HomeMy WebLinkAbout0030 2. ~hat, in urJer nx~rr fufl>~ ti~ prutctit ~hr +ecurity uf ~hn murlgabe, thr murtg:~gur, tugrth~r wilh, anJ in aJdiuun t~~. ~hr rr.umhl~~
paymeme undrr the termc ut Ihr nule +cv:urcvl hrrrhy, un the firct day of ~aeh m~mth until ~hr .aiJ n~~tr i. iuily paid, Nill pay tu ~hr
murtgagre lhe fi~lluw ing ~um.: ,
la? An artwunt sufficient to pruviJe 1he holdar hereuf with funds to pay the neal morlgage insurance premium if ~his inctrument and
the note secured hertby are insured, or a monthly charge lin lieu of a mortgage insurance premiuml if they are hrld by the
Secretary af Housing and Urban Development, as fallow•s:
111 If and w long as said note of even date and this instrument are insured or are reinsured urnier ~he provisiuns of the
National Housing Act, an amount su~cient to accumulate in the hands of ~he holder one 11/ month prior to its due date the
annual nwrtgage insurance premium, in ordtr to proviJe such holder with funds ta pay such premium to the Secretary uf
Housing and Urban Development pu~suant to the Natiunal Housi~g Act, as amended, arxi applwable Regulations
thereunder; or
IIU If anJ w tong as said note oCeven Jate and this instrument are held by the Secretary of Housing and Urban [kvelupment,
a monthly charge lin I~eu of a murtgage insurance premium) which shall t+e in an amaunt rqual to une-tNelfth 11/12l of
one-half 1'~= ) per centum of the average outstanding balance due on the nute computeJ w~ithout taAing into aocount
delinyuencies or prepayments;
1b1 A sum equal to the grou~xl rents, if any. next due, plus the premiums that will next brcome due arxl payable on policies of fire
arxi other hazard insurance covering ~he rtio~Cga"ged 'properly, plus taxes and ai~essments next due on the mortgaged praperty lall
as estimated by the morlgagee) less all sums already paid therefor divided by the number of munths to elapse before one month
prior to the date when such ground rents, premiums, ta~es, and assessments w ill become delinquent, sikh sums ta br helJ by
rrwngagee in trust to pay said grounJ 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 the note secured
hereby ~hall be added together and the aggregate amount thereof shall be paiJ by the mortg~gor rach munth in a single payment
to be applied by the mortgagee to the follow•ing items in the urder set furth: ~
UI premium charges undrr the contract of insurance with ~he Secretary uf Housing and lJrban Devciupmcm, u~ nw~uhiy
charge lin lieu of mortgage insurance premium), as the case may be;
(111 ground rents, taxes, assessments, fire, and other hazard insurance premiums;
1111) interest on the note secureJ hereby; and
IIV) amortization of the principal of said note.
Any deficirn.;y in the amount of such :~ggregatr munthly payment shall. unltss made guuJ by the murt~agur priur to ihe due Jatr uf
the next ,uch payment, comliwte an rvent ui Jefauh unJer this mortgage. fhe mortgagee may cullctit a~~late ~harge' nut t~. rrcr~J twu
cenls 12c1 Cor each ~Ilar 151 ~ of rach payment mure than fifteen 11 SI Jays in arreart to cuver Ihe ~xtra expentie invulv~~i in handlmg
~elinqu~nl payments. _
3. That if the total of Ihr p:+ymrnts made hy the mortgagur under Ihl of paragraph 2 prc-~rding ,h:~ll r~c«d the anwunt uf thr
payment. actualh• maJe by the murtgagee. fur ground renls. taxes anJ as~ecsments and insurarx:e premium.. a~ thr ..a~r may t?e, such
excess at the option of the mortgagce, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the
rrnxtgagor. If, however, the rtx~nthl)• paymem~ made b~~ Ihe mortg~gor under Ih1 of paragraph 2 preceJing shall nut t~ sufficient tu ps~
gruund rentti, ta~cy anJ as.e~smenls and insurance premiums, as Ihe case may t+r, when the same shall t+ecume due anJ payable, then the
murtg:igor .hall pay to the murtgagcti am• amount necec~ary tu make up the deticiency. on or brfore the date when p:~~•ment uf,uch
grounJ rents. taxe., acsessmentc. .~r imurance premiums shall be dur. If at an}• time the mixtgagur shall tenJer to the murtgagee in
accordance w•ith thr pravisions of the note cecured herehq. fuU payment of the entire indebtctilnc~s repre+eated thereby, the rtw~rtgagee
+hall. in cumputing ~he amuunt of ~uch indeMctinesti. crctiiit to the accuunt of the mortgabor all payments maJe unJer the provisiun~ of lu1
ui paragraph ~ hereof Nhich the murtgager has not hecame obligated to pa}~ to the Secretary of Hotuing and Urban Devrlopmenl anJ any
h;:lanCe rPnY.~inine in the fundc :rcrumulatrJ under the provicium uf Ihl of tiaiJ paragraph If there ~hall t+e's drf~ult unJer an~• uf th~
pruvisium of thix murigage, rewlting in a public ~alr uf thr premi~es co~•rrrd h~reby, ur if th~ m.Ktgager acquire. thr property uther~~i.~
aftcr Jefault. thr mortgagee sh:?II appl}'. at the time uf the commrncemrnt uf wch pnxerJing~ ur :tt the time the pru~xrt~ is .~thrr~i,e
acyuired. the balance then remaining in the fund+ accumulatrd under ~h1 of paragraph pre~e.iing ac a credit agaimt the amuum uf
-~rincipal taen remaining unpaid under said ~atr and .hall pruperly adjust any payment. which shall ha~e been made unJer lul of .aid
(lalf:Igf:1F1~1.
