HomeMy WebLinkAbout2833 'I~hat. in urdtr ~wre fully tu prutc~t thr +rcurity uf thi, murlgagr, thr murtgagor, a,grthrr wi1h, urxl in aJditiun t~~, ~he munthly
p:+~mrm, unJrr tht term~ uf th~ nute sctiur~d hrrrhy, un ~hr finl Jay uf ~ach munth until Ihr ~aiJ nutr i~ fully paid, wiU p;iy tu thr
mcutgagrr thr Wlluwing ,ums:
Ia) An amount wfficient to provide th~ holJer hereuf vrith funds to pay ~he nrx~ rtwrtgage insurance premium if this inctrument and
the note secur~l hereby a~e insureJ, or a monthly charge lin lieu of a mortgage inxurance prrmium) if they are held by the
tiec~etaryr of Housing and Urban Drvelopment, as folbws:
UI If and so lung as said note of even date arxl this irtstrument are imurni or arc reinsured unde~ the orovisiuns of the
Natio~al Housi~g Act, an amount sutlicienl to accumulate in the hands of the hotJer une ( I1 month prior to its due date Ihe
annual mortgage imwance pr~mium, in ~xder ta proviJe such holdr~ with funds ta pay such premium to ~he Secretary ot
Housing and Urban Development pursuant tu the National Huusing Act, as amernied.'and applicable Regulatiuns
thereunder, or -
flt) If and ~ long as said nutc uf even Jatr a~x! this imtrumrnl are held hy the Secretary of Housing and Urban Development,
a monthly charge lin lieu uf a mortgage imurance prrmium) which shall be in an am~unt.equal to onertwelfth (1112) of
one-half 1'•h ) per cenwm of the average outstanding balance due i~n the note computed without taking into aacount
delinquencia or prepayments;
Ib1 A sum equal to the grounJ rents. it aqy. r~xtslye,_plus ~he premiums rhat wiU next become due a~xi payable on policies of fire
arn1 other hazard insurance covering the mo~tgagrci property, plus taxes and aasescments next due on the m~tgaged property (a!1
as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month
prior to the date when such ground rents, prem~ums, taxes, and assessments w•ill become delinquent, such sums to be held by
mortgagee in trust to pay said ground reats, premiums, taxes, and special assessments• and
Ic? All payments mentioned in the two preceding subsections of this paragraph and :+11 payments to be made under the note secured
hereby shall be added together anJ the ag~egatr amount therzof shall be paid by the mortgago~ each month in a single payment
to lx applied by the mortgagee to the fi~ltow ing itertn in the urder srt forth:
UI premium charges ~nder the cuntract of iruurance with the Secretary uf Huusing and Urban Development, or monthly.
charge Iin lieu of mortgage insurance premiuml, as the case may be;
111) ground rtntc, taxes, assessmeets, fire, anci olher hazard 'ensorance premiums;
1111) interest on the note xcuretl hereby; anJ
{IV) artwrtization of the principal uf said note.
Any deficiency in ~he amount of such ap,gregatr monthly payment shall, unlrss made g~wd by the mcxtgagcx priur to tht due date of •
the next such payment, constiwte an rvrnt of Jrfault under ~his mortg~ge. The m~xtgagre may cullect a•'late charge" not to exceed two
cents 12c) for each dollar IS11 of exh paymen~ more than hftern 1151 day~ in arrran to cover the extra rxpense involved in handling
Jel~nquent paym~nts_
That if the total of ~he payments made by thr mortg;~gar u~xier Ibl of paragr:~ph 2 prctieding shall e~ceeJ the amount of the
pa~~mcntc actually maJe by Ihr mortgagc~, fur ground rents, ta~es and atcessment~ anJ insurance premiums, as the case may be, such
eacest at the option of the mortgagee, shall, be credited on ~subsa~uent payments to be made by the nwrtgagor, o~ refunded to the
nwrtgagor. !f, however, the monthly p:iymentx m:x1e by the mongagar under Ih1 of paragraph 2 prc~:eding shall not be sufficient ta pay
gruunJ rent~. taxec anJ aaxc,~s~mrnts and imurance premiums, as the case may be, when the same shall become due ancf payable, then the
rmtttg:~gor ahall pay to the murtgagee any amount nece~sary a? makr up the dcti~iency, on cx t?eforr the date w•hen payment of such
