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HomeMy WebLinkAbout1147 2. That, io urdr~ rtx?re fuUy to prut~tit thr ,c~urity uf thic mung.~ge. Ihr mur~gabur, tugrthrr w•ith, anJ in :~aa~~~~~~ the rrn~nthl~. pa>mr~tc unJrr thr te~m. uf thr n.ur ~ctiunrl he~~hy, un tht hr.t .t•ry of r:xA munth until thr wid nutr i. fully p:~iJ, wil! pay tu !he murlgagre the fi~lluw ing +ums: tal An amount wtficirnl tu proviJe the hulder herrof wilh funds to pay Ihe nrxt mottgage incura~ce premium if this instrument a~d the note secured hereby are insure~i, ~x a munthty charge lin lieu of a nw~tgage insura~x:e piemium) if they are held by !he ' Srcretary of Housiog and U~ban Davelupmrnt. as follows: IU If and so long as said note of eve~ date a~xi ~his insaument are insured or arc reinxu~r~i under the provisions of the Natio~al Housin~ Act, an amount su(ficient to accumu~ate in the hands of the holder one (1) month prior to its due da~e ~he anaual mortg,~ge insurance premium, in ordar to pravide such holder wi~h funJs to pay such premium to the Secretary oi Nuusing and Urban Drvelopmrnt pursuant Io the Natiunal Housing Act, ;u art~nJed, a~x1 applicable Regul~tions Ihrrcunder. or (11) If and so long as said note of evrn daie anJ this instrume~l :+re heki by the Secretary of Housing arKi Urban Devtlupment, a monthly cha~ge Ii~ lieu of a murtga~e insurance premium) which shall be in an amount equal to one-tvv~lCth 11l12) of one-half ) per centum of the average outstanding balance due on tht note computed withuut t;Fing into accaunt delinquencies or prepayments; . lb) A sum equal to the graurxi rents, if any, neit dae, plus ~he premiums that will neat become due anJ payable on policies of fire and other hazard insurance cozeiing fht"mdr(gaged"~operty, pius taxes a~J assessmenls nezt due on the mwtgaged properiy lall as es~imated by ihe mortgagee) less all sums already paid therefor divi2led by the number of~monthrto~elapse before one mo~th prior to the date when such grounJ rents. prem~ums, taxes, a~d assessmtnts will become delinquent, such sums to bt held by mo~tgagee in trust to pay said g~ound rents, premiums, taxes, and spgcial a~sessments;_ apd Ic) Alt payments mentiuncd in the tw~o preceding subsections of this paragraph and all payments to be made uodel'tht note secured hereby shall be a~lcied together and the aggregate amount thereof shall be paid by the rtwrtgagor each month in a single payment to lx appiied by the mortgagee to the foltoK~ing items in the order srt forth: Uf premium charga under the contract of insurance with the Secretary of Housing and Urban Development, or ~tx.nthly charge Iin lieu of mortgage insurance premium), as the case may be; (ili ground rents, taxes, assessrtxnts, fire, and other ha2ard iosnrance premiums; IIIp interest on the nole secured herebv; and IIV~ amortization of the principal of saiJ note. Any deficiency in the anwunt of such aggregate monthly payment shall, untc~s made gocrd by thr martgagor prior to the due date of the next such payment, constitute an rvent of drfault uncirr this martgage. "the mortgagee may collect °late charge" not to exceed two cents 12cYfor each Jollar IS11 of each payment more than hfteen (ISI days in :urr:us tu cuver the etit~a rxprnse invulvc~l in hanJling delinquent payments. 3. That if ~he lotal ol' the payments made by the mang:~gor under Ih) of paragraph 2 precrJing shall exceeJ thc am.iunt of the payments actuully maJe by ihe m~xtgagee, for grounu rent~, tax~s and assessments and insur:~nce premiums, as the case may be, such exccss at the option of the mortgagee, shatl, be credited on subsoque~t payments !o be made by ihe mortgagor, or refunded to tht mongagor. If. however, the rtwnthly payments m:Kie by the mortgagor under 16) of paragraph 2 preti:eJing shall not be sufficient to pay ground rcnts, taxes anJ au~es~men~c and incurance premiums, as 1hr case may be, when the s:+me shall becume due arxi payable, then the nxxtgagor .hait