HomeMy WebLinkAbout0746 2. That, in ord~r morc tully to protrc~ the cecurity of this mongagr. the murtsagur, tugrth~r with, anJ ~n aJ~~tiun tu. ~hr nx?nthly
payments unJrr the ~erm. of the notr .ctiur~vl hrrcby, on 1he h~l day uf rach munth unlil the .aK1 n~Ne ~s fully pa~d, w•~11 p:ty to Ihr
rtwrtgugee ~he Ii?IIuN~ing sums:
lal A~ amount wffkirnt to pruvide the huWtr herrof with fwxlx to pay the nrxt rtx?rtgage inwrance Mrmium if ~hi+ ~~strun~nt and
~he n~~tr secured hereAy are insurcd, ~x a manthly charge lin lieu iif a nwr~gage in+urance prrmium) if they are held by thr
Secre~ary of Hausing a~d Urban Devrlopmenl, as fallaws:
lll If and u~ long as.caid ne~te of even datr a~xi this instrument are msurtd or are reinsurrd uncie~ 1he provisions o( the
National Hou~ing Act, an amount .uPCicient to aaumulate in Ihe hand~ af thc holder one 11) munth prior to it~ due dale the
annual murlgage inwrance prrmium, in order to pruvide wch hoWtr with funJ~ to pay ~uch prcmium to the Secretary of
Housing and Urban I)evelopment punu~nt ~o thr Na~~unal Hou~ing Act, as amerxied, anJ appli~;ablc Rrgulaiiom
thcreunder; or
1111 If and u~ lang as ,aid note .~f evcn date a~xi Ihis imttumrm are hekl by the Secrctary of Nowing an~l Urban ikvelopmrnt,
a monlhly chargr Iin I~ru of murtgage inwrancr Memiuml which ,h:,ll t+e in an am.K~nt equnl tu une-twrli~h (11121 of
unahalf IS~1 per cenwm uf thr average uu~,tarnling balance due un the n~~te computaYi wilh~~ut taA~ng into aaa~~unt
delinyuenci~~c or prrpayments;
Ib) A sum equal lo thr gruunJ rents, ~f any, next due, plus the prrmiums that will next become Jut and payablr un policies of fire
and other hazard insurarice cuveririg 1he moitg5ged ~o~ptrty, plus taxes and as.u~ments neit dur un the m~xtgaged properly lall
as estimated by the mortgagee) Icss all ~ums already paid thrrefex divided by the numbcr of' monlhs to elapse befixt one month
priix w the Jete vvhen such grou~xl ~ents. premwms, taxes, arnl as~essments will become delinquent, tiuch xumc to be heW by
nwrtgagee in trus~ to pay said ground rrnt~, premiums, taxes, and spzcial aiccssmtnts; and
~f) All payments mentioned in the two preceding subssctions of this paragraph a~x1 all payments to be made u~xie~ the note securcd
hercby shall be adJed together and the aggregate amuuM thertof shall be paid by the rtKxt~gor each month in a singl~ {+ayment
to be applied by the mertg:~gee to the follov?•ing items in 1he order set funh:
11) premium charges unJer the contrsc~ of imurance with the Secretary uf Huusing end Urb:?n [kvelupment, or rrwnthly
charge (in lieu of mortgage insurance premiuml, as the cax may be;
111) grounJ rents, taxes, assessments, fire, and other haz:ud in~urarxe premiums;
llll) interest on the note securrd herrby; a~xi
IIV? amortization of the principal of said note.
~ny Jeticiern.y in lhe anwunt of such aggr~gate mun~hly payment ,hall, unlc~s made g.xx1 by ~hr mur~gagor priur w ihe dur Jate uf
the next such payrtxnt, cunsti~ute •rn event of Jefault urnler thi~ m~utgabe. "I he m~xtgag~e r:~sy culh~i a~'late ch~rge" nut w rxc~rJ two
cents (2c1 for each J~Ilar IS11 of rach paymrot murr th~n hftern ~ 15) Jay, in :?rre:us to cuver tht rxtra ex{+eme invulvnl in hanJling
delinquent payments.
3. That if ~hz wtal of ~he p•ayments maJe by the mortgagur under Ihl of paragraph 2 prec~~fi~g .hall rxcecd the amount uf the
payments actually made by the m.xtgagee, for grounJ rrnts, ~a~cy arul :usc~ments and inaurance prem~um~, as the cast may be, suct.
