HomeMy WebLinkAbout0763 2. lha~, in orJar rtwre fuUy to prot~tit the.ecurit~~ af ~hi+ mart6age, the mortgagor, tobtther with, an.i in aJditiun tu. thr awnthly
paymrnh undr~ Ihe term+ uf ~hr nolc ~c~until herrby. ~~n thr fi~t Jay of rach ntunth until thc wtiJ nutr i~ fully paiJ, wiU pay to thr
nwribagrr ihe fi~lluwing wms:
(al An artwunt sufficient to provide lhe holJer he~eof with funcis to pay the next mortgage insurance premium if this instrument anJ
the note xcu~ed hereby are insured, or a monthly charge (in lieu oi a mortgage insurance premium) if they a~e held by the
Secretary ot Housing and U~ban Development, as follows:
11) !f and so long as said note of even date and lhis instrument are insured or are reinsu~ed unde~ the p~ovisions at the
National Housing Act, an amount sufficient to accumulate in the hands of the holder o~e I1) month prio~ to its due date the
annual mortgage insurance premium, in order to proviJe such holde~ with funds lo pay such premium to the Secretary uf
Huusing and Urban Development pursuant to the National Housing Act, as arne~xled, arn1 applicahle Regulations
thereunder, or
111) If and so long as said note of even date and this irutrument are held by the Secretary of Housing and Urban Development,
a monthly charge Iin lieu of a mortgage insurance premiurtt) v?•hich shall be in an artwunt equal to one-twelfth 111121 of '
one-half 1~1 per centum of the average outstanding balance due on the note tomputed without taking into aceount
Jelinquencieror prepayments:
lb) A sum equal t~ the ground rents, if any, next due, plus the premiums that will next become due arni payable un policies of fire
and utAer hazard insurance co`veiingli'ie morigaged"pro~erty, plus taxes and as'sessments next due on Ihe mortgaged property lall
as estimated by the mortgageel less all sums already paid therefor dividod by the number of mocths to tlapse before one mon~h :
prior to the date when such ground rents, prem~ums, taxes, and assessment~ will become delinquent, such sums to be held by }
~ mortgagee in trust to pay said ground rents, premiums, taxes, ani special assess4nents; and
Ici A~~ PaYments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured
hereby shall be added together and the aggregate amount thereof shall be paid by the murtgagor each month in a single payment
to t+e applied by the mortgagee to the following items in the order set forth:
ll) premium charges under the contract of insurance with the Secretary of Housi~ig and Urban Development, or monthly
charge lin lieu of mortgage insurance premium), as the case may be: •
(II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; _
(111) interest on the note secured hereby; a~d
(IV) amortization of the principal of said note. -
Any deficier?cy in the amount of such aggragate monthly payment shall, unl~ys maJe guud by the mortgagor priur to the due datr of
the next such payment. constitute an event of default under this mortgage. The mortgagee may c~llect a"late chargr" nut t~ excecYi tN'o
crnts 12e1 for each dollar ISI/ of each payment more ~han fifteen I ISI days in arrears to cover the e~tra exprnse involved in handling
Jelinquent payments. ~ _ -
3. That if the total uf the paymentc maJe by the mongagor under Ib) of paragraph 2 prrcrding +h:~ll excecd ~he amuunt of thr
payments actually maJe by the mcxtgagre, for ground rents, taxes a~x1 asscssments and insurance premiums, as the case may be, such
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the morigagor. or refundal to the
murtgagor. If, however, the monthly payments macie b~• the mortgagor under Ihl of paragraph 2 preceJing shall not be sufficient to pay
ground rents. t:~xes and assessmtnts and insurance premiums, as the case may be, wfien the same si:all become due anJ paysble, then the
mcxtg:?gor shall pay to the mortgagre any amount necessary~ to make up the defici~ncy, on ~x before the date when payment of ~uch
