HomeMy WebLinkAbout0974 2. That, in order awre fully 1o prulrcl thr ~ecurity uf thic m~~rtgage, ~he ma~tgagur, tagether with, arxi in additiun [o, the monthly
psymrnts unJr~ Iht te~ms of the nute ,cY;urcd herehy, un thr firzt day of e~ch munth until the ~uid note is fully paiJ, will pay tu Ihr
mortgagee the fi~Uuw•ing +ums:
la) An amount suf'ficient to provide the holder hereof with funds to pay the next mo~tgage insurance premium if this instrument and
the note secured hereby are insured, or a moothly charge (in lieu of a mortgage insurancc promium) if they are held by the
Secretary uf Housing and Urban Development, as follows:
IU If and so long as said note of even date and Ihis instrument are insurrii ur are reinsurcd uncicr the proviseons of the
National Housing Act. an amaunt sufficient to accumulate in the hands of the h~lder one 111 month prior to its due date the
annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of
Housing and Urban Development pursuant to the National Housi~g Act, as amended, ancf applicable Regulatiuns
thereunder; or
f!1) If artd so long as said note of evtn date anJ this instrument are held by the Secretary of Nousing and Urban Development,
a monthly charge lin lieu of a morlgage insurance premium) which shall be i~ an amount equal to one-twelflh 11112) of
one-half 1!~ ) ptr centum of the average outstanding balance due on the note computeei without taking into aceount
delinquencies or prepayments;
Ii~) A~um equal to the grouncl rents, if any, next due, plus the premiums that will next become due a~xi payable un policits uf fire
and other hazard insurance cove~ing [he md~fgaged property, plus taxes and assessmen~s n~xt due on the mortgaged property (all
as estimated by the morlgagee) less all sums already paid therefor divided by the nnmber of mooths to elapse before one month
prior to the date vvhen such ground ~e~ts. prem~ums, taxes, and assessments will become delinquent, such sums to be held by
mortgagee in trust to pay sa;d ground rents, p~emiums, taxes, artd special assessments; and
(c) All payments mentioned in the two preceding subsections d this paragraph and all payments to be made under the note secured
hereby shall be added together and the aggregate amount thereof shall be paiJ by the mortgagor each month in a single payment
to be appliedby the mortgagee to the folloa~irtg items in the order set forth:
11) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or rt?~nthly
charge (in lieu of mortgage insurance premium), as the case may be;
(IIi ground rents, taxes, assessments, 6re, and othet hazard insurance premiums:
IiIU in[erest on ihc tnate ~ared hcrcby; and
tIV) amortization of the principal of said note.
Any deficiency in the amount of such aggregate mon[hly payment sAall, unless maJe g~wd by the mextgagor prior to thr Jue date of
the rtext such payment, constilwe an cvent of default ur?der this mortgage. The mortgagee may coll~t a"late charge" nut to ~xcetti two
cents 12c) for each dollar I51) of each paym~nt more ihan fifteen 115) days in arrears to cover the extra expensr involvetil in hanJting
Jelinquent payments_
3. That if ~he total of the payments made by the mongagor unJer lb1 of pa~agraph 2 prec,ding shall exceeJ the amount of the
payments actually made by the m~xtgagee, f~x ground rents, tazes and assessments and insurance premiums, as the case may be, such
excess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mortgagor, ot refundod to the
rrwrtgagor. If, however, the monthly payments made by the mortgagor under IA? of paragraph 2 preceding shall not be sufficient to pay
grourxf rents, taxes aixl assessments and inturance premiums, as the case may be, when the same shall become due a~xt payabte, then the
nwrtgagor chall pay to the mortgagee any amaunt neces+ary to make up the deficiency, on ix t~efore the date w•hen payment of such
grounci rentti, ta?~e., asseuments, or insuranee premiums shall be due. If at any time the mcxtgagor shall tender to the mo~tgagee in
xcorJance witA the provisions of the note ~cured hereby, full payment of the entire indet+trdnecs represented thereby, the mortgagee
tihall, in computing the amount of such indebteciness, crc~clit to ~he account of the morlgagor all paymenis made under the provisiuns of Ial
of paragraph 2 hereof which 1he mortgagee has not become obligated to pay to the Secretary of Housing and lJrban Development atKi any
balance remaining in ~he funds xcumalated under the pravisions of th~ of saiJ paragraph 2. If there shall he a~icfatdt urxter any of the
provisiunc of this mortgage, rrsulting in public sale uf the premisec covered hereby, or if the m~xtgagee acquire~ Ihe pr~erry otherK ise
after default, the mortgagee shall apply, at the time uf the commencement uf such proceedings ur at the time the pruperty is other~~ise
acquirrd, the balance thrn remaining in the funds aceumulated under 1h~ of paragraph 2 precedmg as a credit against the amount of
p~incipal t~~eo remaining unpaid under saiJ notz and shall properlp adjust an~• payments which shall have been msde under lu) of ,aid
paragraph.
