HomeMy WebLinkAbout2189 r j~ + l
2. lAs1. ~n.xder m~xs (ully ~a pr~NSC~ ~he ~u~~1y d Ihn m~Kt`a~t. 1hc rtaKl~~pa. Iu~tlha +?dh. •nJ ~n ~JJ~~N~n tu. Iht m~?n~hl~
paY~Met~ uilde~ 1Ae Ie~Ms o( tAe n~Ne .e~curcd herehy. ~w~ ~Ae fin~ J~y af e~ch. m~MM umd the ~.NI mKe (ully paK1, wdl pay l0 1he
nrxt~ct tht (ulk„w~n~ wms~
lal /1n amouM suflk~eot tu ptrnnde 1he haWer hereaf wuA fuMls tu pa~ the neR~ mart~a~e ~nsurance ptemwm it ~h~~ murumsM and
tAe eote securod hereby are ~~w?e0. ar • mon ly cbup lin I~eu d a mo~ts.~e ~nsu~ance prem~uml if they are held bY the
5ec~eary o~ Howi~ +ind Urb~n Oevebprt~4 a~tdbM~:
(I) It snd w lon~ u~aid eu~e of even Jatt snd ~his instrument ue ~nsurrd or ars rsimured unde~ ~he arovisWns uf the
Natioaa! Ho~usinj Ac~. an amaunt suir~cieet 1o aaumulate in ~he hands d ~he holder w~e 111 moeih prax w in due date the
an~asl monssse insuraoce premium, in rxJer t~~ pruvi~le ~uch hokier wi~h funJs tu pay such prem~um to the Secretaiy ot
Housin~ and Urbsn Developmeet pursuant tn the Nauonal Nous~n~ rlct, as amreKfea. arni appl~cabk Re=ulauons
~heteunda: or ~
111) If snd w lon= as said ~?c?te of even date and this instrumeot ue held by the Secretuy of Housin~ ~nd Urban tkrclopment,
a monthly cM~e lin Ircu of a mort~a~e inaurance premium) wh~ch ahall bc in an smount eyual to one-~welAA 11/12) of
w~ahalt ( Vi ) per cen~um of ihe aversse outstandins balance due ~n the note wmputed without tat~ne into aaouat
delinquencies or prepayments:
Ib) A wm equal to tAe ~round rents, ii any, oc~?i .~~c-, ~!:~s ;he premiums that will next become due and paysWe on polrcies of Rrc
apd oll~er haard-insurtnte eove~ingthe m~ortsasM property, plus tauu and ass~ments neat due un tAe mort;ased property lall
u wimated by the mortpsoe) less all wms sl~ady paid therefor divided by the numba of moaths toelsp~e before ooa mootb
p~ior to 1he dau whea such ~ouod rents, prem~ums. tazts. aad asssssmtnts wiU bocome delinquent, wch sums to be held by
mor.da~u in trust to pay saiJ graind rents, premiums, taxe3, and special assessments; and
Ic) All payments me~taned in the two preeedin` substctions of this para~raph ~ad all paymtnts oo be msde under tbe note s~l,'ured
he~eby shall be added toRether and the aggre~ate amount ~he~eof sha!! be paid by the mortsa~or cach month in a sinsle paymertt
to be applied by thc mongagee to the following items in the order set forth:
(1) - prcmium ebarges undcr the contract of insurance with the Secrctary ot Housing and Urban Devebpment, or monthly
charge (in (ieu of mortgage insurance premium), as the caso may be; •
(11) ground rents. tazes, assessments, fire, and other hazard insurance premiums;
(111) interest on the note socurcd he~eby; and
(IY) amortization of thc principal of uid note.
Any deficiency er~ !he am~;unt ot such aggregau monthly payment shall, unless made g~xxi by the mortgagor prior to ~he due datc of
the next such payment, cunstitul~ an ev~nt of default undcr this mortgag~. The m~xtgagee may coll~ct a"late charge" not to ezceal two
cenu 12e) for esch dollar ISI1 df each payment more than fifteen (1S1 days in arrtars to caver the ealra expense invulval i~ handling
delinque~t payments.
3. That if the total of the payments made by the mongagor unde~ Ib1 of paragraph 2 preceding shall exrerd the amount uf the
pavments actually made by 1he matgagce, ior gruunu ~c~~:s, ts=es anJ assessments and insurance premiums, as the case may be, suc~.
eaccess at the option of the mortgagee, shall. be aedited on subaequeat paymei?ts to be made by the roortgagor, or refunded to the
moRgagor. If, however, the monthly payments madt by the mortgagor undc~ (b) of paragraph 2 proceding shall not be sufficient to pay
g~ound rents, taxes an~1 as.sessments and insurance premiums, as the case may be, when the same shall become due am1 payable. then the
mortgagor shall pay to the mortgagee any amount necusary to make up Ihe dcficiency, on or before 1he ~late when payment of such
ground rents, taxas, assessments, or insurance premiu~ shall be due. If at any time the mortgagor shall tender to ehe mortgaget in
ac.:ontance with tAe provisions of the note secured hereby, full payment of ihe entire indebtedness represented th~reby, the mongagee .
sl~all, in computing the amount of'such indebtainess, croJit to the account of the mongaga all payments made under the provisions of (u)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of i-lousing ar~ Urban Development and any
balance remaining in the fu~nls accumulatee! under ihe provisions of Ih~ of said paragraph 2. If there shall be a default unde~ any of the
pruvisions of this mortgage, resulting in a public sale of the premis~ covered hereby, or if the morigagee aoquires the property otherwise
after default, the mortgagee shall apply, at the time of the commencement of +uch proceedings or at the time the property is otherwise
acquired, the balance then remaining in the f~nds accumulateJ under IbJ of paragraph 2 preceding as a credit against the amount uf
principal then remaining unpaid u~xler saiJ note arnf shall properly adjust any payments which shall have been rnade under lu) of said
~~a~ph . .