pay to the morigagrr any arrwunt neces~ary to make up the defecerncy, on ~x hrfure the date uhen paymrnt of wch grourxi rentc, taxes, assessmen~s, or insurance premiums shall be due_ If at any time the mcxtgagor shaU tender ta the mortgagee in accurJance with the provisions of the note srcured herrt±y. full paymrnt of 1he entire i~xfebtc~iness rep~ecented ~hereby, the mortgagee tihall, in computing the amount of such incirbteJnecti, credit to the accounl of ihr mortgaga all payments made under the provisions uf Iu1 uf paragraph 2 hereof which the mortgagee has not becume obligated to pay to the Secretary of Housing arxi Urban Developmenl and any b;~lance remaining in the funJs :K:cumulat~i under the provisionz of ~b? of ~aid pa~agraph 2. If thrre ,hall be a JcPault urxter any ot the provitions of this mortgage, resutting in a public +Jle ot the premisch coverrJ hrreby. or if ~he mo?tgagee acquires the property otherwiie after default, the mortgagee shall apply, at the time of the commeneement of ~uch procec~iing, or at thr time the propeny is otherwice ucquireJ. the balar?ce then remaining in the fun~k accumulaRd unJer IA/ of paragraph 2 preceding as a ereJit against the artx~unt of pr:ncipal t~~en remaining unp~id urtder s~id rto~r anJ shall properly aJjust any payments which shall have been rtwJe under (a) of saie' par~graph. J. That he will pay all taxes, atse~sments, water rates, anJ other governmental or municipal chargrs, fines. or im~nitions, for Khich provi.ion has not been made hereinbcfore. .+nJ in defaull Ihereuf the mortgagee may pay the ~mr: and lhat he Nill promptly defi~•er the official rereipt~ therefor to the mortgagee. 5. That he ill permit, commit, or wffer nu .+aste, impairment, or deterioratiun of ~iJ proprrty or any part therrof: ancl in the event of the failure of the mortgagor to keep ~he buildings on ~~J premiset and those to t~e errcted ~n said premis~c. ~x improvements thereon. in g~xxi repair, the rrx~rtgagee may make such repain as in its dixretion it may Jeem necea~ary for the proper presen•ation thereof, and the full amount of each and tvery^ such payment shal( t+e immediately due arxl payable. anJ shalt br secured by the lien of this mortgage. b_ That he wi!! pay al! and singular the costs. charg~s, an~l expenses, including reasonable lawyer s fees, anJ c~xts of aMtracts of title. incurred or paiJ at any time by the mortgagee because of thr failure un thr part of the mortgagor promptly and fully to perform the agreements and cu~enants of said promi.tiory note and this mortgage, anJ saiJ cocts, tharges. an~! expznsc~s shaM be immediately due and payable and shaU be secured by the lien of this m~xtgage. 7_ That he w il1 teep the improvements now existing or hereafter erected on the mortgageci propeny, insured as may be requireri from time to time by the mortgagee against loss by fire arx! other hazards, cawlaties, and contingerxies in such amounts and for such perioJs as may be requirc~i by mortgagee, and will Pay p om~U~~ w•hen duS, anypremiums on such insurance fvr payrrxnt of which pruvision has not been made hereinbeforc. All insurance shall ~ cartio~ in companies approved by mottgagee and the policies and renewals thereof shall be held by mortgagee and have attacheei thereto ivss payabte clauses in tavor of anJ in form acceptable to the mortgagee. !n event of loss he w ill give immediate notice by mail to murtgagee, anci murtgagee may make prwf of I~xs if nut made prumptly by murtgagor, and each insurarke company concerned is hereby authorized and directed tu make payment for such loss dir~tiUy to rtwrtgagee imtrad of to rtwrtgagor and mortgager joinNy, anci the insurance proceeck, or any part thereof, may be applied by mortgagee at its up~iun either to the reductian af the indebtedness hereby s~ured or to the restoration or repair uf the properry damaged. In event of foreclixure of this rrx~rtg:~ge or other tran+fer oP tiNe [o the mortgaged property in e!etinguishment of the indeMeciness secured dereby. all right, tiUe, and intereu of ihe mortgagor in anJ to any insurance pulicirs then in force shal! pass to the purcha~er or grantee. 