HomeMy WebLinkAbout1573 2. l hst, in urJer rtx~re Fully tu prutc~ct thr ,t~urity uf thi~ mungaga, ~hr mungagur. t~~gr~hr~ W i~h. an.! ~n a~ldiuun t.~, the nx~n~hly
pa>menh undtr thr tern?~ uf tha note ~tcuntii htr~h~, un Ihe hr.t day uf rach m~mth unhl 1hr ,a~.i nu~r i. ~UII\' (~JIII. N'III ~1:1) W 1~1t
m.utgage~ tht fuUuw~ng wmc:
lal A~ anwunt ~ufficient to p~oviJe the holdtr htrruf with funds tu pay the nzat nxxtg:~gt insurance prtmium if ~his instrument and
~he nott securtd hereby are insureJ, ~x a munthly charge (in lieu of a mortgage inxu~ance prcmiuml if tAey art httd by the
Secrzta~y uf Housing and Urban Devzlopment, as fulluNS;
UI If and so tong as said note of e~~en Jace arn1 this instrument are insurrd or arc rein.ured urxlrr the provisions of the
National 1lousing Act, an amount sui'ficient to accumulate in Ihe hands ot the holder ont l 1) month priur to its due date the
annual mortgage insurance ~emium, in orJtr to provi~lr ~uch holder w~ith fun~i+ u~ pay ~uch premium to the Secretary of
Huusing and Urban Devttopment pursurnt to the Natiunal Housing Rc1, as amend~J, :~nJ applicable Regulauuns
thereunder, or
111) If and so long as said note of e~•en date atxi this instrumtnt are hrlJ by Ihe Secretary of Huu+ing arni U~ban Developmrnt,
a monthlSr charge 1in tieu of a mortgagt insurance prrmium) whech +hal! he in an :~mount equal to one-tw•tltth 11l12) ot
on~-half (~1 per cenwm of the average uwsta~xl~ng balance due on th~ nute computcvl without taking intu accuunt
delinquencies ar prepayments;
fbl A sum equai to the ground_rants, if any, next due, plus the ~xemiums that wiU nzxl become due and payable on p~licies of fire
and ather hazard insurar?ce covering ~hr rt?~rtgageif property, plus taxcs anJ assrssments ~ext due on t1?e mortgaged properry lall
as estimated by the mortgagee) las all sums alrtady paid the~efor divided by the' numbe~ of months to tlapst before one month
prior to the date w•hen such ground renls, premiums, taxes, and assessments Nill l+ecume Jelinquent, su:h sums to bt he1J by
mortgagce in trust to pay said ground rents, premiums, taaes, and ~pecial as~essmenu: and
Icl Ail payments mentioned in the two preceding subscctions of this paragraph and all payments to be made under the ~ote secured
hrrrb~• shall br added together anJ Ihe aggregate amoum thrreof shall be paid by the rtwrtgagor each month in a single payment
to be applied by the morlgagee to the folloM ing items in the orJe~ stt forth:
IU premium charges under the contract of iacurance ~ith the Secretary of Nousing and lJrban DevrloPment, ur monthly
charge !in lieu of mcxtgage insurance p~emiuml, as the case ma~• be; ~
111) ground rents, ~axes, assessments, fira, and other hazard insurarn:e premiums:
1111) interest on the nut~ secured hereby; anJ "
1!V) amortization of the principal of said note.
