HomeMy WebLinkAbout1142 2. ~fhat. in ~,rdrr nw~r fully tu prutc~t :hr .r.unty af thi. murtgagt. the murtg:~gur. tugr~hrr whh. a~xl m aJJ~~iun tu. ~hr nw~n~hly
paymrnt. undrr thr tr~m+ of ~hr nutc .~YUnYi hcrchy, un lhe fint Jay uf r.uh munth until thc .aid nutr fully pa~d. N1II ~1:!)' Il~ ihr
murlgagc~ Ihe fulluNing ~um~.
Ial An arrx~unt +uffkient tu proviJe the hulder hireaf with funds tu pay 1hr nrxl nwrtgage ~nsurance premium if Ihic m+trunzrnt aod
thr note srcurcd hereby are insurrd, cx a munthly charge lin lieu of a martgage inwrance premiuml if they are hrW by the
tiec;retary of Housing and Urban Develapme~t. 35 fOIIOWS:
11) If and sa long as said nate of even date and this instrument are insured or are reinsurrd unJer the v~ovi~ions af the
National Housing Act, an amount sufYicie~t to accumulate in Ihe hanJs of the Irolder one l 1) month prior tu us due date the
annual murtgagt imurance prtmium, in urdrr to provide such huldtr with funds to pay such premium ta the Sccretary of
Housing and Urban l~velopmrnt pursuant to the National Housing Act, as ame~xled, arxl applicable Regulstions
thereu~xler, or
11 U If and w long as said note of even date arni this ir~slrument a~e held by tht Secretary of Hou+ing arxi. Urt+an [kvrloprteem,
a monthly cha~ge lin lieu of a murtgage in~urance {xemium) wh~ch ~hall be io an artwunt equal a~ unr-tw~lfth 111121 uf
one-half 1'~i ) per centum o[ the average autstanding balance due un the nute cumputed withuut ta?ing intu aecount
delinquencies or prepaymrnts;
Ib1 ,um equal to the ~rourxi rents, if any, nrxt Jue, plus the premiums that will nexl btcome dut and payable on policies of fire
arni other hatard insurance covering the morigagi~! property, plus taxes and ac~eyment+ next due un ~he mcxtgag_d properry lall
as estimated by the mortgagee) less all sums alrtaJy paid therefor diviJed by tht number of months to elap~e btfore one month
priur to the date when such grournl rents, premwms, taxes, MnJ auseuments will be~:ume delinquent, ~uch wm. to t+e held by
mortgagre in trust ta pay saiJ graund rents, premiums, taxrs, and special assessments; and
Ici All payments mentioned in ihe two preceding subsections of this paragraph and all payments to be made umier the note secured
hereby ~hall br aJdeJ together anJ the agg~egate amount thereof shali be paid by the mortgagor rach month in a single payment
to be applied by the mortgagee to the follo~ ing items in the order sct forth:
11) premium charges unJer the c~~ntract of inwrance w•ith the Secretary of Housing and Urban Ikvelopmrnt, or munthly
chargt (in lieu of mortgage insurance premiuml, as the cau may be;
111) ground rents, taxes, assessments, firc, and other hazard insurance premium~;
U11) interest on the nute xcur~l herrby; and
(IV) a~twrtitatiun of the principal of said note.
