HomeMy WebLinkAbout0859 2. That. in orde~ more fully to protat the security of this mong~ge, lhe mortgagu~, tugcther with, and in addition ta the monthly
paymenls under the tetms of the ~ote +ecured he~eby, on ~he first day of esrch montA until the said note is tully paid, will pay to the
mort~agee the following sums:
!s) An amount wt'ficient to provide the holder hereof wi~h fuods to psy the next mort~a~e inwrance prcmium if this insuument and
the note secured hereby aro insured. ot a monthty chu~e (in lieu of a nqrtsate insy~anoe premium) if Ihey are held by the
Secrctary of Housiog and Urban Development, as folbws: '
lq if and so lon` as said note of eve~ date and lhis irotrument ue insurod or ~re reinsured unde~ the arovisions of thc
National Housi~g Ac~. an amount wfficient to aocumulate i~ the hands of the holder one 11) monthprior to its due date the
annua! mortgage insurance premium, in orJer to provide such hdder wilh tunds to pay such premium to the Sccrctary of
Housing and Urban Otvelopment purauant to ~he National Housing Act, as amended, arni applicable Regulations
thereund~r, or
(il) If a~d so long as said note of even datt and this inslrument ue held Hyr~he Secretuy of Housing and U~ban Devebpment, f
a monthly charge lin lieu'of a m~xtgage insurance premium) which shall bt ie an amouot equal to one-tw~IQh 11112) of ~
--.-?_~t ~~s. ~ i_. „~„~~.n~ nf ~1w, averaae outstandinQ baianct due oa tAe note computed WIt~IOUI l8~CIR8 into aceount '
detinquencies or prcpayments;
tb) A wm equal to the ground rcnts. if any, neat due, plus the premiums that will next bernme due and payable on policies of Rre
~nd othet Aazard i~nurance rnvering the mortgaaed property, plus taues and atcessments ntxt due on the mari~aged property (all
ss atimated by the mortgasee) las all sums already paid thuefor divided by the number of months to elapse beforc one moMh
prior to the date when such ~round rents, premwms. taxes, and assessments will become delinquent, such sums to be held by
mor!dagee in trust w pay said ground rcnts, prcmiums. taxes, and spccia) asxssmenu; and
(c) All payments menianed in the tvw preceding subsections of this paragraph and all payments W be made under the note saured
hercby shall be added toRethe~ and the aggregate amount thercof shall be paid by the mortgagor each month in a single payme~t
to be applied by ihe mortgagee to the fdbwing items in the order set torth:
(4 prcmium charges under the convact of iosurance with the Secretary of Housing and Urban Development, or monthly
chsrge (in lieu of mortgage insurance premium), as the case may be;
llq sround rents, tues, assessments, Gre. and aher hazard inwrance premiums;
(!Iq interest on the note securod hereby; a~d
(IV) amortization of the principal of said nae.
Any Jeficiency in the amount of'such aggregate monthly payment shall, unless made goai by the mortgagor prior to the due date of
the next such payment, cunstitute an evcnt oi default un~ler this mortgage. The tnortgagee may collect a"late charge" not to exceeJ two
cents l2c) for each dollar ISI! of exh payment more ~han fifteen t15) days in arrears to cover the extra expense involved in hanclling
iieiinqueni payrnents.
3. That if the taal of the paymenls madt by ~he mortgagor under Ib) of puagraph 2 prececfing shall exceed the amount of the
payments actually made by the mortgagee. for ground ronts, taxes and asxssments and insurance premiums, as the case may be. suct.
extas at the optioa of the mortgagoe, shall, be ctodited on subaequent paymeats to be made by the mort~agor. or refundod to the
mortgagor. If. however, the monihly payments made by the mortgagoc under lb) of paragraph 2 praeding shall not be sufficient to pay
ground rents, taxes arwi assessments and insurance premiums, as the case may be, when the same shall become due and payable. then the
mortgagor shall pay to the mortgagee any amount nxasary to make up the deficiency, on ar before the date when payment of such
ground rents, taxes, assessmeats, or insurance premiums shall be due. It at any time the mortgagor shall tender to the mortgagee in
xooniance with the {xovisions of the note securcd he~eby, full payment of the entire indebtedness repraented thereby, the mortgagee
shall, in computing the amount of such indebtedness, crodit to the account of the mortgagor all payments made under the provisions of ~a)
of paraaraph 2 hereof which the mortgagce has no1 become obligated to pay to the Secretary of Housing and Urban Devebpme~it and any
balance remaining in the tunds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any ot the
provisions of this mortgage, resulting in a public sale of the premisa covered he~eby, or if the mortgagee aaquires the propcrty otherwise
after default, the mortgagee shall apply, at the time of the commencement of such proceeclings or at the time the properly is otherwise
xquirod, the balance then remaining in the funds accumulated under Ib) of paragraph 2 preceding as a credit against the amount ot
principal thea remaining unpaid under said note and shall properly adjust any paymcets which shall have been made under (n) of said
~aragraph. - . ~
4. That he will pay all tax~s, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for wi~icn
provision has not been made hereinbefore, and in default thereof the mongagee may pay the same; and that he will promptly deliver the
dficial receepts therefor to the mortgagec.