4. That he will pay all taxes, assessments, water ra~es. arxi other governmental or municipal charges, fines. ur impositiuns, for which
provision has not been maJe hereinbefore, and in default thereof the mortgagee mep pay the same; and that he will promptly deliver the
oPficial receipts ~herefor to the mortgagee_
S. That he will permit, commit, or suffer no wazte, impairment. ~x deterioration of said property or any part thereof; and in the event
of the failure of the mortgagor to keep the builJings on said premises and those to be rrected on said premises, or improveme~ts thaeon.
in good repair, the mortgagee may make such repairs as in its dixretion it may deom necessary for tht proper preservalion thereof, and
the full amoun! of~each and every sucb payment shall be immediately due and payable, and shall be securecl by the lien of this mortgage_
6. 7'hat he will pay all and singular the caats, charges, amf expenses. including reasonable lawyer
s fees. an~ costs of ~bslracts af title, ~
incurreJ or paid at any time by the mortgagee because of the failure on the part of the mongagor promptly_ and fully to perform the
agretments and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shafl be immediately due and
payable and shall be secured by the lien of this mortgage_
7. That he will keep the improvements ~r?ow existing or hereatter erected ort the morigaged property, insured as may be requireci from
time to time by the mortgagee against loss by fire and other hazards, casul~ties, and contingencies in such amounts and fur ~uch pericxls as
may be required by mortgagee, and will pay promptly. when due, any premiums on such insurance for payment of which provision has not
been made hereinbefore. All insuran~ s6a11 be carriod in oompanies apprared by mortsagee and t6e policiEs and renewals thereof shall
be held by mortgage~ and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each
insurance company conceMed is he~eby autlwrited and dirated to make payment for such loss direcUy to mortgagce instead of to
; mortgagor and martgagee joinUy, and the insurance procetds, or any paR thereof, may be applied by mortgagee at its option eithe[ to the
reduction of the indebtedness hereby secured or to the restoration or repair of the property damageJ. In event of forectosure of this
' mortgage or othe~ transfer of title to the rrsortgaged propcriy in extinguishment of the indebtedness securetii hercby, all right, tiUe, and
! interest of the mortgagor in and to any insurance pdicies then in force shall p~ss to the purchaser or grantee.
; 8. That the mortgagee may, at any time pending a suit upon this mongage, apply to the court having jurixliction thereof for thc
' appo~ntment of a receiver, anct such court shaN fprthwith appoint a receiver of tne premises covercd hereby all and singular, including all
! and singular the income, profits, is.sues, and revenues trom whatever soutce derived, each and every of which, it being expressly
E understood. is hereby mortgaged as itspecificall'y set forlh and describod in the granting and habendum clauses hereof, and suc:h receiver
~ shall have alt the broad anci efTective functions and powen in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admittecl equity and a matter uf absolute right to said mortgagee, and without reference to the adequacy or
I inadequacy of the value of the prupeny mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and lhat such
~ renu, profits, income, issues, and ~evenaes shal! be applied by sucb receiver according to the lien of this mortgage anc! ihe practice of such
~ court. In the event of any default on the pan of the mortgagor hereuncier, the mortgagor agrees to pay to the mortgagee on demand as a
; rcasonable monthly rcntal for the premises an amount at leact equivalent to one-tweifth (1112) of the aggregate of the twelve mo~thly
installments payable in ihe then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance prcmiums
~ for such year nM covered by the aforesaid monthly payments
~ 9. That (n) in the event of any breach of this morigage or defautt on the part of the mortgagor, or (b) in the event ihat any of said
; sums of rtioney herein referred to be not promptly and fully paid without demand or notice, or Ic) in the event that each arxl every the
i stipulations, agreements, conditions, and covenants of said nde and this mortgage, aro not duly, promptly, and fully performed: then in
either or any such event. the }said aggregate sum mentioned in said note then remainig unpaid, with interes~ accrutd tv that time, and all
~ moneys socured hereby, shall become due and payable forthwith, or thereafter, at the option of said murtgagee. as fully anJ completely as
; if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in thi~ mortgage to the contrary
notwithstanding; aod thereupon or Ihercafter, at the option of said mort~agce, wilhiwt notice or demand, suit at law or in equity, may be
~ prosecutod ac if all moneys socured hereby had matureci prior ta its instiwtion. The mongagee may forecluse 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, expenses, and
: allowances_ In case of pariial foreck~sure of this mortgage, the mortgaged premises shall be sold subjcct to the continuing lien of this
i mortgage for the amount of the debt not then due and unpaiJ. In such cate the provisiuns of lhis paragraph may again be availed of
; thereafter from time to Iime t+y the mortgagee.
I0. That the mortgagor w ill give imm~diate notice by mail to the mortgagee oi any conveyance, transfer, or change of ownership of
the premises.
~ 1 I. That ~o waiver of any covenant herein or of the obligatiun secured hereby shall at any time thereafter be he(d to be a waiver of
i the tcrms hereof a of the note secureJ hereby.
j 12. That if tF~e mortgagur default in any of the covenants or agreements contained herein. or in said note, then the martgn6ee may
~ perform the same, and atl cxpendiwres 1 including reasonable ,~{~pipey' fca) ~nade by the malgagce in so dan~ shall ~aw interest at the
! rate u~ forth in the note securcd hereby, and shalt be repayabk itrY~Ed~ie)y a~d without demand by the m~rt~agor to the mort~ee, and,
tojether witl~ intatst and costs accruing thereon, shall be xcured by Ihis mortgage.
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