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HomeMy WebLinkAbout0327 2. That, in onler more fully !o protect thc security ot lhis mu~l`a~e, tAe mon~a~r, t~ctht~ with, aixl i~ aJd~tiun t0. the munihly payments undtr the te~ms of ~hc note secunrl hereby, an ~he fint day of_eacA munth untit the said nwe is fully paid, will pay to the mort~a~ee the fallowin~ sums: ~ An smount sutYicient to provide the hdde~ hereot with funds to pay the nex~ mortpse insunnce premium if this instrument and the nole secured hereby ue insured. ar a monthly chuse ii~ lieu ot a mortsa=e i~wra~ce promium) if they ve held by the Socrotuy of Housins and Urban Development, as tdbws: (l) If and so lons u said note af eveo date and this irutrument are iasured or ue rcinsured under the ~rovisam of the Natioaal Housins Act. an amouat wRicient to aocumulate in the hands of [he holda one l l) month prior to its due date the an~uat mort~e irtsurance ptemium. i~ order ~o provide such Adder with [un~ to pay such p~emium to the Secrctary of Housins and Utban Development pursuznt to the National Housing Act. u amended. and applicable Re~ulations the~eundu; or (II) if and w lon~ as said ~wte oteve~ dete and this instrument are hrld by the Secretuy af Housina and Urban Development, a m~nthly charge (in lieu of a mortgage insurance premium) which shall be i~ an amount equal to onatwelfth (11121 of one-half (~4) per ctatum of the ave~age ouWanding b~alance due on the note computed without tatin~ into aocouat delinquencies or prepsymenu; (b) A sum equal to the ~round rents. if any. next due, plus the premiums that will next become due a~ payable on policies of tirc and othe~ hazud insunnce covenng'the rtw~Cg~tn pf~rty. plus taues and aisasments next due on the mort~aged ptoperty (all as estimsted ~y the mort~atee) las al! wms already paid therefor divided by the number of aanths to elapae before one mo~th prior to the date whe~ such giround rcats, prem~ums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust w pay said ground rents, premiums. ta~ces. and special assessme~ts; and (c) All ~?aymenu menYaned in the tw~o preceding subaectiom of this paragraph and all payments to be made uader the note securcd hercby shall be added to6ett~er and tlx aggregatc amount thereof shall be paid by the mort~agor each moath ia a single paymeat to be applicd by the mo~tga8ee to the folbwing items in the urder set forth: q) premium chargss under the contract of insurance with the Secretary of Housing and Urban Devebpment, o~ monthly charge (in lieu of mortgage insurance premium~ as the case may be; Uq ground rents, taxes, assessments. fire. and other hazard inwrance premiums; !11!) interest oa the note securcd hercby; and (IV) amarti:ation of the pri~ipal of said note. Any defic+ency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mongage. The mortgagee may collect a~~late charge" not to exceed two cents 12c) for each dollar IS1) of each payment more than fiReen t15) days in arrears to cover the eatra expense invulved in han~iling delinquent payments. 3. That if the total of the payments made by the mortgagor under lb) of puagraph 2 preceding shall exceed the amount of the paymen[s actually made by the mortgagee, for ground rents, taxes and assessments and insurance prcmiums, as the case may be, such ea~oesa at tl~e optaa of the mortgagee. shall, be credited oa subsoqueat paymeats to be made by the mortgagor. or iefundod to the mortgagor. If, howev~r, the monlhly payments made by the morigagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taaes and usessments and insurance premiums, as the case may be, when the same shall bernme due and payable. then the mongagor shall pay to the morlgagee any amount necasary to make up the deficiency, on or beiore the date when payment of such ground rents, ta~ces, asxssmtntt, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in acrnrdance with the provisions of the note secured hereby, full payment of the entire inekMednas represented thereby. the mortgagce shall, in computing the amount otsuch indebtedness, credit to the aocount of the mortgagor all payments made under the provisions of (n) of paragnph 2 hereof which the morigagee has not become obligated to pay to the Secretary of Housing and Urban Devebpment and any balance rcmaining in the funds accumulated under the provisions of (b) ot said paragraph-2. If there shall be a default under any of the provisions of this mortgage, resutting in a public sale of the premises covered hereby, or if the mortgagce aoquires the propeny otherwix after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under ~b) of paragraph 2 pireceding as a credit against the amount of principal t:~en remaining unpaid under said note and shall properl y adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, a~xi other governmenta) or municipal chatges, fines, or impositions, for which provision has not been made hereinbetore, and in deiault thereof the mortgagee may pay the same: and that he will promptly deliver the official receipts therefor to the mortgagee. S. That he will permi4 commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the eveat of the failure of the mortgagor to keep ihe buildings on said premises and tho6e to be erected on said premises, or improvements thereon. in good repair, the mortgagee may make such ~epairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immodiately due and payable, and shafl be stcured by the tien af this mortgage. 