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HomeMy WebLinkAbout1318 That. in urJrr mu~e fully ta pwt~t ~hc ,a~uriiy .~f t1i. rtwrtYagr, thr ~rn~rt~:y~i~~. t~.g~thrr w~iA. ~rx! in ;edditH,n ta, thr muo~hly paymeatc u~Jtr tht trrmt uf thr rnur xr:urtri hrrrby. .~n the fir.t Jay ui cxh nwn~A unul 1hr +a~d ~xnr i. iu~ly ~iJ, w~11 pay w Ihe rtwng:yprc thr k~llua~~g wms: ta1 An amaunt wffizient tu provi~k chc hokier he~eof with fun~ta w pay the ~Kxt awrtsa~c ~nwrancc prrmiurn ~f tAi~ inytrumrnt anJ chc nott xcu~ed he~eby a~e insurtvf, o? a munthly chuYe lin liru of a mo~tRaet incurance premiuml if they are hrld Ey tht Secrctary of Houv~4 and Urban Development, as folbws. 111 If and so loo~ at said note of even datc and thit instrumeat are insurcd o~ arc erincured utrkr the provis:uns of tM Nationa! Howin~ Act, an amiwnt sufl"rcient to aaumulste in the hands of th: TwlJer ~~ne l 1) month pci~ to its due date the annual morteage i~surance p~emium, in order to provide sucA hotde~ with funek to p~y .uch premium to tt?e Secretary uf Housing and Urba~ Developmrnt putsuant tu the Natiunal Huuung .ict, :u amrinleJ, and applkable Rrgula~iuns thereunJer; or UI) If a~d sc~ lung as said note af cven date and this instrumeat are Mld by thr Secretary of Housing a~xi Urban Develc.pn~ent, a tn~nthly cha~ge lin lieu ef a mortgage insuranct premium) whi~:A sh~ll be in an am~wnt cqual to urte-twelflh 1!/121 of one-half !~s) per ceotum of the average outstanJing balarn:e due o~ the note ~umputecl withw?t ~aAing into aocuunt delinqurr.cies or ptepayments; Ib) A~um equal to the ground rtnts, if any, neat due, ptus the premiurr?s tAat will neat be:ome dut and payable on policies of fire . and other hazard imurance coverina tfie mortgaged propt~ty, plus taxes and assessmrnts aeat dur on tht m~xtgaged properry tall as estimated by the mortgagee) less all wms alrrady paid the~efor dividod by the number of munths to elapse before ont momh prior to the Jyte when such grewnci rents, premwms, t•rxes. aad auessments will becume delinqutnt, such sums to be Arld by mur~gagee in trust to pay ~aid ground re~ts, premiums, ta~e~ and special asstismenu; and lcl All paymcnts mentioned in the two prarding s4bsections of this paragtaph and aH paymena to tx made undrr the nate xcu~ed hrreby ~t~all be added togethrr and the aggegate amount thtreof shall be paiJ by It~e mortgagur each moath in a single payment to be applitdby iht mortgagee to tM foUow~ng items in the ~xder set forth: UI prcmium charges under the cuntrsct of insurance with the Secretary of Housing and Urt+an Devebpment, or monthly charge (in t.eu af mortgage ins~uance premium), as the case may be: ~U) gnw~xi rcnts, taxes, assessments. fire, and other hazarJ inturance premiums: U11) interest on the note securni hcreby; and (IV) amurtization of tAe principal of said nott. Any drficierwy in the amount uf uich ap,grcgatt munthly paymrnt sh~li, unl~v madr gwxl by tht m.xtdag~x p~i~~~ w the due datr of tht next +uch paynxnt, cunstilutr an rvrnt of default u~xfc~ this mortgage. ~fhe murtbasre ~..ay coll.rt a°late chargr° n~~t tn exceeJ tv?o crnts 12c1 for each JoBar IS11 uf e:xh paymrnt a.ue than hftre~ f 1~) Jays in ;urran to covrr thr ex~ra expence involv~i ia hanJling delinquent paymrn~c "fhat if the total of thr payments maJe by thP rrx~~tgagor unJe~ Ib1 ot parrgraph 2 precr~ing ~hall rxcrcd the amount uf the paymrnts x~ually m:~te by the m.xtgagtr, fur gruund rrnts, tsxes arxl as,rss~:r~nt. and inwrancr prrmiumti. as the iase may be, such raccess at the option of the mortgagce, shall, be credited on wbsequent payments to be made by the mortgagor. o~ refunded to the nwrtgagor. If, how,ever, the rtwnthly payments maJr by the murlgagor under I61 uf paragraph 2 prrceding ~fiaU nat t~ sufficicnt te pay gruurnl rentc, taxea and asx-ssments anJ insurarece prrmiums, as ehe case may !x, ~hrn thr same ~hall brcome due a~x1 payable, then the murtgagor .ha11 pay ~o ~he mortgagre any am.wnt n~ces_.ary to mal:e up the Jeticiency, un cx brfure Ihe date whrn p•rymcnt