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HomeMy WebLinkAbout1282 ~ s i 2. That, in ~der nwre fully to prottct the ucurity of 1h~s rrx?rtgagr, ~hr mur~gagur, ~ugzthtr with, arxi in addition to, thc munthly paymeots unc:er the te~ms of' the rx~te snurrJ hrr~by. on ~hr firct Jay uf each munth unul thr .a~J nute is fully paiJ, will pay 1o IhC mortgsgee the following wms: (a) An amount w(ficient to provide 1he hdder hereof with funds tu pay IAe neat mortga~t ~nsurance premium ~f this ~nstrument and ~he note secu~ed hereby are inwrcd or a monthly charge (in~lieu of a mo~t~age insuiance prcmium) if lhey are held by the Secretary of Housing anJ Urban Development, as fallows: 11) If an~ so lung as said r?ote oi even date and this ~nstrument are ~nsured or are reinsured under the orovisiuns of' the National Housing Act, an amoum suRicient to accumulate in the ha~xls of the holder one l ll month prio~ to its due date the a~nual nwrtgage insurance Memium, in urJer to pruvidr such hdder with funds w pay such premium to the Sec~etary of Housin~ and Urt+an [hvelopmnn~ pu~~uant to the Natiunal Hous~ng Act, as ame~xleJ, anJ applicable Regutations thereunder; or 111) If and so long as said note of even Jate and thi~ ins~rument are held by Ihe Secreta~y of Housing aod Urban Development. a monthly charge lin lizu of a mortgage insurance prrmium) which shall be in an amounl equal to ane-lwelfth (I112) uf une-half 1 per centum of 1he average outsta~xling balance due on tht note computal witAout ta?ing into account delinquencies or prepayments; Ib) A sum equal to tht gruunJ rents, if any, next due, plus Ihc premiurtu that will next become due and payable on policies of firo and other hazar3insuian~c ~oir~'n'ng l1k ihattgagM pr~feYty: plus taxes and asseuments next due on 1he mortgaged property (all u euimated by the mor~ga~ee) less all sums already paid therefor dividcd by the numbe~ of montlu to elapae before one mo~th prior to lhe date whea such.gruund rents, prem~ums, taxes, and asscssmenu will become delinquent, such sums to be held by mor+dagee in trust to pay said ground rents, premiums, taxes, and special assessments; and tc) All payments mentioned in the two praceding subaections of this puagraph and all payments to be made under the note secured hereby shall be ad~od toge~her and the aggregate amount thereuf shall be paid by the mortg•agor each month in a single payment to be applied by the m.~rtgagee to the fdlowing items in the o~der ut forth: 11) premium charges under the contract of ia.+urance vvith the Secretary of N~wsing and Urt+an Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (11) ground rents, taxes, rssessmeots. fire, xnd other hazard inwrance premiums; (111) interest on tht note secured hereby; and pV) amurti~tion of the principal of said nota Any deficiency in the amo~nt of wch aggregatr munthly paymrnt +hall, unlru made go~x1 by the mortgagor priur w the due datr of the next such payrnrnt, constiwte an event uf Jefault un~fer this mortgage. 'Thr m~xtgagee may cull~:t "late charge" not w exceed twu cents 12c) for each dolla~ ISII of exh payment more Ihan fiRrea 1151 Jays in arre:us to cuver ~he extra n~peme invalvetii in hanJling delinquent payments. 3. That if the tutal uf the payments maJe by Iht murtga~r urxler Ib1 of paragraph 2 prrceJing ~hall exceeJ the artwunt of the payments xwally made by the m~tgag~e, for grounJ rent~. ~a!e~ arxi as+essments anJ in~urame premium~, :u the cax may be, sucf. eaccess at the optioo of the mortgagee, shall. be credited on subsoquent payments to be made by the mortgagor. or refunded to the mortgagor. if, huwever, the munthly payments maJe by the murtgagor unJer Ibl uf paragraph : precrding shall not be sufficient to pay grourxl rents, taxes arn1 :u~e~sments and insurance premiums, a~ the case may be, wh~n the sam~ shall become due a~x1 payable, then tht mortgxgor shall pay tu the murtgagee any amount necessary to makr up the Jeficirrxy, on ~x t+efore the date when payment of such