~and expenses, including reasonable lawyer s fees, and costs of abstracts of title, incurreJ or paid at any time by the mortgagee because of the failure on the part of the mortgagar promptly and fully to perform the agreements and covenants ot said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and payable anJ shal! be secured by ihe lien of Ihis martgage_ - 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as mey be requirod from time to time by the mortgagee against loss by fire and other hazards, casulaties, and contingencies in such amounts a~d for wch periods as may be requered by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not boen made hereinbefore. All insurance s6all be carriod in companies approved by mortgagee and the policies and renewals thereof sha0 be held by mortgagec and have attached thereto toss payable clauses in favor of and in form aceeptable to the mortgagee. In cvent of loss ~ he will give immediate notice by mail to mortgagce, and mortgagee may make proof of loas if mt made prompUy by mortgagor, and each ~ insurance company concerned is hereby suthoriud and dirocted to make payment for such loss direcdy to morigagee instead of to } mortgagor and mortgagee jointly, and the insurance praceeds, or any part theroof, may be appfied by mortgaga at its option either to the ~ reduction of the indebtedness hereby secured or to the restaxation or repair of the propeny damaged_ In event of foreclosure of this } mortgage or other transfer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right, title, and ~ interest of the mortgagor in and to any insurance policies then in force shatl pass to the purchaser or grantee_ _ ; S. That the mortgagee may, at any time pending a suit upon this morigage, apply to the court having jurisdiction thereof for the ; appointment of a ~eceiver, and such court shall forthwith appoint a receiver of the premises covored hereby all and singular, including all ~ and singular t6e income, profits, issues, and revtnues fram whatever sour~ce dtr+vod, each and every of which, it being eaprtssly understood, is hereby mortgagod as if specifically set forth and dacribod in the granting and habendum clauses hereof; and such receiver shall have all the broad and effective functions and powers in anywiu entrusted by a court to a receivtr, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to saiA mortgagee, and without reference to the adoquacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents~ and that such rents, profits, income, issues, and revenues sha11 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 morigagor agrees to pay to tht mortgagec on demand as a ~ reasonable monthly rental for the premises an amount at least equivaleaLto onatwelfth (1112) of the aggregate of the twelve monthiy instaJlmenu payable in the then currcnt year plus the utual amount of the annual taxes, assessments. water rates, and inwrance premiums ~ for such ytar not coverod by the aforaaid monthly paymtnts. ~ 9_ That (a) in the event of any breach of this mortgage or default on the part of the morigagor, or (b) in the event that any of said su~ns of money herein refer~ed to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations. agreements, conditions, and covenants of said note and thes mortgage. ue noi duty. Qrort~tly, and fully performed: then in either or any such erent, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all moneys secarcd hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as itall otthe said sums of money were originally stipulated to be paid on such day, anytbing in said note or in this morigage to the contrary notwithstanding: and thereupon or thereafter. at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys socurod hereby had maturod prior to its institution. The mortgagee may foreclox this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenxs, and albwances. In case of panial foreclosure ot this morigage, the mortgaged premises shall be sold subjoct to the continuing lien of this mortgage for the amount of the debt not then Jue and unpaid. In such cau the provisions of this parag~aph may again be availed of thertafter from time to time by the mongagee. 10. That the mortgagor will give immediate notice by mail to the mortga~ce of any conveyance, transfer, or change of ownership of the premius. 1 1. That no waiver of any rovenant herein or ot'Ihe obligation securcd hereby shall at any time thereafter be htld to be a waiver ot the terms hereot or of the note stcured hereby. 12. That if the mortgagor default in any of tbe covenants or agreements contained herein, a in said note, then tiu more~agte may perform the samt, and all expenditrtrs Ii~clt~i rtasonable attorney's fees) made by the mortgagee in so doin~ shall draw interest at the rate set fath in the note secured het~by: tnd ~be repayable immodiately and without demand by the mortsa~or to the mort`asee. and, _ together with inlerat artd costs accruing thereon, shall be secured by this morigage. _ ~~201 ~i95~ . . - - K~ ~ ~-~d . ~--a'~~'.~_~~~x-~ : - . ~ :