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HomeMy WebLinkAbout0885 2. Tha~, in u~de~ rrx~re fully to prutect the securiry of this morlgage, the martg.+gur, togelhrr wilh. ~rxi in adJition tu, thr monihly paymemc unde~ ~hr ~ermc ~if thc nutr ,ctiured he~eby, un !he fi~t Jay uf rach munth until Ihe wid rx~te i. fully paid, w'ill pay tu !he m~x~gagee ~he falluv?ing ~ums: _ (al An amount sufficient to proviJe the holde~ hereof with funds to pay ~he next mortgage insu~ance promium if Ihis instrument and the note secu~ed hereby are insureri, or a monlhly chazge lin lieu a~f a mortgage insu~ance premium) if they ue held by the ! Secretary ot Housing and Urban Development, as folbws: 3 11) If and so long as said note of even date and this instrument are insured or are rcinsured under the orovisions of the National Housing Act. a~ amout?t sutYicient to accumulate in the hands of the holder one (1) month prior to itsdue date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of i Housing and Urban Development pursuant to the National Housing Act, as ame~xied, and applicable Regulatiuns ~hereunder, or ; Ilq If apd so long as said note of even date and this instrument are held by the Sccretary of Housing and Urban Development, ; a monthly charge (in I~eu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth 11112) of = onahalf (44) per centum of the average ouutanding balance due on the note computed withaut takin~ into aocount ~ Jdinquencies or prepayments; ~b> A sum equal to the grournf rents, if any, next due, plus the premiums that will nezt become due and payablt oh policies of fire aral other hazard insurance covtfitng t11f tn~Rgaged properry, plus taxes and astessments next due on the mortgaged property lall as estimated by the mortgagee) less all sums already paid therefor divided by the nu~reber of months to elapse bsfore one month prior to the date when such ground rents, premmms, taxes, and assessments will become delinquent, such ~uhu to be held by mortgagee in trust ta pay said ground rents, premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under Ihe note secured heret+y shall be added togeiher and the aggregate amount Ihereof 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: 11) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as ~he case may be; ~ IIU ground rents, taxts, assessments, fire, and other hazard insurance premiums: } (UI) interest on the note secured hereby; and (IV) amortitation of the principal of said note. Any deficiency in the amount of such aggrtgate monthly payment shall, unless made go~i by the mortgagor priur t~ the duc Jate of the next such payment, constitute an event af default under this mortgage. The m~xtgagee may cullect a"late charge" nut to exceed two ` cents 12c1 for each dollar IS11 of each payment morc than fifteen 115? ~1ays in arrears to cover the extra expense involved in harxlling i drlinqutnt payments. i That if the total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall exceed the amount uf the t payments xtually made by the-mortgagee, for ground rents, taxes arxl ac,essments and insurance premiums, as the case may be, such excess at the option of the mortgagee, shall, be creditcd on subsoquent payments to be made by the mongagor, or refundod to the mortgagor. If, however, the monthly payments macie by the mortgagor under Ihl of paragraph 2 preceding shall not be sufficient to pay grounJ rents, taxes arni assessments and insurance premiums, as the case may be. when Ihe same shall brcome Jue and payable, then the rm~rtgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before ~he date when payment of such grourxi rents, taxes. assectments, or insurance premiums shall t+e due. If at :u?y time the mortgagor shall tender to the murtgagee in xcordancz with the provisions of the note secured hereby, full payment of the entire irxlebtedness represented thereby, the mortgagee thall, in computing the amount of such iruiebteeinrss, credit to the account of tfne mortgagor all payments made unJer the provisions of lal uf paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing arni Urban Devebpment and any balance remaining in the funds accumulateJ under the provisions of (b) of said paragraph 2. If there shall be a Jefault urxler any of the prov~sionc of this morlgage, resulting in a public sale of the premisc~ covered hereby, or if the mortgagee acquirrs the pr~rty otherwise after drfault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquireJ, the balance then remaining in the funds accumulated unJer (h~ of paragraph 2 preceding as a cr~lit against the amount of principal then remaining unpaid under ~aid note and shall properly adjust any payments which shall have been made under Ia1 of said ~ paragraph. ' ' 1. That he will pay all taxes, assc~sments, water rat~s. and other gavernmental or municipal charges, fines, or impcxitiont for Nhich provision has nut beeo made hereinl~efore, and in Jrfault therrof the mortgagee may pay the same: end ~hat he wili promptly deliver the official receipts therefor to the mortgagee. S_ That he will permit. commit. or sutTer no w:ute, impairment, or Jeterioration of said property or any part thercti~f; and in the event uf the failure of the morigagor to keep the buildings on said premises and thuse ro be erected on said premises. or impro~~ements thereon. ; in g~wd repair, the mortgagee may make such repairs :u in its discretion it ma> deem necessary for the proper preservation thereof, anJ the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lie~ of this mortgage. 