grounci renu, taxes, assexsments, ur insurance premiums shall be Juc_ IC at any time the mortgagor shall terxler to the mortgsgee in acconiance with the provisions of the note secured hereby, full payment ot the entire i~xiebteJness represented Ihereby, the mortgagee shall, in cumputing the amount of such indebtainess, creJit to the account of the mortgag~x all payments maJe urxier the pruvisiom of (u1 o( paragraph 2 hereof which the mor~gagee has not become obligated to pxy to th~ Secretary of Housing and Urban Development and any balance remaining in thr fund. accumulatcYi urxler thr provisiuns of Ih? of said paragraph 2. If thrre shall be a default under any af the provisions of this mortgage. resulting in a public sale uf thr premiie+ cuvereJ hereby, ur if the mortgagee aoquires the prop~rty Wherw ~se a(ter default, the mortgagee shall apE?ly, at the time u! the commrnc~ment ~~f tiuch proceeding+ ~x at the time the propertp is otherw is~ acquired, the balance then rema~ning in the fund+ accumulete~i under /h~ of paragraph 2 precetifing as a creJit against thr amuunt uf ~ principal ~hen rcmaining unpaiJ under +aid notr anJ shall pruperly aJjutit ~ny payments v?hich shall have bern made under (u1 of said - paragraph. 4. That he will pay all ta~e~. avc~+~ments, water ratcti, anJ ~~ther guvrrnmental or municipal charge+, fine., or impu~itiunc, for Nhich provniun ha~ not been maJc hrreinbrfore, and in def3uh thereof the mixtgagee may pay thr samr: anJ that hc will promptly deliver Me _ official rea:rept~ therefor to ~hr mortgagee. S. "fhat he will permit, cummit, ur ,ufTer no N:,ste, impeirment, ur deterioratiun of s:.id pruperty or any pan therruf: and in the event of the failure uf the rrx~ng:~gor to keep the buildings on wid premix~ and those to t+e erected on wiJ premi~es, ur improvements thereon. in gixxf repair, the mortgagee may make ~uch repain as in ils Jiscretion it may deem neceisary• f~x the proper preservation thereof, and the full amount of each and every such payment shall tx immeJiatrly Jua anJ payable, and ~hall be xcured by the lien of this rtwrtgage. 6. That he will pay all anci singular the cos~s, charges, arxi eapenses, including reasunable lawyer s fees, and costs of atntracts uf title. 3 incurred or paid at any time by the mongagee because of the failur~ un the part of th~ mortgagor promp~iy and fully to perform the agreements and covenants of +aid promic+cxy note and this m~xtgage. and said casts, charges. and expenses shall be immediattly due and payable anJ shall be secured by the iien of thic mortgage. 7. "That he will keep the ~mprovements now existing or hereafter erecteJ on the mortgageJ property, imureJ as may be requircYl irum time ta time by the mortgagre against loss by fire and other hazarJs, caculaties, anJ coniingern ies ~n +uch ~muunts and for wch periuJs ~s I may tx rrquired by mortgagee, anci will pay promp0y. when due, any premiums un such insurance fix pay ment of N h~ch provis~on ha+ not been made hereinbefora All insurante shall be carciod in companies approved by awrtgagee and the policies and renewals thercof shall be held by mongagee anJ have auacheal thercto loss payable clauses in favor of and in form acceptable to Ih~ rrn?rtgagee. In event uf luss ht will give immeJiat~ notice by mail to mortgagee, arwl rtwrtgagre may make pnwf of loss if nut made promptly by mortgagur, anJ each msurance company conceroed is hereby aulhorized and directed to ma?e paymeot fiir wch I~xs Jirectly to mortgagee instead of to mortgagor arn1 mo~tgagee jointly, and the insurance proceed~, or any pan thermf, may be applied by mortgagee at its option cithcr to the reduction of the indebt~-Jness herehy securrd or to 1hr resturation or repai~ ol' the property damagrd. In event of foreclosure of this rtwrtgage or olher transfer of title to the mortgaged property in extinguishment of the irxieMeJn~ss ,rcurcYl hereby. all right, tide. :+nd intere~t of the mortgegor in xnd to any insurance policiec thrn in force cFiall