8. 'I~at if the premises, or aa}' part thereof, be condemned under any poNer o( eminent domain, or ac-quired for a public use, the damares, proceeds. and the consideration tor such acquisition, to the extent of the full amount o( indebtedness upon this Uortga~e,andthe\ote secured hereby remainiag unpaid,are hereb~• assi~ned b~~ the Alartgaqor tothe 1lortgagee and sha!! be paid lorthx ith tv the 11ortRa~ee to be applied b}• it on account of the indebtedness secured hereby, whether due or not. 9. That the nwrtgagee may, at any time pending a suit uEx~n this mortgage, apply to the court having jurisdictian thereof for thz appoinrmenCof a receiver, a~d cuch court shall f~xthwith appoint a receiver of the premises caverecl heret?y all and singular, including al! arxi singular the income, profits, issues. and revenaes from w~harever source derir•ed, each anci every of which, it being e~pressly understo«f, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and sw:h receiver shall have all the broad and efl'ective functions and pow•ers in anywise entnuted by a coun to a receiver, and such ap~intment shall be maJe by such court as an admitted equity and a matter of abwlute right to said mortgagre, and N ittwut reference to the adequacy or inaJequacy uf the value of the proE?erty mortgaged or to the solvency or inwlvency of sald mortgagor or the defendents. anei that such rents, profits, income, issues, and revenues shall be apptied t+y sach receiver acrnrding to thc lien of this rrxxtgage aRd the practice otsuch court. In the event uf any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a rrasunable monthly rental for the premises an amount at leaat equivalent to vne-twelfth 111121 of the aggrcgate of the twelve monthly ; installments payahle in the then current year ptus the actual amount of the annual taxes, a~sessment~. watrr rate~. a~id insurance premiums for s~xh year not covered by the aforesaid monthly payments. lQ. That (a) in the event of any breach of this mongage ar default on the part of the rrwrtgagor, or th) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or (c) in the event that each anci every the stipulations, agreements, conJitions, and covenants of said ncNe and this mortgage, are not duly. promptly, arxi fully performed: then in either or any such event, the said apgregate s~m mentioned in said note then remainig unpaiJ, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafte~, at the option of said mortgagee. as fully and completely as if a!1 of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary no~withstamiing: and thereopon or thereafter, at ~he option of said mortgagee, without ootice ur demanJ, suit at law or in equity, may be pru,ecuted as if all rtwneys socured hereby had maturrd prior to its institution. The mortgagee may foreclose this nwrtgage, as to the amount so dedared due and payable, and the said premises shall be sold to satisfy and pay the same together with cvsts. expenses. and allowances. In case of partial foreclosure of this mortgage, the mixtgaged premises sfiall be sold subject to the continuing lien ot this mortgage for the amount of the debt not then due anJ unpaid. In such case the provisiuns of this paragraph may again be availed of thereafter from time to time by the martgagee. I l. That the mortgagor w~ill give immediate notice by mail to the mortgagee of any conveyance. Iransfer, or change of ownership of the prcmiscs. 12. That no waiver of any covenanl herein or of the ubligation securecl hereby shall at any time thereafttr t+e held to be a v?aiver of the terms hereof or of the note secured hereby. ' • g~K~~8 ~~E~1~4? ~ . . ~ ~ >~^`~s~ ¢ ~ ' ~H r~ ~ J:: ~ L:. ' m''~3~~- }r~rd.....X~~y..'~c ~.~4 ,,...,..~'?w ~~^v 'a'a'w~,}._~~ 3: . _ . . v... .+~.,u ~.~'s~'~..:__.