-l. ~fiat he will pa~ aIl taxe+. a,sr.cm~nt.. ~ater r.~tr+. and uther go~•rrnmental arsnunicipal chargr.. finr.. or im~~,iuun.. for Hhich
provi.ion ha, nut t.zrn made hereintkfure. and in Jefault thrreof the mortgager ma~ pa~ th~ ,ame: and th.?t hc Nil1 prumptly drliver thr
uffiCial rctieipl~ therefur tu lh~ morlgagte.
5. fhat he Kill permit, commit, or.ufTer nu Haste, impai~ment. or deterioratiun uf said property or any part thcreu~: and ~n th~ e.rnt
ut thr f:iilure of the murtgagor tu keep the buildings on +aid premises unJ thuse tu be erected un said premi~e~, or impruvcment~ therrun.
in gea~J repair. the mcxtgager may make such repa~rs as in itti discretiun it may deem necessary for tt~e pruper pretervation thereof, anJ
~ the full :~rtx~unt of each and every such pa~•ment shall br immrJiately due and payable. arxi shall t+r u~ureei by the lien of Ihi+ rtxxtgagr.
6. "Th:tt he ~ ill pay all :~nd singular thr c~»t~. charge.. anJ ezpensrs. including reasonable laN yer'i (e~~,. and ~ust~ ot :~Mtracts uf tidr.
incurrrd or paiJ at am• time by the mortgagee hc~aust of the failure un thr part of the murtgagor prumptly and fully tu ~rform the
~ :?greemrnts anJ cu~enants uf said promis.or~• nu[e and this mortFage, and said ecxts. charge., and expen,~~ ,hall he immrdiately Jue and
pacahle and ,hall be .ecured by ihe lien of thic mortgagr.
7. "~h:?t he w ill keep the impruvemems now existing ur herrafter erectctil on the murtgageJ pruperty. imured a. may tn requirrd from
~ time to timr h} the rtx?rtgager again.t luss h~ fire and other har.ards. ca~ :?laties. anJ contingencies in such amuuntti and fi~r ,uch peri~~ds a~
may t~ required by mortgager. anJ H iii paq prumptly. ..hrn d~c, ae~ prrmiums un.uch in,urance fur pay mrnt of Hhi~h pru~~ision has nut
~ been made hereinbefore. .~II insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
hr he1J by murtgagee and havr a~tachrJ thereto lusc psy~ablr cfauses in fa~~or of anJ in form ~cceptable to the rtwrigsgee. In event ~~f los.
hr w ill gi~e immediate nutic~ hy mail tu m~xtgagee. and mortg3gee may n•ke prcx~f of loss if not made prompUy h} murtgagur, anJ each
imurance company ci~ncerned i, herehy authorized and directed to make payment for such loss directly to mortgagre imte:~J uf tu
s nx~rtgagur and m~~rlg:~gre j~~inUy. and the inw~ancr pnxeeds. or an~ part therc~~f, may t+~ applieJ h~ m.rrtgagee al its uption rithrr to thr
~ rrductiun nf the inJebt~tiineU hereb~ sc~urcyi ur to the restoration ur Cepair uf the properly J:~mageJ. In e~ent uf fureclu,ure uf thi~
murtgage ar other tr~mfer uf title to the mortgaged pn~erty in e+etinguishment of the inJebtednc~c xtiureJ hrreh~, all right. ti!Ir. and
intrre~t uf the murtgagur ~n anJ to any insurance poliries th~n in fi~rce shalt pass to the purchaser or grantce_
8. That if thr ptrmises, or any part thereof, be condemned uader any power o( emiaent dumain, ur acyuir~~i fur a public u.e,
thF dama~es, pro~~eeds, and the consideration (or such acquisition, to the extent of the (uU ~~mount o[ indeL~vdnr.s uFwn thi.