pacs to Ihe purchaser cx granter. • R. That the rrk~rlgagre may, a~ any time pending a suil upun this mortgage, apply to the court having junxiictiun thereof for the appuintmrnt of a receiver. a~xi such court shall forthwith appoint a receiver uf the premises covered hereby all arxi ~~nguiar. ~ncluding all anal singular thr incorr~. profits, issues, and revenues from whatever source derived, tach arxl every of which, it t+e~ng tapre~cly ! unJerstuoJ, i+ hereby mortgaged as if specifxally ut fonh anJ described in the grantin6'and habendum cl~uce~ herrnf. and such recerver shall havr aU thr txuaJ arxl etTecuve furxtiuns anJ p~?wen in ao~w~se entru~ted by a caurt to a receiver. and +uch ;tppuintment ~hall t?e made by such cuurt a~ an aJmitted equity and a matter uf atnulutr right to said nwrtgagee, and Nhhuul referetk:e to the aJequacy ur inadequacy of thr valur of thr pruperty mur~gagai or to the wlvency or insolvency of ~aid nwng:+gor ur lhe defenJents, and that such rents, profits, income, uwes, anJ re~~rnues ~hall tx applied by cueh rrceivrr accorJing lo the lien of this rm~rtgage arxl the practice of wch court. In the event of any dtfnult on the part o! thr murtgagor hereunJer, the rtwrtgagor agrcr~ to pay to the mortgagre on demand ac a rea~onable monthly rental for tht prcmiu~ an amount at least equivalent to one-twelfth 111121 of the aggregale of the twelve monthly installments payable ~n the Ihen curre~t year plus the actua) amuunt of the annual laxes. atussments. w~ater rates, and inwrance premiurt~s for such year aut covereJ by the af~xesaiJ monthly payments. 9. That la) in the rve~t uf any t+reach of this mixtgagr ur Jefault un thr par~ uf the rtx~rtgagur, ~x Ih1 in thr event that any ~rf said sums of munry he~e~n refrrrrd t~~ t+e not prompUy and fully paid withi~ut JrmanJ ur nwice. ur Ic ) m lhr evrnt th~t rach anJ every the supulauont. .~gretment.. cundhion~. and cuvenants of said nute anJ th~5 m~tgag~, are not duly, promptly. anJ fu11y perforrr~d: Ihen ~n rither ur any su~;h event. 1he wiJ agtgregate sum mennuneJ in ~a~J nutr then remainig unpaid. N ith intere,t accrued to that time. anai rll nx~neys ~ecu~eJ hereby. thall l+ecome due :+nJ payablr furthw ith. ur therrafter. :+t the .~pt ~~m uf wid m~xtgagee, as full~ anJ completely as if all of the said sums of money werc onginall~• +upulated to be paid c~n ,uch day, anqlhing in ~iJ nutr ur in th~~ rtx~rtgage tu the cuntr;~r~ notw~tMtarxiing: and thereupon or thereafter. at the uption of saiJ mortgagee, without rx~tice ur Jrma~xf..ui~ at law ur in equhy. may t+t pnnrcuteJ as ~f all muneys securnl hereby had maturrJ prior tu its imtiwtiun. fhe murtgagee may fixtclu~e Ih~a ~rxirtgage, a~ tu the arrwunt ~ declared due and payable, and thc wiJ premises shall t+e wld to ~at~.fy and pay ~he wmt wg~~her with c.?~t.. eaprnse~. :+nd aUuwa~ce~. In ca~e of parUal G~rtclmure of th~+ murtgagr. Ihe m~xtgaged prem~~r+ ~hall I+e .uW ,uh~~ti1 t~~ the cuntinu~ng Gen uf ~his rtxxtgage fix the amuuM uf Ihe deM n..t thrn Jue anJ unpsiJ. In ,uch ca.e the pruv~sium uf th~ti paragraph ma~ a~ain he availed uf thcrrafter from ume tu timr by the murtgagee. 10. That tht mortgagur w iIl give~meJ~ate nu~ice by mail to the murtgagte of any come~arxc. tramtrr. ur ~hangr uf uwner,h~p uf the prrmiscs. t. 11. ~hat ~o waiver of any~1~4~ n_t herrin ot d_~e nbligat~un srcuteai herrby .hall at am timr therrafter be he1J tu t+e a µarver uf the terms herr~?f ur uf the note ~ edll~y~. • 12. That i~ Ihe rrK~rtgxgur ~dMt QtiMy t*tbe c~~A-~ or ag~eemcnt+ ~anta~neJ h~rem. ix in +:+~J rwte. Ihen the m~xtgagec may perform the same. arn1 all esprn~if~fes (~cfudin~ rFasonal~le~torncy'~ ffdf maJe b~ the m~x~grgee m w Juing shall Jraw inlerest at the rate xt forth in the rwte ucured herct+y, and shall ~e repayabl~ snmtdiatdy and N~th~wt demanJ by the murlgagur tu the murtgagca and. together whh interat anJ co,tc accruing thercon. shall be seeured by t~ib~tnortgaBe• r'. z ' ~QQK~ - - ' ~ ^ - ~ ~ e+,.:r~ s~ _ . . . ~K' .~~z""' .