HomeMy WebLinkAbout2235 Thal, in order mure tully to pnHec~ the security of this mortg:?6e, the mort~aei+r. ~~t~hr~ with, and ~r. ~1JiUuo io, ?hC munthly
payments undtr thr terms af the nole securr~! hrrtby. un the first day of each munth untit the saiJ oote is fully paW, witl pay to ~ht
muRgs?~te tht fullow•ins cums:
(a) Aa ~mount wt~'icient to ptoride tAe hdde~ hercuf w~th fu~is to pay the next man=a=e insurance prcmiem if this irtsuume~t and
the nate secuced he~eby src insured, or a monthly char~e (in lieu of a nwn~a~e insurance premium) it tt~ey ue held by the
Secretary ot' Hcwsins and U~~an D~evelopmeat, a~ fi~lbws:
Ip If xad so lon= as said ~otc of even date and this i~strumen! ue irtsu~cd or are ~einswe~c~ under the D~ov~sions of the
Natioaal Housin; Act, an amount sulTicient to axumutate in ~he Aan~ts d the lwlder one monthprior ta its due date the
anaual mort~e irtsurance premium, i:~ orJer to provide such holdt~ wi~h [unds to pay such prcmium to the Secretary oi
iiwuin~ and Urban Development pursuant to the National Nousina Ac~ as amernkd, arnf applicable Regulations
thercunde~: or
(tl) If anJ so long as said nate of e~e~ date and this irauument are held by the Secretary of Housi~g and Urban Devcbpment,
a monthly cha~ge lin lieu of a mwtgage insurance premium) which shail be in an amount equal to onz-twelflh 111121 of
one•hali 1~) pe~ ce~tum of the average ouutanding batarce due on the nats computed without taxint into aorount
delino,uoncies or prepaymertts;
;~l A sum equai to the ground rents, if any, next due. plus the premiums that will n~xt become due and payable on policies of firc
and othe~ huardlnsuTat~ce rnveri~~fie mort~aget~ properry, plus taaes and a~sessments neat due on thc mcxtgaged property (~ll
u estimated by the mortga`ee) less a!! sums akeady paid therefor dividad by the aumber of months to dapx be[ore one month
prior to the dats when such girou~d rents. p~em~ums~ taxes. aad assessmena will become delinquent, such sums to be f?~Id by
mortga~ee in trust w pay said ground rents, pren~iums, taxes, and spcriAl assessrnenu: an~
(c) A!1 payments mentioned in the two ~raeding subsectio~n ot this puagraph and all paymen~s to De made under the note secured
hereby shall be added to6ether and the aggregate amount thcreo~ shall be paid by the mort~agor each month in a si~gle payment
to be applicd by the mortgagee to the fdbwing items in tAe o~der set fortA:
q) pre~nium charges under the convact o[ insurac~ce with the Secretary of Housing a:~d Urb~an Devebpment, or monthly
cha~ge (in lieu of matgage insurance premium~ u the case may be; .
tti3 gruuncl ~~nts, ta~~s, a~se~+mCnts, fue. amf othcr haurd iawrance premiums:
(111) interest on tht nae secural hereby; and .
lIV) amortization of the pri~?cipal of said note.
Any deficiency in the amouM of such aggregate monthly payment shaU, unless made goocl by the mortgagot prior 1u Ihe due date of
the next s~eh payment, constitute an event of drfault u~xier tAis mongage. The mortgagee may colieet a"latc charge" aot to exceed tv?o
cents t2c) for each dollar IS11 of eath payment more than fiReen (151 days in ar~ears to cover the eatra expense involved in handling
delinquent paymrnts. " ~
3. That it the total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall exce~d the amount of lhe
payments actually made by the mortgagee, for 6round reets, taaes and assessments and insurance premiums, as the case may be, such
excess ai the option of the mortgagee, shall, be crcdited an wbsoqu~at Qaymeats to be msde by the mortgaaor. w rcfuaded to the
mortgagor. If, howeve~, the montbly payments made by the mortgagor under ~bl of paraaraQh 2 preCeding shall not be sutficient to pay
ground rents, taaes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
mc~~tgagor shall pay to the mortgagee any amount nec~c~ry to make up the deficiency, on or before tbe datt when payment of such
ground rents, laxes, assessmcnts, or insurance prcmiums shall be due. If at any time the mortgagor shall tender to the mortgagee in
acrnniance with the provisions of the note secured hortby, full paymenl of the rntire indebtedness represemed therrby, the mortgagee
sAall. in rnmputing the amount oisuch inJebtedness, creclit to the account of the mortgagor all payments ma~fe under the provisions of lu)
of pazagraph 2 bereof which the m~xtgagee'~as not became obligated to pay to the Secretary of Housing and Urban Developmeat a~! any
balanct remaining in the funds xcumulated urxler the pru~i~ions of (A~ of said paragraph 2. If there shall be a Jetault under any of the
provisions of this mortgage. ~esulting in a public sale of the prcmises covereil hereby, ar if the murtgagre aoqui~es the p~operty othervvise
after default, the m.xtgagee shall apply, at the time of the commencement of such praceedings or at the timz the propeny is otherwise
acquired, the balance then remaining in the funds accumulated under /h) of paragraph 2 prec~ing as a crrciit against the amuunt of
principal t.~en remaining unpaict uncier saicl note anii shal! properly adjust any payments v?hich shall have been made unJer la) of said
paragraph.
4_ That ht will pay all taxes, assessments. water rates, anJ other governmentai or municipat chargrs, finrs, or impositions, for Nhich
pruvision Fa~ not been made hereinbefore, artd in default ihereof the mortgagee may pay the same; and that he will promptly deliver thz
official receipts therefar to the mortgagee.