excess at the optio~ of the mortgagee. shall, be creJited on subsequent paymenes to be made by the mortgagor, or refundod to the
mortgagor. If, huwever, the ~rwn~hly payme~t. made by the mongagur under Ib1 of par~graph 2 prrceding ~hall not be wfficirnl to pay
grounJ rent~, tax~ a~xi :uxvment~ and insurance premiums, a+ thr .:?sr may br, whrn the samr ~hall brcume Jur anJ payable, then the
mortgagur shall pay to thr mortgagre any amount nec~~s.+ary to ma~.c up the Jeficien~y, on ~x brfore thr Jatr when pa)'rmnt of ruch
grourxf rents, tarcy, assr~sments, ur inwrance premium~ shall !+r dur. If at any time the mortgagor st?all tcrxler w the murtgagee in
accordance with the providons of the note aecurrd hereby, full payment ol' the entire inJebtc~ina.~c repre~nteJ thercby, the murtgagee
shall, in cumputing thz amuunt uf such i~xfebtedn~ys, crrdit to the accuunt of the mortgag~x all payments made under thz pruvisiuns of Ia1
of paragraph 2 hereof which the mortgsgee h:~c nut brcumr obligat~~1 to pay to the Secretary of Nou~ing a~x1 l;rban Develupment anJ any
balancr remaining in the funds ~ccumulxted arxier the pru~•i.iom of (h~ uf ,aid paragraph 2. If thrre .hall be a default under aoy of ~he
provi.i~~m of this m~tgagr, r~~+uliing in a public +ale of Ihe prrmi~es coverrd hrreby. ur if the mortgag~e ~cyuire~ the pn~+ert~• utherw ise
aRer Jefault, the mortgagee sh~ll apply, at the time uf the commenc~mem uf such pnxeeding~ ur at thr timr the propcrty i~ i~thrrw~~
~quireel, the balance then remaining i~ the funds accum~lated under /h) of paragraph 2 prtcaling a~ a cralit agaimt the amount of
principal then remaining unpaiJ under ~aiJ notr and ~haU pruprrly adjuct an}• paymenh Which.hrll have bren m:ide undrr lu? of wid
paragraph.
i_ 1Tiat he will pay all tazrs, a~se~sment.. Matrr ratc~+, and uther guvrrnmental u~ municip:d charge~. finew or imFx~sitium, for ~chieh
provisiun has not brrn made hereinbefore, anJ in Jefault thercv~f thr mortg~ger may p~y thr wrne; and that he will prumptly deliv~r the
official receipts therrfor tu the morigagre. ~
5. ~That he will permit, cummit, or suti~er no w aste, impairment, ~x deterioratiun of +aid proprrty or ~ny part thereuC: anJ in the rvrnt
of the fsilure of the mortgagor to kecp the buildin~ts on said premiset and thoae to be erected on said premiuc, or imprmementc thcrcon.
in gooJ repair, the mortgagee may make such repain ati in its discretion it may deem necess:iry fcx the proper preservation therruf. and
the full :~rtxwnt .~f ra~h and every wch pa~ ment ~hall t?e imm~diatcly due and payablr, anJ ,hall be x^curc-~i bp the li~n uf thiti mortgage.
6. That he will pay all and sinFular the cvst~. charg~y, anJ expenses, including rea~unablr law yer i fee~, anJ ro~h of ahstracts of tiUe.
incurre.i ur paid at any time !+y the mongagee because of the failure on the pan uf the nxxtgagor promptly anJ fully to ~xrform thc
agreement, anJ covenant. of said promissory note and this mor~gagz, and said costs. charge,, arxi exp~nse, .hall t+e immrdistely due and
payable and ~hall t?c ~ecureJ by the lien uf thi~ mortgage.
7. 'fhat he ~vill kcrp the improvements rww~ existing or herrafter erected on the morlgageJ propeny, inwred a. m.i~ hr ~eyuircti from
' time tu timr by thr ?rn~ngager aguinst I.ns hy fire anJ othe~ haiarJti, ca,ulati~~, anJ contingencieti in ~uch amuunt~ and fi~r ,u~h peri~xlt as
may. be requirctii by m~xtgagee. :+nd w ill pay promptly, when Jue, any premiums on wch insurance fur paprrxnt of w h~h provi,iun hat not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagce and the policies and renewals thereof shall
be held by mortgager and have at[achetil thereto lins payable dauses in favor of and in f~m acceptabk to Ihe rrK~rtgagee. In event of luss
he N ill give immediate noU~e by mail to mortgagee, arxl murtgager m3y make pnwf of I~ns if ~x~t rtwJe prumpUy by mortg:~gur. arxf each
insurarkr cumpany concerneJ is hereEy authorited anJ Jintitrd tu make payment fur .uch I~»+ JirrcUy tu rrxxlgag~c imtead uf to
mextgabor arxi mortgagrr jointly, anJ the inwrance prucerJs, ur :?ny p~rt thrr~Y~f, may br :ipplied t~y murtgager at m uption eithrr tu the
reduction of the inJeMednr,~ hereby xtiured or to the rest~xatiun ur rrp~ir of the proprrty damaged_ In cv~m uf fure~lo.ure uf this
mortg:~ge or other tramfer of titlc to the mortgaged pruperty in extinguishmeot uf the inJebtedntss secured hcreby. all right. titlr. and
intertst of Ihe mixtgagur in anJ tu any- inwrance policirs then in force .hall pxss to the purcha~r or gi:~nter.
