HomeMy WebLinkAbout2431 2. Thal, in urdrr mur~ fully to pmtctit Ihe securily of this rtwrtgage, ~he mo~tgagu~, togr~htr w•i~h, arxi in ad~lhiun to, thr munthly
paymenK unJer the terms of the nute srcurrJ hereby, an ~he first day of e:+ch munth until the .aid note i~ fully puid, will pay tu ihr
mortgagee the foUow•iog cums: ~
(a) An amount sufficient to provide the holder hereot with funds to pay the nrxt murtgage insurance premium if this instrumem unJ
the note secured hereby are insurcd, or a monthly charge (in lieu of a mongage i~surance premiuml if they are hcld by the
Secretary ot Housing and Urban Development, as follows:
ti) If and so long as said note of even date and this instrument are insured or are reinsurc~l under the ~rovisiu~s of ehe
National Housing Act, an amount sufticient to accumulate in the hands of the holder one ( I) month prior to its due date the
a~nual mortgage insurance prcmium, in order ta proviJe such holde~ with funeis to p:iy .uch premium to thr Secretary of
fiousing artd Urban Developmen! punuanl to the National Nousing Act, as arnrnded, anJ applicable Regula~ions `
~he~eunder; o~
lll) If an~ so long as said note of even date atxl this instrument are held by the Secretary of Housing ancl Urban Development,
a monthly charge !in lieu of a martgage insurance premium) which shall be in an amount equal to ~~ne-twelf~h 111121 of
one-half l'h ) per centum of the average outstanding balance due on the note computed without taking intu secount
delinquencies o~ prepayments;
(b) A sum equal !o the ground rents, if any, next due, plus the premiums that will next become ~ue aixl payable on policies of fire
and other hazard insurance covering the mortgaged {xopetty, plus taza and assessments next due on ~he mortgagcd property (a(t
as estimated by the mortgagee) less all sums al~eady paid theretor dividod by tht number of montbs to elapx before one month
p~iot to the date when such grouod rents, premiums, taxts, and assessments will become delinquent, such sums to t+e held by
mortgagee in trust to pay said ground rents, premiums, taxes, and sp~ial yssessments; and
lc) All payments mentioned in the two prcceding subsections of this paragraph and all payments to be made under the note securzJ
hereby shall be added together and the aggregate amount thercof shall be paid by the morlgagor each month in a single payment
to bt applied by the mortgagee to the follow•ing items in the orJer set fonh:
U1 premium charges under the contract af irtcurance w•ith the Secretary ot Housing and Urban Developmen[, or monthly
charge lin lieu ot mortgage insurance premiuml, as the case may be; -
UI) ground rents, taxcs, assessments, fire, ar.d other Aazazd insurance premiums;
(II11 interest on the note secureel hertby; and
IIV) amortization of the principal of said nota.
.~ny deficiency in the amount of such aggregate monthly payment shaU, unless made goixl by the m~xtgagor prior to thr deie datr of
the next such payment, constitute an event of default under Ihis mortgage. The mortgagee may collect a"late churge" not to ex~eed tw~~
cents 12c) for each dollar 1S1) of each payment more than fiQeen (It) days in arrcars to co~•er the zxtra rxpense invul~•ed in hundli~g
delinquent payments.
3. That if the total of the paymrnts maJe by the mongagor under 161 of paragraph 2 preceJing ,hall exceed the anwunt of the
payments actually maJe by ~he m~xtgagee, for ground rents. taxes a~xi assessments and insurance pr~miums, as thr c~se may be, such
eacess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the
mortgagar. If, however, the monthly payments made by the mortgagar under 161 of paragraph 2 preceJing ~ball not be sufficient to pay
gruurxi rents, ta~es and assessments and insurance premiums, as the case may bt, whrn the same shall t+ecome due a~xi pay~ble, then thr
mortgagor shall pay to the mortgagee any amount necessary to make up tht deficiency, on ur t+zfore the Jate when paymrnt of such
grounJ rentc, tazes, assessments, or insurance premiums shaR be due. If at anq time the mortgagor shaU tender tu the mortgagee in
accorJance with the provisions of the note secured hereby, full payment of the entire i~xiebtc~iness reprecented thereby, the mortgagee
chall, in computing ~he amount of such indebtedness, creJit to the account of the mortgagor all payments made under the provisions af Ivl
uf paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secrelary of Housing anei Urban Development anJ any
balance remaining in the funds accumulated under the provisiuns of Ib) of saiJ paragraph 2_ If there shall be a default urnler any uf the
provisions of this mortgage, resulting in a public ~ale of the premises covereci hereby, or if the m~xtgagee acyuirc~ thc pre~?rrt}• otherwise
after defautt, the mortgagee shall apply, at the time uf the commencement of such proceedings ~x at the time the propert~• is ~~therwise
acquired, the balence then remaining in the fun~k accumulate~i unJer Ih) of paragraph 2 pr~ceding as a creJit againtit the amuunt uf
pnncipal ~~ien remaining unpaid under said note and shall properly adjust any payments which shalt ha~e heen m:~de under lu) of c:wi:'
paragraph.
