HomeMy WebLinkAbout0959 . ~ ~~~4t
2. That, in urJer ma~e fully to prutect Ihe ~ecurity of thic murtgage. the murtg:igur, togethrr weth, anJ in additiun tu. Ihe rnunthly
puymcnt~ unJer the trrms uf Ihr nutr ~rcur~vl hrrehy, un the fi~st day uf each munth until"tlfe'~aid nutr i+ fully ~~id, w~ill pay tu the
murlgagee Ihe fi~lluwing ~ums: .
la) 1n amouot sufficient to provide the hoWer herruf with fwxts to pay the next mortgage insurance premie~m if this instrument and
~he note secured hereby are insured, or a monthly charge lin lieu ot a mortgage insuraoce premiuml if they are heio oy itic
Secretary of Housing and Urban Development, aslollows:
IU If and so long as said note of even date arxi this instrument are insureci o~ are rcinsurr~i under ~he arovisians of the
National Housing Act, an amount suf'ficient to accumulate in the hands of tha holder one (1) manth prior to its due date the
annual mortgago insurance premium, in order to proviJe such hoWer with fun~ to pay such p~emium to the Secretary of
Housing and Urban Development pursuant to the Nationat Housing Act, as amenJed, arni applkable Regulatiuns
thereunder, or
111) If and ao long as said note of even date arxl lhis instrument are held by the Sec.retary of Housing and Urban Development,
a monthly charge 1in lieu of a mongage insurxnce premium) which shalt be in an amount equal to one-twelfth ! 1/12) of
one-half 1~) pcr centum of the average outstanding balance due on Ihe note computed without taking into aocount
delinquencies or prepayments;
Ib) A sum eyual to-ihe grouaicepts, if aqy. Deact due. pWs the prtmiums that wiU next become due and payable on policies of fire
and other hazard insu~ance cove~ing the mortgaged property, plus taxes and assessfients next due on the mortgaged property (all
as estimated by the mortgagee) less all sums already paid therefor dividcd by the number of months to elapse before one month
prior to the date when such ground rents, premiums, taxes, and assessments will brcome delinqutnl, such sums to be held
mortgagee in trust to pay said ground reats. prcmiums, taxes, and special assessments: and
lc) All payments mentioned in the two preceding subsections of Ihis paragraph and all payments to be made under the note secured
herrby shalt be addtd together and the aggregate amount thereoi sha!! be paid by the mortgagor each month in a singie payment
to be applied by the mortgagee to the following items in the order set forth:
ll) p~emium charges under the contract of iruurance w~ith the Secretary uf Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premium). as the case may be:
(11) ground rents, taxes, assessments, fire, and otAer hazard insurance premiums;
1111) interest on the note secured hereby; and
(IV) amortitation of the principal uf said note.
:\ny deficiency in the amount of such agFeregate rtxinthly pa~ment shall, unless made g~~ by the mcxtgagor prior to the due datr of
the next such payment, constitute an event of default under this mortgage. "~he mortgagte may collect a"late charge" not to exceed tw•o
cents 12c1 for each dollar IS11 of ~xh paymrnt more than fifteen f IS? days in arrears to cover ~he exlra expense involved in handling
delinqueM payments.
