HomeMy WebLinkAbout1559 2. ~I'hat, in urJrr rtwre fully [u protcct the secu~i~y uf this mortgagt, the mortgagur, tagtthtr with, arsd in aJdition w. the munthly
payments unJe~ the terms uf the nu~e ac*~urtJ he~tby, un 1he first Jay ~~f rach momh until thr said note is fully paid, will pay to the
murtg:~tt the folluwin~ sums: • '
la) An amount sutficient to provide the Aolder he~eof with fun~is tu pay the next mo~tgage inw~anco premium if this inst~ument and
the aote secured hereby arc insu~ed, ar a monthly char~e lin lieu of a mort~a~e insurance premium) if they are held by the
Secrctary of Housin~ and Urban Developmeat, as follows:
(1) If and so long ss said note of eve~ date and this instrument are insured or are rcinsured unde~ the urovisions of the
National Nousing Act. an amount sufTicient to accumulate in the hands of the holder one l l) month prior to iu due date the
annual morigage insurance prcmium, in orde~ t~ provide such holder with funds to pay such p~emium to the Secretary of
Housing and Urban Development punuant to the National Housing Act. as amen~ied, and applicable Regulatioas
thereu~der; or
(111 If and so long as said note of even datr and this instrument are held by the Secretuy ot Housing and U~ban Development,
a monthly charge l~n lieu of a mortgage insurunce premium) which shall be io an amount equal to ono-twelfth (1112) of
one-halt lti4) per centum of the average outstanding balance due on the note computed without taking into aocount
delinquencia or prepayments;
(b) A wm cqual to the ground renu, if any, neat due, plus the prcmiums that will aezt become due and payable on policies of fire
and other hazard insurance cove~ing tht mortgaged propcrty. plus taxes and assesamenu next due on ttx mortgaged property (all
as estimated by the mortgagee) las all sums alrcady paid therefor divided by the number of months to elapse before one month
prior to the date when such gound rents, prem~ums, taxes, and assessments will become delinquent, such sums to be held by
mortgagee in trust w pay said Sround rents. premiums, taxes. and special assessments; and
(cl All payments mtntioned in the tw~o prceeding subsections of this paragraph and atl payments w be made under the note secured
hereby shall be added together and the aggrcgate amou~t thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the following items in the order set forth:
Ip prcmium charga under the comract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of martgage insurancc premium), as the case may be;
(11) ground rents, taxes, assessments, firc, and other hazard inwrance premiums;
(llq intercst on the note securod hereby; and
(IV) amortiiation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made goal by the mortgagor prar to the Jue date of
the next such payment, constitute an event of Jefault under this mortgage. The mortgagee may collect a"late charge' nat tv exceed two
cents i2c) for each dollar lSll of exh payment mwe than fiftcen (15) days in arrears to cover the extra expense involved in ha~xlling
delinquent payments. ~ _
3. That if the total of ~he payments maJe by the mc~rtgagor under 16) of paragraph 2 preceding shall exceed the anwunt of the
payments actually made by tht mortgagee, for ground rents, ta!ces and acussments and insurance premiums, as the case may be, such
excess at the option of tl~e mortgagee. shall, be creditcd on subsequent paymrnts to be made by the mortgagor. or refunded to the .
mortgagor. If, huweve~, the rt?onthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not be sufficient to pay
ground rents, taxes and assestments anJ insurance premiums, as the case may be, v?•hen the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary tu make up the deficiency. on or before the date w•hen payment of such
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to tht mortgagee in
acconlance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee
shall, in rnmputing the amount of such indebtedness, creJit to the account of the mortgagor all payments made under the provisions of la)
of parag~aph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any
balance remaining in the funds accumulated under the provisions of (h) of said paragraph 2. If there shall be a default under any of the
provisions of this mortgage, resulting in a public sale of the premises covered hereby, or if.t~e mort~8~ee s1oq4~«S lhe.~rp~eTty otherwise
after default, the mortgagee shalf apply, at the time of the commencement of such proceedings or at the-lime the property is otherwise
acquired, the balance then remaioing in the fumis accumulated under (b~ of paragrapb 2.pcecedipg as a credii ag+i~t the amount of
principal t~ien remaining unpaid under said note and shall properly adjust any payments whiCh shall have been made under (a) qf said
paragraph.
4. That he will pay all taaes, assessments, water rates, arxi o~her governmental or municipal charges, fines, or'impositions, for wfiich
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same: and that he will promptly deliver the
official receipts therefor to the mortgagee.
