HomeMy WebLinkAbout0979 • _ . ~
2. That, in order more fully to pmtecl the srcuriry oP this mo~tgage, the martgag.~r, togrlhrr with, anci in addition ta, thr nx~nthly
payments under the terms of the noie securr~i herehy. un the first Jay of cach m~n~h until the ,aid nute i~ fully paid, N'II~ pQy~ t~~ ~he
mortgagee 1he follow•ing sums:
(al An amount sufficient to provide the holde~ hereof with funds to pay the next mortgage insura~ce premium if this instrument and
the note secured hereby are insured, or a mo~ihly charge lin lieu of a mortgage insurance premium) if Ihey are held by the
Secrctary of Housi~g and Urban Development, as follow~s:
lp If a~d so long as said note of even date and this instrument are insured or art reinsured under~,~e pravisions of the
Nativnal Housing Act, an amount sufFicient to accumulate in the hands of the holder oAe (1) month pfior lo iu due date the
annual mortgage insurance premium, in orJer to provide such holJer with funds to pay such premium to the Secretary of
Housing and Urban Development pursuant to the National Housing Act, as amended, anei appticabte Regulatians
thercunde~; or
llp If and so long as said note of rven date a~x1 this inctrument are held by the Secr~tary of Housing and Urban Development,
a monthly charge (in lieu of a mortgage insurance premium) which shall be in an artwunt equal to ono-tw~elftA (1l1~) of
one-half (~i~4) per cenium of the average outslanding balance due on the note computed withont taY,ing into aacuunt
delinquencies or propayments;
Ib) A sum equal to the ground rents, if any, next due, plus the premiums that witl noxt become duc and payabte on policies of fire
and other hazard ins~IrBtic't'COVlring ttRirrottgag~tf~raperty, pl~u taxes and assasments next due on the mcxtgaged property (al:
as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month
prior to the date when such ground rents, prem~ums. taxes, and assessments will become delinquent, such sums to be held by
morigagee in trust to pay said ground 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 undrr. the note securcd
hereby shall be added together and the aggregate amount thereot'shall be Paid by the mortgagor each month in a single paymen~
to be appliedby the mortgagee to the following items in the order set forth:
ll) premium charges under Ihe contract of insurance vuith the Secretary of Housing and Urban Developmenl, or monthTy
charge (in.lieu of mortgage insurance premium), as the case may be;
(11) ground rents, taues, assessments, fire, and othrr hazard insurance premiums;
(111) interest on the note securaf hereby; and
UV) amo~cization of the principal of said note.
Any deficiertcy in the amount of such aggregate monthly payment shall, unless made g~xi b~ the martgagor prior to the dae date of
the next cuch payment, constitute an event uf default unJer this murtgage. The mortgagee may collect a°late charge" not to exceed twu
cents 12e1 for each dollar IS11 of each payment more than fifteen f f S) days in arrears to ca~•er the extra expense invoived in harKlling
delinquent payments.
3. That if the total of the payments maJe by the mortgagor under Ihl of paragraph 2 preceding ~hall exceed the amount of the
payments actually made by the mortgagee. for g~ound rrnts, taxes arni assessments and insurarke premium~, as the ease may be, such
eacess at the o~tion of the mortgagce, shall, be credited on subsequent payments to be made by the mortgagor, ot refunded to the
mongagor. If, how~ever, 1he monthly payments made by the mortgagor under Ihl of paragraph 2 preceding shall not t?e sufficient to pay
ground rents, taxes and assessments and insurance pr~miums, as the case may be, when the same shal) t+erome due anJ payable, thrn the
mortgagor shall pay to the mortgagee any amount necessary• to make up the Jeficiency. on ~x tKfare the date w•hen payment of such
ground rents, taxes, assessments, or insura~x:e premiums shall be due. If at any time the mortgagor shall tender to the m~rtgagre in
acconiance with the provisions of the note secured hereby, fuil payment af the entire indebtrdness represented thereby, the mortgagee
shall, in computing Ihe amount of such iixlebtedness, cre.iit to the account .if the mortgagor all papments mede under the provisions of Ial
of paragraph 2 hereof which the mortgagee has not become obGgated to pay to the Secretary of Housing arni Urban Development and any
balance remaining in the funds accumulatcYi urtder the provision~ of Ih~ of said paragraph 2. !f therr chall be a Jefault urxfer any of the
pro~~isions of this mortgage, resulting in a public ,ale of the premises covereJ hereb~•, or if thr murtgagee acquires the propeny otherw ise
after default. the mortgagee shall apply. at Ihe time of the commencement of ~uch proceedings or at the time the property ic otherN ise
acquirc~l, the balance then remaining in the funds accumulatetil under !6J of paragraph 2 prec~iing :u a creJit against thr amuunt of
principal taen remaining unpaid under ~aid note and shall properly aJjust any payments ahich shall have been m:~Je under 1«) of sai:'
paragraph. .
d. That he Hitl pay aU taxes, assessments, water rates. anJ other governmental or municipal cbarges. fines, or im~+c~sitions. for which
pro~•ision has not l+een made hereinbefore, and in default thereof the mortgagee may pay the same: and thal hr aill prompU~• deli~•er the
official receipts therefor to the mortgagee.
