HomeMy WebLinkAbout0626 2. That, in orde~ more fully to pn?tect the secu~ity af tAi: mo~tga~e, thc mortsa~or, t~e~her wuh, snd in addi~iun ai, the munthly
payments under the terms of the nate securcd hereby, un ~he first day of each nwnih until the said note is fully paiJ, will pay to Ihe
mort~aQee the faliuwint sums:
(a) An amount sufficient to provide ttx hdder hercof with fun~ to pay the next mort~a~t insunnce premium if this insuume~t and
the nott secured hereby sre insured, or a monthly chu~e (in lieu of a mort~a~e insurance prcmium) it tAey ue held by the
Sccrctary of Housin~ and Ur~an Development. as fdbws:
(1) If and so lons as said note of even date and this imtrumenl ue insured or arc reinsurM under the provisio~s of the
Natioual Housin~ Act. an amount sufficient to aocumulate in the hands of the holder one (1) mo~thprior to iu due date the
annusl mort~e insurance prcmium, in orde~ to provide such hotder with tunds to pay such prcmium to the Secretary of
Housin~ and U~ban Devetopme~t punuant to the National Housioa Act, as amended, and applicable Regulations
thereunder;or
lll) lf a~d so long as said note of even date and Ihis inst~ument ue held by the Sec~etary of Housing and Urbao Devctopment,
a monthly char~e (in lieu of a mortga~e insurance premium) which shall bc in an amount equal to onatwelfth 11112) of
one-hslf (44) per centum of the average ouutanding balance due on the note computod without taking into account
~ delinquencies or prcpayments;
(b) A sum equal to the ground ~ents, if any, neat due. plus the premiums that will next become due and payable on policies of firc
snd other haurdinsuraneEOOVering-tAe mort`age~ properry. plus taxes and aixssmenu next due oo the martgaged p~operty (all
as estimated by the mortgatee) las all sums already paid therefor divided by the number of montAs to clapse before one month
prior to the date whee such ~ound rcnts. premiums, taxes, and assessmenu will become delinquent. such sums to be held by
mo~agee in trust to pay said ground rents, premiums, taxes, and special assessments; and
(c) All paymeats mentioned in the two preceding subaections of this puagraph and a!1 payments to be made urnier the note secured
hereby shatl be added iogether and the aggrcgate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the fdlowing items i~ the ordec ut forth: ~
ll) prcmium charges under the convact ot insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage insorance premium~, u the case may be; ,
(II) ground rents. ta~ees, assessments, fire. and other hazard insurance premiums;
(Ill) interat on the aote secured herehy; and
(1V) amortization of the principal of uid notc.
Any deficiency in the amount of such aggrcgate moothly payment shall, unless made good by the mortgagor prior to the due date of
the next such payment, constitute a~ event of default unde~ this mongage. The mortgagee may cotlect a"late charge" nut io exceeJ two
cents (2c) tor each dotlar (SI) of cach payment more ~han fifleen 115) days in arrears to cover the eatra expense involved in handling
delinquent payments.
3. That if the total of the payments madc by thc mortgagor ut?der tby of paragraph 2 preceding shal) exceed the amount of tbe
payments actually A~ade by the mortgagee, for ground rents, taaa and as.ussments and insurance premiums, as the case may be. such
eacess at the option of the mortgagee. shall. be credited on wDsoqueat paymeau to be made by the mottgagor. or refunded to thc ~
mongagor. If, however, the monthly payments made by the mortgagor under Ib~ of paragraph 2 preceding shall not be sufficient to pay
ground ronts. Wx~s~and assasments and insurance premiums, as the cau may be, when the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, o~ or bejore the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall ternler to the mongagee in
acoorciance weth the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee
shall, in computing the amount of such indebtedness, credit to the account of the mongagor all payments made under the pravisions of tu)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any
balance remaining in the tunds accumulated uneier 1he provisions of (b? of said paragraph 2. If there shall be a default under any of the
provisions ot this mortgage, resulting in a public cale of the premises coyered hereby, or if the mortgagre aoquires the properry otherwise
after default, the mortgagee shall apply, at the time of the commencemeni of such proceedings or at the time the property is otherwise
aequired, the balance then rcmaining in the funds accumulated under Ib? of paragraph 2 preceding as a credit against the amount of
principal t~ien remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said
paragraph_
4. That he will pay all taxes, ascessments, water rates, a~x1 other governmental or municipal charges, fines, or impositions, for which ~
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promQtly deliver the
oificial rcceipts therefor to the mortgagee. •
5_ That he wi11 permit, commit, or suf'fer no waste, impairment, or deterioration of said property or any part thereof; and in the event
of the failure of the mortgagor to keep the buildi~gs on said premises and thox to be erected on said premises, or improvements thereon,
in good repair, the mortgagee may make such repaers 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 immediately due and payable, and shall be secured by the lien of this mortgage.
