HomeMy WebLinkAbout1957 - .~'~t ~ ~
2. Ihat. ~r~ ~,ws t~~r ~o ~won u~e ~sc~uny o< <ha a~oryye. U~e mw~~yw. i~~c~hs~ v?ah. anJ ~n +~klaN?n t.?. ~he mun~M~
aymcna uede~ the ts~ms d 1M awe ~ured Aerslry. w~ tAe Ar+l Jyr d each nwm~ umd ~Ae ~aM! n?we a(ully paNt. wdl pay ~o tAs
~yte ~Ae iulk~w~~ wan:
(sl Aa an~ouM wflk~cnl tu provwle !Ae Addtr Mrod wilA fui~ !o p~y 1he nea~ matp~r imwaees pniawm ~t th~s ~~uumeiM ~ad
ti~e nwe secured hereb~r ue iawnd. er • monthly ch~r~e liA lieu d s awrt~a~e imur~ncs Rsemium) if tM~r ~re heW E~r the
Sec~etary at Housi~y and Urbsa Developmenl. as fdbws: ,
ll) It and w loe~ ss ssid rale d even date sed ~his irotrumenl are iawced or are reinwrod under Mt Moviswns o( the
NatioaR~ /busin~ /1ct. an ~nwuet wt'ricient to aaumulue in tAe hands d the holder aae 11 i montA prior w its due date tAe
•neusl mortp~e insunece premium, in ~xJer to proviJe such Adder with fun~h ~u pay sucA prem~um to the Secretuy of
Nousin~ and U~bu? Derrlopmenl pursusnt lo the Na1~~na1 Howin= Act. u amen~kd. and applicable Rt~ulations
thercunda: or
Itl? If and ao lo~ u said note ot even date and thia inst~ument ue AeW by the Secrctuy of Housin~ sed Urban Development,
• mootNy cha~~e lin lieu of s mortsase insurance premiuml which ihall be in a~ am~wnt equal w one-twelflh 11112) of
one-haU lyil per centum ot the ave~ase outstandin~ balance due w~ the note eomputed witl~out t~?kinj into aoc.wat
delinquencies or prcpaymen~:.
(b) A sum equal to the pound rents: if sny, neat due, plus ~he premiums tha~ will next beeome due and payable on policies of tirc
and a1Kr hua~irtsuranceeoverin~tlx m~rti~ P~P~'tY M~ t~a ssaasments ~t due on the mort`ased propeny (alt
ss estiaated by the mortpjee) less all wms a4eady paid thcre[or divided by the numba of moaths to elapse before aae month
.prio~ w U~ date wbea such srouad reats. prem~ums. ~axes, and assessments will become delinquent, such sums to be hsld by
mort~a~ee in tnW to pay uid iea~nd rents, premiums, taues, and special usessments: aad -
(c) All payments mentioned in the two preoediat wbsectioas d lhis paragrapb aad all payments to be made uader the notc secured
hereby shsU be adde~d toaether and ~he a~egate amount tAereof shall be paid_hy the mort~a~or cach moath ia a sin~k payme~t
to be applied bY ~~t~ to the fdbwing items i~ the order set forth:
(11 prcmium cAarges under the contract of i~uurance with tAe Secretary of' Housins and Urban Devebpment, or montAly
cAarse (in lieu of mort~ase insuranoe prcmiuml, as the case may be;
(11) sround reats. t~uces. ~ssessments, firc. and other hazard insu~a~e premiums;
<Itq interest on the aote securod Aereby; and
(IV) amortiution of the princips?1 of said note.
Any deficiency i~ the amouot of such aggregate montAly payment shall, unless made ga~ad by the mortgagor prior co the due date of
the nut sueh payment, co~ctitute an event of default under this mortgage. The martgagee may cdlat a"Iate charge' not to exceed two
oeats 12c) fo~ each dollu (Sl) of exh payment more than fiflecn (IS) days in arrears to cover the extra expense involved in handlicig
delinquent payments.