5. 7"hat he will permit, commit, or suf'fer no waste, impairment, or deterioration of said property 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, or improvements thereon.
in gooef repair, the mortgagee may make such repairs as in its discretiun it may deem necessary for lhe proper pr~servation thereof, and
the full amount of each and evtry such payment shall be immediately due and payable, and shall be securetii by the lien of ~his mortgage.
6. That he will pay all and singular the costs, charges, and expenses, including reasonable tawyer
s fees, and costs of abstracts of title.
incurreei or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fnlly to perfurm the ,
agreements arni covenants of saiJ promissory nwe and this mortgage. and said costs_ charges, and expe?ues shall be immediately due and ~
~ payable and shall be secured by the lien of this mortgage.
! 7. That he will keep the improvements now existing or herzafter erected on the mortgaged property, insureJ as may be requireJ from
~ time to time by the mortgagee against loss hy fire and other hazards, casulaties. anJ contingencies in such amounts and for such pzrioJs as
~ may be roquired by mortgagce, and will pay promptly, when due, any premiums on such iasurance for payment of w~hich provision has not
~ been made hereinbefore. All insurance shall be carriod in companies approvcd by mortgagee and the po~icies and renewals thereof shall
be held by mongagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
~ he will give immediate notice by mail to mortgagee, and mortgagee may mare proof of loss if not made promptly by mortgagor, anci each
insurance company concernrd is hereby authorized and directed to make payment for such lacs directly to mortgagee instead of to
morigagor and mortgagee jointly, arxl the insurance prceeeds. or any part thereof, may be applied by mortgagee at its option either to the
reduction of the indebteJness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this
rtwrtgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. titie. and
interest of the mortgagor in and to any insurance policies then in force shall pass to tht purchaser or grantee.
8. 77~at if the premises, or any part thereof, be condemned under any power of eminent damain, or acquired (or a public u~e,
the damages. proceeds, and the coasideration for such acquisition. to t6e extent of the (ull amount of indebtedness upoa this
~lortgage, and the voce secured herebv remaininR unpaid, are hereby assi~ned b}• the ~tortgagor to the ~lortgagee and shall be paid
forthNith to t6e ~1ortRaRee to be applied by it oa account of the indebtedness secured hereby, Nhether due or not. _
9. That the mortgagee may. at any time penJing a suit upon this mongage, apply to the court having jurisdiction thercof for the
appointment of a receiver, and such court shall forthwith appoint a receiver of the premises coverecf hereby all arxi singalar, including all
and singular the income, profits, issues..and revenues from whatever source derived, each and every of which, it being expressly
understood. is hereby morigaged as if specifically set forih and described in the g~anting and habendum clauses hereof, and such ~eceiver
shall have all the broad and ef'fective functions anJ powers in anywise entrusted by a court to a receiver, and such appointment shall be ;
~ made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adoquacy ur ;
inadequacy of the value of the property mortgageJ or to the solvency or insolvency of said morigagor or tht defendents, anet that such
~ rents, profits, income. issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such f
court_ In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a t
~ rcasonable monthly rcntal for the premises an amount at least oquivalent to one-twelfth Ill~Z1 oi the aggregate of the twelve monthly
~
insta0ments payable in the then current year plus the actual amount of the annual taxes. assessments, water ratcs, and insurance premiums s
for such year not covered by the afacsaid monihly payments.
~ 10. 7Tiat la) in the event of any breach of this mortgage or default on the part of the mongagor. or (b) in the event that any of said
sums of money herein referred to be not prompUy and fully paid without demand or notice, or Ic) in the event that each arxi every the ~
~ stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, prompdy, and fully performeJ: then in
either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrueJ to that time, anJ all
~ moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as
~ if all of the said sums of money v?ere originally stipulated to be paid on such day. anything in said note or in this rtwrtgage to the contrary
~ notwithstanding: and thereupon ur thereafler, at the option of said mortgagee. without notice or demand, suit at law or in equity, may be
prosecuted as if all moneys cecured hereby had maturod prior to its institution. The mortgagee may foreclox this mortgage, as to the
~ amount so declared doe and payable. and the said premises shall be sold to satisfy and pay the same together with costs, expenses. and
allowances. In case of partial foreclosure of this mohgage, the mortgaged premises shall be sold subject to the contiouing lien of this
~ mortgage for the amount of the debt not then due ancl unpaid_ In such case ihe provisions of this paragraph may again be availed of
thtreafter from time to time by the mortgagee.
~ 11. That the mortgagor w ill give immediate notice by mail to the mortgagee of any comeyance, transfer, or change of ownership of
thc premises.
12. That no waiver of any covenant herein or of the obligatiun secured hereby shal! at any time thertafter be held to be a waiver of
the terms hereof or of ~he note secured hereby.
~ Eo~204 ~~~58
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