HomeMy WebLinkAbout1746 2. I~hat, in auJtr murc fuUy tu p[aNc~l thr,rwnl} ~?f thi~ rtlu~lga~C, iAe ~nun~~ge~~. ~ugcthrr ~ith. arxl in aJJ~uu~ t.~, Ihc munthly.
p:iymtnia unJer ~Ar :rrme ..f the rtutr +~ur~l hr~rb~, un thr fir.t Jay of r;kA munth uotil ~hr ~:ud n.ut is fully paiJ, u~U pay tu Ihr
nw~tg:yGre thr iulluwing.um+:
~a) An amuum wf6cient to pruvnk the huldrr htrr~f with fun~i: to p~y the next m~xteage iasuranct prcmium if this insirumcnt and
the rn?te serurn! hertby are insureri. ~x a munthly cfiar~e lin lizu ~ a mortgagt inwrance prcmium) if they are held by tht
Secretary oi Houain~ and Urbao Devrlopmenl, as follows:
lll If and so loo~ as said cwte of even Jate and tAis i~utrunxnt are insuacJ or art rcinsurai u~xte~ the Drovisiuns of the
Naiioua! Nwuin~ Act, an an~cwat s.?f'ficient to acalmu~ate in the har~ of the holder one l l) month prior to it~ due date the
annu:?1 mo~tgage imurance premium, in .xder to pro~iJe such ho1Je- wnh fundc t~. pay ~uch premium co thr Se~:retary ci
NuusinY and Urban Dev~lopment purauant to the Natiunal Huusing Act, :is amernied, arxl applicable Rt~ulations
thertuiuler; or
111! If and w lang as saiJ note of even date a~xl thix instrument are htld by the Secretary of Housing anJ Utt+an Devtlopmrnt,
a monthiy Charge Iin lieu uf a mortgage insurance prtmium) w•hich shall tK in an amcwn~ equal to ont-tv?•e1fiA 11112) of
one-half l'h! per centum o[ the average outstarnli~g balance due on the note computed withuut taking into account
delinquencies or pcepaymen[s;
Ib) A sum cyual to the gounJ rrnts, if any, nrxe due, plus t/,e premeums tbat will nexl become due anJ payable on policies of Fre
a,xt uther hazard insurance covering the mortgageti prope: ty, plus taxa sm! astessmrnts next Jue un the mortgaged propt~ty (all
as estimatcd by the moct~agee) las all sums already paid tHerefor dividod by the number of maaths to elapse before onc month
pri~x to the date when snch grourtd ren[s, prrmwms, taxn, and a~sessmenu will becon~e delinyucnt, such sums to be hcld by
mortgagee in l~ust to pay said gtound rtnts, prtmiums, taxcs, and special assessments; anJ
Ic) All paymcnts mentioned in the tx~o preceding subscctions of this paragraph and all paymenu to br made urwier the note secured
hereby shall be adckd together and the aggrtgate amuunt therrof shall be paid by the moctgagor exh month in a singk payment
_ to be applied by the mortgagee to the following itemc in the orde~ xt fcx~n:
111 premium charges u~der th~: contract ot ~nsurance with the Sccrctary of Housing and Urban Qevrbpment, ar mon~hly
cha~ge (ia litu of m~xigagt insurance premium), as tht cax may be;
111) grounJ rCnts, taxes, acsessments. flre, and other Aaiard insurance ptemiums; ~
1111) interest on the note secured he~rby; and
(IV? amortization of Ihe principal of saiJ note.
.~ny deficiency in thc amount af such aggrt~tate m~mthly payment shall, unless maJe g~xxl by the m.xtgagor priur to the dua Jate uf _
the atxt +uch paymtnt. constilut: an evrnt i~f default unJe~ this murtgage. The martgagre may coUect a°iacr charge" not w rxceed two
cznts 12~1 for each dollar tSl l.~f e:+~h paymeni m~xe than Fftern 1151 Jays in arrrars to sover the eat~a rxprnse involved in harKlling
dtlinquent payments.