Any deficierx:y in ihe atnount uF ~uch a~grrg:~te mamhty p.?pment shall, unlcw~ made gu~Kl by th~ mortgagur priur to the dur Jatr uf
thr ne~t ~uch payment, constitute an evrnt uf drfault under this mortg:~ge. fhe m~xtg:+g~r may~ cullctit a°late ~harge" nut ti~ rxcred t~u
cent~ ~2c1 for each ~iullar IS11 af each paymrnt more ~han fifteen l15) Jays in :urrxr~ to cuver the r~tra ~x~xnx in~uh~rJ in handling
~rlinyuent pay,ments. _
3. ~hat if the total of the paymenu m~Jr by the murtgagor under Ihl of paragraph 2 precrJing ~hall excreJ thr anx~unt of the
payrr~nts actually made by the mortgagee. fur grounJ rents, ta±ces and asse~.ment+ and in~urarkt pr~miums, a~ thr ..ase may be. suth
excess at the option of the mongagee, shall, be credited on wbsequent payments to bo maJe by the mortgagor, or refunded to the
murtgagor. If. hawever, the monthly pa~~mrnt~ made by the mortgagor unJer 161 of psragraph 2 pre.:cding shall nut bc ~ufficient to pay
gruunJ rentt, ta~e; and as~ssment~ and insurunce premium~, as the case may be, ~hen the same shall txcume due arxl payable. then the
mortgagor ~hall pay to the mortgag~e an~ amuunt necr~tiary w maAe up Ihe deficiency. un ~K t+efore the date when payment ~~f wch
gruurxl rents. taxe+. a.sr~.sments, or insurance prrmiums shall t+e due. !f at any time the murtgagw shaU trrnicr tu thc mortgagee in
acrurdance with the provisions of 1he note secured hereby, full payment uf the entire indebte~lnc~, representcd thereby, the rrn>rtgagee
.hall, in computing the amount oi such indrbte.inrs~. ~redil tu the a~count uf the mortgagor all payments made unJer the pro~ isions of lul
ut paragraph 2 herrof w~hich the mortgagee has not become obligated to pay to the Secretary of Huutiing anJ Lrban Drveloprtxnt a~x1 any
halaoce remaining in the funJs accumulatc~l urxirr the pro~•isiuns of Ihl uf ~aiJ paragraph 2. If thrre shsll be drfault urnler :my of the
provi+ium uf this mortgage. resulting in a publir s:dc of the prcmicr~ cuve~rJ hereby, ur if the murtgagee aryuirc~ the pru~xrty utherw i~e
after drfault, the mortgagre shall apply. :~t the time uf the commencement of .uch proceedings or a1 ihe time thr property is utherw ise
acyuireJ, thr balxnce then remaining in thc funJs accumulated undrr Ih/ of paragraph 2 prcYrJing as a creJit aga~mt the amount uf
principal then remaining unpaid unJer said note and .hall pruperl} adjust any paymentc Which shall have t+zrn madr unJ~r Iu) of SaiJ
paragraph_
"~hat he will pay all tatec. as,rs~m~nts. ~at~r rc~t~~+, anJ othrr guvernmental or municipal charg~~. fin«, ur imFxnitiun+. for which
pruvi.iun ha~ not t+ern maJe herembrforr. and in default ihrr~Y~f ihe mortgagce may pay the sxme: and that h~ will prumptly Jrliver thr
u(ticixl rc^~eiptc therefor to ihr murtgagee.
5_ fhat he W~ill ~rmit, commit, or suffer no u a~te, impairment. or deterioration uf ,aid property or any par~ thereuf: and in ~he event
of tfir failure uf the mortgagor to keep the buildings an said premi~ts anJ thu+e to be erected on ~iJ premisc~, or impru~~ements thereun.
in E~wd repair. tAr rtwrtgagee may make such repain as in its diuretion it may deem nece~sar}• for the pn~er prexn~ation thercof. .~nJ
the full arrxiunt of exh and every such payment shall t+e immediately due and payable, and shall be tecurc-d by thc lirn uf thi, nwrtgage.
6. That he w•A1 pay nll atxl singular the costs, charges, arxi expenses, incluJing reawnable law•y~r s fec~, anJ cmt~ ot aMtractx of titfe.
inc. .cYi or paiJ at any time by the mortgagee bczause of ~he failure un ~ie part of the rtx~rtgagur promptly anJ full~~ to perform thr
~I agreements anJ covenants uf said promi~wry notr and this murtgage, anJ said c~xtc, chargec, and expemrs tihall t?e immrdiately Jue and
; p:?yable anJ sha0 tie secured by the lien of this mortgage.
7. l hat he will keep the improvements now existing or hereafter erectc-~l on the mortgagc~l property. in~ured as may be rrquirc~l from
~ time to time by ihe rtwrtgagee against luu by fire and other, hazards, casulaties, anJ contingencies in such .~mewnts and for wch peri~xis as
~ may I~e rrquired by mortb~gee, and aill pay pr~~mpd~~. w~hen due. any premiums on wch insurance f~ paymen• uf uhich pmvision h•rs ni~t
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
lk held by mortgagee and have attachnl ihereto le~ss payable clauses in favor uf and in form acceptable to the mortgage.. In event of losti
he w ill give immeJiate notice by mail tu murtgagee, anJ murtgagee may make prcxif of loss if nut madr prumpdy by mcxtgagor, arxl each
imurarx:r compam• concerned iti hereby authorized anJ directed to make p~yment for such Icxs Jirectly tc~ rtx~rtgagee insleaJ of to
rtxtttgagor and m~xtgagee joindy, and the insurance pruceeds, ot any part thereof. may be applied by rtwrtgagee at its optiun rither to thr
reductiun of the indebtednes~ herehy secure-~i or to the restoration ix repair of the pruprrty damageJ. In e~•ent uf forecl.»ure of lhis
t mortgage or uther transfer of title to the mortgaged pr~?erty in extinguishment of the indebteJnrss ,c~ured hereby. all right. title, anJ
~ intere~t of Ihe mortgagor in and to any insurance policies then in force shall pats to the purc~a~r or grantre. .