That if the tota) ot the payments made by the mortgagar under Ib) of paragraph 2 prc~eJing shall ex~ecd the amoun~ of the
payments actuatly maeie by the mortgagee, far ground rents, taxes and atsexsments anJ insurance premiums, as.the case may be, such
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refundod to the
murtgagor. If, how~ever, the mcmthly payments m~ie by the mortgago~ under Ibl of paragraph 2 preceding shall not be sufficient to pay
gruund rents, ~axes and assescmrats and insurance ~xemiums, as the cace may be, w~hen the same shall becume due ancl payable, then the
m.xtgagor shall pay to the martgagee any amount necessary to make up the deficiency, on ~x before the date when payment of such
graunci rent~, taxes, assessmrnts, or insurance premium, shall t+e due. If at any time the mortgagor shall tender to the mortgagee in
accordance with the pruvisions of the note cecured hereby, fe!! payment of the entire irxiebtedness represented thereby. the mortgagee
.hall. in computing the amount of such inJebtednest, creriit to the account uf the mortgagor all payments made under the provisions of Inl
uf p.iragraph 2 hereof which the mortgagee has ~ot t+ecame obligatc~i to pay to the Secretary of Housing anJ Urt+an Development arxi an~•
balance remaining in the funds sccumulated under ihe provisions of Ih) of said paragraph 2. If there shall t+e a default urxter any of the
pruvisions of this mortgage, resulling in a puhlic sale of Ihe premises cuvercYl hereby, or if the m~xtgagee acquires the pr~+erty otherw ise
after default, the morlgagee shall apply. at the time uf the commen.:ement of such proceedings or at the time the propertp i. otherw ise
3cquirrJ, thr batance then remaining in the funds a~cumulateJ under /b) of paragraph 2 preccYling as a credit against the amount of
principal taen remaining unpaid under said note and shall properly aJjust any payments which shall have been made under lu) of wid
para~raph.
4. that he wil) pay all t~xc~, atcessment~, uater ratc~. :~od Wher guvernmental or municipal ch~rges, fine., ur impo~itiun~. fur which
pruvision has nol been made hereintxfore, and ~n Jefault ihrrrof the mortgagee ma~• pay the came; and that he aill prumpUy deliver Ihe
u(hcial receipts therefor to the mortgagee.
5. That hr will permit, commit, vr suffer nu uaste, impairmrnl. or deteriuratiun of said pruperty or any parl thereuf; and in the event
uf thr failure of the mortgagor to keep the builJings on s:~id premises and those to be e:~teJ on said premis~.`ur improvemcnts thereon.
~n gu~i repair, the morigagee may make such repain :~ti in its discretiun it may deem necc~wry for the pruper preservation thrreof. and
the full amount of each artd every snch payment shall t+e immc~iiately due and payable, anJ xhall be secured by the lien of this mortgage.
6. T6at•he wi11 pay all and singular the eexts, charg~c, arxi eapenscs, ineluding reasunable lawyer's fees, and costs of abstracts uf title.
incurrrJ or paid at any time by the rrwrtgagec because uf the failure on ihe p.trt ut the nwrtgago~ v~..u,ptly anJ fuUy to ~rform the
agreements anJ covenants of caid promissory note and this mortgage, anJ saiJ c~ts, rharges, anJ expen~ sFall t+e immeJiately due anJ
p:,~•able and shall t+e secured by the lien of this mortgage.
7_ That he will keep the improvrments iww existing or her~after erected on the murtgageJ pro~erty, insureJ as may be rrquirc~i from -
time to time hy the rm>ngagte agains~ ius~ by firr and other h~zards, casulaties, anJ contingerx ies in such amounts and for such periods as
may be requirrd by mortgagee, and will pay prompdy, when due, any premiums on ~uch insurance for payment of whkh provisi.in has nut
been made hereinbefore. All insurance shall be carriod in companies apProved by mortgagee and the policics and renewals thereof shall
he heid by mortgagee anJ have auacheJ thereto I~ns payable clauxs in favor uf anJ in form acceptable to the mortgager. In event of loss
he aill give immrdiate nodce by mail to mortgagee, a~x1 mortgagee may make prcwf of Ioss if nut made prompdy by mortgagor, and each
intiurance~company co~cerned is hereby authorized and directed to make payment for such Ivss directly to mortgagee instea~ of to
rrx~rtgagur :~nJ murtg:~gee joinUy. and the insurance proceeds, or any part thereof, may t~ applied hy rnortgagec at its uptiun either to the
rcductiun uf the indebt~Jness hereby s~ured ur to the resturation ur repair.of the property damageJ. In e.•ent of fare~lixure of thi.
mortgage or other tramfer of title to the mortgaged property in extinguishment of the indehieJnc~+s ~c~ureJ hereb~•, a!I right. ti11e. anJ
interrst uf the mortgagur in anJ to any insurance policies then in force shall pass to the purchaser or grantee.
