HomeMy WebLinkAbout2838 I~hat, in ordrr rrx~re fuUy to prutrct the .ecunty of ~his mangagr. ~hr mortgag~?r, tug~~hrr Nith, anJ in addiliun lu. ~hr muntlly
pa~ mrnh undrr thr trrm. of the nute +tcu~rJ herrl+y. oo thr firsl Jay uf each munth until ~he .:~id nu~r i. fully p~id, will pay to thr
nx~r~gagrr thr folluwing ~ums:
(a) An amuunt sufficient tu provide the hoWer hereuf with funds to pay the next morlgage insurance p~emium if ~his inctrument and
the nute securnl hereby arc insured, or a manthly charge lin lieu of a rtx~~tgage insutarn:e prrmium) if they are held by the
Secretary of Housing and Urba~ Devrlupment, as follow~s:
11) If and w long as said note of even dete and this ins~~ument are insured or are rcinsured uncier ~he provisions of the
National Housing Act, an amount suflicienl to accumulate in the hands of the holder one 11) monlh prior to its due date the
annual mortgage insurance premium, in ~xder 1u provide such holder~with funds tp pay ~uch premium.lo the tiecretary of
Nousing and Urban Devtlopm~nt pursuant to the Natiunal Housing Act. •a~' am~nd~d, arxl applicable ftegulatiom
thercunder, or "
11 U If and so lung as said note of even date a~x1 this instrument are held by the Secr~tary of Housin$ anJ lht+ap Development.
a monthly charge lin lieu of a mortgage insurance premium) which shall br in an amuunt equal tu ooe-tw'elfth 111121 of
one-half 1'h 1 per cenlum of the ave~age outstancling balance due on the note computed without takind into accuunt
Jelinquencies or prepayments;
Ib? A sum eyual to Ihe grourxi rents, if any, next due, plus Ihe premiums lhat will next becomt due and payable on policies ot fire
anJ other hazard insurance covering t(ie nwrtgaged property, plus tazes anJ assessments next Jue on the mcxtgagai properry Iall
as estimatcd by the mortgagee) las all sums al~eady paid therefor dividai by the number of months to elapse before onelnonth
prior to the date whtn such grournl rents, premwms, taxes, and assessments will t+ecome Jelinquent, such sums to be hrld by
nwrtgagee in trust to pay said ground rents, premiums, taxes, and special :~essments; and
Icl All payments mentioned in 1he two preceding subsections of this paragraph and all payments to be made urnier the note secured
hereby shall be addsd togelher and the aggregate amount thereof shall be paid by the rtxxtgagor each month in a single payment
to be applied by the mortgagre tu the follow•ing items in the order set forth:
UI premium charges under the contract of insurance with the Sccretary of Housing and Urban [kvelopment, or rtwnthly
charge (in lieu of mortgage insurance premium), as the case may be:
111) ground rents, taxes, assessments. fire, and other hazard insurance premiums;
(111) intartst un the note aecured hereby; and
(IV) amortiiation of the principal of saiJ note.
Any drfxiency in lhe amount of such aggregate monthly payment shall, unless made gu~xi hy ~hr m~utgagur priur to the duc date of
the ne!~t cuch payment, constitute an ~vent of default urxler this mongage. The mortgagee may cullrct a"late charge" not w cxceeJ tw•u
cents 12c1 fo: each Jollar IS11 of each paymrnt more than fifteen 1151 days in arrears to covrr th~ extra rxprnse involv~i in hanJling
delinquent payments_ . .