S. That the rtwrtgagec may. at any ume pending a wit upim this mortgage. apply to the cuurt havins junxli.~ii~n thereof fur the
appointment of a receiver, and cuch caurt shall forthwith ap{wint a receiver of 1he premi~es covered hrreby ~II .~nJ +ingular, incluJmg all
anJ singul~r the irxume. prufitti, nsue~, and revrnu« frum whatever wurce derived. rach arxl every uf ~hich. it t.~ing exprrzsl~•
under,t~xi, ii hrreby murtgage~l ati if c~ifically tiet forth anJ dexribed in the granting and habendum rlau~~~ hrreof. ~nd such rneiver
chall have all the bruaJ and effctitive furntions anJ puwen in anyw ise entrusted by a court tu a r~-ieiver, and wch ap~nntment ,hall be
rtwde by wch court a~ an aJmittrd a.~yuit} anJ a matttr uf at~.lwe right to ,aid rt~rtgabee, anJ wi~lx~ut rtferenie to the adequacy or
inadequacy of the valur uf thr propert} murtgagetl or to the wOvency or inwlvency of ~aiJ mongagur or thr Jefendent+. arxi that .uch
rents, profits, incomr, i~sues. and revenue+ ~haii t?e applieJ h}' wch receiver accurding to the lien of Ihi~ mortgage artd Ihr practice of wch
court. In the evrnt of any default un thr part of the rruirlg:~gur htreunJzr. the mortgagor :+gree. tu pay tu the mortgager on JemanJ as a
reasonable m~~nthly rental for the premi~ an smount at Ira~t equivalent to one-twelfth 11/121 of the aggregate of the twelve rrr.nthly
inslullments payable in the then current yrar plus the actual amuunt of the annual taxec, astiessments, Mater rates, anJ insurance premiums
for tiu~:h year nut coverctif by the nforewiJ monthly payments.
9. 7hat (u) in ihe e~~ent uf any breach of this mortgage or def~uh an the part of the IMl((~+J~Uf. (N IF~ in the rvent tha~ :my of wiJ
wms of money herein refcrr~Yi ~o he nut promptly anJ fully paid without JemanJ or noticr. nr Ir 1 in Ihe cvrnt Ihai rarh anJ rvrn the
stipulatiom, agrermrnh, cunJitium, anJ covenantti of saiJ note anJ this mcxtgage, are nu~ Jul~. prumptly. rnd fully perfi~rmeJ: thrn in
either or any .u.;h event. thr ~id a~reg~te sum meotioned ~n saiJ note thrn remaimg unpaid. Ni~h interest accrueJ tu Ihat timr. anJ all
nxmey, .cYUreJ hrr~by. ,hall hecome Jur .?nJ payahle fixthW ith. or thereafler. at ~hr .~+ti~~n uf ,aiJ m~~r~ga~re. :~ti fully anJ complrtrly ac
if all of the said sumc of money µere originally titipulateJ to t+r paiJ on .uch d:~y. anything in wiJ nute or in thi~ nxtttg:~gt to the contrary
notw ith~t:~nding: and Ihrr~upon or lhereafter, a1 the upuon of saiJ mortgagee, wilhuut r~~uce or dem:irxi. ,uil at law• ~~r in ryui~p. ma~ be
prmrculed ati if ~II rtwn~yti tiecur«f hereb~~ haJ maturnl pnur tu it~ inuitutiun. fhe nx~rtg:~tre ma~ foreclo~e 1hi~ murtgagr. a~ tu the
amnunt ~o declared due and payablr. anJ the w~J prrmicet ch.~ll t~e ~uld to satisfy and pay the ,ame tugether with co.t~, rr{xn~rs. and
ailowances. In ~ase of p~rti~l furecl~nure of thi~ mortgage, the murlgag~J premise. ,hatl br wIJ whject to the cununuing lien uf thi~
mortgage Por the amuunl of th~ deht nut then due :~nJ unpaid. In .u:h c:~~e thr pruvi~i.~n~ uf thi~ par:~eraph may agam tk :+v:~ileJ of
thereafter_from time to time by the mortgaget..
10. That the rrWrtgagor will givr immrdiair nrnice hy mail to the m.~rtgagce uf an~• cunceyancr. trancfrr. or change uf owncr.h~p uf
the premesec.
fl. That nu waiver of any covenanl hercin or of the nhligation ~r~urrJ hrrrhy ~hal{ at any time thereafter t+r heW w br a wai~~er uf
the rerms hereuf or of the note uwreJ hereby.
12. (hrt i[ the m~xtgagur default in anr of Ihe c~~~cnantti ur agrecrnentti cuntaineJ herrin, or ~n said rK~te_ thcn the mixtgagre may
perCorm thc same, anJ all expenditure+ 1 including rcacunahle atturner'~ fec~l made t+y the m~xtgagre i~ w Joing shall Jraw inlerest at the "
rate set forth in the note ucurrd herrby. anJ shall he rrpayabte immril~ately anJ w~thixit demand b~ the rrartgagor to the mortgagee. and.
tugelher with interest anJ co~tt accruing thereon. ~hall t+e cecurrJ by thi, murtgagr.
BOGK~~ (1f~6E
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