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HomeMy WebLinkAbout2184 i ` i ~ ~ 2. lAs~. ~r.fa arx~e tvUy a. p~wcn ~Ae.e.w~~y u( ~M+ mw~~a~c. ~hc m.N~r.pw. ~.,~etAe~ ~nh. aaJ ~n aJJ~~w~ a.. tAr m~~n~hy W~/11lAlf YIIOlf lllt llfllN ~ IAt AIMt ~OCYfN Alft~, an tAe lint Ja~~ .~I eacA muntA umd lAe NKI a~Ke n tull> paMl. Mcll p~y to ~Ae ewrtj~a~e tAe folk~.~u~ wms: lal Aa smouM wNic~eat w praw~de ~Ae h~ Aeroo( w~t~ tunds to pay ~Ae nea~ ~natja~e ~ewrance prea~~um ~f tha ~n~erumee~ ~d ihe nwe xcund hereby are ~auued. ur a naetAly cAu~e 1ia lieu d a nmrt~a~e ~nw~snce prcmiuml it they +~re held by the 5oueary a/ Housin~ and U~an Develop~nent. as fdbvrs: 111 1~ aad ~o lo~ u said note d even dste and tAis ~nwumeo~ are insund or ue rc~nw~ed undsr the orov~~wru d the Nuiotil Houans Act. an anaunt wfticient to aocumulau ~n the hands d tAe holder ~ne 111 mo~?th prar a ia due date tAc snt~wl m~xtp~e inwrana premium, ~n ~xder ta Qruv~.k .w;h hukfer with funds to pay such prem~um to the Secre~ary uf Housi~ snd Urbze Development purwam lu the Nat~unal Huua~n~ Ac~. u ame~fnf, am1 appticabk Re~utat~u~s tAuwnder: ar ' Ill) !t and aq lons ss said note d even date and tAis instrument are held by thc Secrctuy of Housin~ and Url+an Development. s monthly cMqe lin I~eu of a mort~ase insurance premium) which slull be in an am~wnt equai to w~e-twelfth f 11121 of ~ne-dalf l~? pu centum of the averase ewtsta~xlins b~alanct due oa ~be nde oomputod witAout lakins i~to aocount 4t1in4uencia or prep~yments: Ib) A wm eqwl to the gound rents, if aay, next due, plus the premiums that will next beoome due and pay~ble on policies of Art and o~Aer huud insurance coverin~ tfie morig'ssed'p'rop"erty, plus taxa and ~ments next due on ~he mort~a~ed property (all u estimuod br the mortsases) las afl wr~ alrady paid therefar divided by the oumber of montAs to dapse befote on~moaW prior to tt~e date when wd~ ~rae~ rents. prem~ums, t~ea, sad assesunents will bocome delinquent, wch sums to be held by mor+da~ee io trus[ to pay said gnwnd rents, p(emiums, tazes. and special usessmpnts: and . Ic) /111 pzymeats meataned in the two preoedin~ subsectiom of tAis parssnph aad all payments to be made uader the note secured hereby shall be added to~ether and the aggregate amount thereoCshall be paid by the mon~agor each mo~th in a sir?~k paymen~ to be applied by the mortgasee to the fdbwing items in lhe order set forth: 111 prcmium cha~ga under the convact of insurance with the Secrctuy of Housing and Urban Development, or monthly char6e (in lieu of martgase insuranoe premiuml, as the case may be; _ UI) grvund reats, laxes. asssssments, fire. and aher hazard inwrance premiums: (111) interest on the note securod hereby; and (IV) amortization of ~he principal of said notc. ' A~y deficiency in the amount of such aggregate monthly payment shall, unless maJe gixxi by the matgagor prio~ to the Jue date of the next wch paymen~ co~wiwt~ an event of default unde~ this mwtgage, The mortgagee may collect a"Iate charge" not to exceed two cents 12c1 for each dollar Ifll of exh payment more than fifteen (151 days in arrears to cuver the extra expe~se involved in handlin~ delinquent paymCnts. 3. That if the total of the payments made by the mortgagor ur?de~ Ih)~of paragraph 2 preceding shall exceed the amount of the payments acwally madt by the mortgagee, for ground r~nts, taxes ancl assessments and inwrance premiums, as the case may be, wct. e:cess st the option of the mortgasee. sIw11, bc crociitod on seibaequent psymeau [o be made by the m~rt~agor. oc refundM to the mortgagor. If. however. the monthly paym~nts made by the mortgagor under (b) ot paragraph 2 preceding shall not be sufficient to pay group~d rents, taaes and assessments and inwrance premiums, as the case may be, when the same shall become due ancl payable, thrn the mortgago~ st~all pay to the mortgagce any amouot necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, uxssments, or insurance premiums shall be due. If at any time the mongagor sMall terxier to the mortgagee in accordance with the provisions of the note secured hereby, fu1P payment of the enti~e indebteclness representtd thereby, the mortgagee shall, in camputing the amount of such indebtodness, crodit to tht account of the mortgagor all payments made under the provisions of (4) of paragraph 2 he~eof which the mortgagee has ~wt become obligated to pay to the Secretary of Housing and Urban Devebpmuit and any balance remaining in the fumLs accumutated under the provisions of ~b~ of said paragraph 2. If the~e shall be a default under any of the provisions of this mortgage, raulting in a public sale of the premises covered hereby, or if the mortgagee aoquires the property othervvix afterdefault. tl~e mortgagte shallapply. at the time of the commencement otsuch proccedings or at the time.the propeny is otherwise acquired the ba7ance tlien ~rema~'ning in the funds accumulated under fb) of paragraph 7 precedin~ as a credit against the amount of principa! then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taaes, assessments, water rates, and other governmental or murticipal charges, 6nes. or impcxitions, for which provision has not been made hereinbefore, and in default thereof the mortgagre may pay the same; and that he will prumptly deliver the official roceipts therefor to the mortgagee. . 5_ That he will permit, commit, or sutTer cw waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mqrtgagor to keep the buildings on said premises and those to be erected on said premises, or improvemenis thereon, in good rcpair,~thetinortgagee tnay make sucA repairs az in its discretion it may deem necessary for the proper preservation thereof, and the full aaaunt ofeach and every such,payment shall be imfhodiately dee and payable, atd shall be securod by We tie~rof this mortgage. 