5. That he will permit, commit, or wffer no w:LSte, impairment, or deterioration of said property or any part the~eof; and in the event
of the failure of the mortgagor to keep the buitdings on said premises and those to be erected on said premises, or improvements thueon.
in good repair, the morigagee may make 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 due and payable, and shall be securod by the lien of this mortgage.
~ 6. That he will pay~ll and singular the costs, charges, and expenses, including reasonable lawyer
s fees, and costs of abstracts of title,
- incurred or paid at any time by the mortgagce bacause of the failure on the pari of the mortgagor promptly and fully to perform the
~ agreements and covenants of said pcomissory note and this mortgage, and said casts, charges, and expenses shall be immediatety due and
payable and shalt be secured by the tien of this mortgage.
> 7. That he will keep the improvements now existing or hereafter erected on the mortgaged propeny, insured as may be required from
i' time to timo by the mortgagee against lo~ by firc and other hazards, cazulaties, and contingencies in such amounts and for such periocis as
• rt?ay be required by mortgagee, and witl pay promptly, when due. any premiums on such insurance for payment of which provision haz not
t been ~nade hueinbefore. All insurance shall bc carriod in companies approved by moctgagee and the policies and renewals thereof st?all
a-~ be held by mortgagee and have attached thereto loss payable clauses in favor of and in farm aaeptable to the mortgagee. In event of loss '
he will give immediate notice by mail to mortgagce, and mortgagee may make proof of loxs if not made promptly by mortgagor, and each ~
insurance company concerned is he~eby authorized and dirocted to make payment for such loss direcdy to mortgagee instead of to
. mortgagor and mortgagee juintly, and the insurance proceccis, or any part theroof, may be applied by mortgagee at its option either to the
ryi reduction of the indebtedness hereby srcured or to the restoration or repair of the property damaged. In event of foreclosure of this
n~ mortgage or other transfer of title to the mortgaged property in extinguishment of thc indebtainess secureci hereby, all right, tide. and
' • interest of the mortgagor io and to am•insurance policics then in force shall ~pass to the purchaser or grantee.
~ . 8. That the mortgagee may, at any t+r..e pendiog a suit upon this morigage, apply to ihe court having jurisdiction thereof For the '
i appointment of a receiver, and such court shall forthwith appoint a receiver of the pRmisa covered hereby all and ungular, including all ~
~ • and singular the income, profits, issues, and revenua from whatever source derived, each and e'very of which, it being expressly '
` , understood, is hereby mortgaged as if specifically set forih and described in-the granting and habeadum clauses hereof, and such receiver
shall have all the broad and e(Tective tunctions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
f . made by such court as an aJmitted oquity and a matter of absolute right to said mortgagee, and without reference to the adequacy or
' i inadoquacy" of tht value of the properiy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that ~uch
rents, profits, income, issues, arxi revenues shall be applied by such receiver according to the lien of this morigage and the practice of such
~ court. In tht event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mvrtgagee on demand as a
t reasonabte monthly rentat for the prcmises an amount at least cquivalent to one-twelfth tl/12) of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of ihe annual taxa. atsessments, water rates. and insurance premiurtu
for such year not coverad by the aforesaid monthly payments. r
9. That (a) in the event ot any breach of this mortgage or defaul~ on the part of the rrwrtgagor, or Ib? in the event that any of said ~
sums of money herein referred to be not promptly and fully paid without demand or ootice. or Ic-1 in the event that each anJ every the ~
stipulations, ag~eements, conditions, and covenants of said note and this mongage, are not duly, promptly, and fully pcrformed: then in
either or any such event, the said aggregate sum meniinned in said rwte then remainig unpaiJ, w ith interest acc~ued to that time, and all
~ moneys secured hereby, shall become due and payable forthwith, or thereafter, at ~he optiua of ,aiJ m<xtgagee, as fully and completely as
if at) ot the said sums of money were originally stipulated to be paid on such day, anything in wiJ aote or in this mortgage to the contrary
; notwithstancling: and thereupon or thereafter, at the option of said mortgagee, without notice or demarxl. suit at law or in equity, may be
; Prosecuted as if all moneys securecl hereby had matured priar to its institution. The mortgagee may fixeclose 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
j allowances. In case of partial foreckxure of lhis mortgage. 1he mortgaged premises shall be sold subject to the continuing lien of this
! mortgage for the amount of the debt not then due and unpaid. In such case the provisions of lhis paragraph may again be availed of
! thereafter from time to time by Ihe mortgagee.
~ 10_ That the mortgagpr will give immediate notice by mail to Ihe mortgagee of any conveyaoce, transfer, or change of ownership of
' the premises.
~ 1 1. That no waiver of any covenant herein or of Ihe obligation secured hereby shaH at any time thereafter be held to be a waiver of
" the terms hereof or of the note secured hercby_
12. That if the mortgagor default in any of the cove~ants or agreements cuntaineJ herein, or in said note, then tht mortgagee may
perform the same, and all expenJitures 1 incluJing reasonable attorneys feesl made by the mortgagee in so doing shall draw interest at the
rate set forth in the note secured hereby, and shall be repayable immodiately and without dema~d by the mortgagor to the mortgagee. and.
together with interat and costs accruing thereon. shall be secured by this mortgage_
° R ~U2 P~~E 859
~ 800K
° -