3. That if the total of the payments made by the mortgagor u~xier Ihl of paragraph 2 prcticJing shall excced the artx?unt uf thr
payment~ actually maJe by the m~xtgagee. f~x ground rents, tates anci asuscments and insurarn:e prrmiums, as the ~ase may be, such
excess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mortgagor, or refunded to the
rtx~rtgagor. If, howrver, the rrwnthiy payments made hy ~he mortgagor unJer Ihl uf paragraph 2 prrceding shall not be sufficien~ to pay
gruunJ rent., taz~ arnl assc~ssments and insurance premiums, as the case may be, when the same shall become Jue anJ payable, lhen the
rtxirtgagor shall pay to the mortg3gee any amount necessary to makt up thr Jeficiency, on ix t+~forr the date K~hen paymem of such
grounJ rentt, taxes. assessmrnts, or insurance premiums shall t+e due. If at any time the mortgagor shall terxier w the murtgagee in
accorJance with the provisions of the note secured herzby, full payment of ~ha entire inJebt~~ineu reprnented thereby, the mortgager
~hall, in compuling the amount of such indebtcvines.t, credit to the account of 1he mortgagor all payments maJe unJer the provisions of Iu1
u€ p~ragraph 2 hercof which the mortgagee has not become obligated to pa~~ to the Sec.retary of Housing anJ Urban Drveloprt~nt arxf any
balance rrmaining in the funds accumulatcvl unJer the provisiuns uf fbl of ~aiJ paragraph If lherc ~hall t~r a default u~xier any uf the
pruviciuns of this mortgage, rrsuliing in a puMie sale of the premises coverctil herehy, or if the mixtgagee :?oquirc~s the property utherwi~e
afler default, the murtgagee shall apply. at the timr of the rommenrement of wch procecdingti or at thr ~imc the pruperty i~ utherw•ise
acyuir~l, the balance then remaining in the funds accumulated under rb1 of paragraph 2 preacYiing ac a credit agaiml the amuunt uf
principal then remaining unpaid under saiJ note and ~hall pruperly adjust any payments Which ,hall havr bten maJe under lu) of ~id
paragraph.
a. -fhat he will pay aD taxes. ass~sments, water ratr+. and wher govrrnmental or municipal charge+. hnes. ~x imEx~,itions, for Nhich
pruvitiiun ha. not t+een made hereinbefore. and in default thercY~f the m~xtgagee may pay the +ame; and that he will promptly Jeliver ihe
ufficial rer:eipt~ thetefur to the mortgagee.
S. "fhat hr will permit. commit, or sutYer no waste. impairmem, or Jeterioratiun of ~aiJ pruperty or any part thercti?f: arxf in the rvent
uf the failure of the mortgagur to keep the building~ on c:?iJ premisc~ snJ thotie tu br erected un said premises. ix impruvemenl~ thereon.
in gixxl, repair, the mortgagee may make such repain a~ in its Jiscretion il may Jeem necessxry for thr pn~+er prctierv~tion thereof, and
the full amount of each and every such payment shall he immeJiatrly due arnl payahle, arnl shell tk x~curc-~l by the lien of thi~ rrWrigsge.
6. That he.will pay all anJ singular the axts, charges. anJ expenses, inciuding reasonable lawyer's fees, and costs of abstracts uf title.
incurrui or paid at any time by the murtgagee be~a~~e uf the failure on the part of lhe murtg3gor promptly ~nd fully to perfurm the
;I agreemenh arxl covenants of saiJ promis~ory note :~nd this murtgage, and said c~xts. charges, arx! rxpensrs shall be immediately due :~nd
~ pay•rble anJ +hall be ucureJ by=the lien uf ~his mortgagr.
7_ That he Nill kerp the improvement~ now existing or hereaftrr erectecl on the rrwrtRaged property. insureJ a~ may bc rrquired from
~ time to time by the rtxxtgagee against 1~ by fire and uther hazards, casulaties, and cuntingerxies in such amounts anJ fi~r ~uch peri~xls a+
~ may be requirnl by mortgagee. :+nd will pay promptly. N~hen Jue, any premiums on ~uch insurance iur payment of W hKh pruviiion has nut
~ been made hereinbefore_ All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
t+e heW by mortg~gee anJ have atta. hed thereto I~xs payable clauses in favor of and in fixm acczptable to ~he rrx?ngagee. In event of los~
~ he ~ ill give immediate nutice by mail to mortgagee, and mortgagee may make pnwf of loss if twt made prompdy by murtgagur, and each
~ inwrance company concerned is herebp authurized and directed to make payment for such Ims Jirecdy tu rrxx~gagrr insteaJ uf to
nx~rtgagor arH! mcxtgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at itc option eithtr to the
~ reductiun uf the inJebtedneu herehy u~urnl or tu the restoration ~x repair of the pruperty damageJ. In evenl uf forc~:l~xure uf this
~ nx~rtgage or uther transfer of tiUe to the mortgaged pr~+erty in extinguishment of the indebtc-~lness xti:urrci hereby, all right. title, and
interest of the mortgagor in anJ tu any insarance policies lhen in force shall pass to the purchaser ur grantre.