8. That if the premises, or an}• part thereo(, be condemned under anp poNe[ of eminent domain, or ucquir~~t (or a public use.
the dama~ec, proceeds. anJ the coasidera~ion fot such acquisitioa; to the ezte•nt of the full amount o( indebte~~ness upon this
~lort~a~P, and the \ote secured hereb~• remainin~ unpaid, are hereby assijtned b~- the )1ort~agor w the ~IortgaRee aoJ shall Le paid
torth„ith tu thi~ \lort~a~ee to be applied b~• it un account of the indebtedness secured hereb}~, Nhether due or not.
9. That the mortgagee may. at any time penJing a suit uFwn this mortgage_ apply to the court having jurixliction thereof for the
appointment of a receiver, and such court shal{ forthu~ith appoint a receiver of the premises covereJ hereby all arxi singular, including :?II
anJ singular the income, profits. issues, anJ rrvenuc~s from whatever source Jerived. each and every of ahich, ii being expre~~ly
~ unJerstocxl, is hereby mortgaged as if specifx:all~ set forth anJ Jexrit~l in the granting and habenJum clauses hereoL anJ ~uch re:eiver
sh:+ll have all ihe t+road and effective functions anJ powers in anyw ise entrusted by a court to a receiver, and such appuintmem shall be
~ made by such court :u an admitted equity and a malter of abwlute right to saiJ mortgagee, and without referener to the aJequacy or
~ inadequacy of the value of the property mortgagecl cx to the colvency or inwlvency of said mortgagor or the defendents, and that such
rents, profits, income, issues. and revenues shall be applied t+y such receiver acconiing to the lien of this rrwrtgage arxi the practice aF such
~ourt. In the event of any default on the part of the mortgagor hereunder, the nx~rtgagor agren to pay to the mortgagee un Jemand as a
rea+onable monthly rental for the premises an amount at least rquivalent to one-tM~elfth 11/121 of the aggregate of the twelve monthly
- in.tallmrnt~ payable in the then current year plus the actual amount of the annual taxes. acsessments. water rate~. and inwrance premiums
for such year not covereJ by the aforesaid monthly payments_ .
~p, That la) in the event of any breach uf this m~tgage or Jefault on ~he part of the rtwrtg:,gor. ~x Ih1 in the event that any of +aiJ
~ sums of muney herein referreii to be not promptly and fully paid without demand or notice. or Ic) in the event that each and every the
~ stipulations, agreements, conJitions, and covenants of said nWe and this mortgage. are not duly, prumptly. and fully performeci; then in
either or any such event, the said aggregatr sum mentioned in said note then remainig unpaid, with interest accrued tu that time. and all
~ mcmeys secured hereby. shall t?ecome due and payable forthwith. or thereafter. at the optiun of said mortgager_ as fully and completely as
~ if aU of the said wms of money were originaUy stipulateJ to be paiJ on such day, anything in said note or in thiti mortgage to the contrary
~ n~nw ith~tanding; and thereupon or thereafter, at the optiun of ti:?id rmxtgagee, without rn~tice or demarxi, suit at law or in equity. may be
prucrcutrd as if all rtwneys srcare~l hereby haJ mawrecl prior to its instiwtion. The mortgagee may foreclose this mortgage, as to ihe
~ amount su Jeclared due and payable. and the wid premises shall be sold to satisfy and pay the wme together with cmts, expenses, anJ
~ allowance~. In case of partial foreclosure of this mongage. the mortgaged premises .hall be sold subject to the continuing lien of this
rtxirtgage for the amount of the debt not thrn Jue anJ unpaid. In such case the provisions of Ihis paragraph may again be availed uf
~ thereafter from time to time by lhe morigagee.
1 l. That the mortgegor w ill give immediate notice by mail to the mortgagee of any convtyance, transfer, or change of ownenhip oC
the premi~.
? 12. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be heW to t+e a waiver of
the term~ hereof or of the note secured hereby. ~ R ~
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