HomeMy WebLinkAbout2985 2. Thal, in o~de~ rtwre fully ta protect ~he ucurily ~~f this murlgage, thr mortgagor, tugethrr with, anJ in adJitiun to. Ihe rnonthly
paymtnts under the tt~nis of ~he nute secu~ctii hereby. ~~n the fi~st day of each month until the ~aid notr i. fulty paid, w+ll pay tu tht
murtgagrt Ihe following cums:
(a) An amount sutficient to provide the holde~ hercof with funds to pay t1e nrxt mo~tgage insu~ance premium if this insaument and
the note secu~ed hereby are insurcd, or a monthly charge (in lieu of a mortgage insurance premium) if tAey are held by the
Secretary ot Housing and Urban Development, as follows: '
(I1 If and so long as said note of even date and this instrument are insured or are rei~sured under the provisiuns of the
National Housing Acb an amount sufficient to accumulate in the hands of the holde~ one l I) month prior to its due date the
annual mortgage insurance premium, in order to proviJe such holder with funds to pay such premium to the Secretary of
Housing and Urban Development pursuant to Ihe National Housing Act, as amended, anJ applicable Regulations
the~eunder; or
111) If aod so long az said note of even Jate ancl this instrument are held by the Secretary of Houcing and Urban Development.
a monthly charge (in lieu of a mortgage insurance premium) which shall be in an artwunt rqual to one-twelfth 11112) of
one-half (!~4) per centum of the average outstanding balance due on the note computed without taking into aceou~t
derinquencies or prepayments;
Ib1 A sum equal to the ground_ rents,_if any, ~cxt due, plus the prrmiums tha~ will neat becume due and payable on policies of fire
and other hazard insurance covering the n~ortgagedproperty, plus taxes and assessments next due on the mortgaged property (all
as cstimated 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 suc6 ~round re~ts, premiums, tazes, and assasments will become delinquent, such sums to be held by
mortgagce in trust to pay said ground rents, premiums, taxes, and special assessments; and
(c) All payments mentioned in the two preceding subaections of this paragraph and all paymcnts to be made under the note securcd
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mo~tgagce to the following items in the order set forth:
11) premium charges under the contract of insurance with the Secretary of Housing and Urban Ikvelopment, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
(11) ground rents, tazes, assessments, fire, and oiher hazard insurance premiums;
1111) intereu un the note secured hereby: and
11V) amorti7ation of the principal of said note.
Any deficiency in the amount of such aggregate rrwnthly payment shall, unless maJe gcwd by the murtgagor prior to the Jue date of
the next such payment, constitute an event of defautt urnier this mortgage. The mortgagee may collect a"late ch:?rge" not to exceed tw•o
cents 12c) for each dollar IS11 of each payment more than fifteen 11S) days in arrears to cover the extra expense involved in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under I61 of paragraph 2 preceJing ~hall exceed the amount of the
payments xtually made by the mortgagee. for ground rents, taxes ainl assessments and insurarKe premiums, as the case may be, such
excess at the option of the mortgagee, shall, be credited on subaequent payments to be made by the mortgagor, or refunded to the
mortgagor. If, however, the monthly payments macie by the mortgagor under Ihl of paragraph 2 preceding shall not be sufficient to pay
ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to ihe mortgagee any amount necessary to make up the defxiency, on cx before the date when payment of ~uch
ground rents, taxes, assessments, or insurance premiums shall be due. tf at any time the m~xtgagor sha~l te~xler to the mortgagee in
accordance with the provisions ot the note secureJ hereby, full payment of the entire inclebteciness represented thereby, the mortgagee
shall, in computing the amount of such irxltbtednets, creciit to the account of the mortgagor all payments made under the provisions of lul
uf paragraph 2 hereof which the mongagee has not become obligated to pay to the Secretary of Housing and Urban Development anJ any
balance remaining in the funJs accumulated unJer the provisions of Ih) of said paragraph 2. If there shall t+e a default urxier any of the
provisiom of this mortgage, resulting in a public sale uf the premises covered hereby, or if the mcxtgagee acquires the property otherw•ise
after default, the mortgagee shall apply. at the time of the commencement of such proceedingc or at Ihe time the pro{~rty is otherwise
xquired. the halance then remaining in the funds a~cumulated under Ih) of paragraph 2 prececling as a creJit against the amount of
principal t~~en remaining unpaid under said note and shall properly adjust any payments which shall have t+een rtwde under Iu) of said
paragraph.
