HomeMy WebLinkAbout2484 2. That. in ~~dcr nw~rr lully t.> pn~tr~t ~he ,-curiry of ~hi~ m.xtgaye. ~hr mi~ngaaur, tugrthrt with. a~xf ~n a~'d:tn?n w, thr munihly
payaxntc un~e~ tht ~erm~ ui ~At ~ucr ~nurar! hrrrhy, un tAe fint Jay of rach munth un1i1 Ihr v~~d n:>1e i~ fully }wid, wi11 p;~y tu tfie
nx~rlg:~cY Ihe fi?Iluwing,umc: -
(al An r~mnur.t wl~ficient 1o pruvi~k the hulJtr hertvf with iunds tu pay the naxt inortYa~ insurance pre:nium if this instrumeat anel
the note sccurcr! hereby are insurcd, ar a munthly char~e fin litu of a mortQagt insurar,ce prrmium) if they ue hclJ by the
Secre~ary ot Hausin~ and Urban Development, ac folluws:
U) If and x~ long u said note of ev~~ date a~xf this instrumtnt are insurecl or are rcinsured urtcier the u~ovisiuns of thc
Natiunal Housing Act, an amuunt suffcitot to accumulate ia the hands oi the holder one t 1) month ptior to iu due datt the
annual ttwrt~a~a ~~su~ance premium, in ~der to proviJe xuch holder with funds to pay sw:h przmium to the Se:relary of
Nuusi~~ and Urba? Dcveluumt~t pu~~usnt to thr Natiunal Hcwaio~ Ac~, as ame~ied, arni applicable Regulauum
the~tunder, or
U1) If and w long as said noto of eve~ JatC arni lhis instrumznt are haW by ti~e Sec~ctary of Housing a~x1 Urban DeYtlupmrnt,
a munthly charge lin lieu of a mortgage insurance premium) which ~hall be in an amiwnt eyual to unt-twilfth /1/121 of
one-half (~41 pe~ centum of the average outstarnfing halar~ce due on t~~e noee computed witbout tskins into aceount
delinquencits or prepaymenu;
lb) A wm equal to the grourni rents. if any, next due, plus the premiums that will ~ext I~ecome due and payabte on policiec of fire
arnt other haz:uJ insa~ance cov'e'r+ng the'nio7rtgagc~ pT~~ty, plus taxes and asiessmrnts next Jue on tAe mortgaged properry lall
as estimated by the mortgagee) less all sums atready paid therefor divided by the ~umber of months to elapsc before une mauA
prio~ to the date when such growxl rents, prem~ums, taxes, anJ•assr.sments will becume d~linquen[, su:A sums to be held by
mortgagee in trust to pay said g~ound rents, prcmiums, taxes, and special as~es~ments; and
tc) All payments mentioned in the two precediog subsrctions of this paragraph a~x1 all payments ~o be made unde~ the note secured
hrreby shall be addcd togethe~ and the aggregate amuunt ~hereof shall be paid by the mortgagor each moath i~ a sin~k payment
to be applied by thr mortgagre to Ihr folluw ing items in tht oNer set forth:
tll premium charges unJer tha contract of in~urance wilh the Secretary of Housing ard Urban [kvelopment, or tnonthly
charge !in licu uf mortgage insurance premiuml. as the case may be; ~
(11) ground tents, taxes, assessments, fire, and olher hazard ir_wrance premiums;
IIIU inte~est on the nute secu~eJ hereby; and
(IV) amorcization of the principal of said ~wce.
Any deficitncy in thr amaunt of surh ap,~trrgrte monthly payment shall. unlr~s maJe gu.x! t?y tAe m~xtgagor prior to the Jue Jatr of
the ne~t such payment, constilute an event of drfault under this mortgage. 1'he mongagee may cullect a"latt charge" nut to etcetd tko
cents 12c) for each dollar IS11 of ra:h payment more ~han fiQcen 1151 days in arrrars to cuver the rxtra rcpense invuived in han~iling
Jetinquent payments.