6. That he will pay all and singular the coats. charges, and expenses, including reasonable lawyer
s fea, and costs of abstracts of t itle,
incurred or paid at any time by 1he mortgagee becauu of the failure on the part of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mortgage. _
7_ That he will ktep the improvements raw existing on c~reafter erected on the mortgaged propeny, insured as may be required from
time to time by the mortgaget against lost by fire and other hazards, casulaties, and contingencies in such amounts and for such periocls as
may be requised by morigagce, and will pay promptly, when due, any premiums on such insurance for paymeni of which provision has not
been made hereinbefore. All insurance shal! be carried in companies approved by mongagee and the policia and renewals thereof shall
be held by mortgagee and have attached thereto lou payable clauses in favor of and in form acceptable to the mortgagee_ (n event of ioss
he W~ill give immediate notice by mail to mortgagee, and mortgagee may make prootof loss if not made promptly by mortgagor: and each
insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to
mortgagor and morigagee jointly, and the insurance proceeds. or any part theroof, may be applied by mortgagee at its option either to the
reduction of the indebtedness hereby secured or to the restoration or reQair of the property damaged. In event of foreclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and
interest of the mortgagor in and to any insurance policies then in force shall 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 ase,
the damages, proceeds, and t6e consideration lor ~uch acquisitioa, to the ezteat ot the full amount o( inde6tedness upon this
1lortgage. and theNote secured hereby remaining unpaid, are hereby assigned by the lbrtgagor to the ~lortgagee and shal( be paid
(orthw~ith to the ~1ortRaRee to be applied by it oa account of the indebtedness secured hereby, whether due or not,
9. That the mortgagee may, at any time pending a suit upon this mortgage, aQply to the court having jurisdiction thereof for the
appointment of a receiver, and such coun shall forthwith appoint a receiver of the premises covered hereby all and singular, including all
and singular the income, profits, issues, and revenues from whatever sourct derived, each and every of which, it being eapressly
understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver
shall have all the broad and eRective functions and powers in anywise entnuted by a court to a receiver, and such appointment shall be
made by such court as an admitted aquity and a matter of absolute right to said mortgagee, and a~ithout reference to Ihe adoquacy or
inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and t6e practice otsuch
coun. In the event of any default on tht paA of the mortgago~ hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at least equivalent to one-twelRh 111~2) of the aggregate of Ihe twelve monthly
installments payable in the then current year plus the actual amount of the annual t~es, assessments, water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
10. That (a) in the eveni ot any breach of this mortgage or default on the pan of the mortgagor, or (b) in the event that any of said
sums of money herein referrod to be not promptly and fully paid without demand or notice, or lc) in the event that each and every tFe
stipulations, agreements, conditions, and covenants of said nae 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 fully and completely as
if all of the said sums of money were originally stipulated to be paid on wch day, anything in said note or in this mortgage to the contrary
notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be
prosecuted as if all moneys securod heceby had matured prior to its institution. The morlgagee may forecbse this mortgage, as to the .
amount so declared due and payable. and the said premises shalt be sold to satisfy and pay ihe same togeiher with costs, expenses, and
allow~ances. In case of partia! foreclosurt of this mortgagt, the mortgaged ptemises shall be sold subject to tht continuing lien of this
mvngage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be avaited of
thereafter from time to time by the mortgagee.
11. That the mortgagor a~ill give immediate ndice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
the premises.
l2. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be htld to be a waiver of
the terms hereof or ot IAe note secured hereby.
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t' ' 800K ~1~ PACf
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