HomeMy WebLinkAbout2198 ,.l 1~
2. 1ML ~n ax.ftr m~Ke tuU~ ~u (~.wh1 Ihc +ecur~t~r d thn ~xxt~a~e. the nwNt`.~.a, a~etAet veuA. a~xf ~~e iu. ihe ow?o~hl~
parmrM~ undn ~M ie~~m uf ~Ae n.Kr .aurc.! Ae~el~. .~n the finl Jay each m~?nlh ueu! 1he .ad nwe fully paKt. r?d1 pay ~o ~hc
ma~l~ee Ihe k~lluwm~ wm~'
lal A~ smuunl wlMc~eel lu p~ov~de Iht h~lde~ herco( wuh fun~b tu pay the ne~?1 mortp~e irtsus~nce ptemium if 1hi+ ~narumeM and
the nute secund httehy sre ~mured. u? a m~thly chu~e lin I~eu d ~ nk~rt~a~e in~utan¢e pnm~unU it they ue he{d by 1he
Setre~ary o~ Hiwsin~ and Urt+an Developmenl. ss fdlaws:
11? If snd so lon~ as wiJ ~w1e of even da~e and ~his insuumeet ue ~nsured or are roinwrcd under ~hc ororiswns af ~he
Natio~sl Housin= Act. an ~mount wtficient to ~ocumulate in the hsnds d the Aolder one (1 i moeth prKx to ib due date the
~ anowl mart~a~e imu~anee premium, in orJer ~u pruviJe such hulJer with (unds to p~y .uch p~emwm to the Stcretary ut
Nousins a~d U~ban Ikvelopment punuant tu ~he Nat~on~l Hous~ns Aci. u ame~xieJ. c~~ applKabk Re~ulapuns
tAeteualer. or
1111 If and so lon~ as saiJ n.Ke uf eveo da~e and thi~ i~clrument are htld by the Secretuy of Housin` and U~t+an Develupment.
a monthly char~e I~n lieu ~it' a mixl~a~e msurance premium) which shall be in an amuunt equal to one-Iwetflh 11112) of
w~e-half 1~1 per cenlum of the ave~a~e outstarnlin: balance due on the ~oie compuled without tak~~ ~~to accuuat
delioquencia or prepaymrnts;
(b) A sum eQwl to the aound rent~, if any, nexl due, plus tht prcmiums that will eext beCOme due ard payable on policies ol' tire
'~od otAer hazud iasurance covering the mort~saed property, plus tazes and asse'ssments next due on the mortga~ed property lall
as estimated by the mortsasee) less all sums atready paid therefor dividod by the pumber of moaths to elapse before one month
p~ior a the date whea such ~ound re~ts, premwms, taxes, aad assessmenu will become delinquent, such sums to be held by
mortaagee i~ trust to pay said ground rents, premiums, taxa, and special as.sessments; and
lc) All paymeats menlioncd in the tw~o pracedin~ wbsections o( this paragraph and all P~ymeats co be made uader ihe note secured
hercby shall be added t~gether and the aggregate amuunt thereof shall be paid by the mort~agor each month in a sinsle psyment
to be applied by lhe mortgagee to ~he folbwing itc~ in the o~der ut forth:
(1) ptemium charges under the cuntract of insurance with the Secretary of Housing and Urban Devebpment, or monthly '
charse (in lieu of mongaae insurance premium), u the case may be;
UI) ground rents. taxes, assessments. fire. and other hazard insurance premiums;
(11I) interat on the nWe socured hereby; and
(IV) amortization of the principal ofsaid note.
Any deficiency in the amount of such aggrtgate monthly payment shall, unless made goad by the mortgagix prior to the Jue date of
the next wch payment, constitute an event of default wxler ~his mixtgage. The murtgagee may collect a"late charge' not W exce~t two
cents 12c) for rxh dollar 1S1) of each payment more than fifteen (IS) Jays in arrears to cuver the extra expense involval in handling
delinquent pas ss~nts.
3. That if the total of the payrr?ents maJe by the mortgagor under Ibl of paragraph 2 preceding shall excled 1he amount of the
payments actually maJe by the mortgagee, for g~ound rents, taxes aixl asses+ments and insurance premiums, as the case ~+ajr be. suct.
~oess at the optan of We mortgasee. shaU. be credited oa subsaqueat payments to be made by the mort~agor, or refuaded to We
mortgagor. If, howYVer, the monthly paymnnts made by the mongagor u~1er Ib) of paragraph 2 proceding shall not be sut'Tcient to pay
ground rents, taxes a~d assessments and insurance premiums, as thr case may be, when the sam~ shall beoome due and payablt,lhen the
mortgagor shal) pay to the mortgagee eny amount necessary to mal;e up ~he de6cirncy, on or before the date when payment of such
ground ronts, tazes, azsessments, or insurance premiums shall be due. If at any time the mortgagor sha11 tender to the moRgagee in
accordance with the provisions of the nae secured he~eby, full payment of the entire i~debtedness rcpresented thcreby, the rrwrtgagee
shall. in computing the amount of such indebtedncss, credit to the account of the mortgagor all payments made under the provisions of (u)
of paragraph 2 he~eof which 1he mortgagce has oot become ~bligated to pay to the Secretary of Housing and Urban Devebpment a~x1 any
balance remaining in the funds accumulated u~xler ~he provisions of (b~ of said paragraph 2. If there shall be a default unde~ any of the
provisions of this mortgage, resulting in a public sale of the premises coverzd hereby, or if the mortgagee aoquires the property otherwise
after default, the mortgagee shall apply, at the time of the commencement of such proceedi~gs or at ihe time the property is otherwise
xquired. the balance then remaioing in the funds xcumulateci under Ib? of paragraph 2 preeeding ~ a credit against the amount of
principal then remaining unpaid under said note and shall properly adjust any payments which shall have been macie under Ia) of said
paragraph.