3. That if the tptbl of the payments made by the mnrtgagor under Ih? of paragraph 2 prt~rJing shall ezceeJ the amount of the
payments aewally madr by the m~x~gagre, for grounJ rrnts, taaes and acussments anJ insurance premiums, as the cast may be, such
oxcess at the option of tAe mortgagee, shall, be credited on wbscquent payments to be made by the mortgagor, or rcfundod to the
murtgagor_ If, ho~ever, the mc~nthly payments maJe by the mongagor under Ihl of paragraph 2 precrding shall not be sufficient to pay
gruund rents, ta~es arxl asu~smrnts and inwrancr ~xrmiums, as 1he case may t+e, w•hen the same shalt became due ancl paysble, then the
rrx~rtgagor chall pay to the mor~gagrr any amuunt nececsary to make up the deficiency, on .x beforr the datc Nhen payment uf wch
grouixf ~ents, taxet, assecsments, or insurance premiums shall be due. If at any ume ~he mtirtgagor shall trrnier to ths mortgagee in
acrn~danca with the p~ovivons of the nute cecured hereby, fuli payment of the entire inJebteJness represented therrby, the mortgagee
~hall, in computing the arr.ount of such inJebttdness, crt-dit tu the account of ~he m~xtgagor all payments maik undcr the pn?visions of Ia)
of paragraph 2 herrof which the mortgagee ha~ not become obligatcd to pay to the Secrctary of Hcwsing arnl Urban Development anJ any
b:?lancr remaining in the furnl. accumula~eci urnier the pruvisiom ~if fb/ uf said paragraph 2. If there ~hall be a drfauh urwier any of the
pra~•isivns of this mixlgage. resulting in a public wle of the premisr~ covereaf hrrcby, or if thr m~xtgagre acyuires the property othrrwise
afrcr deCault. Ihe mortgagee sAall apply, at the time of thr commencement of ~uch procsrding~ ix at the time the property ic othrrv?ice
xquirc-~i. the balance then remaining in the fundt accumulatrel unJer Ih~ of par;?graph 2 prece~ling ss a crctilit agaimt the airx~unt of
principal t.~rn remaining unpaid imder saiJ n~ite arxl shall properly aJju~t any paymenis which shall have been maJr under lu) of said
paragraph.
1. ~hat he will pay atl l:+aces, assts_sments, water ratcY. ~net uther governmerttal or municipal charges, fines. or imposition~. for Nhich
provisiun has niit been made herrint+efore, and in defaull the~~Y~f the mixtgagee may pay thr +ame: and that he Niii prompUy deliver the
at~icial receipts therefor to the mortgagrr.
5. That he Wi!i permit. commit, or wfFer no w aste, impairment, or detcrior.~tio~ of said pn~eny or any part therrof; anJ in the evrnt
of the failure of the mortgagor to keep ~he builJings on said pr~mises and thase to tn erected on said premis~s, w improvements thereon.
g~wd repair, the rtwrtgagee may make wrh repairx ac in itti di~cretion it may deem nece~cary for the proper preservation thereuf, anJ
the full amount of each and every such payment shall be immaliately due and payat>!e. and chall be securcYf by the lien of thic mortgagr.
6. That he will pay all and singular the cvsts. charges, a~xl rapense,, including reasonable lawyer's fees, and costs of aMtracts of tiUr.
incu~red or paid at any timr by the rrwngagre becautie uf thr failurr on the part of the rtwrtgagar prumpUy and futly to perforn~ the
agretments and covenants of saiJ prami+,ury nuie and this m~xtgage. and saiJ cmts, chrrges. and expenses shall be immeJiately due and
payable anJ shall be secureJ by the lien uf this mortgage_
7. That he will keep the impruvrments nuw existing or hereafter erected on the mortgaged property, insured as may be r~yuired from
ume to time by the rtwrtgagee agairtst l:ns by fire artd other hazar~is, casulalies. and coniingencies in such artiwunts and fiir such periixls as
may t+e requirrd by mortgagee. anJ vaill pay promptly, when due. any premiums on such insurance for payment of which provision hac not
bcen made hereinbefore. All iraurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be helJ by mortgagee anJ have attacherl therew lass payabl~ clauszs ~n fa~~or of and in form aMepla~le to the mortgagee_ In even. of loss
he will grve ~mmr.ii:.ie hy mail to mortgagee, ar.•: rnortgagec may mai~e proof of lins if rat made prompUy by morlgagor. arnl each
iaturance cvmpany cuncerned is hereby authorized and directed to make payment for such loss Jirectly to mortgagee instead of [o
mxxtgagor arxf mortgager joinUy, and the insurance proceeds, or any part thereof, may be applied by rtartgagce at its option either to the
r~duction uf the indebtz~lness hereby se:uretii or to the resto~ation or repair of 1he property damagrJ_ In event of forrcl.rure of this
mortgage ur othcr transfer of tiQe to the mvrtgageJ property in extinguishment of the indebtrdness serurcYf hereby. aN right. titlr, and
enterest of the m~xtgagor in anJ 1o any insurance policies then in force shall pats to the purchaser or grantee.