6. 7't~at he will pay all and singular the costs, charges, and expenses, including reasonable lawyer s fees, and costs of abstracts of title. incurred or paid at any timo by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreemenu and covenants of said promissory note and this morigage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien ot this mortgage. - 7. That he will keep the improv~ments now existing or hereafter erectod on the mortgaged proparty, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casulaties, and contingencia in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insura~e for payment of which provision has not been made hereinbefora All insurance shall be carried in compaaies approved by mortgaga and the policies and rrnewais thercof shall be heW by mortgagee and have attachod thereto loss payable clauses in favor of and in form aeceptable to the mortgagee. 1~ event of loss ha~wil! give immediate notice by mail to mongagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insuran~e company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be apQl+ed by mortgagee at iis option either to the reduction of the indebtedness hereby aecured or to the restoration or repair of the property damaged. In event of foreclosure of this _ mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedntss secured hereby, all right, title, and interest of the mongagor in and to any insurance policies then in force shall pass to the purchaur or grantee. • 8. That if the premises. or any part thereof, be coademned undet aay'power of eminent domain, or acquired tor a public use, the damages. proceeds. and the consideration tor. such acquisition. to the extent o[ the full amount ot indebtedness ~pon this \tortgage.aodthe!11ote secured hereby remaining unpaid.are bereby"assigned by the Slortgagor tothe ~lortgagee and s6a1! be paid (orthwith to the llort~qaRee to be applied by it on account of the indebtedness secured hereby, whether dne or not. 9. T6at the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appoirttment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, pro6ts, issues, and revenues from whatever source derived, each and every of which, it being eapressly understood, is hereby mongaged as if specifically set forth and dacribed in the granting and habendum clauses hereof, and such receiver shall have all the broad and efiective functions and powers in anywise entrusted by a eourt to a receiver, and such appointmeni shaU be made by such court as an admiited equity and a matter of absolute right to said mortgagee, and without reference to the adoquacy or inadequacy ot the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profiis, income, issues, and revenua shall be applied by such receiver according to the lien of this moRgage and the practice of such courl. In ihe event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demaod at a reasonable monthly rental for the premises an amount at least oquivalent to one-twelfth ~1?12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annuat tazes, assessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) in the event of any breach of this martgage or default on the part of the mortgagor, or (h) in the event that any of said sumt of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreemeots, conditions, a~d cova.ants of said note and this mortgage, are not duly, promptly, and fully performed: then in either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fullg and completely as if all of the said sums of money were originally stipulated to be paid an such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option ot said mortgagee, without notice or demand, s+~it at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mongagee may foreclose this mortgage, as to the arrwunt so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, eapenses, and allowances_ In case of partia) foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not Ihen due and unpaid. In such cax the provisions ot this paragraph may again be availed of thereafter from time to time by the mortgagee. l l. That the mortgagor will give immediate notice by mail to the mortgagce of any conveyance, transfer, or change of ownenhip of the premises. 12. That no waiver af any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. P~ - 5 „~y~ - ~ ~ ~ Ii~ b Y , ; A,Y~,{~' t ~ ~ £ c ' 1~ ;