groun~i rents, taxn. :tssessments, ur insurancc premiums shall t?e due. If at any time the m~tgag~x shall tencltr to the mortgagee in
accurdanrr with the provisions of the note tiecureJ hereby, full payment uf the enlire indebtedneu repretented lhereby, the mortgagee
+hall, in computing the amount of such indehtrJnect, creJit to the :iccount of the m~xtgagor all payments made under the provisions of la)
uf paragraph 2 hereof which the mortgagee has ~ot hecome obligatr~i to pay to the Secretary of Housing and Urt+an Development anci any
balance remaining in the funds xcumulata~i unJer the pruvi+ium uf (bl uf said paragraph 2. If there ,hall be a Jefault urxler any of the
provisiuns of thic m~xtgage, re~ulting in a puhlic tialr uf the prrmizc~s cuvered he~eby, or if the mixtgagee aoquires tbe pr~rty othrrwise
after defauh, the mortgagee ~hall apply, at Ihe timr uf the commencemrnt uf ~urh prckrrJing, or at the time the property is uthen+ise
:xyuirctil, the balance then remaining in the fund+ ac~umulatcti! under 1h/ of paragraph 2 preceding :~s a creJit against the ami~unt of
principai thrn remaining unpaiJ under ~id notr arnl ~h~ll pruperl~• aJjmt any p~yments which shall have i,ren made under Iu) of said
par:~graph.
a. That he will pay all taxes, au~sments, w~ater rates. anai uther governmental or municipal charges, fine~. ur imposi~ions, for which
pwvision has not bren maJe hereinbefore, artJ in JeG+ult thrrcti~f the mortg:~gee may pay the same: and that he will prompUy deliver thr
ufficial rneipts therefor to the murtgsgee.
5. ~hat he will permit, commit, or ~uffer rw wa+tr. impairment. ~N deteriuratiun of,aid property or any part thet~~F, anJ in thr evrnt
of tAe failure uf the rtwrigagor to keep thr builJing~ un wiJ prrmisay •rnd ihu,e to t~ ercti:ted un said premises, or improvements thereon.
in gwxi repair, the rrwrtg:~gee may make ~uch repain ati in iti Jiscretiun it may derm necr~ssry for ~he pruper presen•atiun thereof, and
the full amuunt of each anJ every such payment shall be immediately dur and payable, anJ sh~ll lu securrd by the tien of this mortgage.
b. That he wiN Pay all a~x! singular !he c~rts, charges, arxl expenses, irecluding reawnable lawyer's fees, a~d costs of abstracts of tide.
incurrctit or paid at any time by ~he ~rxxigagce t+e~ause of the failure un the p:~rt of the trwrtgagor prumptly anJ fully to perform the
agreement~ arxl covenants of said promi~~orp nule and this murtgage. and saiJ c~xts, charge+. anJ expenses si~alt be immediately Jue and
p~y~ble ;~nJ tihall t+e +rcured by the lien uf this mortg~ge.
7_ That he will keep ihe improvements now existir?g or hereafter erected on the mortgaged property, inwrrd :tc may t+e requireci from
time to time by thr rrx~rtgagee against Iv~ti by fire anJ uther hazards. casulaties, and contingencirs in such amuunts artd for ~uch periexls as
may t*e requirc~l by mortgagee, anJ will pa~• promptly. when due. any premiums on such insurance for payment uf which provision has not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the"policies and renewals thereof shall
he h~ld by mortgagee and have att•rche~l thereto lus~ payabtr clauses in favvr of anJ in form acceptable to the martgagee. !n event of Ivss
hr well give immediate noti.e by m:+i) to murtgagee, anJ mortgagee may make pr~wf of loss if nut made promptly by mMtgagor, and each
insurance company cuncerneJ is hereby authorized anJ directed to make payment for such loss direetly to murtgagee instead uf to
rtwrtgagor aod mcxtgagee joinUy, ared the incurance pmceeds. or any part lhereof, may t+e applied by mongagee at its option either to the
rrduction of the inJebteYlnec~ hereby secured or ti~ the resloration or repair of Ihe property damageJ_ In event of fornl~ure ~~f this
rtxxtg:?ge or other transfer of tide tq thr mortgaged pruperty in extinguishment of the indrbtedness xtiurc~l hereby. xll right. title. anJ
interest of the mortgagor in anJ to any insurance policies then in force shall pacs to the purchaser vr grantee.