8. That i( th~ ~remises, or any part thereo(. be rondemned uoder any porcer of emioent domain, or acquired !or a public use,
thr Jama~es, proceeds, and the consideration for suc!~ acquisitioa. to the extent of the full amount of indebtedness upon thi.
tlortga~te,andthe\ote secured hcreby remainiag urtpaid,are hereby assigned b~• the \lortgagor tothe ~lortg-agee and shall be paid
[ortha~ith to the ~tort~a~tee to be applied b~~ it on account of the indebtedness secured hereby, Nhether due or not.
9. That the rtwrtgage~ may, at any time pending a.uit upon this mortgage. apply to the court having jurisdiction thereof for the
:+ppuintmrrtt uf a receiver. anct such court chall forthwith appuint a receiver of the premises covered hereby ail artd singular, includi~ig all
atxl ~ingular the income. profits, essues, and revenues from w•hatever source Jerivrd. each arxl every uf which, it being exprestly
understo«!, is hereby mortgageY! a. if s~+erifically u t fi~rth and dc~sa ribrd in the granting and habendum ctauses hereof, and such receivrr
shalt have aH the broad anei effeclive furrctions and pow~ers in anywise emrusted by a coun to a recerver, and such appointment ~hall br
' made by such cuurt as an aJmitteJ equity and a matter of atnulute right to said mongagee. and M•ithout refereoce to the adequacy or
inadeyuac,~ of the value of thc properry mortgagecf cx to the k~lvency or in~ofvency of saiJ mortgagor or the defendent~, anJ that surh
rrnts. profits, irtcume, iuues. arxf rcvenues shal! be applied by such receiver accorJing to the lien of Ihis mortgage and the practice of such
cuurt. In the event of any default on the part of the mortgagor hereuncler, the mortgagor agrees to pay to the mortgagee on demand as a
reationable monthty rental for the premises an amount at least equivalent to one-t.+•eif~ ~ ~f the ap,grtgate of the tK-tlve mortthly
imtailrreetc payable in the then current year plus the actua~ amount of the ~nnual taaes, atseti,ments. watee rates. and inwrance premiums
for su;h year not covered by the aforesaid monthly payments.
l0. That In) in the event of any t+reach uf thi. mortg•rge or default on the part of the rrwrtgagor. ~(b) in the event that any of said
sums of money herein rcferreci to be not Qromptly and iully paid without demanJ or ndice. or Ir) in the event that each and evep~ the
uipulations, agreements, conditiorts. and covenants of said note and this mortgage, are not duly, promptly, arxi fully performed: then in
eiiher or any such evenl, the said ap,~tregate sum mentiune~ in said iwte then remair.ig unpaid, witb interest accrued tv that 1ime. and all
moneys secureJ hereby. shall bea~me due anJ payablr forthw ith, or thereafter. a1 the option of SaiJ mor~gagee, as fully :+nJ completely as
if all of Ihe said sumc of money were originall~• stipulated W be paid on such Jay. anything in said notr ar in this mortgage to the contrary
nc;tw ithstanding; and therrupon or thereaRer, at the option of saiJ mortgagee. without rwtice or Jemarxl. suit at lavr or in equity. may be
prcnecutrel as if aN morteys secured hereby had matured prior to its institution. The mortgagee may fcxeck.se this murtgage, as to the
arrK~unt so dtclared due and payable, and the saiJ premises shall be sold to satisfy and pay the same together v?ith costs. expenxs~ an:1
allowances. In cax of partial foreclvsure of this mortgage, the mcxtgaged premises shatf t+e u~ld subject to the cuntinuing liert o! this
rrx~rtgage for the am~x~nt of the debt no~ then due an+i unpaiJ. In such ca~e the provisions of this paragraph may again tix availed of
thcreaftcr from time to time by 1he mortgagee.
11. That the morigagor v?i11 give immediate nWice by mail to the mortgagce of any conveyance, transfer, or change of oKnership of
the p~emises.
12. That no waiver of any covenant herein or of the obligation secured heret+y shall at :~ny time thereafter be held to be a waiver of
the termt hercof o~ of the note secured hereby.
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