5. That he will permit, commit, or suffer no .+•aste, impai~mem, or dcterioration of said property or any part thereof: and in the event
of the failure of the murtgagor to keep the baildings on said premises and thox to tx erectai on said premises, or impruvrmcnts thereon.
in go«1 repair, the rtWrtgagee may make s~rch repairs as in its diuretion it may deem ~ecessary for the proper preservation thereof, anel -
the full artwunt of each and every such payment shatl be immediately due an:i payabte. and shall be securcd by the lien of this mortgage.
6. That he w~il1 pay all and singular the costs, rharges, and expenses, including reasonable lawyer s fea, and costs of abstracts of title,
incurred or paid at any time by the mortgagee t~ecause of the failure on the part of the mortgagor promptly and fully to prrform the
agreements arw' co+enants of said promiswry note and this morigage, and said cixts, charges, and ~xpenses shall be immediately due and
payable artd shal! be secnred by !he lien of tbis mortgage_
7. That he will keep thc improvements nov? eaisting or hereafter erectod on the mortgaged property, insured as may be rcquired from
tim~ to time by the mortgagee against loss by fire ancl other hazards, casulatia, and contirtgencies in such amounts and for such periods as
may be ~equired by mortgagee, and will pay promptly. when due, any prcmiums on such insurance for payme~t of which provision has not
been made hereinbffore. All inturance~shall bo caaitd ia companies approved by mortgagee and the policies and renewals thercotshalt
l~e held by mortgag~e anJ have attached thereto loss payabte clauses in favor of and in fam aeceptable to the mortgagee. In ~vent of loss
he w•il! give immesliate notice by mail to mortgagee, arxf mortgagee may make proof of loss if not made promptly by mortgagor, and each
insurance company concerncd is hereby authorized and directed to make payment for such loss directiy to mortgagee instead of to
mongagor a+xi mortgagee jointly, and the insurance procetds. or any Qart thereof, may be applied by mortgager at its option either to the
raiuction of the indebtedness hereby secured or to the restoration or repair o_° t'-e property damaged. In event of foreclosure of this
mrngage or other transfer of title to the mortgaged propeny in eatinguishment of the indebtedness secured hereby, atl right. title, and
intere~: ~f ~h~ mortgagor in arni to any insarance policies then in force shal! pass to the purchaser or grantee.
' 8. That i( the premises. or any part thereof, be condemned under any power of eminent domain; or acquired (or a public use,
the dama~es~ proceeds. and the consideration for such acquisitioa, to the e:tent of t6e full amount of indebtedaess upon this
\lortgsge,aodthe~ote secured hereby remaining unpaid.are hereby assiRned b}• the \lortgagor tothe 1lortgagee and shall 6e paid
(orthw~ith to the ~tort~qaRee to b~e applied b~ it on accouat o( the indebtedness secured hereby, whether due or not.
9. Tha1 the mortgagee may, at any time pencling a suit upon this mongage, apply to the court ha~ing jurisdiction thereof for the
appointment of a receiver, and such coun shall fat6vvith appoint a recciver of the premises covercd hereby a!1 a~x1 singular, iacluding all
and singular tht encome. profits, issues. and revenues from whatever sourco derived, each anci erery of which. it being expressly
understood. is hereby mortgaged as if ;pecifically set forth and described in the granting and habendum clauses hereof. ~nd such receiver
shall have all the broad and efitctive functions and poxers in anywise entrusted by a court to a rectiver, and such ap~o~ntment shall be
made by such court as an admitted equity and a matter of absolute right to said mortgagee, and Nithout reference to the adequacy or
inadequacy of the value of the property mortgaged or to the solve,ncy or insolvency of said mortgagor or the defendents. and ihat such
r~nts, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such
conn. In the event of any default on the pan of the morlgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at least oquivaleot to one-twelfth l1/12) of the aggregate of the tvrelve monshly
installments payable in the then current year ptus the actual amount of the annual taxes, asse~smrnts. water ratr~. und insurancc prcmiums
for such year not covered by the aforesaid monthly payments.
I0. 7'hat Ia) in the event of any brcach of this mortgage or default on the part of the tnortgagor. or Ih) in Ihe event that any of said
sums of money hrrcin referrod to b~ not Qromptly and fully paid without demand or notice, or (c? in the evenl that each and every the
stipulations, agreements, conditions, and covenants c?f said note and this mortgage, are not July, promptly. and fully pcrformed: then in
either or any such event. the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to tt~at time, and all .
moneys secured hereby. shali becomo due and payable forthw•ith, or thereafter, at the option of said mortgagee, as fully and completel~~ as
if al! of the said sums vf mortey were originally stipulated to be paid on such day, any~hing in said note or in this mortgage to the contrary
notwithst~ncling; and thereupun or thereafter, at the option of said mortgagee. w•ithout notice or demand, suit at law or in equity, may be
prosccuted as if all moneys saurod hereby had matured prior to its institution. The mortgagee may faerlose this mortgage, as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs. expenses. and
xllowances. In case of partial foreclosure of this mortgage, the mortgageJ premises shall be sold subject to the continuing lien of this
mortgage for the amount of the debt not then due and unpaid. in such cau the provisions of this paragraph may again be availed of
thereafter from limt Eo timt by the mortgagee.
11. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of oKnenhip of
the premises_
12. That no waiver of any covenant hercin or of the obligation secured hereby shall at any time thercafter be held to be a xaiver of
the terms hereof er of the note secured hereby.
Bo~K 21~ ~~t 22~33
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