8. That if the. premises, or anc part thereof, be condemaed under any power of eminent domain, or acquir~d tor a public use,
the Jama~es, proc-eeds, and the consideration (or such acquisition, to the exteut o( the (ull amount o( indebtedncss upon ~his
~1ortRa¢e•~and~he\ote secured hcret,~- remaininR unPaid,are herrb~• assigned b~• the ltort~agor tothe 1lortgaRe~e aaJ shal! be paid
(orth~.ith to thr tilortRare~ to be applied by it on accouet of the indebtedness secured hereby, whether duF or not.
9. That the rtxxtgagee may. at any time ~+enJing a,uit up~m this mortgage, apply to the court having jurisdiction thereof for the
appointment of a recriver. anJ ~uch courl shall f~xthwith appoint a receiver of the premises covered hereby all and singular, inclading all
and ti~ngular the incorr~e, pro6Fs, i~+uc~. anJ revenues from uhatever source c'.erived, each and every of which, it being eapressly
unJerst~wJ. is hereby mortgageJ as if s~~~fxally ce~ fi~rth and JescribeYi in the granting and habenJum clauses hereof, and such receiver
shall have all the hroad and effective functionc anJ pow~ers in anywiae entrusted by a court to a receiver, and such appointment shall be
made by such court ac •rn admitteJ equity and a mauer of ahwlute right to saiJ mortgagee, and wittw~u relerence to the adequacy ur
inaJequacy uf the value of the prope~ty mortgageJ ~x to the solvency or insolvency of said mortgagur o~ the defendents. and that such
rents, profits, incqme, issues, and revenues shall be applieJ by wch receiver according to the Iien of this mortgage anci the practice of such
~ourt. Irt the event of any default on the part of the rtx~rtgagor hereunder. the mortgagor agrees to pay to the mortgagee on dtmand as a
reasonable monthly rental for the premises an amount at least equivalent to one-twelfth I IJ121 of the aggregate uf the tw~elve monthly
in~tallmentti payable in Ihe then currrnt year plus the actual amount of the annual taxes, a~cessments, water rates, and insurartce premiums
for such yrar nui covered hy the aforewid monthly payments.
10. That tu) in the event of any brrach of this mortgage or default un the part of thc rtwrtgsgor, ix Ih) in the event that any of s:?iJ
sums of money herein referred to be nut pmmptly and fully paid without demand or notice, ar Ic) in the event that each aru~ every the
,tipulations, agreements, conJitioos. anJ covenants of said nWe and this mortgage. are not July, prompQy, arxi fully performc~i: then in
either or any ,uch event, the said aggregate sum mentioneJ in ,aid note ~hen remainig unpaid, w ith intrrest accrued to that time. and all
nx~ney~ uYUred hereby, shall became due anJ payable fixthwith, or lhereaftcr, at the option of said m~xtgagee, as fully anJ completely as
if aH of the said sums of inemey aere exigirtally stipulateJ to be paid on such day. anything in saiJ note ur in this mortgage to the contrary
notwithstanding: and ~hereupon or Ihereafter, at the optiun uf caid mortgagee. wi~hout notice or demancl. suit at law or in equity, may be
pnxecuterl a~ if all rn~neys +ecured hereby haJ mawred prior to its institution. The rrxirtgagee may fixectose this mortgage, as to the
aax?unt so declared due and payable, and !he SaiJ premises sball be sold to satisfy and pay the same together with costs, expenses, anJ
allowances. In cace of partial foreclmure of this mortgage, the mortgeged premises shall be wld subject to the continuing lien of this
rt?ortgage for the amount of the debt not then Jue and unpaid. In such case the provisions of this paragraph may again tre avaited of
thereafter from time to-time by the mortgagee.
11. ~hat the mortgagor w•ill give immeJiate nutice by mail tc~ lhe mortgagee of any conveyance, transfer, or change of ownership of
the premises.
12. ~ihat rto waiver of any covenant herein or of thr obligation secured hereby shall at any time thereafter be heW to be a waiver of
the termx hereof or of the note secured hcrchy.
auo~~s ~?c~2~~
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