Any deficiency in ihe artwu~t af such aggrrgate monthly paymrnt ch:~ll, unl~~s m~de g.wd by the mur[gagur priur w the dur d:~tr uf
the nt~t such payment, constiwtr an event of d~fault undrr this mortgabe. Thr murtgager mry ~ull~t a~late charKe" nut to e~cerd tK:r
cents (_cl for each ciollar 1511 of each payment mare ~han htteen 11 ~1 Jays ~n arrear~ tu :uver thr r~t~a r~~en,e invohcvi in handling
dalinquent payments. ,
3. That if the total of thz payments made by the mortgagor under Ib1 of paragraph 2 prrcrding .hall eccerd the anxwnt uf the
payrnznt~ actually maJe by the mortgaRre, fur grounJ rents. Iaxc~ an.i a~,essments and imurarke prcmiums, as the ~ase may be, such
excess at the option of the mortgagee, shall, be credited on subsoquent payments co be made by the mortgagor, or refunded to the
mortgagor. If, ho~•eve~, the rtx~nthly payments madr by the mungagor under Ihi of paragr:~ph 2 prrceding sha11 not !?e sufficient to pay
grourni rents, ta~es ared a~srssments and insurance prrmiums. as the eacr may be, when the same shall bcYUme due arxi payable, then the
murtgagor shall pay to the mortgagee an~ amount nc*~ecsar~ tu makr up the drticiency. on ~x hrfore ~he Jatr ~hen paymrnt uf wch
ground rents. taxes, assessment~, ar insuratne premium; ~halt he due. If at an~ time the mortgagvr sh•rN terxler to the mortgaget in
xcordance +?ith tht provisions uf the nate ~cureJ hereM•, Culi pay~ment of the entire indebtc~ines~ rep~rsenteJ thereby, the rtwrtgag~e
.hall, in computing the amount of such indebttdnecs. crrdit to the accuunt of Ihe mc~rt~ag~x alt payments madr under the provisiuns of Iu1
uf paragraph 2 hereof which the mortgagzz has not t+ecome obtigate~i to pay to Ihe Secretsry of Housing arn! Urban Devek~prr~ni aixi aoy
b~lance remaining in the funds accumulateri under the pro~~isiom uf IbJ of said paragraph 2. If there ,haU t~e a default under any of the
pruvisiuns of this mortgage, rrsulting in a public ~ale uf the premise. wvtr~l hereby. u~ if the murtgagre acyuirrs thc propert~~ otherM ise
after default. the mortgagre shall apph•, at the time of the cummencemertt i~f wch prcxeedings cx at thr timr ihe pra~rt~ i~ oiheruise
:kquire~i. ~he balance then remaining in the funds accumulatrJ undrr ~h? ~~f paragraph 2 preceding a. a credit against the amouni uf
principal t~~en remaining unpaid under caid note and shall pruperly adjust ~ny paymrnt~ which ~hall havr t?rrn made under Iu) uf sai'
paragraph. -
3. Th:~t he will pay all taxes, a~sc~~mrnts. ~ater rates, and ~~ther governmental or municipal chargeti, fine+. ~x im}ws~tioo~, for uhich
pro~•iciun has not bren made hereinbrfore, and in dcfault thereof the mortgagee ma~ pay thr ,ame: and that hr wfll prumptfy deliver the
~~fficial receipts therefor ta the mortgagee.
5. That he will permit. commit, or sufl~er no waste, impairmrnt. or dcteriuration of wiJ property i~r any part ther~f: anJ in the event
of the failure of the mortgagor to ktep the buildings on i:iid premisc~s and those to t?r er~teJ on said premises. or improvements ~herean.
in Ku~x! repair, the murtgagee may male such rrQairs as in its discretion it may Jeem nece,~•rry for the pr~?er prexn•ation thereoG and
the full amuunt of each and every such payment shall be immeJi~tel~ due and paqable. acK1 shall be secure.i by the lien of ~hi~ murtgage.
6. That he will pay all and singular thr c~xu. chargrs, anJ expenses, induding reasonable lawyer's fres. and costs of aMtracts of dNe,
incurrrd or paid at any time by the murtgagee t+ecaux uf the failare un the part of the murtgagor promptl} and fully to prrform the
agreements and cavenants uf said promissory note and this murtgage, anJ said ants, chargec, arxl cxpensr. chall he immediately due and
pa} ablr and ,hall be ,ecured by the lien of this mortgage.
7. That he aiil kttp the improvements rww etiisting or hereafter ere.;trd on ~he mortgaged proprrq~. inwred as may be requirc~l from
tim~ to time by the mongagee against loss b~• fire anJ other harardc. ca5ulatiec, and contingencies in Sach artwunts and fi~r such peri~xis as
ma}• be rrquiretl by mortgagee, aad will pay prompdy. when due, any premiums on such insurance for paymem ofwhich pru~•ision has not
been made hereinbefore. All insurance shall be carried in companies approved by mongagee and the policies and renewals theroof shall
t+e he1J by mortgaget anJ ha~~e attacheJ thereto I~x~ payable claustt in fa~•or of and in form acceptable to the rtartgagee. 1~ e~•ent of ioss
he Nill givr immediate notice by mail to mongagee, and mortgagee may make pra~(uf IoSS if ~wt made prompd}• by murtgagur, and each
~nsurar~e company cvrtcerned is hereb~• authorized and directed to make paymeot for such kus directly to murtgagee instead of to
riwrtgagor and mortgagee jointlp, anJ the insurance proceecis, ur any part thereof. may be applied by rtwrtgagee at its uption either to the
reduction of the indebtednr~c herehy secure~i or to the resw:atiun or repair of the property Jamaged. in r~ent vf forc-~f~xure of this
' rtx?rigage or other transfer uf title to Ihe mortgaged property in extinguishment of the indebtedness cetiured hereby, aU risht, tiUe, and
interest of the mortgagur in and'to any insurance policies then in force shall pass to the purcha.er or g~antee.
