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HomeMy WebLinkAbout2836 ~ ~~..sa 2. 'il?a~ in order more tully to praect tAe security ot ~Ais monq~e. ~he mor~~,~p,r, t~aher w~tA. anJ in a~W~~wn w. ~he munthly paYmer~ts uode~ ~Ae ~e~na a/ ihe ewr secured hcre!?y. un the firu dar at tach month uetil the said nwe is full~r pa~d, will pay to tM morl~et the toibw~~ wms: l~l An amouot wf'bcieat to provide the holder Aereof with funds to pay the ~eXt mortq~e inwrRnoe ptemium if tAis instrument snd • the m?te securcd hereby are insurcd. or a monlhiy chu~e (in lieu at a nart~a~e iesursnee promium) if tMy ue held by tAe Secrctary of Housin~ and Urban Oevelopmeet. as fdbws: 111 If a~?d w lon~ ss said nole d aven date and this instrument ue iasured or are rcica~ered under the provisions d the NatiorW Housins Aa. sn smount wtricient to aocumulate in the hands d the hdder oae (I) nanthprior to itsdue date tbc annual mo~se insurance premium, in or~ to provi~k such hdder with (unds w pay such ~xcmium to tAe Secreary of Housins and Urban Development pursuant to the National Housin~ Ac~ u amended. a~d applicsble Re~ulations the~eunder: or . 111) I[ and so lon=, ~?s said ~wte oi even date and this instrumcnt ue held t~y the Secretuy of Hiwsi~ and Ufi~n Development, a monthly char~e lin lieu oi a mort~age insurance premium) which shall be in an amcwnt oqw! w onatweltih 1l/12) of une-hatf (Vs ) per ceawm of the avera~e outstanding balance due ou the note oomputed without takit~ into aocouat delinquencia or prepayments; (b) A wm equa! to the :round rents, ii any, neat due. plus the premiums that wip neat Deoome due and payable on policies of Rn and,othtr hazud i~uuranoe ooverina ~be morttased properq. plus tues and ass~.tments next due on the mortgased propertY (all ss estimated by the mort~a~ee) less all sums alrcady paid therefor divided by tbe aumber of months to e[Ypsc be[orc one month prior to the date ~~n such ~rout~d rents, p~emwms, t~azes, and ais~ssntents will bocome delinquent. wch sums to be held by mort`agce in trust to pay said ground ~ents, premiums, taxa, and special assessmcnts; and (c) All paymeata meationed in the [wo preading subseclioas oi this prta~raph and all payments to be anade uader the note sicured hereby shall be added together and tMe aggregate amount thereaf shall be paid by the mort~,a~or each moatA in a sin~le payment to be applied by,tbe mortgagee to the folbwing items in the order set fcxth: _ (1) premium charges under the contract of insurance with the Secretary of Housina snd Urban Devebpment. or monthty charEe (in lieu of martga`e insurance premiumA as tf?e case may be: - , Uq ground rents, eaxes. ~rsxssments, fue, and otl~er hazard inwrance premiums; (Ill) interest o~ the note secured hereby; and (IV) amortization ot the principal of said note. Any Jeficiency in the amount uf such aggregate monthly paymtnt shall, unless maJe gcxxt by the mortgagor prior to the Jue date of the next wch payme~t, cw~.ctitute an event of Jefault u~xie~ this mongage. The mortgagee may collect a"late charge" not to eaceed two cents 12c) for each dollu (SIl of exh paymeot more than fifteen (IS) days in arrears to cuvtr the ext~a expense involved in handlin~ deiirpuent paymenes. 3. That if the total of the payments made by the mortgagor under Ib) of paragraph 2 prceeding shall exceed the amount of the payments acwally made by the mortgagee, tix g~ound rents, taxes and assessments a~d i~urance premiums, as the case may be, suc~. eacas at Ux option of t6e mortgajee, shall, be creditod on subsequeat payinwa to be made bY tt~e mortsagor, or rcfunded to the mortgagor. If, howevtr. the monthly payments made by the mortgagor under (6) uf paragraph 2 praeding shall not be wfYicient to pay ground. reots. taxa and assessmeats and insurance prcmiums. as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortg~gce any amount neces,wry to make up tho deficiency, on or before the date when payment of such ground rents, taxes, assessments, o~ insurance premiu~ shall be due, lf u r~ny time the mangagor shap tende: to the mongagee in acconiance with the provisions of the note secured hereby, futl payment of the eniire indebtedaess represenled ~hereby, the mortgagee shall. in computing the amount ot wch indebtedness, cralit to the aocouat of the mortgagor all payme~u made under the provisio~u of (o) of paragraph 2 hereof which the mongagee has not become obligatai to pay to the Secretary of Housing and Urban Devetopment and any balance remaining in the funds accumuiatrd under the provisions of Ih~ of said paragraph 2. !f there shall be a default under any of the pror•isions of this mortgage, resulting in a public sale of the premises cuvereci hrreby, or if the mongagee aoquires the property otherwix after default, the mortgagce shall apply, at the time of the commencement of such proceedings ar at the time the proE+ehy is otherwise acquirect, the balance then remaining in the funds accumulated undcr Ib) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adL'u~st any payments which shall have been made under (a) of said paragraph_ ~p ti~'..'~! :VY~.' . . f . 4. That he will pay aft taxes, acsessments, water rates, and other governmentq?or muoitipa! charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof~?~~roay pay°the same; ~nd that he will promptly deliver the otTicial receipts therefor to the mortgagee. p~ r.