3, That if the total of the paymrnts made by the mortgagor urnier Ib? uf paragraph 2 p~ecrding shalt etcerJ the ~mewnt of the
payments a~tually maJe by the mcxtgagre, fix gnwnd rents, ta~es and assessmcnts and insurance prrmiums, as the case may be, such
excess at the option of the mongagee, shall. be credited on subsoquent paymentc to be made by tha e~qrtgagor, or refundod to the
rtK~rtgagor. If, howtver, the monthly payments made by the rn~rtgagar unJer (bl of paragraph 2 p~zcediog shall rtot be safficernt to pay
ground rents, taxes and ascts~ments anJ insurance prrmiums, ac Ihe rase may t+e, when the same shall bea~me due a~xt payable, then the
mur~gagor shall pay ta the mortgagre any artxwnt n~cessary to make up the Jeficiency, on ~x 1~rf~xe the Jate when payment of wch
ground rentx, taxes. acxssmtnts, or in~urance premiums shall t?e due. If at any time the mortgagor ~hal! ten.ler to the mongagre in
xa~rJance aith the pre~visions oi the nwe xcured htreby, full payment ot the entire irxleMrdnGCS represtnted thereby, the mortgagee
sha!1, in computing the amount of such inJebt~lnecs, credit to thr account of the m~xtgag~x all paymrnts made under the provisions of lul
uf paragraph 2 hereof which the m~rtgagcY has not t+ecame obligateJ to pay to the Secretary of Huus~ng arxf Urt~•rn Devebpmeni arxi any
bal:?nc~ remainir~g in the funJs acrumulatrd unJer the pravi~iuns of 1b1 of said par:tgraph 2. If there shall 1*e a ~lefault unJer any uf the
pruviciuns of this m~xtgage, rr.uhing in a public ~le of thr prrmi~s cover~d hrreby, or if the m~xtgag~ti aoquirrc the pn.prrty otherv? isz
after default, the mortgagee chall apply, at thr time uf the c~~mmencemrnt of cuch proceedings ~ at th~ timr the property is otherw~ix
:Kquirecl, the bslaMe then remaining in the funds xcumulatc~l under 1b1 uf paragrxph 2 prrcrJing as a creJit against the armwnt of
principal t.ien remaining unpaid under wiJ note aixl shall p~opcrly 3Jju~t any payment~ which shall have bern m:K1e under lu) of ,:wid
paragraph.
3. -fhat he ++ill pay all taxes, assessment~, water ratrc, and Wher governmental or municipal charges, finrc. ~x imp~xitiuns, for ~hich
provisiun has nat been maJe hereinbefore, and in ~fault thereuf the mortgagee may pay thc same; 3nd that he W ilt prumptly delivr: :hr
atficial rctieiptc therefor to the mongager_ '
S. Tha1 he w•ill permit, commit, or cufTer na ~~:~+tr, impairmrnt, or Jetrrioratiun of' ~aid pr~rty or any part thereof: arxl i~ thr tvent
of thr failure of the murtgagur tu krrp the building, on .aid premix-~ anJ thire to 1~ rrnteJ on said premises, or improvrments thrrcon.
in g~x1 repair, the mortgager may makr such rcpain as in its diceretiort it may deem nn;euary for the pn~xr prtcrrvation theceof, anJ
~he full anwunt of rxh and evep~ such payment shall br immeciietely due anJ payable, a~xi shall i+e xZUreci by the lien of this mortgage_
b. That he will pay all anJ singular 1he c~nts, chargc~s, anJ tapenses, incluJing rea~onable IaNyer's fres, and costs of at?stracts uf titte,
incurred or paid at any time by the mortgagce t?craase of the failure on the pan of ~he murtga~x promptl~ and'fully to prrfarm the
agreements a?K1 covenaats of saiJ promiswry nutr and thi~ murtgage, and said costt, chargn, arxf expe~s shall be immrdiately due and
payabte and shal} be secured by the lien of this mortgage.
7. That he wilt keep the improvemrnts now existing or hereafter erecte~i on the mortgagerf pri~perty, insured as may be required Gom
time to time b~ the mortgagr~ ~gainst lo,s t+y fire anJ .uhrr hazardc, c;~sulaties. and contingencies in such amuunts a~d for such perkxl~ as
may be rcquired by mortgagee, and will pay prumptly, when due, any premiums on s~h insurance f~ paymrnt of M hich provisiun hac no~
bee~ made hereinbefore. Alt irtsurance shaN be carried io companies approvcd by mo~tgagee and the policies and renewals thereotshall
t+~ heW by murtgagee anJ have attached thereto loss payable clau~es in favor of anJ in form acceptabte ~u the mortgagee_ In event of lost
he will give immeJiate notice by mail tu martgage~, anJ murtgagee may make proutof toss if rwt made promptly hy m~xtgago~, arnl each
inwraoct company concereed is hereby auth~rized and directed to make psyment for such Ivss direcdy to murtgagee inxtead af to -
nwrcgagur and mex~gagee juintly, arni the inwrance prceeeds. or any part thereof, may be applied by rrWrtgagre at its option either to thr
reduction of ti~e indebtedness i-~erchy sccurcYl or to the restwation or repair of the proprrty Jamaged. In event a2f furectosure uf this
mortgage cx othu transfer of title to the mor~gaged prc~peny in e!ctinguishme~t of the inJebtc-~iness ucured hereby. all right, tiUe, and
in.errst uf the m~xtgagcx in and to any insurance policies then in force shall pass to thr purchaser or grantee_
8. ~Il~at i( the premises, or an~ part thereof, be condemned under aoy poNer o( eminent domain, or acquired (or a public use.