8. That if thP premises, or an~ part thereo(, be condemned under any poNer of eminent domain, or acquir~~i (or a public use,
the dama~es, proceeds, and the considetatian Ior such acquisition. to the extent ot the (ull arnount o( indeb~edness upon this
\IortRage, and the ~ote secured hereb}~ remaininR unpaid, are hereby assigned b~• the ~lortgagor to ~hc ~lortgage~e and shall be p~+id
(orthwith ~o the ~1ortRaRee to be applied b}• it on acccunt oi the indebtedness secured hPrebv, aehether due or not.
9. That the mortgagee may, at any time perniing a suit upon this mortgage. apply to the court having jurisJiction thereof for Ihe
ap~>intment of a receiver, and such court shall f~xihW ith appoint a receiver of the premises covered herehy all and singular, including all
•rnd singular the ir?cume, profits, issues, and revenues Gom ahatever u~urce deriveJ. each anJ every of which, it t~eing expressly
unJerstix~J. i~ hereby mortgaged ac if spetiifically set fi~rth anJ described in the granting anJ hat?endum clausrs hereoL and ~uch receiver
sh:+ll have all Ihe broad and effective functions anJ powers in anyw•~se entrusted by a court to a recriver, anJ such appointment shall be
maJe by such court as an admitted equit~~ and a matter uf abwlute right to saiJ mortgagee, and wittwut reference to the adequacy or
inaJrquacy of the value of cfi~nrODerty mortgaged or to the wlvency or insolvency of said mortgagor or the defenJents. anci that such
rents. profits. income, istues. arxl revenues shall be applied by such receiver according to the lien of thic mortgage anci the practice of such
court. In the event of any default on Ihe part of the mortgagor hereunder, the murtgagor agrees ~o pay to the murtgagec un demanJ as a
rrasunable monthly rental for the premises an amount at least equivalent to une-twelfth 1 U121 of the •rggregate of the tw•elve rrx~nthly
!t: in~tallments payable in the then current year plus the actaal amount of the ann~al taxes, acsessments. ~atrr rateti. and imurance premiums
~ for such year not covered by ~he aforesaid monthly payments.
~ ~p, "1-hat li~) in the event of any breach of Ihis mortgage or default on the part ot the rtxxigagor. ~x Ih1 in the event that any ~~f s:?id
sums of money herein referred lo be not promptly and fully paid without demand or notice, or (r) in the event that each anJ every the
~ titipulations, agreemena. conditions. anJ covenants of said note and this mortgage. are not duly, promptly, and fully performeJ: then in
~ either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, w•ith interest accrued to that time, and all
muneys ~ecured hereby, shall become due and payable forthw ith. ~r thereafter, at Ihe option of said mixtgagee, as fully ar.J completely as
if all of the said sums of money were originally stipulated lo be paid on such day, anything in said note or in Ihis mortgage to the contrary
notw ithstanding: anJ thereupon or thereafter, at the option of said mongagee. without nutice or demarnf, suit at law or in equity. may be
pn»ecuted as if all moneys secured hereby had matured prior to its institution. The rtwrigagee may f~xeclose this nwrtgage, as to the
amount so declared Jue and payable. and the saiJ premises shall be soW to satisfy and pay the same together with c~ts, expen~s, and
alloNances. In case of partial foreclosure of this morigage, the mortgaged premises ~hall be wIJ subject to the a?nlinuing lien uf this
rtwrtgage for the amount of the debt not then due and unpaiJ. In such cace the provisiom of this paragraph may again t+e availed of
thereafter from time to time by the mortgagee.
1l. That the mortgagor a~ill give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of uwnership of
the premises.
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to t?e a waiver of
the terms hereof or of the note secured hereby. U k~~ 2834
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