~ r, . S. That he wilt permit, commit, or suf'fer no waste, impairm~,~~i t~rwratiowof said p~opert~r or apy p~trt therrnf; and in the event of the failure of the mortgagor to keep the buildings on said prem~-ses ana those to be erceted on 3aid premises, or improvements thereon, in goai repair, the mortgagee may mal-e such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately Jue and payable, and shall be secural by the lien of this mongage. 6. That he will pay all arnl singular the axts, charges, and expenses, including reasonable lawyer s fees, and costs 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 and covertaats of said promissory note and this mortgag~, and said coats, charges, and ezpenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvemenls now existing or hereafter erected on the mortgaged property, insured as may be roquired Gom time eo time by the mortgagee against loss by fire and other hazards, casulaties, and contingencies in such amounts and for wch pcrioJs as ~ may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment c+f which provision has not j been made hereinbefora All inwrance shall be carriod in compania approved by mortgagee and the policies and renewals ibereof shall ' be held by mortgagee and have attachai tbereto loss payable clauses in favor of and in form aceeptable to the mortgagee. In event of loss [ he will give immeu:ate notice by mail to mortgagee, aixl mortgagee may make proof of loss if not made promptly by mortgagor, and each f insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee inslead of to ! mortgagor and mortgagee joinUy, arxi the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the irxlebtedness hereby secureci or to the restoration or repair of the propeny damaged. In event of foreclosure of this mortgage or other transfer of tiUe to the mongaged property in extinguishment of the indebtednas secured hereby, al! right. title. and interest of the mortgagor ia and to any insurance policia then in force shall pass to the purchaser or grantee. S. That the mongagee may, at any time peading a suit upon this_ mortgage, apply to the court having jurisdiCtion thereof for the appointment of a receiver, and such court shall tonhwith appoint a receiver of the premises covere~ hereby a!1 and singular, including all and singular Ihe income, profits, issues, and revenues Gom whatever souree (I~flVtd. CaCII and every of which, it being expressly understood, is hereby mortgaged as if specifically set torth and dcseribed in the granting and habendum clauses hereof, and such receiver ! shall have all the broad and etfective functions and powers in anywise entrusted by a couri to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to sai~ mongagee, and without reference to. the adequacy or ; inadoquacy of the value of the property mortgaged or to the solvency or insdvency of said mortgagor or the defendents, and that such rents, profits, income, iswes. and ravenues shatl be applied by such receiver.according to the lien of this morigage and the practice of such court. In the tvent of any default on the part of the mortgagor herounder, thc mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (IIt2) of the aggregate of ihe twetve monthly installments payaMe in the tfien current year plus the actual amount oi the annual ta~ces, assessments, water ntes, and insurance premiums for such year not covered by the atoresaid monthly payments. 9. That (a) in tAe event of any breach of this mortgage or default on the part of the mortgagor, or {h) in the event that any of said sums d money herein referred to be not promptfy and futly paid without demand o~ notice, or 1c) in the event that each and every the stipulations, agreements, conditions, and covonants of said note and this morigage, are not duly, promptly, and fully performed; then in either or.any such evenl. tlwsaid aggrrgate wm mentioned in said note then remainig unpaid, with interest accrued to that [ime. and all ~ moneys secured hereby, shaU become due and payable forthw ith, or thereaiter, at the option of aaid mortgagee. as fully and completely as if atl of the said sums of money wert originally stipulatal to be paid un such day, anything in said note or in this mortgage to the contrary ratwithstanding; and thereupon or thercafter, at the oQtion of sa7d mortgagee, without notice or demand, suit at law or in equity, may be prasecuted as if all moneys secured hereby had maturad prior to its institution. The rtwrtgagee may fora:lox this mortgage, as to the amount so declarcd due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, eapenses, and albwances. In case of partial foreclosure of this mongage, the mortgaged premises shall be sold subjoct to the continuing lien of this mortgage for the amount ot the debt not then due and unpaid. !n such case the provisions of this paragraph may again be availed of thereafter from ~ime to time by the mortgagee. 10. 1'hat the mortgagor will give immeJiate nutice by mai! to the mortgagee of any conveyance, transfer, or change of ownership of the premises. ~ ! I. That no waiver of any covcnant herein or of the obligation secured hereby shalt at any time thereafte~ be held w be a waiver of the terms hereof or of the note secured he~eby. 12. That if tht mortgagor delauli in any of !he covenants or agreements contained herein, a in said oote, then the mort~ee may pertorm the same, and all expenditures lincluding reasonable attorney's fees) made by the mortgafee in so doin~ shall draw interest at the ; rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mon~a~x to the mort~a~ee. and, ' tu~ethe~ witf? intaest and c~rsu xauing therron, shall be secured by this mort~e. r . f i ' , { ~ ~ ; , i : - ~ - - x:a a4.. ~..Y- . ~ _ .