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HomeMy WebLinkAbout0411 . ,1i t:> ' ~i ~ 2. Tfu~ in order morc fully to protec~ the security of tAis mortYa~e, the monYa~~, to~ether with, aod in addition to, thc munthly paymeou uoder the terms oi the note secured he~oby, o~ the fi~t day of each.mo~th u~til tAe said note is fully paid, will pay to the morttaset the following sums: . _ (a) An Amoune sutncieot to providt the Adder heteof with funds Io pay tlx next mort~a~e inwnnce prcmium if this instrume~t and the twte secured hereby are insurcd, or a monlhly chuse (i~ lieu of s mortpje insurat~ce prcmium) if they ut t?tid by the Secretary of Hausi~ and Urban Development. as folbws: (p tf and so tons as said note af even date and this instrumem are insured or are reinsured unde~ the orovisions of the National Housin` Act. an amount wflicient to aaumulate in the hands af the holder one (1) month prior to iu due date the annual mortp~e insurance prcmium. in order to provide such hdder with funds to pay such premium to the Secrelary of Housias and Urban DeveloQment pursuant to the Nationa! Housin~ :/?ct., as amenJed. and applicable Re~ulations thereunder; or ~ (11) If and so long at said note of even date and this imtrume~t ue held by the Secrctuy of Housing and UrDan Development, a mo~thly charge tin lieu of a mortgage inswance premiur~ which shall be in an amount equal to one•twelfth 11112) ot onrhdf (ys ) pe~ centum of the avera~e ouutanding balaace iue oa the note computed without takin~ into account delinquencies or prcpaymenu: (b) A wm equal ta the grouod rents, if any. nexe due, plus the premiup~s that will next become due and payable on policia of Rrc aid od~ hazard iosurance coverin~che mortaaged prnperty, plus tases sa~~ents next due on the mo~tgaged property (ail as atianited by the mort`s~ce) less all su~ alresdy paid therefor divided by tt~e oumDer o[ months to elapse before or?e month prior bQ ~he date wAen Sucii ground nnu. ~?rsauunu. ir,?es„ ~xi :~~~ntc v;i1! bccoast delingueal, sxh sssns to be held by mon~ee in trust'w pay said ground re~ts. prcmiums, ta~ca, arid special asxssments; and (c) All payments mentancd in the tw~o preading subdections of tha pan~r~ph and all payrxnts td be made under [he note secured he~by sba)1 be added together and tlx a~regate amount thereof'shall be paid by the mort~agor each month in a singk payment _ to be applied by the mortgagee to tht fdlowing items in the order set torth: (D ptemium charges under the contract ot insurance with the Secrctary of ttousing and Urban Devebpment, or mon~hly cha~e (in lieu of mortgase insunnce premiuml, as the csse may be; pl) sround aats, wces, assessments, 6re, ar~d aher hazard inwrance premiums; (11l) intercst on the note secured hereby; and U~ amottization of thc principal of said ~ote. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next wch payment. constitute an eve~t of default uix{er ~his mongage. The mongagee may collect a'-late charge" not to ezceed ewo cenu 12ci for wch dollu Ifll of each payment more than fifteen I15) days in arrears to cover the extra eapeose involved in handling delinquent paynte~ts. 3. That if lhe total of the payments made bY the mortgagor under (b) of pa~aph 2 preceding shall exceed the amount of the payments actually made by the mor~gagee, for ground rents, taaes and assessments and inwrance ptemiums,.as th.e case may be, sucF~ esceas at tbe optioa of the mcxt~ssee. shatl. be credited oa su~soqueat payments to be ma~ bY the mort~o~. or refuoded to the mortgaaor. If. however~ the monthly payments made by the mortgagor under Ib) of paragraph 2 prceeding shatl not be sut'ficient to pay grou~ci rents. t~~ u~d assess~tents and irau:ar~t ~srtrniunts. as thr sass may W~sn the same shall beoome due ancl payable. then the mort~agor shalt pay to the mortgagce any amount necessary to make up the deficiency, on or before the datc when paymeot of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shaU tender to ihe marigagee in accardance with the provisions of the notc secured hereby, full payment of the entire indebtedness represented thereby, the mongagee shall, in computing the amount of such indebtedness, credit to the accuunt oi the mortgaaor all payments made under the provisions of 1a) of paragraph 2 hereoiwhich the mortgagee has not become obligatod to pay to the Secrotary of Housing and Urba~ DevebPment and any batance remaining in the fuods accumulaieai under !he provisions of (h) of said paragraph 2. If there shall bt a default under any of the provisions of this mortgage, resulting in a public sale of the premises coverod hereby, or if the mortgagee acquires the property otherwise after default, the mortgagce shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired. the balance then remaining in the funds accumulateJ under Ib) of paragraph 2 preceding as a c~edit against the amuunt of prinCipsl then rcmaininE unpaid unde~ said note and shall properly.adjust stny paymentf whicn sh~l have ~een made under (n) of said paragraph. 4. 7'hat he will pay all tazes, assessments, w~ater rates, and other guvernmental or municipal charges, fines, or impositions. for which provision has not been made hereinbefore, and in Jefxult thereof the mortgagee may pay the same; and that he will promptly deliver the ofi~icial rcetipts therefor to the mortgagee. S. That he will permit, commit, or sufTer no waste, impairment, or deterioration of said propeny or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and thox to be erected on said premises, ix improvements ~hereun. in good repaif, the mSrtga6te may make such repain as in its discretion St may deem necessary for the proper preservation Ihereof, and the ful) amounl o~each a~d ever,y wch~paymrnt shall ix immediately due and payaWe, and shall be socured by the liea of this mortgage. 