5. That he a~ill permit, commit, vr +uffer no u aste, empairment, ix Jetrrioration of saiJ pruperty or any part thereoi'; arxl in the event
uf the failure of the mortgagor to keep the buildings on ~aid prrmises apd those to ~+e erected on said premi~s. or ~mpruvements thereon.
in gcwd repair, the mortgagee ma~• make such repairs as in its discretion it may deem necessary for the proper presen•ation thereof, and
the full amount of each and every such payment shall be immecieately due and payable. and shall be secured by the lien of this mortgage.
6. That he will pay all and singular thr costs, charges, arxi expenses, including reasunable lawyer's fees, and custs of aMtracts of titte.
i~cur~e~f or paid at any time by the mortgagee be~ause uf the failure on the part of the mortgagor promptt~~ and fulty ta pertorm the
agreements a~J covenants~of said promi~sory nvte and this mortgage. and said costs, charges. arxi exprnses shall t+e immediately Jue and
payable and shall t~ secured hy the lien of this mortgage.
7. That he will keep the improvemeots noN existing or hereatter erected on t6e rtwrtgaged property, insured as may be requireci from
time to time by the rtwrtgagre against loss by fire and other hazards. casulaties. anJ contingerxies in such amounts and fur such peri~is as
may be required by mor(gagee, and will pay promptly, when due. any premiums ort such ins~rance for payment of which provision has nut
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attached thereto loss pay~able dauses in favor of and in form acceptable to the mortgagee. In event of loss
he veill give immediate notice by mail to mortgagee, anci mortgagee may make prcwf of loss if not made promptly by murtgagor, and each
' insurance company concernrd is hereby authorized and Jirected to make payment for such loss dirzrtly to rtwrtgagee instead of to
mortgagor anJ mortgagee jointl~~. anJ the insurance proceeJs, or any part lhereof, may !+e applied b~ mortgagee at its aplion either to the
reJuction of the indebtednez~ hereby sey.ured or to the restoration or repai~ uf the property Jamaged. In event of foreclcxure of this
mortgaEe or other transfer of tiUe to the mortgaged property in extinguishment of the inJrbtedness secured herehy, all right, tide, and
interest uf the mongagor in anJ to any insurance policies then in force shall pass to the purchaxr or grantee.
, 8. That it the premises, or any part thereof~ be condemned uader any poNer of emiaent domain, or acyuire~i (ot a public u~e.
the dama~es, proceeds, and the considcxation for such acquisition, to the extenC o( the full amount o( indeb~edness upon this
\lortgage, and the \ote secured hereb~• rerttainin~ unpaid, are hereby assigned b~• the 1lortgagor to the )lortgagee and shall be paid
;i (orth~.~ith to the \lortRaRee to be applied b~- it on account of the indebtedness secured hereby, whether due or not.
9. That the rrwrtgagee may, at any time penJing a suit upon tbis mortgage, apply to the court having jurisciictit~n thereof for the
app~intmtnt of a rereiver, and such court shaN forthw ith appoint a receiver of the premises covered hereby all and singular, including all
~ and singular the income. profits, issues, and revenues from w~hatever source derived, each and every of which, it being expressly
j understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver
shall have all the broad and effective functiuns and powers in anyw•ise entrusted by a court to a receiver, an~ such appointment shall be
made by such cvurt as an aJmitted eqaity and a matter of abwlute right to said mortgagee, and w~itlwut reference to the adequacy or
~ inaJequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defender~ts. and that wch
' rents, profits, income. issues, and revenues shall t?e applied by such receiver according to the lien of this mortgage 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
reasunable monthly rental for the premises an amount at least equivatent to one-twetfth (1/121 of the aggrega[e of the twelve monthly
instaNments payable in the then current year plus the actual amount of the annual taxes, atsessments, water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or Ih) in the avent that any of said
sums of muney herein referreti to be not promptly and fully paid without demand or notice. or Ir) in Ihe eti•eat that each arxi every• the
stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, prompily. and fully performed: then in
either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, a~d ail
' moneys secured hereby, shatt become due and payable forthw•ith, or thereaRer, at 1he aption of said mortgagee. as fully and complelely as
! if all of the said sums of money~were originally stipulated to be paid on such day, anything in ~aiJ note or in this mortgage to ~he contrary ,
notw•ithstanding: and the~rruQon or t1l~teafter. at the option of said mortgagee, without notice ur demarni, cuit at law or in equity, may t~e
~ prosecuted as if all rtwneys Sacareci he~eby Iy~d mawred prior to iu institution. The rtwrtgagee may foreclose thi. mortgage. as to the
i amount so declared due and payabte. and tbe sait! qremises shall be sold to satisfy and pay the same together with ccxts, expenses, and
~ allowances. In case of parii8l foreclosure of this giQrtgage, the mortgaged premises shall be sold subject to the cantinuing lien of this
~ mortgage for the amount of fhe debt not then due and udpait#.. !n such case the ~rovisions. of this paragraph may again be availed of
thereafter from time to time by the mortgagee.•
~ 11. That the mortgagor w~ill give immediate noyce ~y majl to the mortgagee of any conveyance, transfer, or change of ownership of
the premises. '
12. That no waiver oF any covenant herein or of the pbligation secured hereby shall at any time thereafter be held ta be a aaiver of
the terms hereof or of the note secured hereby.
~ ~o~2n7 ~ 979
.u .
- ~ ~ - ~ -
~