\lort~ag«~,andth~\oie tiecured hFrebc remainin~ unpaid,arc~ hereb~~ a~si~ned b~~ thr \1ort~aRur toth~ \lort~u~~•.~ and ~halt bc~ paid
forih~.ich ~o tht• 11ort~a~ee to be applied b~ it on account oi the indebtedness secured hFrebv, ~.hether due• ur not.
9. That the mortgagee ma~. at anp time pending a suit upon thi+ mortgage, apply ta the cuurt ha~ing juriufictiun thereoF for the
apEx~intment of rc~eiver, and .uch cuurt ,hall forthwith ap{wint a receiver of the premi~es covereJ hereby 311 anJ singutar. inrluding all
and .ingular the ~ncume, profil+, iuue+, and revrnues from whatever ~urce Jeri~~ed, exh anJ every uf which. it being expre~sly
undertt~xxi, is hereby mortgaged as if spe~ifi~all~~ ,et forth and Jeurit+ed in the granting anJ halxn~ium cl~ux~ hercY~f, anJ wch receiver
tihall have all the broad and effective functions and powers in anyw ise entrusted by a court to a retei.ver. and wch appuintment ~hall be
msde by such court ati ~n aJmitted rquily and a matter uf aMulute righi to saiJ mortgagee, anJ w ithuut referencr to thr aJeyuacy ur
ina~eyuacy of the ~•alue uf the property mortgageJ ur to the x~lvenc}~ or insulvency uf said mortg~gur or the defendent., and that ,uch
rcnts, profits, income, icsues, and revenues ~hall t+e applied by ,uch receiver acrnrding to the lien of this mortgage anJ the practice of .uch
cuurt. In the event of any default on the part of 1he rtwrtgagor hereunder. the murtgagor agrees to pay tu the mortgagee un dem.~nJ a~ ~
~ rea,anable munthly rental for the premises an amount at Irast rquivalent to one-twelfth 11/121 of the aggregate of the INCIVI' nxmthly
imtallment~ payable in the then current year plus the actual amount e~f the annual taxes, assrticments, water ratec. anJ insurance premiumti
~ fur wch ~~e:u not co~~ered by the aforesaid monthh paymems.
~p, That lu) in the event uf any breach uf this mortgage or default on th~ part of the nwrtgagur. ~x Ib) in Ihe evrnt that any uf ,aiJ
sums of muney herein referrecl w be not promptly anJ fully paid w•ithout demand or notice, ur Ic1 in the e~ent th~t each and every thr
,tipulatiuns, agreements, cunJitions, and covenants of said note and this mortg:~gt. are not duly. prumptly. anJ fully perfi~rmed: thrn ~n
rithrr or any ~uth ecent, the c3iJ aggregate sum mentiuned in ~aid note then remainig unpaid. w ith interest accrued tu that time. and :.II
munr~~ .ecureJ hereby_ shall hecome Ju~ anJ payabie furthw ith. ur ~hereafter, at Ihe uptiun uf ~aiJ m~xtgagee, as full~ and completcly a.
if sU of the saiJ sum. of money Here originally stipulated to be paid on such day. an}Ihing ~n ~id nute ur in thic nx~rtgage to the c~~ntrar~
notwithstanJing: and ihereupcm or thereafter. at the uptii~n ~~f caid morigagee. ~ithoot rx~tice or Jem:~nJ. suit at I•r~• or in equity, ma~• tx
pr..tiecuteJ s~ if all moneys scYUred hereby haJ matured prior to its instiwtion. The rrwrtgagee ma} foreclutie thi, rtxirtgage, a~ ti~ the
arrx~unt so declareJ due anJ payabie. art~fht said premises shall be soW to satisf}• and pay the same together with custs. rxpen~es. anJ
' allowsnces. ln cace of partial foreclYsure of this ino/tga~t, the mortgaged premises shall be aild wbj~tit to the cuntinuing tien uf this
rtxxtgage for Ihe amuunt uf the debt°not•t1~en Jue and:u~pt'?ia%~IY'such:case the provisiuns of this paragraph may again f1C :lVS1IC'lI uf
thereafler from ume to time b~• the r116~tgsge~. •
1l. That thr rtwrtgagor ~ilt gi~i!„jri~tediatt MtjCe,,by"itr~alttq.the mortgagee uf an~~ cunveyance, transfer, or change of uwner.hip of
the premises. ' ~ -
12. That no waiver of any covenant herein ur of the iibligi?t!u slOu/ed ~iere¢y shall at any time thereafter be heW to t~e a W aiver of
the termc hereof or uf the note secured herrby. _ t '
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