HomeMy WebLinkAbout0629 2. That, in orJe~ nwrc fully to p~utecl the security of this mor~ga~e, the mo~t~a?~or, to~elher with, and in additian to, lhe manthly
payments under the terms of the note secu~e~i hereby, an tht first Jay ot each munth until ~he said note is fully p:iid, will pay tu the
mo~t~:?~ee the folluwin~ sums: •
(a) An aawurtt sutYicieat to provide the holde~ hereof with fu~ds to pay the oext mon~a~e insurs~ce promium it this instrument and
the note secured hereby are insured. or a monthly char~e lin lieu of a mort~a~e insurance promium) if they ue held by the
' Saretary of Housins a~d Urban Devetopmeat. as fdlows:
• lU !t and so lon~ ~ asid note of evea date and this insuument ue irtsurod or are rcinwred under the Drovisions of the
National Nousin~ Act. aa amount wtt"'~cient to aocumulate in the hands d the holder one (1) month prior to its due date the
annual mort~e insurance premium. in order to p~ovide sucA halder with funds to pay such premium to the Secretary of
Housins and Urban Development pursua~t to the National Housing Ac~, as ameeKied, and applicable Re~ulatio~s
thereunda; or
(11) If and so lon~ as said note of even clate and this instrument are hNd by the Secre~ary of Housi~g and Urban Development,
a monthly cha~ge (in lieu of a mortgage insurance premium) which shall be in a~ amount eq~?al to one-tw~lfth (IIt2) of
one-half per centum of the ave~a~e outstanding balance due on the note computed "without taking into aocour~t
deli~quencies or prepayme~ts;
(b) A sum equal to the ~rognd rents, if any~ next due, plus the premiums that will poxt become due and payable on policies of 6re
and other hazard i~surance covering the rtartgage3 property, plus taxes and azsessments next due on the mortgaged property (all
as estimated by the mortgagee) las all sums already paid tlmefor dividod by the ~umbe~ of months to elapse before one month
prior to the dxte when such ~round rents. prem~ums. taxes. and assasments will become delinquent. such sums to be held by
mortgagee in trust to pay said ground rents. premiums. ta~ces. and special acsessments; and
(c) All payments mentioned in the two prceeding subsectiorts of this paiagraph and all paymenu to be made under the note secured
hereby shall be added together and the aggiregate amounC thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mongagee to the following items in the order set forth:
f4 premium charges under the tonvact of insurance with the Secretary of Housing and Urban Development, or monthly
cAarge'(in lieu of mortgage insurance premium), as the case may be: ~
(11) ground rents, taxes, assessments, 8re, a~d other hazard insurance premiums;
(1!1) intertst on the nde securod heroby; a~ -
(!V) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, uniess made giwd by the mortgagor prior to the due date of
the next such payment, constitute an even! of default under this mortgage. The mortgagee may collect a"late charge" not to exc~ed two
cents 12c1 for each dollar (SI) of each payment more than fifteen IIS) days in arrears to cover the extra expeose involved in handling
delinquent paymtnts.
3_ "ii~at if the total of the payme~ts made by the mortgagor under 16) of paragraph 2 preceding shall ezceed the amount uf the
payments actually made by the mcxtgagee, for ground rents. taxa and assessments and insu~ance prerr,iums, as the case may be, such
exctss at the option of the mongagee, shall, be crcdited on subsequent payments to be made by the mortgagor. or refundod co the
mortgagor_ If, however, the monthly payments made by the mongagor under IA) of paragraph 2 preceding shall not be sut'ficient to pay
ground rents, taxes ancl assessments and insurance premiums, as the case may be, whe~ the same shall become due and payable, then the
_murt_ ga~or shall pay to the mortgagee any amount necessary to make up the deficiency, on ix before the date when payment of such
grourxf ronts, taces, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in
accordance with the provisions ~f the nole secured hereby, full payment of the entire irnlebtedness represented thereby, the mortgagee
shall, in mmputing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of la)
of paragraph 2 hereof which the mongagee has not become obligated to pay to ihe Secretary of Housing and Urban Development and any
balance remaining in the funds accumulated under the provisions of (b/ of said paragrap}i 2. If there shall be a defauit under any of the
pruvisions of this mongage, raulting in a public sate of the premises covered hereby, or if !he morlgagre acquires the property otherwise
after default, the mortgagee shall apply, at the time of the commeneement of such proceeciings or at the lime the propeny is otherwise
xquired, the balance then remainiag in the funds accumulated under 16? of paragraph 2 preceding as a credit against the amount of
principal t~?en remaining unpaid under said note and shall properly adjust any paymonts which shall have been made under Ia) of said
paragraph.