gruund rents. taxes. assesiments, or insurance premiums shall be due. If at any lime lhe mortgagor shall tender to themortgagee in
accorJance with the provisions o.° the note secured hereby. futl payment of 1he entire i~xiebtedness represented thereby, the mortgagee
,hall, in computing the amount of su~h irxizMedness, credit to 1he ~c.-ount of the mortgagor all payments maJe u~xier the provisiom uf lul
uf paragraph 2 hereof which the mongagee has not become obligatevi to pay to the Secretary of Housing arxl Urban Development anJ any
halance remaining in ~he funds accumulateri under the provisions of (b) of said paragraph 2. If there shall t+e a default under .~ny o( the
pru~~isions of this mcxtgage, resulting in a public ~ale uf the premises covereJ hereby, or it the mortgagee acquires thr pruperty utherw ix
after defaalt, the mortgagee shall apply, at the time of the commencement of such procerdings or at the tirwe the propert)• is utherai~e
:~cquirrJ, the balance then remaining in the funds accumulated under Ib) of paragraph 2 precetiiing as a creJit againct the amount of
pnncipal then remaining unpaiJ unJer said note and shall properly adjust any payments u•hich shall havie 1?een made unJer I~e) of said
paragraph. . ,
J. fhat he Nill pay all taxes, as~sessments. water rates, and wher go?~ernmen~al or municipal charges, fines, or impositiors. fur which
pn~visiun has nut t+een made hereinbefore, and in default thercof the mortgagee may pay the same: and that he w'ill promptly deliver the
ufficial r«eipts therefor to the mortgagee.
5. -~hat he ~ill permit, commit, or suffer no waste, impairment. ix deterioration of ~aid property or any part therc~f; atxi in the event
uf the failure of the rtwrtgagur to keep the buildings un said premisrs and those to t+e erected o~ said premius. or improvements thereon.
in giwJ repair, the mortgagee may make such repairs as in its discretion it may deem necc~tiary far the proper pre+en•ation thereof, aod
the full amount of ~ach and every such payment shall be immediately due and payable. and shall t+e secured by the lien of thix mortgage_
~ 6. That he will pay all anci singular the costs, charges, and expenses, including reasonable IaNyer's fees, and cost~ of ebstracts of title.
~ncurrrd or paiJ at any time b~~ Ihr rrx~rtgagee because of the failure on the part of the rrxxtgagor promptly and fult~• to perfi~rm the
! aRreement~ ~rxi covenants of s:?id promissory note and this mortgage, and said costs. charges, and expenses ~hall be imm~diately Jue :~nd
I payablr and shall t+e secured by the lien of this mortgage_
f 7. That he will krep the improvements now existing or hereafttr erected on the mortgagc~i property, insured a, may t~e requir~i fn~m
~ sime tu time by the rrxingagee against I~xs by fire and other hatards, casylaties, and co~tingencies in such anwunh and fi~r wch ~xriods as -
ma~~ t+~ requir~i by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of Nhich pro~~isiun has not
been made hereinbefore. All insurance shall be carciod in companies approved by mortgagee and the policies and renewals thercof shall
he held by murtgagee and have auached thereto Iv~.s payable clauses in favor of and in form acceptaMe to the mortgagee. In event of loss
he will give immeJiate notice by mail to mwtgagee, and mortgagee may make proof of I~s if rwt made promptly by mixtgagor, arxl each
inwrance company concerned is hereby authorized and directed to make payment for such losc direcUy to mc~rtgagee instead of to
murtgagor and murtgagee joindy, and the insurance proceeds, or any part thereof, may t+e applied by rtxxtgagee at its option eithrr to the
reJuctiun of the indebteJneis hereby secured or to the restoration.or repair of the property damageJ. In event of forcYlo+ure of thic
murtgagr or other transfer of tide to the mortgageJ property in eatinguishment of the indebtedness tiecureJ hereby, all right. tiUr. and ~
interest of the mortgagor in arxi to any insurance policies then in force shall pasx to the purchaser or grantee.