6. That he will pay all and singular the costs, charges. and expenses, including reasonable lawyer s fees, and costs of abstracts of tiUr. incurrctl or paiJ at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the sgreements and covenrnts of said promissory n~~te anJ this mortgage, and said costs, charges. a~xl expenses shall be immeJiately due anJ I~; payable anJ shaU be secureJ by 1he lien of this mortgage. ' 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured ac may be rcqoired from ; time to time by the mortgagee against loss by fire and other hazards, casulaties, anJ contingencies in such amounts and for wch peri~xls as j may be requirrd by mortgagee. and wil) pay promplly, when due, any ptemiums on such insurance for payment of which provision has not i been made hereinbefore_ All insurance shall be carried in companies approved by moRgagce and the policies and renewals thereof shall t~ heid by mongagee and have attached thereto loss payable dauses in Cavor of and in form acceptable to the mongagee. In event of loss he v? ill give immediate notice by mail to mortgagee, anci mortgagee may make proc~f of loss if not made promptly by mortgxgor. anci each msurance company concerneJ is hereby authbrized and directed to mal~e payment for such I~s direcQy to martgagee instead of to murtgagor anJ mcxtgagee jointly, and the insursnce proceeds, or any part thereof, may be applied by mortgagee at its option either to the ~ reJuction of the indebtedness hereby secured or to the restoration or repair of the property damageJ. In event of foreclosure uf this rix~rtgage or other transfer of tide ta the mortgaged property in eatinguishmenl of the intlebtedness securecl hereby, all right, title, and intere~t of the mortgagor in anJ to any insurance policies then in force shall pass to the purchaser or grantee. ~ 8. That ii the premises, or an~ part thereo[, be condemned under any power of eminent domain, or acquired tor a public use, the dama~!es, proceeds, and the consideration• Eor such acquisition. to the extent of the full amount of indebtedness upon this \lortga~e,andthe~ote secured hereb~• remainin~ unpaid,are hereb~• assi~ed by the )lortgagor tothe ~lortgagee and shal! be paid forthwith to the ~1ortQaRee to be applied b~• it on account of the indebtedness secuted hereby, whether due or not. 9. That the mortgagee may, at any time perxiing a suit upon this mortgage, apply to the court having jurisciiction thereof for the appomtment of a receiver, and such court chall forthwith appvint a receiver of the premises covered hereby all and singular, incluJing all arxi singular the income, profits, icsues, and revenues from whatever source derived, each anJ every of which, it being eapressly undersw~l. is hereby mortgaged as if specifically set forth anJ descrit~ed i~ the granting and habendum clauses hereof, and ~uch receiver .halt have all the broad and et'fective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court az an admitted equity and a matter uf abwlute right to said mortgagee, and without reference to the adeyuacy or inaJrquacy of the value of the propeny mortgageJ or to the solvency or insolvency of said mortgagor or the defendent~, and that such rcnts, profits, income. iscues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such ~ coun. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on dcmanJ as a reationahle munthly rental for the premises an amount at least equivalent to one-twelfth 11/121 of the aggregate of the twelve monthly ~ imtallments payable in the then ~urrent year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums ~ fur such year not covered by the aforesaid monthly payments. ~ ~p. That I~r) in the event of any breach of this mongage or defauft on the part of the mongagar, or Ib) in the event that any of said ~ sums of muney herein referrod to be not promptly and fully paib without deinand or notice, or Ic) in the event that each anci every the ~ stipulatior.s, agreements, conditions, and covenants of said nae and this mortgage. are not duly, promp?ly. arxi fully performeJ: then in either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, anel al) rrwneys 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 saiJ sums of money were originally stipulnted to be paid on such day, anything in said note or in this mc?rtgage to the contrary ~ notw•ithstanding: anJ thereupon or thereafter, at the option of said mortgagee, w•ithout rwtice or demand. suit at law• or in eq~~ity, may be prvsecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclcxe this mortgage, as to the ~ amoum so declared dut and payable, and the saiJ premises shall be sold to satisfy and pay the came together with cosls, expenses, and _ ~ allowances. In case of partial foreclosure of this mongage, the mortgaged premises shall be sold subject to the continuing lien of this rtwrtgage for the amount of the debt not then due and unpaid. In such case Ihe provisions of Ihis paragraph may again be availed of thercafter from time to time by the mortgagee. - 11. That the mortgagor will give immediatt notice by mail to the mortgagee of any conveyancz, transfer, or change of uwnership of the premises. . ' 12. That no waiver of any covenant herein or of the ob7igatan secured hereby shall at any time thereafter t+e held to be a waiver of ~ the terms hereof or of the note secured hereby. ~ ~T V~ ~ ~ ~ ~ ~~s s : _Y~ - -