4. That he will pay all taaes, assessmeots, water rates, and other governmental or municipal charges, fines, or impositions, for w~hich
provision has not bee~ made hereinbefore, anJ in default ihereof the mortgagee may pay the same: and that he v?~il1 promptly deliver the
official receipts therefor to the mortgagee. '
S. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof: and in the even!
of the failure of Ihe mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon.
in good repair, the mortgagee may maAe such repairs as in its discretion it may deem necessary for the proper preservation thereof, and
the full amount df each and every such payment shall be immediately due and payable, andshatl be secured by the liert of ihis mortgage.
6. 7hat he i~ii1 pay atl and singular the costs, charga, and expensa, including reasonable lawyer's fees, and costs of absiracts of title,
~ incurred or p2ud at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the
agreements and ~ovenar~.s of said promissory note and this murtgage, and said costs, charges, and expenses shall be immediately due and
payable and shalt be secu~ed by the lien of this mongage.
7. That he will kcep the improvements now existing or hereafter erecteci on the mortgaged propeirty. insured as may be required from
time to time by the mortgagee against loss by fire and other hazards, casulatics, and contingencies in such amounts and for such periods as
may be required by mortgagee, and will pay promptly. w•hen due, any premiums on such insurance for payment of which provision has not
bcen made heteiobefore. All insurance shall be c.a~tied in comQanies apprrned by mortgagee and the p~licies and renewals thereof shall
be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mongagee_ In event of loss
he will give immediate eotice by mail to mongagee. and martgagee may make proof of loss if not made promptly by mortgagor, and each
insurance company concerned is hereby authorized and Jirected to make payment for such loss directly to mortgagee instead of to
mortgagor arnl mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the
reduction of ihe indrbtedness hereby secured 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 inciebtedness secured hereby, all right. title, and
interest of the mortgagor in and to any insurance policies then in force shal! pass to the purchascr or grantee.
8. 'fhat i( the premises, ot any part thereo(, be condemned under any pow•er of eminent domain, or acquired (or a public use,
the damages. proceeds, and t6e consideration fot such acquisition, to che extent oE the full amount of indebtedness upon this
\lortgage. and theNote secured hereby remaining unpaid, are bereby assigned bp the ~~ortgagor to the ~lortgagee and shall be paid
forthwith to the ~tortRaRee to be applied by it on account o( the indebtedness secured hereby, whether due or not.
9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereo( for the
appointment of a receiver. and such court shall [orthwith appoint a receiver of the premises covered hereby all and singular, including all
and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly
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 effective functions and powers in anywise entrusted by a eourt to a receiver, and such appoimment shall be
made by such court as an admitted oquity and a matter of absolute right to said mortgagee, and without reference to the adequacy or
inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and t6at such
rents, profits, income. issues, and revenues shall be applied by such receiver according to the lien of this mongage anci tlie practice of such
court. In the evenl of any defaull on the part of the mortgagor 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-twelfth 11112) of the aggregate of the twelve monthly
installments payable in the then current year plas the actual amount of the annual taxes, assessments, water rates. and insurance premiums
for such year not covered by the aforesaid monthly payments_
~p. That (n) in the event of any breach of this mortgage or default on the part of the mortgagor, or Ib) in the event that any of said
sums 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, agreemenu. wnditions, and covenants of said note and this mongage, are not duly, promptly, and fully performed: then in
either or any such evrnt, 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
i( atl of the said sums of money were originally stipulated to be paid on such 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 secured hereby had matured prior to its institution. The mortgagee may fortclose this mortgage. as to the
amount so declared dut and payable, and tbe said premises shall be sold to satisty and pay the same together with costs. expenses, and
allowances. In case of partial 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 then due and unpaid. In such case the provisions of this paragraph may again be availed of
thcreafter from time to time by the morigagee.
11. That the mortgagor v?•ill give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of uwnership ot
the premises.
12. That no waiver of any covenant herein or of the obligation secured h~ret+y shall at any time thercafter be held to be a waiver of
the terms hereof or of the note secured hereby.
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