3. That he will pay a0 taxrs, aatessments, water rates, anJ ~Kher governmental or municipal charges, fines, or impositions, for which
provision h:u not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the
official reaceipts therefor to the mongagee.
S. That he will permit. commit, or sufTer no wacte, impairment, or Jeterioration of said property or any part thereuf; anJ in thr event
of the failure of the mortgagor ta keep the buiWings un said premises and those to be erected on saiJ premiu~, or improvements thereon.
in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and
~he tull amount of exh and every such payment shall be immetiiiately ~iue anJ payable, and shall be secured by the lien of this mortgage.
6. That he will pay all and singular the costs, chuges, and expenses, including reasonable lawyer s fees, and codts of abstracts of title,
incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the
agreements arxl covenants of said promiywy note anJ this mortgage. and said costs, charge~, arni expenses shall be immediately due and
, payable and shall be secured by the lien of thi~ mortgage.
• 7. 'fhat tt~ will keep the improvements now existing or hereafter eretttrd on Ihe murtgaged property. inwreJ as may be required from
~ time to time by the mortgagre against locs by fire anJ other hazards, casulatirs, anJ contingencies in such amounts and for wch perw~els as
~ may be_requirai by mortgagee, and a•ill pay promptly, when due. any premiums on such insurance for payment of which provision h:u not
f been made hereinbefore. All insuranee shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
~ be held by mortgagee 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, arn1 mortgagee may make proof of loss if not made promptly by mortgagor, and each
insurance company concerned is hereby authorized and directed to make payment for such loss direcUy to mortgagee instead of to
mortgagor and mortgagee jaintly. anJ the insurance proceeds. cx any part thereof, may be applied by mongagee at its option either to the
reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged_ In event of foreclosure of this
mortgage or other transfer of title to the mortgaged propeny in extinguishment of the indebtedness secured hereby, all right, title, and
interest of the mortgagor en and to any insurance policies then in forcc shall pass to the purchase~ or grantee_
8. That the mortgagee may, at any time perxiing a suit upon this mortgage, appiy to the court }.aving jurisdiction thereof for the
appointritent of a receiver.. and such court shall forthw ith appoint a receiver of the premises covered hereby all and singular, including all
and singular the irn.ome, profit~, issues. and revenues from whatever source derived, each and every of which, it being eiepressly
understiwd, is hereby ~rxirtgaged as if specifically sei forth and described in the granting and habendum clauses he~eof, and such receiver
shall have all the bruad anci efTective functions anJ power:s in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an aJmitted equity and a matter of absolute right to said mortgagee. and without refe~ence to the adequacy or
inadeyuacy of the value of the property mortgaged or to the solvency or insolrency of said mortgagor or the defendents, and that such
rents, profits, income. issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of sucb
court. In the event of any default on the part of the rn~rtgagor hereunder, the morigagor agrees to pay to the mortgagee on demand az a
rcaconable monthly rcntal for the premises an amount at least oquivalent to one-twelfth I1112) of tht aggcgate of the twelve monthly
installrt?eots payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums
for such year not coverod by the aforesaid monthly payments.
9_ That (a) 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 referrai to be not promptly and tully paid without Jemand or notice, or (c) in the event that each and every the ~
stipulations. agreements, conditions, and covenants of said note and this mortgage, ue not duly, promptly, anJ fully performed; then in
~s either er any such event, the said aggregate sum mentionedin said note then remainig unpaid. with interest accrued to that time, and all
~ owoeys ucured hereby, shall become due anJ payable fonhwith. or thereafter, at the option of said mcxtgagee, as fully and compktely as
if all of the said sums of money werc originally stipulated to be paiJ on such day. anything in saiJ note or in this mortgage to the contrazy
notwithstanciing; and thereupon or thereafter, at the option of said murtgagee, without notice or Jemand, suit at law or in eqwty, may be
prosecuted as if all nwneys securod hereby had matureJ prior to its institution. The mortga~ee may forecluse this rtwrtgage, as to the
amount so declared Jue and payable, and the said premises shall be sold to satisfy and pay tfie s:?me together with costs, ezpenses, and
albwances. In case of partial foreclosure of this mortgage, the mortgaged premises shall t?e wld subject to the continuing lien of this
mortgagt for the amount of the Jebt not then due and unpaiJ. In such case the provisions uf this paragraph may again he availed of
thereafter from time to ~ime by the mortgagec.
10. Tha1 the mortgagof will give immeJiatr nWice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
the prcmises.
I I. That no waiver of any covenam her~in or of the obligation secureJ hereby shall at any time thereafter be held to be a waiver of ~
the terms hcreof or of the nute secured hereby.
12. 7hat if the mortgagor Jefaul~ in any ~~f tht cuvenants ur agreements cuntained herein, or in saiJ note, then the mortga~ee may
perform the same, ancl all expend~ture lincludins rcawnable atturney's kesl made by the m~tga~ee in so doin~ shall dr~w interest at the
rate se~ torth in the rote secureJ herchy, and ihall be repayable immediately and withou~ dem~nd by the mort~agor to the mort~a~es, and.
t~ether with intereu anJ costs xcru~na thereon, shall be secured by this mat~a~e.
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