6. 'I'hat he will pay all and singulai the costs, charges, and expenses. including reasonable lawyer s fets, and costs of abstracts of title, incurrod or id at aA time b tbr mort ~ y Y Bagee because of the fa~iurc on tae parc oi ioc mcxigagcr. vtvu~Niy ni~v .uu~ .v agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the emprovoments now existing or hereafter erocted ort the mortgaged property, insured as may be requir~l frum time to time by the mortgagee against lo~ by firc and other hazards, cawlaties, andcontingencies in such amounts and for such perioJs as may be required by mortgagee, and will pay promptly, When due, any premiums on such inwrance for payment of which provision has not been made haeinbefae. All i~urance shall be carriod in wmpanies approved by mvrt`agee and ttie policics and renewals thenof shall be held by mortgagee and have attached thercto loss payable clauxs ~n favor ot and in form aceepta'vie iu inn nN,~ igagez. :r~ c-stn. oi ia~ he will give immediate notice by mail to mortgaget, and mortgaace may mate Qroof of loss if not made promptly by mortgagor, and each insurance cQmpany concerned is hergby suthori~ed aad dirqcted to make payr~ent for such. loss directly to mortgagoe_ instead of to morigagor and mortgagee jointly, and the insurance proceeds. or any part tharoof, may be applicd by morigagee at its option eilher to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure ut this mortgage or othe~ iranster of title to tNe Mortgaged property'in extinguishrhent of the indeMedness secured hereby, all right, title, and interest of the mortgagor in and to any inwrance policios then in force shall pass to the purchaser or grantee_ 8. That the morigagee may, at any time ~ending a suit upon this. mortgage, apply to the court having juri.Jiction thereot for the appointment of a raeiver, and sueh ~ourt shall forthwith appoirtt a receiver of the ptemiseroovercd hereby all and singular, including all and singular the income, pro6ts, issaes, and r~vemces from whatever &oqrce dCrive4 tach and evcry of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all !he broad and effective functions and powers in anywix entrusted by a court to a receiver, and such appointment shall be roads by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy M' the value of the propeny mortgaged a to lhe solvency or insolvency d said mortgagor or the defendents. anci that such rents, profits. income, issuts. and ~evenues shall be applied by such receiver according to the lien ot Ihis mortgage arxt ihe practice of such court. In the event of any default on thc part of the mortgagor hereunder, the morigagor agrees to pay to the mongagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 11/12) of the aggregate ot the twelve monthly inslaliments payabtt in the then current year Qlus the actual amount of the annual laxes, assessments, water rates. and inwrance premiums for such yeu nol covered by the aforesaid monthly paymems. 9. That (a) in tht event of any breach of this mortgage o~ default on the part of ~he mortgagor, or (h) in the event that any of said sums of money her~in referrod to be not promptly and fully paid without demand or notice, or Ic) in the event ~hat each a~x1 every the stipulations, agreements, conditions, and covenants of said note aod this morigage, are not duly, promptly, and fully performed: thzn in either ur any such eveM. the said ag~regate sum mentioned in said nate then remafnig unpaid, with interest accrued to that time, anci all moneys secured hereby, shall become due and payable forthwilh, or thereafter, at the option of said mortgagec, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such Jay, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or theoeafter, at the option of said mortgagee. without notice or demanJ. suit at law~ or in equity, may be prosecutcri as if alt moneys socured hereby had maturtd prior to its institution. The mortg~ee may foreclose this mortgage, as tu the amount so declared due and payable, and the said premises sAall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of parti+tl foreclosure of this mortgage, the mortgaged premises shatf be sotd subject to the continuing lien of this mortgage for the amount vf the debt not then due and unpaid. !n such cau IAe provisions of this paragraph may again be availed of thereafter from time to time by th! mortgagee. 10. That the moAgagot v~ ill give immediate notice by mail to the mortgagee of any conveyance. transfer, or change of ownerahip of the prcmises. i 1 1. That no waiver M any covenant herein or of ~he obligation secured hereby shall at any time thereafler be held to be a waiver of ~ the terms hereof or of the note xcured haeby. 12. That if the mortgagor defau}f in any of the covenants or ageements contained herein, or in said nate, then the mortgagte may I perform lhe same, ard all expenditures lintluding reasonable attorney's feal made by the mortgagee in so doing shall draw intcrest at the rate xt forth in the nott secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee. and, [ogether with ireteresi artd costs accruing thereoq, shall be secured by this merngage. , ' ~Q~zoz PA~ 411 . .