HomeMy WebLinkAbout2921 2. Iha1. in o~Jtr murr fully tu prut~tit 1hr.ecuriry uf thi+ murlgagr. Ihr mort~;agur. tugrthrr with. a~xi in addiliun to. ~hr tn~mthly
pa~m~ni~ un.lr~ ~hr ~erm. uf thr nutr .rcurirl hrrrhy. nrt thr fint ~lay uf r:irh munth umil ~h~ ,;~iJ nulc i. fully paiJ, will pay tu thr
murlg:~g~r thr fulluw~ng.um~:
Ia1 An amuunt sufficient tu provide lhe hoWer herciif wilh funds to p:+y the nexl rtxxtgage insurance p~emium if thix instrunxnt and
1he ~ute secured hereby are insureJ, ur a munthly charge lin leeu of a morlgage insurance prrmium) if they are held by the
tiecretary ut H~~using anJ Urban Devrlopment, as follows:
11) If artd so (ung as saiJ note of even date a~x1 this intitrumcnt are insured or are rrinw~ect under Ihe pravisii~os of the
National Housing Act, an amuunt sut'rcicnt to aa:umulate in the hands of the holder one (1) month prior to its due date the
annual mortgage insura~x:e prtmium, in ord~~ ta pruvide such huWer with funJt to pay such premium to ihe Secretary of
Nuusing and Urban Develupment pursuant tu the Nutiunal Nuu~ing Act, as amenJrd, arxl applicable Itrgulatiuns
~her~under, or
111) !f and so long :u aaid nate of even Jate a~x1 this instrument are hcW by the Secretary of Housing a~d Urban Develupmeot,
a monthly charge lin tieu of a murtgage insurance premiuml which chall t~r in an am~wnt ryual to ona-twetfth (1/121 of
ane-half t'~ ? per centum uf the average outstanJing balance due on Ihe note computecl withuut taking iuto aocuunt
Jelinquencies ur prepayment+:
Ibl A sum equal to ~he growxi rents, if any, next due, plus the premium+ that will next become Jue arxi payable on policies af fire
aixl other hazard insurance cove~ing the murtgageri properry, plus taxes and assessment~ next Jue on the m~x~gaged property lall
as estimattd by the mortgagee) less all sums already paid thorefor Ji~ided by the number of months to elapsr brfore one month .
pnur to tbe date when such g?ound rents, premwms, taaes, arxi asspvnents will becume Jelinquent, such sums to t?e held by
mortgagee ~n trust to pay s~id ground rents, premiums, taxes, and spec~al assetsments; and
1c1 All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured
hrreby shall be adJed t~~gether and the aggregate amount thereof shalt be paiJ by the mortgagur each month in a+ingle payment
to bz :t~plied by the mortgagee tu ~he fullow~ing items in the order set forth:
11) premium charges under the contract of insurance with the Secretary uf Housing and Urban Devrlopment, or monthly
charge (in lieu of mortgage insurance premiuml, ac the case may be:
fll) ground rents, ta~es, assessments. fire, and other hazard insuranc~ premiums;
11111 interest un the note secured hereby; and
11 V 1 amortization of the principal of said note.
Any defx~rncy in the artxwnt of such aggregate mvntAty payment shall, unlrss made gooJ hy thr mortgaK~x priur W the due date uf
the ne~t cuch payment, ec~nstitute an ~vrnt of drf:wlt under this mortgage. fhe mongagee may collect a"'latr charge" nut tu rxcerJ tNu
crnt~ 1'_cl for each dollar ISl l of earh payment mure than fifteeo 1151 days ~n arre:us to cover the extra rxprns~ invul~~eJ m handlinb
del~nquent paymentx.