6. Thai ~e will pay all aad siAgular the costs, charges, and exper~ses, including reasonaNe lawyer s fees, and costs o[ ahstcacts of ti0e, incurred or paid at any time by fhe mortgagee because of the failure on fhe part af the mortgagor p`romptly and fully fo perform the agreements and covenanls of said prumissory note and this mongage, and said costs, charges, and expenses shall be immeJiately due and payable and shall be secured by the lien of this mortgage. ' ' 7_ That he will keep the improvements now existing or hereafter e[ectod on ~he mortgaged property, insured as may be requirecf from time to time by the mortgagee against loss by 6re and otAer hazards, casulaties, and contingencies in such amo~r~ts and for such periods as may be required by mortgagee, and will pay prordptly, when due, any premiurtat on sucli insurance tor payment of which provision has not boen made hereinbefare. All insurance shall be carried in companies approv~d by mott~oe and the policies and renewals the~eof shall be hetd ~y p~ort~ag~e and havq ~ttached_thereto loss payable clauses in favor of and.in form acceptable to the mongagee. In event of loss he wilt give immedtate notice bymail to mortgagee, and`mortgagec may make proof of loss if not made promptly by mortgagor, arxf each ' insurancs'company ConcErned ~i,hertby authoriZed and diracted to Make paymrnt tair such tassdirectly to mortgadee irnttad of to ! mortgagor and mortgagce jointly, and the enwrance proceeds. or any part thereof, ma be lied y app by mortgagce at its option either to the i reduction of the indebtedness hereby secured or to the restoration or repair of the properiy damaged. In event of foreclosure of this ~ ; mortgage or other transfer of tiUe to the mortgaged property in extinguishment of the indebtedness secured hereby, a!I right. tiUe, and interest of tht mortgagor in and tqany in8rranc~° policies Ihen in force shall pass to the purchaser or grantee. ' 8. That the mortgagce may, at any time pending a suit upon this mortgage. apply to the.court having jurisdiction thereof for the ~ appointment of a receiver, and such couri sf~all forthwith appoint a receiver of the prerimises covered hereby all and singular, including all i and singular the incor?x, profitx ~ssues, and ievenues from whatever source derived, tach snd ~every of which, it being eapressly ~ understood: is hereby mortgaged arr if spocifically-ut forth and deseribed in the Sranting and habeadurn clauses hereof, a~d such receiver j shall have all the broad and ef'fective runetions and powers in anywiu entrusted by a court to a receiver, and such appointment shall be ° made by such court as an admitteJ equit enJ a matter of ab~solute ri ht to said mort y' g gagce, and without reference to the adoquacy or E inadoqu~cy'of:~he value of the propeny mortgaged or to the solvency or insolvency af said mortgagor ur the Jefendents, and that such ~ rents, profits. income, issua. and revenues shalf be applied by such receiver according to ihe lien of this morigage and the practice of such ~ couri. !n 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 premises an amount at least equivalent to one-twelfth (1112) of the aggregate of the twelve monthly ' installments payable in the then Current ycar plus the actuai amount of the annual ta~ces, assasments, water rates, and insurance premiurt?s ~ for such year not coverod by 1be aforesaid monthly payments. ; 9. 7'hat (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or fh) in the event that any ot said ' sums of money herein rcferred to be oot promptly and tufly paid without demand or notice, or (c) en the event that each anJ every the stipulations, agreements, conditions, and covenants of said note and this mortgage, ue not duly, promptly, and fully performed: then in either cx any such event, the said aagregate wm meqtioned in said note then remainig unpaid, v?ith interest acc~ued to tha~ time, and alt moneys secureel hereby, shall become due and payabte forthwith, ar thereafttr, at the option of said mortgagee, as fully and completely as if all of the said sums of money werc ariginally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said mortgagee, wilhout notiCe or demand, suit at law or in equity, may be ( prosecutecf as if all moneys socured hereby had matured prior to its institution. 'fhe mortgagee may faeclose this mortgage, as to lhe f ~ amoun! so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, eapenus, and ) ~ albwances. In cax of partiai foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this } mongage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of f thereafter from time to time by tht mortgagee. ; 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyanec, transfer, or change of ownershiQ of ~ tht premises. . 1 I. That no waiver of any covenant herein or of the obligation socured her~by shall at any time thereafter be held to be a-waiver of ` the terms hereof or of the note xcured hereby. ~ 12. That if. the mortgagor Jefault in any of the covcnants a~rtyn ents contained herein, or in said nott, then the mortgagee may ~ perform the ume, arni all expenJitures 1 incluJing reaso~~l~ /~tNyti ?ees) made by the mortga~ee in so dang shall draw interest at the ~ rate set forth in lhe note securcd hereby, and shall be repaya fe immodiatdy and without demand by the mort~agor to the mort~ee, and. ; to~ether with interest and costs xcruing thcreon, shall be secured by lhis mortgagt. i $DOic ~ f11~ { ~ t ~ ~ 4~ - - - ~ ~ ~ ~ ~ f .t- v`s`~~~~_"~~'~~~~~~ : '