3. 7'hat if the total of the payments made by the mortgagor under (b) of puagraph 2 preccdiag shall exceed thc amount uf the
paymenu actually made by the mortgagee, fo~ ground rents, taxes and acussments and inwrance premiums, as the cue may be. suct.
ea~oeas at the optiou of tbe mortpaee, stWl. be crcdited oa subaequeat paymeats to be made by tbe mo~a~or. or retunded-to the
mort~agor. If. however. the monthly paymenu made by the mortgagor under (b) of paragraph 2 preceding shall not be sufrcient to pay
ground rcnts, taxes and atsessments and insu~ance premiums, as thc case may be, when the same shall become due and payable, then the
motigagor shall pay to the mortgagee any stmount necessary to make up the dcficiency, on ar before the date when payment of wch
~round rents. taaces, asxssments. or insurance premiums shall be due. !f a1 any time the mongagor shall tender to the morigagee in
accordance with the provisions of the note secured hereby, full payment of the entirc i~xieMedness rcpresented thereby. the mortgagee
shall, in computing the amount of such indebtodness, crodit to the aoca~nt uf the mortgagor all payments made under the provisions of (a)
of paragraph 2 hereotwhich tAe mo~tgagee has not bocorr~e obligatod to pay to the Secretary af Housing and Urban Develop~nerit and any
balance remaining in the funds accumulated under the provisions of (b? of said paragraph 2. If there shall be a default under any of the
provisions of this matgage, resulting in a public sale of the premises covered hereby, or it the mortgagee aaquires the property otherwise
aRer default; the mortgagee shall apply, at thc time of the commencement of such proceedings or at the time the pruperty is otherwise
aoquired. the balanee then remaining in th~ funds accumulatod under Ib) of paragraph 2 preceding as a credit againxt the amount of
principal then remaining unpaid under said nole and shall properly adjust any payments which shall have bcen made under (u) of said
Pe~B~Ph- •
4. That he will pay all taxes, assessments, w•ater rates, and Wher governmental or municipal charges, fines, or impositions, for which
provision has not beea made hereinbefore. aad in default thereof the mongagee may pay tAe same; aed that be wil) promptly deliver the
official rceeipts therefot to iht mortgaaee.
5. That he will permit, commit, or suffer ao waste, impairment, or dete~ioration of said property or any part thercof; and in the event
of the failure of the mo~sgor to keep the buildinas on said prem"?xs and tlax to be erctted o~ said prcmises, or improvemeats the[eon,
in gaod repair, the ~rmttaagee may malce wch ~epsirs u in its discretion it may deem ~eecesvry tot the proper prescrvation thercof, and
the full amount of eaCh and ~trery such paymeat shall be immediately due and payable. aad stwlt ba socurod by We lien of this mortgage.
b_ That he wiH pay al) and singular the cosls. charges. and eupenxs, inctuding reasonable lawyer
s fea, and casts of abstracts of title,
incurred or paid at any time by Ihe mongagee because of the fai(ure on the part of the mongagor promptly and fully to perform the
agreements and covenanu of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately ~ue and
payable and shall be secured by the lien of Ihis mortgage_
7_ That he will keep the improvements now eaisting or hereafter erected on the mortgaged property, inw~ed as may be requirod from ~
time to time by the mortgagce against loss by fire and aher hazards, cawlaties, at~d contingencies in such amounts and for such periods as
may be requircd by mortgagee, and wiil pay promptty, when due, any premiums on wch insurance for payment of which proviaion has not }
beea made hereinbefore. MI iawraoce aball be carried in companies approved by mortbasee and the politiGS and reoewals thereof shall
be held by mortgagee and have attached thcreto loss payabte clauses in favor of and in form aoceptable to the morigagee. (n event of Ioss
he will give immediate notice by mail to mortgagee, and moitgagce may make proof of 1a~s if not madt prompUy by mortgagor, and each
insurance company conterned is hereby autlwiriud and dirccted to mate payment for such lass direcUy to mortgagee instead of to