3. Tha~ if the total uf the p3ymrnt. made hy the nmrtgagor unJer Ih) of paragraph ' preceding .hall excrr~ th~ .irm~unt of the
payment~ actually ma~~ by the m~xtgager, f~x ground rents, taxex a~d a.se~smrnt~ and insurance premium., as the casr may be, such
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the rtartgagor, or refunded to lhe
nx~rtgag~~r. If, howrver. ~he nx~nthly pa~•ments m:xle h~~ the mortgagor under Ih) oC paragraph 2 preceJing shall not t?r sufficient tu pay
gruunJ renh, taxes a~xi as~ssmrntc and incurance prcmiums, as Ihe case may be. when the same shall t+rcume due arni payable, ihen the
m.x~gaKor chall pay to the mortgagee :+ny arrx~unt neces.~ry to make up the deficie~ny, im ~x hrfore the datr when paymrnt of ~uch ~
grourxl rrnh. taxes, asucsmentc, or in.urance prrmiums xhall t+e due. If at any time the mcxtgag~N sh:~ll trixier to the martgagee in
accorJancr N•ith the pn,visiom of ~h~ nnte ~ecurcd hereby, full payment of the e~tire indebtrdnetc represented therrhy, the mortgagee
~hall, in ~omputing the amount uf such irniebtetlncKC, creJe~ to the accuunt of the mcxtgagix all payment~ maJe under the provisions ~~f Ir~l
ol p:?ragraph 2 hereof Nhich the mortgage~ has no~ hecome obligated tv pay tu 1he Secrelary of Houcing anJ l+rban Uevelopment arxf any
balancr rema~ning in the funds :?ecumulatctii under thr pruvi,iun. uf (h1 uf .aid paragraph 2. If there tih;~ll tre drfault urxler any uf the
pru~~i.iun. uf this m<xtgagr, rc~ulting in a ~ublic .:~Ir ut~ Ihe premiuti coverc-~t hereby. ur if thr mortgager acyuir~~ Ihe pruperty olherw i~e
after default, the murtgagre +hall appl~. at thc timr uf the rummer?cemrnt ~?f wch pnxerJing. or at the time the pro~rty is utherNi+e
aryuir~~f, the balsnce then remaining in the fu~ds accumulat~vi under rb/ of paragraph 2 pr~~nling ac a crrdii ~gwmt the amuun! uf
princip:~l then rrmaining unpaiJ unJer wiJ note ar?d ~hal) prope~ly adjust any p~ayments which +hall have tx~n maJe und~r lu? of wid
paragraph. '
1. I hat he will pay all taae~. a~sc~~mems. watrr rat~~.. anJ uth~r guvernmenta! or mu~icipal charge,, fine., ur im~x~sitfun+. for Hhich
provi.ion ha, n~~t txren madr hertinF.~for~. anJ ~n Jefault Iherc~c~f thr murtgagre may pay thr ..~me: and that hr ~ill prumptly delivcr thr
ufficial receipt. thrrefur to the mortgagrr.
5. ~hat hc will prrmit_ commit, ur,t~ffer N.t,te. impairm~nt, ur deteriuration of.aeJ pre~rrty ur ~~y p•rrt thcrc~~f: anJ in thr event
of thr failure of thc mnrlgagor to keep the buildings on .aiJ prrmiti~~ and tho~~ tu hr ~rected un S~yJ premix~, or improvem~:n~~ thercon.
in gikxi rcpair. the nwrtgagee may m~le wch repair+ a, in it, di,cretiun it may derm neces..an• for tHe proper p~e+ervation thrreof, and
the full amuunt of each anJ every• wch paymrn! ~halt h~ immrdiatrly due ~nd payablr, arxl ~hall be secured t?y the lirn ut thls mortgage.
6. That he wil) pa~• all ~nJ singular the c~rt.. chargr., c~nd e~~emr~. incluJing reasonaMe lawyet'sfees: ana costs of aNsttaets uf title.
~ncurrrJ or paid at any time hp th~ inurtgagre h~~:w.r of the failurc un thc part Af tAe rttixtgagur~premplly artdttilFy~tb peff6rm the
egrermrnt. anJ cuvenants uf wiJ prumi~~or} notr and thiti martgagr. artd .aiJ c~„tc, chargt~: an~i expenses sFi:ilFhe immcviistel~ldur anJ
pa)ablt and ,hall hr cecured b~ the lien uf thiti m~xtgagr.
7. "~ha1 he will keep the impruvrmentti auw c~i.ting ur hrreafter erectcYl un thr mortgageJ pruperty_ imured a~ may tk requin~i frum
time tu time hy th~ rtx~rtgagee :?gaimt I~m hp firc and uther h:ir~r.ls, casulaticw. anJ cuntingerkic~ in such snwunts anJ fi>r ,uch prri~~d+ as
may he requirc~i by murtg:~gre, and aill pay prumpUy. ~~hrn duc. any premiums un ~uch imurance for payment of Nhich pruvi~ion has not
been made hereinbefore_ All insurance shall be carriecl in companies approved by mortgagee and the policies and renewals thereof shait
t+r hrlJ by mortgagre and ha~~r attachrd thrrrtu lin~ p~~abte clau~es in favi~r o! anJ in form ~rceptablr tu the mortgagee. In e~~ent of los,
he will gi~e immeJiate nutice by mail tu mortgagee. and mortgagre may makr pr.x~f of locs if n~~t made prompUy by mortgagur. anJ each
imurance evmpany wncerned is hereby ~uthorized anJ JircYted to makr payment for wch I~x+ dire~tly tu rtxxtgagrc instra~ uf tu
nwr~gagur and murtgagre jointl7~. arx! the incurance prcxeeds. or any part therc~~f. may hr applied b~• mortgagre at it~ optiun rithcr tu thr
rcJuctiun uf thr indebtcdoess herehy secured ~u to the restoration or repair uf the property damageJ_ In event of foreclu,urc uf this
murtgagc or uther 1ran.fer of tiQe to the morlgageJ pn~+erty in rxtinguishment of the inJehtrdnc~s x-c4rc~ hrreby, aU right, title, and
intere.t ~~f the murtgagor in and tu any~imursnce policie} then in force shall pa~c to the purch:uer ur granter.