of ~uch grawxf rrnts, tax~, asse~me~ts, ar imurancz prrmiums shall be Jue. Ii at :?ny time the mortgag~x al?aU trnJer tu thr murtgagre in accorJancr with the pruvisiuns of tAe note x~areJ herel+y, fuli paymrnt uf ~he rntire irniebtedn~s ~epresrnted therct+y, the mortgagee shall, in computing the amount uf ~uch i~.drbtr~in~s, creJit to the ace~wnt of the mortgaga~ all payments maJe under the provisiuns af lu1 af paragraph 2 here~f v~hich Ihe mortgagce ha~ nut batiomr obligateJ tu pay lo tht Secrelary of Housirg anJ Urban De~•rloptnent arnt any balancr rcmaining in the funJs accemulatrJ unJrr the pruvisions of Ib) af said paragr:~h 2. If there ~hall be a Jefault urxler any i~f the prov„ions of this mortgagr, rrsulting in a public sa~r of thr premius wvered hrreby, .~r if ~he m~xtgagee aoquires the pn~perty otherwicr after drfault, the mortgagee shall apoly, at the timr of the commrncement of.uch procr~xlings ur attAe [ime the property is utherwice xquirrJ, the balance then remaineng in thr fumk ~ecumula~rJ undtr Ib! of paragraph 2 prrcctiiing a. a crrdit against the amui~nt of princi~al ~hrn rrmaining unpaid wxier said note and shall properl~• aJjust any payments which ~hall have betn maJe un~er la) of wid paragraph. a. That he well pay all taxec. •rsse~sments. wate~ ~•rte+, a~J ~Hhrr guvernmrntal or municipal charges, finrs. or impositiuns. fur which pwvisiun hxs not t+een made hrrtinbefort, anJ in defaul~ thrra?f th~ m~xtgagre may pay the sarne; and ~i~at he will promptly delivcr thr ofFicial rereiptc thrrefor to thz mortFaget. - 5. "ihat he K•i!1 permit. commit. or wffer no wa.te, impairmenl. ~x drteriorauon of said propcrty cx any part thercof: •rnd in the event of thr failure oF the murtgagur to keep the buildings un caid premius aad tMnr to t?r rrrctr.i on +aid prrmisee.. ~x im, ~uvement~ ther:on. io giwd repair, the mortgagce may make wch repairs ac in its discret~un it may deem aecessary for the pn~..> preservation thercoL and the f~ll amvunt o~rach and every such pe~•ment shall t~ immetifiatelp due arxi pay~bie, arnl shall I+r ~ecurcvt by the lien of this morlgagr. 6. That he aill pay all and singular thr axts. charges, arxf exprn+rc, includir.g rca~onable la~~yer't fres, and costs of atntracts of tide. incucred or paid at any time by the murtgagee because uf the Tailure un thr p;~rt ~~f iht rrk?rtgag.u pn~mptly anJ iully tu perform tht agretmrnts arK1 covenants of said promissery note and this mortgage, anJ saiJ rwts. chargrs. arn1 expenscw shall be immediately due and payable and shall be sea:ured by the lien of this mortgagr. " 7_ That he v~~i1i keeF the impro~•rmrnt~ rx~w- exisiirtg or hercafter ~rected on the rn~rtgageJ property. insured a; may t+c rryuir~d from time tv time by the nxmgagre against I~x~ by fire arnl other haiard~. casulatiec. an~ cuntingencirc in wch arrwuntti :ind fur unh ~ri.nlc as may be rrquirctil by mortgagee, anJ wiil pay pro:nptly, when duC_ any prtmiums un such insurance for p~yment uf which pr.~~ision hac not been made hercinbefore. All insurance shall be carriod "en compa.~irs approved by mortgagee and the policies and renewals thereof shaU Lx held by mortgagre and have attaehed thercto losc payable cla~ses in favor of and in form acceptable to the mortgagee. 1~ event of los~ he w ill giv~ immealiatr nutice by mail tu mortgagee, and mortgagee may make proof of loss it not made prumpdy by murtgag~x. arxi rach incurance company concerned +s hereby authorited anJ direcied ta ma?e payment for such loss Jirtctly to murtgagee imteaJ of to mongagor a~xi mortgagee jointly, and the er.surancr proce~~ls, ~x any pa:t thereof, may be apQlied bp rtwrtgagee at its option cither to the reducteun uf the inJebtedness hereby se~ured ur to ihe resturation or repair of the property JamageJ. In ~vent uf fitte~k?+urc of this mortgagc or ather transfer of titte to the mortgaged property in extinguishment of the inJebtednttic ~curct! hrreby. all right. titlr. and intcrest of the mortgagor in and to aoy insutance policirs then in fi~rce shatl pau to the purehaser or grantce. 