thr dama~es, proceeds, and the consideration for such acquisition, to ihe extrrtt of the tull amoont o( indebtedne~s upo n this
\lort~age. and the~otc securcd hereb~• remaining uapaid. are herebp assigaed by the \Iortgagor to thc ~lortgaRec aaJ shall be paid
[orthNith to the ~lortqaRee to be applieJ b}• it on account o( the indebteJness secured hereby, whether due or not.
9. That thr rtwrtgagee may, at any time pending a suit upon this r~x~rtgage, apply to the court having juzisdictivn thereof for the
ap{x?intment uf a receiver. and such court chall forthw ith appoint a rtceiver of the premises covered hereby all arnl ungular, including all
arxi ~ingular the inco~ne, prufits, icsucs. anJ revenuc~c from whattver sourc~ derived, each a~x1 every of K-hich. it being rxpressly
underst~t. is heret+y mortgageJ az if ~pecifxally set £orth anJ Jescribe,l in Ibe granting and hat+endum clauses peree~f.,~d .uch receiv~r
shall have all the Ixoad anef efFective functions anJ powers in anywise entrusted by a coon to a receiver. and such appointment shall be
maJe by such court as an admitted equity and a matter of ahwlute right to saiJ mortgagee, and wittwut refercnce W the adequacy or
inadequacy of the value of the propc7t)• morigags~l or !o the x~lvency or insolvency of said mortgagor or the JefeoJent~. and that such
rents, profits. income. iecues. anJ revcnues shall l+e applied t?y such receiver arcording to the lien of this rtx~rtgage arxi the practice of such
cuurt. In the cvem of any default on the pan of the mortgagon c~reu~fer. the mortgagur agre~ to pay to the mortgagee on demand as a
rra.onable monthty rental for the premises an amount at least eqwvaient to anc-tMnifth t 1/121 c~ the aggregate uf thr tx~elve r.r~nlhly
inctallments payable in the then current year plus the actual amount ot Ihe annual taxes. a~ussments. w~ter rates. an~ inwrance premiums
for ~uch y~ar ~iK covered hy the aforr. aid monthly payments.
10. That lu) in the evenl oi any breach uf this mortgage or detault on the patt o( the rrn~rtgagur. ur 1h1 in ~he e~ent that any of saiJ
sums of money herein referred to he nat promptty and fully paid ~+ithout demanJ or notice. cx le) in the event that each arxl every the
~tipulations, agreemen.s, cunditions. a~x1 covenants of saiJ note and this mortgage. are not July. promptl~°, anJ fully {+erformeci: then in
either or any~ +~Kh e~ent, th~ wid aggregate sum mentioned in caid rtote then remainig unpaiJ, a•ith interect accruetl to that time, arxl all
rrHme}•5 secured herrby, shall t?ecome Jue and payable furthwith. ur Ihereafter. at the optiun of saiJ mrxtgagee, as fully anJ compietely as
if all of the wid tumc of nx~ney were originally stipulate.l to be paid un such day. anything in wiJ nute or in this mortgagr ~o the cor.trar~•
~otw ithstanding: and thereupon or thereafter, at the c~t[ion of sa~J rtxxtgagee, withuut n~?tict or Semand, suit at IaW Of Ifl C`qUtlY. rI1.9)' t'R
prosecuted as if all moncys securecl hereby had mawr«1 Qrior tu its in~tiWtion. Tht mvrtgagee m:~y f~xeclose this rtwrtgage, a~ to the
amuunt so Jeclared due anJ payable. and the said premises shali be solJ to saUcty and pay the same t~tether c~~ith axts, ecpensrs, and
aUowances. in cax of partial forecfosure of this mortgage. !he mcxtgaged prrmises shall be wld su~ject tu the continuing lien of this
murtgage for the amount of tht debt not then due and unpaid. In su:h catie the provision~ of this paragtaph may again be availed of
thercafter from time to time by the mortgagce_ -
I I. That the mor[gagor w ill give immediate notiee by mail to the m.vrlgaget of any cvmeyance, transfer, c~r change of ownership of
thc premi~es.
12. l hat no waiver of any covenant herein or of the obligation securerl hercby shall at any time thereafter be hrfd to he a wai~~e~ of
~he tcrms herrn(cx of the note xcureJ hereF+y.
Bcox~~~ Q~i~~~~~
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