4. That he Nill pay aU taxes, acsessments, w•ater rates. and other governmental or municipaf chargc~, fines, ~>r imp.~sitiuns. for which
provisiun has not been made hereinbrfore.'~1~,in_ It. erwf,the mortgager may paq the 1ame; anJ that he wilt promptly Jrli?~er the
official rereipts theretor to the morigagee. ~ ~ • • ~ - " ,
S_ That he will permit, commit, ur suft:eZ po ?~sje~~pairment: or deterioratiun of said property or any part thereof: and in th: event
uf the failure of the mortgagor to keep th~ bqi4ciings titi said premises and tl~~e.to be erecteJ on caiJ premises, or impruvrments thereon.
in govd repair, the mortgagee may ma~e such ~e~pairs as in=its~diacietiat~. it may, J;ero necessary fur the proper preservation thereof, and
the full amount of each anJ every such pay~Mt4ha~1 b~e~immtdiat~q~yr~~su,a;~ay~bk, and shall be secureYt by the lien of this m~irtgage.
6. That he will pay all and singular the costs. charges, and expenses, incl~fding rtasonable lawyer s fees, a~d costs of abctracts af title.
incurreYl or paeJ at any time by ~he mortgagee t~cause of the failure on the part of the mortgagor promptly and fulfy to perform the
agreements anJ covenants of said promissory note anJ this mongage. and said costs. charges. :~nd expenses shall t+e immedi:?trly Jue and
payable and shall be securrJ by the lien of this mwtgage.
7. That he will keep the improvements now existing ur hereafter erected on the mortgagc~l property, insureJ as may he requirc~l from
time to time by~ the mortgagee against loss by fire and other hazards, casulaties, anJ contingerk ies in such ertx~unts and for such periods as
may t+e required by morig~gee, and aitl pay prompNy, w hen due. any premiums on such insurance for payment of which provision has not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
t+e helJ by mortgagee anJ ha~•e attacheJ lhereto loss payabte clauses in favor ~~f and in form acceptable to the mortgager. In event of foss
he w•ill give immediate nouce by mail tq mortgagee, an~! mortgagee may mal~e pnwf of los~ if rwt made promptly by mortgagor, and each
~muranre cumpany rnncerned is hereby authorized and directed to make payment for such loss direcdy to mortgrgec instead of [o
rrwrtgagor and mortgagee jointly, and the insurance pro~ceds, or any part thereof, may be applied by rtwrtgagrr at its option either to the
reduction of thr indebtedness hereby securcd or to the restoralion or repair of the property damaged. In event of forecl~ure of this
rrwrtgage or other transfer of tide to the mortgaged property'in extinguishment of lhe indebtedness securecl herrby, all right. tide. :+nd
interest of the mortgagur in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. That if the prrmises, or any part thereo(, be condemned under any poN~er of eminent domain, or acquired !or a public use,
the dama~es. proceeds, and the considera~ion for such acquisition, to the extent o( the (ull amount o( inde6tedness upon this
\IortRa~e,andthe\ote secured hereb~• remaining unpaid,are hereb?• assigned by tfie \lort~agor tothe 1lortgagee and s6a11 be paid
(orthNith to the ~Iort~aRee to be applied b}• it on account of the indebtedness srcured heteb}•, whether due or not.
9. Tha~ the rrwrtgagee may, at any time pending a suit upun this mortgage, apply to the court having jurisdiction thereof for the
appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covereJ hereby all ancf singular, including all
and singular the incor*ie. profits, issues, and revenues from whatever source derived, each anef every of which, it being expressly
understooJ. is hereby mortgaged as it specifically set forth and describeei in the granting and habenJum clauses herrnf. :+nJ such receiver
shall have all the broad and effective functions and pow~ers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitted equity anJ a matter uf absolute ~ight to said mortgagee, and x~ithout reference to the adequacy or
inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, anei that wch
rcntc, profits, income. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such
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
reasonable monthly rental for the premises an amount at least equivalent to one-twelfth l l/121 of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount c~f'the annual taxes, assessments. water rates. and insurance premiums
for such year not covered by the afcxesaid monthly payments.
f0. That la) in the event of any breach of ~his mortgage or default on the part of the nwrtgagor, or Ib) in the event that any o( saiJ
sums of money herein ~eferred to be not promplly and fully paid without demand or notice, or Ic? in the event that each anJ every the
stipulations, agreements, conditions, and covenants of said note and this murtgage. are not duly, promptly, and fully performed: ~hen in
either or any such event, the said :~ggregate sum mentioned in said note then remainig unpaid. with interest accrued to that time, and all
moneys secured hereby, shall become due and payable fwthwith. or thereafter, at the option of said mortgagee, as fully anJ completely as
if all of the saiJ sums of money were originally stipulated to be paid on such day. anything in said note or in this mortgage to ihe contrary
notwithstanding: and thereupon or thereafler, at the option of said martgagee, without notice or demarxi. suit at law or in equity. may be
prusecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may forecl~e this mortgage, as to the
amount so declared due and payable. and the said premises shall be sold to satisfy and pay the same together with costs, expenses. and
allow•ancts. !n case of partial fortclosure of this mortgage, the mortgaged premises shall be sold sub}ect to the continuing lien of Ihis
mortgage for the amount of the debt not then due and unpaid. In such case the provisiuns of this paragraph may again be availed of
thercafter from time ta time by the mortgagee.
l l. That the mortgagor w•ill give immediate notice by mail to the mortgagee of any conveyance. transfer, or change of ownership oi
the premises.
12. That no waiver of any covenant herein or nf the obligation secured hereby shall at any time the~eafler be held ta t+e a waiver of
~he terms hereof or of the note secured herebv. -
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