morigagor and mort~goe joinUy, and the insurance proceeds, or any part theroof, may be applied by mort6aga at its op[ion either to the
reduction of the indebtedness hereby secured or to the restoratan or repair of the propMy damaged_ In event of foreclosure of this
morigage or other iransfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchascr or grantce. ~
8. That the mortgagoe may, at any dme pending a suit i?pon this morigage, apply to the court having jurisdiction thereof for the
appointment of a receiver, and wch court shall farthwith appoint a rceeiver of the premises covered hereby all and singular. including all
and singular tht income, profits. issues, and rrvenues from whate~rer source derived, exh and every of which, it being expressiy
understood, is I~aeby mortgagod as if specificaUy set forth and dacribed in the granting and habendum clauses heraof, and wch rceeiver
shall have all the broad and ePfectivc functio~ and powen in anywise enirusted by a court to a receiver, and such appointment shall be
nade by such court as an admitted equity and a matter of absolute right to said mortgagee, and without rcference to the adaquacy or
inadequacy of the value of the pr~operty mortgaaed or to the solvency or iiuolvency of said mortgagor or the defendents, and that such
rents, profiu, income. issues, aod revenu~ shall be applied by such receiver acoording to the lien of this mortgage and the prxtice of such
court. In th~ event of any dcfault on the part of the mortgagor hereunder, the mortgagor agrecs to pay to the mor[gagee on demand as a
rcisonabte monthfy rcntal for th~ premises an amount at leau oquivaient to one-tweltlh (1/12) o( the aggreEate of the twetve monthly ~
installments payable in the then current year plus the actual amount of the an~ual taxes. ~sessments, water rates, and inwrance prcmiumt
for such year not covcred by the aforesaid monthiy paymeats.
9_ That (o) in the event of any breach af this mortgage or default on the put of the mortaagor, or (b) in the event that any of said
wmg of money herein referraf to be noi promptly and fully paid witfiout demand or naice, or (c) in the event that each and cvery the
stipulations, agreements, wnditions, and covenanu of said note aod this mataage, ue not duty, pro~?tly, and fu11y performed• then in
either or any wch event. the said agaregate wm mentioned in said note then remainig unpaid, with interest accrued to that time, and all
moneys socured hereby, shall beoome due and payable torthwith, or thereafter, at the option of said mortgagee, u fully and completely u
if all of the said wms of mo~y were originally stipulated to be paid on wch day, anything in said note ar in this mortgage to the contrary '
notwithstandirtg; and thereupon or lhereaRe~, at the option of said mortgasee, without notice or demand, suit at law or in equity, may be =
prosecutod as if all moneys sacurod hereby had mawred prior to its institotion. The mortgagee may fareclose this mortgage, u to the ~
amount so declared due and payable, and the said premisa shalt be sotd to satisfy and pay the same toscther with cvs:s, expenses, and ~
albwances. In case d parlial forecbsure of this mortgage, the mortgaged premisr. shall be sold subject to tht conunuing leen ot this ~
mortgage for the amount bf the debt not then due and unpaid. In such cax the provisions of this paragraph may again be availed of
tAereafter from time ta time by the mortgagee. y
10. That the mortgagor will give immcdiate notice by mail to the mortg,agee of any conveyance, transfer, or change of ownership of ~
the premises~
11. That no waiver of any rnvenant herein or of the obligation socured hereby shall at any time thereafttr be held to be a waiver of i
the terms hercof or of tF~t nwe secured hcreby.
12. That it the mortgagor dcfault in any of the covenants or a6reements contained herein, or in said ~wte, then the mat~ee may ~
pertorm the same. aod all expenditura linciudin~ reasona61w~1t4M ) maclt the mort j
?ate se~ fortb in the note sccured here~y. and shali be r ~ g~~ s° doin~ shal! draw interest at the
epay~Meinnnediate~y and without dcmand by the mortp~or to the mort~asee. ud.
toset}ier with in?ereat and costs accruin~ thereon, shall be secured by this mort~e~
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