8. 'lliat if thP pr.~mise~, or an~• part thereof, be condemned under anc poher of emineat domain, or acquireu for a pubtic u.e,
the dama~es, proceeds, and the eonsideration for such ac-quisition, to the extent of the Iu!! amoun! of indebtedness upon this
\lortgage,andthe\ote secured hereb~- remaiaiog unpaid,are hereb~- acsigned b}~ the UortgaRor tothe \lortga~ee and shall be paid
(orth~.ith to th~ ~tortRaRee to be applied by it on account of the indebtedness secured h~reb~', u.hether due or not.
~ 9. That lhe mortgagee may~, at any time pending a suit u~m ihi~ mortgage. appl~- to ~he court baving jurixiiction thereof for the
appuintment of a receiver. and such court shall forthw ith apEwint a receiver of the prem~ses covered hereby all and singular. including all
~ c
and singular the income, prufits, issurs. aod rt~•enues from Hhate~er source derived. each anJ rvery of Nhich. it t+eing expressly
' understuai. is hereby mortgaged as if specifically set torth and deuret~f in the granting and habenJum c{auses herrnf. and ,uch recei~~er
shal! hare all the broad and ePfective functions and powers in anyw ice entrusted by a court to a receiver, and such appointment shall be
maJe by such court as an aJmitted eyuity and a matter oi at~wlute right to said mortgagee, and witfx~ut reference to the adequacy or
inadequac} uf the t•alue of the property~ rrwrtgagcYl cx to the wl~•erx:y or ~nsolvency of s~id rtwrtgagor ur the Jefendents. and that such
~ rents, profits, income. issues, and revenues shall t+e applied M such receiver accorJing to the lien of thi~ mortgage and the practice of such
court. In the event of any default on the pan of the mortgagor hereunder. thr mur~gagor agrees to pay to the mortgagee un demand as a
reasonabte manthl~~ rertta! for the premisrs an amount at least equir•alent to one-tu•elfth 11/121 of the aggregate af the twel~e rrkinthly
installments payable in the then current year plus the actual amount of the annual taxn. assessments. water rates, and insurance premiums
for such year not co~r?ed by the aforesaid monthly paymentc.
10. fhat la) in the event of any txeach af this mortgage or drfault on ihe Qart vf the rrx,ngagor, or Ih) in !he event that any of wid
sums of mone~ herein referred to be not promptly and fully paid W ithout demanJ ur notice, or Ic) i~ the event that each and every the
stipulations, agreements, conditions, and covenants of said note and this mur~gage. are not duly, prompdy. and fully performed: then m
either or any such event, the said aggregate sum mentioned in said note then remaenig unpaiJ, w•itb interest accrued to that time. and •rll
rtwne7~s secured hereby, shall become due anJ payable forth..ith. vr thereafter, at the ~~ption of said m~xtgagee, as full~ anJ completel~ as
if all of the said sums of money w~re originally stipulated to be paid on such day, amthing in s:iid note or in this mortgage to the contrary
notaithstanding; anJ therrupon or thereaRer, at the option of said rtwrtgagee. withc~ut nutice or JemanJ. wit at fav? or in equity. may be
; procecuted as if all nwneys secured hereb~~ had matured prior to its institution. The mortgagee may fixeclu~e this rtwrtgage, as to the
anwunt so declared due and payable. and the said premises shall be sofd to satisfy and pay the same togrther with a~su, expenses. and
allowances. tn case of partial foreclosurr ot this mortgage. ihe mortgaged premises shall be wld subject to the continuing lien of this
; rtt~xtgage for the amount of ihe deM not then due arx! unpaid. In wch cace the provisions of this paragraph may again be availed of
~ thereafter from time tv time by the mortgaRee.
U. That the mortgagor w iN give immediate notice by mai! ti~ the mortgagee ut any conveyance. transfer, or change of ownership of
the premises.
12. Tha1 no Maiver of any covenant herrin or of the ohligation secured hercby shall at •rny time thereafler be held to be a waiver of
the terms hereaf or of the note secured hereby. ~
ao~ 2t18 ~ 157~ .
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