4. That he will pay alt tazes, assessments, Nater rates, and oiher governmental or municipal charges, hnes, or• imEwsition~, for which
provision has not been made hereinbefor~, and in Jefault thereof the mortgagee may Pay ihe same: and that he will promptly deliver the
official recripts therefor to the mortgagee. ~
5_ That he will permit, commit, or suffer no waste, impairment, or Jeterioratiun of said pruperty or any part thereof; and in the event
uf the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premis~s. or improvements thereon.
in gixxi repair, ihe mortgagee may makr such repairs as in its discretion it may deem nece~sary for the prvper preservation thereof. ~nd
the ful{ amuunt of each and every such payment shall be immediately due and payable, and shall be secureYi by the lien of this mortgage.
6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title.
inc~rretf or paid at any time by the mortgagee because of the failure on the part of the mortgagor prompUy and fully !o perform the
agreements anci covenants of said promissory note anJ this mortQage. anJ said costs, charge~, anJ expen:,es shall be immediately due and
~ payable and shall be secured by Ihe lien of this mortgage.
j 7. That he will leep the improvements now existing or hereafter erected'on the mortgaged property, insured as may be requirc~i from
time to time by the mortgagee against Icxs by fire and other hazards, ca:ulaties, anJ contingencies in such arraunts and for such peri~xls as
E may be rrquired by mortgagee, and w ill pay promptly, w hen d~~e, any premiums on such insurance for payment of w•hich provision has not
been madc hereinbefore_ All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
~ 6e heM by_mortgagee and have attached thereto lixs payable clauses in favor of and in form acceptable to the rtx.rtgagee. In event of loss
s he will give immediate notice by mail to mortgagee, and murtgagee may n.~ke proof of loss i[ not made promptly by mortgagur, arxi each
unsurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to
riwrtgagor and mcxtgagee joinUy, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its oplion either to the
reJuction of the indebtedness hereby securCd or to the restoration cx repair of the property Jamaged. In event of fureclosure of thic
mortgage or uther transfer of title to the mortgageJ property in extinguishment of the indebtedness secureci hereby, all right. title, anJ
interest of the mortgagor in and to any insurance policies thert in force shall pass to the purchaser or grantee_
8. That if the premises, ot any part thereof, be coodemned under an~• power of eminent domaia, or acquired tor a public use.
the damages, proreeds, and the consideration fot such acquisition. to the extent oi the (ull amount o( indebtedness upun this
1lortgaRe, and the Vote secured herebv remaiaing unpaid, are hereby assi~nned b~~ the ~1ortRagor to the llortgag~e and shall be paid
forth~cith ~o the \1ortQaRee to be applied ba~ it on account o( the indebtedness secured hereb}-, ~vhether due or not.
9. That the rmxtgagee may, at any time pending a suit upon this mortgage, apply to the court ha~•ing jurisdiction thereof for the
appoint~ent of a receiver, and such coort shall fcxthwith 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 arxi every of which, it being expressly
understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses nereof, and such receiver
shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
~ made by such court as an admitted equiry and a matter of at+s~lute right to said morigagee. and w ithout reference tu the adequacy or
inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendent~, and that such
rents. profits, income, issues. and revenues shall t+e applied by such receiver according to the lien of this mongage arni the practice of such
court. In the event of any default on the pan of the mortgagor hereunder. Ihe mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 11/121 of the aggregate of the tMelve monthly
~ installments payable in ihe then current year plus the actuat amount of the annuai taxn, assessments, water rate~. and insurance premiums
~ for such year not coverecl by the aforesaid monthly payments.
~ ~p, That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, ur (h) in the event that any of said
~ sums of money herein referred to be not promptly and fully paid without demanJ or notice, or Ic•) in the event that each and every• the
~ stipulations, agreements, conditions, and covenants of said note and this mortgage. are not duly, promptly, anci fully performed; then in
~ either or an, such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that.time, and all
montys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as
~ if all of the said sums of money were originally stipulated to be paid on such Jay, anything in saiJ note or in this mortgage to the contrary
~ notwithstanding; and thereupon or ~hereafter. at the optiun of said mortgagee. w•ithout notice or demand. suit at law or in equity, may be
~ prenecuted as if all moneys secured hereby had mawred prior to its instiwtion. The rrartgagee map foreclose lhis mortaase, as to the
~ amount so declareJ due and payable, and the said premises shall b~ sold to satisfy and pay the same together with costs, expenses, anJ
allowances. In case of partial foreclosure of this mortgage, the mortgaged premius shatl be ~~IJ subjrct to the conUnuing lien of this
~ mortgage for the amount of the debt not then due and unpaid. In such case the provisiuns of this paragraph may again be availed of
thereafter from time to time by the mortgagee. .
11. That the mortgagor wilf give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ow•nership of
the premises. '
12. That nn waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter t~e held to t+e a a~aiver of
the terms hereof or of the note secured hereby. ,
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