7~h~t i( thc~ premises, or an~~ part thereof, b~ c~~ndemn~d under an}• ~+c~~.er of eminent domain, ur ac yuire~f tor a public u:e,
th~• d~ma~c•~, proceed.. .ind th~ ~~un~ideration for su~•h ~~cquisition, to the extent of the (ull amount o( indr~btedne~s upcin thi~
~I~~rt~ar~,.sn~lth~\ott~ securt~d hercb~• remainine unpaid,arc~ hercb~- ~ssi€ned bc the• ~t~rt~a~or tothe )lurt€a~e~e and >hall bc puid
f~~rih..i~h tu th~• ~1ort~e~r to be appliod bc it un account u( th~• indebtedn~cc tircured he•r~~bv, ~~hether duc• or not.
9. That the murtgagee may. at any time penJing a~uit u{x?n 1hi+ mortgage, apply to the court having jurixiiction thereuf for the
apFx~intmrnt.of a rrceiver. :?nd ,uch court ,hall fvrthw ith •rppuint a receiver of the premisr+ co~•ereJ hrreby al! arni .ingular. irkluJing all
artd cingular the irwomr. prufit+. itiwe~, anJ rrvenur~ frum whatever wuree deriveJ. rach anJ every of v?hich, it t+eing expret~ly
undcr+tuid. is hereby murtgag~Yi :?s if cpecific~lly~ cet forth and dc~xribeJ in the granting and hat+endum ctau~c~ herc~f, and ~uch receivcr
+hall h•rve all the broad and effectivr functions anJ poKen in anyw•ise rnuusted by a court to a receiver, and such appuintment shall tx
maJe by sueh cuurt as an aJmitted equity and a matter of ahx?lute right tu s:+iJ rtwrtgagee, and withuut reference to the aJeyuacy or
inaJryuacy uf the value uf the property mortgageJ or tu thr solvency or insolvency of said rtwrtgagor or thr Jefendents, and that cuch
rentc, profit~, income, issues. anJ re~•enaes chall (~e applied hy such receiver aca~rding to the lien of thiz rn~ngage arnf 1he practice of such
~vurL In the event uf :?ny default on the p~rt of the mortgagor hereunder, the mortg:igur agrees ro pay to the murtgagee on demand as a
rea.unahle munthlp rcntal for the premises an amuunt at lea~t equivalem tu unc-twelfth 111121 of the aggregate of the twelve rtx~nthly
imt~llmrnts payahJe in tbe then current year plus ihe actual amuunt of the annual laxe;, a+sestiments, water rate~. and insurance premiums
for +uch year not covereri by the aforecaid monthly payments.
?0. That lu) in the event of any brrach of thi. mortgage u~ drf:~ult on the par~ of the rtx~rtgagur_ or Ih) in the ~vrnl that any uf ,aid
sumc of muney herein referrnt to t?e not prompdy anJ fully paid wi~hout Jemand nr notice. ~x Ic? in the e~~rnt that each arxi every thr
+tipulations. agreements. cundition., anJ covenants uf saiJ note anJ Ihis mortgage. are not duly, promptly, and fully performed: then ~n
rither ur any such event. 1he ,aid aggregate wm mentioneJ in said note then remainig unpaiJ. N ith intcrest accrued to that time. and all
muneys secureJ hereby. +hall i,zcume due anJ payahle forthw ith, or thereafter, at thr c~tiun of ~aiJ mortF:~ger. as folly anJ completety ac
if all vf the wiJ ~amy vf rrx~ney were originally stipulated to be paiJ un wch Jay. anylhing in wid note or in this rtwrlgage to Ihe contrary
nutw ithstanding: and thcreup~m or thereafter, at the uptiun of zaiJ mortgagee. without notice ur dcmanJ. suit at !aw or in equity, may be
pnnecuted ati if all muneys secured hrreby haJ mawr~i priot to i[c institutiun. "The rtxtttgagee may fcxeclose this rrx~rtgage. as to the
:+rtxwnt w Jeclared due anJ payahle. and the tiaid premises shall be wIJ to satisfy anJ pay the wme togrlher with r~xts. rapenses, and
:+Uuwance~. In case of parUal foreclexure of ihi~ mortgage, the mortgaged premise~ shall be wld ,ubject w the continuing Iien of this
nx~rlgage for Ihe amuunt uf the deM not then due and unpaiJ. In such cace the provisionc of this paragraph may again be availeJ of
lhercafter from lime ~i~ timc hy tbe mortgagee.
11. That the mortgagor w ill give immediate nolice by mail to the ?r.ortgagee of any conveyance, transfer, or change of uwnership of'
the premiu~.
12. "rhat no waiver of any covenant herein ur of the obligatiun ~ecoreJ herrh~~ ,hall at any time ihereafter t?e held tv t?e a waiver of
the term~ herrof or uf thc nute secared hereby. ~rVV
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