8. 'I~at i( the premises, or any part thereo(~ be cundemaed uoder any poMer of eminent domaia, or acquire4 for a pubtic use. the Jama~es, proceedc, and t6e consiJeratiun tor such acquisition. to thr. extent of t6e Iull amount of inJ~•htednu+s upc~n this 1lortgage,andthe\ote sccured hereb~• remaining unpaid,are hercby assigned by- the \lortgaQor tothe \lurt~aeee and shall be paid (orth~.i~h to the UortRaRee to be applieJ b~ ie oe ~ecount o( the iadebtednesc secureJ herehy, h~hether due or aot. 9. That the rrwrtgagee may, at any time penJing a se+it upcm this mortgage, apply to the cuurt having jurixiictiun thereof for the appuintment of a rtceiver, anJ such court shall f~thN ith appoint a receiver of Ihe premises covereJ hereby all anJ cingular, including all and singular the income, profits. i,sues, and revenurs from whalever wurce derived. each and tvery uf w~hich, it txing expretdy , undeRtoal, is hereby mortgaged as if specifically xt forth and clc.~ribed in the granting anJ habenJum clauses hereof, anJ ~uch receiver shall have all the bruad and efiective functions aod pov?ers in anywise entrusted by a court to a receiver. and sach app~~intment shatl be made by such court as an admitted equit~ and a matter of ahwlure right ~o said moitgagee. and NitFwut reference to tht adrquacy eir inaJequacy of the value of the praperty mortgagcti or to the solveney or insol~•ency of said mongagor er the defendents, a~x1 that such ients. profits, income, issues, anci revenues shall tx applird by :uch receiver according to the lien of this mortgage arn1 the practice of wch court. In the event of any default on the part of the mortgagur hereunder, the rrkirtgagor agrees to pay ta the mortgagee on drmanJ as a reaw~able monthly rental for the premiscs an amuunt at leacl equivalent to one-txelflh I 1/I2) of the aggregate of the twelve mnnthly~ in+tall~ncnts payahle in the then current year plus ihe aelual amuunt uf the anoual taies. 3~ses~ment.. ~vater rate~_ and insurance premiurr~c fur such year not covered by the aforesaiJ munthly payments. i0. That In) in the event of any breach of this mortgage or Jcfault on the Qart ot the rtwrtgagor. ~x Ih) in Ihe rvent that any of tiaid ~ums of muney hercin rrferred to be not prompU~ and fully paid without deman~ or notice. or 1~) in the e~•eet that each anJ every the ~tipulatiurs, agreementi, conJitiom. ar.d covenants of said note and this mixtgage, are not ~July. promplly. arx! full}- performed: then in either or any cuch tvent. ~fie said aggrzgate wm ment~one~i in said nate then remainig unpaid, witb intere~t acerued to that time. arni all trx?neys securrd hereby, shall bewme d~~e ard payablr furthw•ith. .x thereafler. at the option uf sa~d mvrtgag~ as fully and completely as if atl of th! c~id sum~ of rt:oney Nere originally stipulated to t+e paiJ un svch day, anything in wid not: or in thic mortgage to the contrary notw ithsta~xling: and thereupon ~x thereafter_ at the optiun of caid morigagee. without ~tice ~x demarxl. suit at law or in cquity. may be prosecutevl as if all rtwneyc secured hereby had maturttl priur to its institution. The rtxxtgagee may forecluse this mcutgage. as to the artwunt so declared due and payable, '~nd tht wiJ premises shall be wld to satisfy and pay the same together with ccnts, eapenses. and alFe.wances. In case of partiat forcclersure of this mortgage. the mur~gageJ premises chall be wld wbject to the cuntinuing lien of thi~ mung:?ge for 1he amount of Ihe JeM ni~t then Jue anJ unpaid. such case ~he provi~iuns vf lhis paragraph may again he avalled uf thereafter from time to time i?y the mortgagee_ 1 t. That the m.ortgagor w itl give immediate nvtice by mai! to the rtx~rtgagee c~f any cunveyartce, transfer, or change of oaner~hip of the premises. 12. That no wai~er of any covenant herrin or of the csbligation ~ecurctil hereb~ sFsat( at any time tF.ereafter he hcld to Fx a waiver of the terms hereaf or uf the rx~te.ecurcKi herehy_ 600K ~~1 PAGE 131~ ~ ~ ~ - - - - ~ -~r., ~ _ - s . _a . . _ _y?_...