8. Th:~t if the premises, ar an~- part lhereo(, be condemned under any power o~ eminent domain, or a~ quire~l fot a public u~e,
the damages, Proceeds, and the consideration for such acquisition, to the extent of the (ull amount of indHbtcdness upon this
11ortRa~t~~an~lthe\ote secuted hereb~- remainin~ unpaid,are hereby- assiRned by the ~lortgaqor tothe ~tortp.a~ee and shall bc paid
torth~. ith to the ~1ort~aQee to be applied by it on account ot the indebtedness secured hereby, whether due or not.
9. That the mortgagre may. a~ any time pending a suit upon this mortgage, apply to the court having juriuliction thereof for the
ap~,intment of a receiver, and such court shal! forthw~i~h appoint a receiver of the premises covered hereby all a~xi singular, including all
and Singular the income, profits, issue~, and revenurs from w•hatever wurte derivecl, each and every of M•hich, it being expre+sly
understoaf. is hereby mortgageJ as if specifically set furth and JescribeJ in the granting and habendum clauses herc~f, and tiu~:h reeeiver
shall have all the broaJ and ef'fective functeons and pow•ers in anyw ise entrusted by a court to a receiver, and such appaintment .hall be
m:~de by such court as an admitted equity and a matter of abwlute right to said mortgagee, and without reference to the adequacy or
inadequacy uf the valae of the property mongaged or w the solve[x;y or insolvency of said mortgagor or the defenJents. ar~d that such
rentc, profits, income. issues. a~xi revenues shall be applied by such receiver according to the lien of this rrwrtgage 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
rea~unable monthly rental for the premises an amount at least equivatent to one-twelfth f 1/121 of the aggregate of the tuelve munthly
in.tallments payable in the then current year plus the actual anxwnt of the annual taxes, accessments, Nater rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
~0. That (u) in the event of any breach of this mortgage or default on the part of the nwrtgagor, ur (h) in the event that any uf wiJ
sums of money herein referred to be not prompUy and fully paid without demand or notice, or Ic) in the ev~nt that each anci rvery the
stipulations, agreements, conditions, and covenams of said note and this m~xtgage, are not duly, prompUy, anJ fully perfi~rmed: then in
rither or any such event, ~he saiJ aggregate sum mentioneJ in xaid note then remainig unpaid, with interest accrued to that time. anJ aN
rnuneys secured hereby, shall t+ecome due anJ payable fonhwith, or thereafter, at the option of said mortgagee. as fully and completely as
if a11 of the saiJ sums of money w•ere originally stipulated to be paid on such Jay, anything in said note or in thi, nx~rtgage to the comrary
notw•ithstanding; and thereupon or thereafter, at the option of said mortgagee, without nutice or Jcmand, suit at IaK~ or in equity, may tx
pr~Kecuteci a~ if all moaeys secured hereby had mawred prior to iu institution. The mortgagee may toreclose this mortgage, as w thc
amount so declared due and payable, anct tttp said premises shall be sold to satisfy and pay the s:+me together with costs, expenses, anJ
allowances. In case of partial foreclosure of this mortgage, the mortgagrJ premisez shail be sold subject to the cuntinuing lien of this
mcvtgage for the amount of the debt not then due and unpaiJ. In such ca~e the provisions of this paragraph may again t+e availeJ of
thereafter from time to time t+y the mortgagee. ~ '
I l. That the rtwrtgagor w ill give immediate nouce by mai( to the mortgagee of any conveyance, transfer, ar change of oK nership of
the premises. ~ •
12. That no waiver of any covenant herein or of the obligation seCured hereby shall at any time thereafter t+e held ta t+~ a waiver of
the terms hereoC or of the note secured hereby.
toac~7 ~
~~~i~
a~`s`IN
y
~1T i I ~ ~s~ ~ ; ` ~ `