8. That if the premises, or an~ part thereof, be condemned under any power o( eminent domain, or acquir~-d tor a public u.e,
the dama~FS, proceeds, and the consideration (or such acquisition, to the extent o( the full amount ot ind~btedneti~ upon this
\IurtRage, and thc\ote secured herebv remainin~ unpaid, are hereb~~ assi~ned b~• the ~lort~tagur to the ~Ior~~aRF~ anJ sh~ll be paid
(orthwith to thi- ~lort~a~ee to be applied b}~ it on account of the indebtedne~s secured herebr•, ~.heth~r duc or not.
9. That Ihe mortgagee may. at aoy time pending a suit upon this mortgage. apply to the cour[ having juriuliction thereof for the
.ip~wintment uf a receiver. and such court shall forthwith appoint a rectiver of the premists covereJ hereby all and singular, incluJing all
anJ singular the income, profits, issu~s. and re~•enues from whate~~er source derived, each anJ every of w•hich, it he:ng e~pre~.sly
under.tu~xl, is hereby mortgageel as if specifically set forth and deseribeci in the g~anting and habendum clauses hereof, and wch receiver
thall have all the broad and effective functions and poNrrs in anywise entrusted by a court to a receiver. and such appointment shall be
made by such court at an admitteJ equity and a matter of abwlute right to s:?id mortgagee, and without reference to the adequacy or
in:~dryuacy uf the value of the property mortgageYl ~x to the x?Ivency or insolvrncy of said mortgagor or the defendents. and thal such
~ r~nts, profits, income. i~sues. anci revenues shall t+e applied by cueh reeeiver aceording to the lien of this rrwrtgage a~xi the pracliee of ~uch
:uurt. In the r~•ent of arry default on the part of the mortgagor hereunder. !he mortgagor agrets to pay to the mortgagee on demand as a
~ rea.onable monthly rental for the premises an amo~nt at least eyuivalent tu une-twelfth 11/I21 of Ihe aggregate of ihe twelve rrK~nthl}
in,tallments payable in the then current year plus the actual amount of the annua) taxes. assessments. uater rates, and in.urance premiums
~ ~
~ fur such year not coverrJ by the aforesaid monthly payments.
~ ~p. That lu) in the event of an~ breach of this mortgage or default on the part of the rrwrtgagor. or Ih? in the e~•ent that an~• of saiJ
~ surm uf muney herein referrccl to t+e not prort~ptly and (ully~•paid without demand or notice, or (c) in the evem that each and every the•
~ ,upul~tions, agreements, cunditiuns, anJ covenants of taid nwe anJ this mortgage. are not duly. promptly, arxi fully perfi~rmeJ: then in
~ either ur any tiuch event, thr said aggregate ~um mentioned in said note lhen remainig unpaid, with interesl accrued to Iha1 time. anei all
rn~me~~+.ecured hereby_ shall t+ecome Jue anJ payable fixthwith. ur thereafter, at Ihe option of said m~xtgagee, as fully anJ completely at
e ~f all of the ,aid sums of rtwney were originally stipulated to be paid on such Jay, anything in said note ur in this murigage to the contrary
nulw ithstanJing: and thereup~m or thereafter. at the option of saiJ rtwrtgagee. without notice or demanJ, suit at law ur in eyuily. may br
pr~recutrJ as if all moneys cecured hereby had mawred prior to its institution. The mortgagee may foreclou this rtx?rtgage. as to ihe
artwunt so declared Jue and payahle, and the said premises shall bt sold to satisfy and pay the same tugether M~ith cent~. expenses, and
~ aUowances. In case of panial f~xeclosure of this mortgage, the mcxlgaged premices shall t+e wW subject to the continuing lien of this
rtxxtgage for the amount of the JeM not then due and unpaid. In such case the provisions of this paragraph may again t+e a~•aileJ of
thereafter from time ro time by the mcxtgagee.
11. That the rrwxtgagor v. ill give immediate notice by mail to lhe mortgagee of any comeyarke, transfer, or change of ow nertihip of
the premius.
i2. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter he held to he a µaiver of
the termc hereof or of the note cecured hereby.
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