J. That he will pay all ~axes, assessmenu, water rates. arxt cxher governmental or municipal chargc~, fines. ~x impotiitions. fi?r which
pruvision has not t+een made hereiret+efi~re. anJ in default therruf ihe mortgagee may pay the same; anJ that he w~ill prumptly deliver the
ut~ficial re~eipts therefor to thr murtK~Rr~-
5. ~~hat he wi11 permit, commit, or +utTer no Na+te, imp:~irmenl, ur deterioration of said propert~• or any part therrof; and in the evenl
uf the failure uf ehe mortgagor to keep the bu~)dings un ~id premises and those tu t~ erected on said premises, cN- impruvements thereun.
in g~xxi repair, the mortgagee may make .uch repairs .~c in its discretion it may deem necessary for the pr~r preservation thereoL and
the full arrx~unt of each and every such payment shall be immediately due and payabte, arxi shall be securecl by the lien of this moregage.
b. That he wiq pay a!! and singular Ihr esxts. charges, arni expenses, including reasonablz lawyer's fees, and costs of abstracts of tiUe.
incurreJ or psiJ at any time by ihe murtgagee t+ecause of the failure on the part of the nwrtgagor prompdy and fully to perform the
agreement~ arxl covenantc of ~~d prumi.,ury note rnJ thic mortgage, and saiJ custs. charges, atxl expenses shall be irr~meJiately Jue anJ
payable and shall be secured by the lien of this mortgage.
7. That he will keep the improveme~ts now existing or her~after erected on the mortgageJ property, insureJ as may be requireJ frum
ume to time by the rtwrtgagee against 1~»s by fire and other hazards, casulaties, and contingencies in such amounts and for wch peri~~s as
may br required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment uf whKh provision has not
been made hereinbefore. All insurance shall be carried in compania approved by mongagee and the policies and renowals thereof shall
t+e held by mortgagee and have attacheYi thereto toss payable clauses in favor of and in form acceptable to the rix~rtgagee_ In event of loss
he wi!) give immediate notice by mail to mortgagee, arxi mungagee may make p~oof of loss if not made prompUy~ by mortgagor, and each
insurance company concerned i~ hereby amhorizeJ and directed to make payment for such loss direcUy to mortgagee instead of to
rtwrtgagor anJ murtgagee jointiy, and the insuranre procerds, or any part therevf, may be applieJ by mortgagre at its option either to the
rrJuctiun of the indebtcYlness hereby secureJ ur to the restixation or repair of the property Jamaged. In evem of foreclinure of this
murtgage ur other transfer of title to the mortgaged pmperty in extinguishment of the indebtedness se~ured hereby, all right, title, and
~nterest of the mortgagor in and to any insurance policies then in force shal! pass to the purchaser or grantee.
' 8. That if the premises, or aay part thereol, be coodemned under any poNer of eminent domain, or ac~uired for a public use,
the damaRec, proceeds, and the consideration for such acquisition~ to the extent oI the (ull amount o( indebte~lness upon this
~Iort~aRe,andthe\otc serured herebv temainin~ unpaid,are 6erebv assigned b}• the ~1ort~agcr tothe 11ort~aRee and shal) be ~id
' iorth~cith to the 11ortRa~ee to be applied b} it on account oi the indebtedness secured hereb}•, whether due or not.
I 9. 7'hat the rtx~rtgagee may, at any time pending a suit upon this morlgage, apply ta the conrt having jurisdiction therei?( for the
! appointmant of a receiver, and such court shall forthwith appoint a receiver of the premises covereJ hereby aq anci singular, irxluding all
~ anJ singular the income, prufits, issues, anJ revenues from whatever source derived, each and every of which, it being expressty
! unJersto«1. is hereby mortgaged ~a if specifx:ally set forth and dek;ribeei in the granting and habendum clauses hereof, and such receiver
~ shall have all the broad and efl'ective functions and powers in anywise entrusteJ by a court to a receiver, and such appointment shall be
; made by such court as an aJmitted rquity anJ a matter of at?wlute right to saiJ mortgagee, and w ithout reference to the adequacy or
i inadequacy of the value of the property mortgageJ or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income, itsues, and revenues ~haf( hr apptied by tiuch receiver according to the tien of this morigage and the practice of such
rourt. !n the evertt of any defauh un Ihe part of the mortgagor hereunder, the mortgagor agrees to pay to the murtgagee on demand as a
reasunable monthly rental for the premises an amount at least equivalent to one-twelfth (11121 of the aggregate of the taelve rrwnthly
installments payable in the then current year plus the actual amount of the annual tates, assessments. water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
10. That (u) in the event of any breach of this mortgage or default on the part of the mortgagor, or In) in the event that any of said
sums o[ money herein referrecl to be not promptly and fully paid without demand or notice. or (c) in the event that each and every the
stipulatians, agreements, conditions, and covenanis of said note anJ this mortgage, are not duly, promptly. arxf fully performed: then in
` either or any such event, the said aggregate sum mentioned in saiJ note then remainig unpaid, with interes~ accrued to that time. and all
~ rtxmeys secured hereby, shall betome due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and comQletely as
if atl of the said sums of r~ney were originally stipulated to be paid on such day, anything in saiJ note or in this mortgage to the contrary
notv?~ithstanding; and the(e~UpQ[j or thereafter, at Ihe optiun of said mortgagee, without nutice or demand, suii at law or in equity, may be
` pnxecuteJ as if all rtx~eys~3ocured hereby had matureci prio~ to its institution. The mortgagee may foreclose this mortgage, as to the
? amount so declared due ~ttd.payable. and the~said premisa sball be sold to satisfy and pay the same togcther with costs, expenses. and
~ allowances. In cace of partiat ~DreCl6sure of this mongage, the mortgaged premises shall be sold sub}~ct to the continuing lien of this
rrwrtgage for the amount of the Jebt dot thed due end unpaid. fn wch case the pmvisions of this paragraph may again be availed of
thereafter from time to time by the mortgagee,
11. That the mortgagor will give immediat¢ notice by mait to the mortgagee of any conveyance, transfer, or change of owoersfiip of
the premises. •
12. hat no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of
the terms hereof or of the note secured hereby. "
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