HomeMy WebLinkAbout0632 2. That, in order mure fully w protcct the xcurity of this mongaga the mort~a~o?, t~etAer with, aixi in :K1J~~k~n ta, the muntfly
paymenls unJer the te~ms of the notc securrci hercby. un the fint day of each month until the wiJ rwtc i. fully paiJ, wiU pay to ~he
mor~ga~ce tht toilow•ing sums:
f~ la) An amounl wfficient to provi~fe the hdde~ hueof with funds to pay the next mort~a~c inwrance prcmium if this instrument and
~he oo~e secured he~eby a~e i~uured, or a monthly chu~e (ie lieu of a mo~tQa~e insurance prcmium) if they are held by the
Secretary of Housin~ and Urbaa C?evelopment, as folbws:
(1) If snd so lons ss said note of even date and this insuument are insured or are rcinsurcd uoder the arovis~ons uf the
Nstioaal Housin~ Act, an amount suf'ricient to accumulate in tht hands of thc holder oQe (1) monti~priw to iu due date the
annual mort=a~e insu~ance premium, in order to provide such holder with funds tu pay cuch premium to the Secrctary of
Housin~ and Urban Development punuant to the National Nousing Act. as amenJed, aod applicable Regulations
thereunder, or =
(ll) If aad so long at said note of even date amf this enstrument are held by the Secretary of Housing and Urban Developme~t,
s monthly cha~ge (in lieu of' a mortgage insurance premium) which shall be in an amount equal to one-twelfth 11112) of
o~ahaff per centum of the avo~age outstanding balance due on the note computod without taking i~to aocount
delinquencies or prepaymeau; ' ~
(b) A wm equal to the grouod rents, if any. next due, ptus the premiums that will next become due and payable on policia of fire ;
and other hazard insuianee~coveringlCil~'mortga~t~d-{~i1~e~ty, plus tazes and azsasments next due on 1he mongaged property (all
as estimated by the mortga~ee) !as al! sums alresdy paid therefor dividod by the number of months to clapse be(ore one month
prior to the date when such ground rents. premwmc, taxes. and assessmeau will become delinquent, such sums to bt held by
mortgagee in trust to pay said ground rcnts, premiums, taxes, and special assessme~ts; and
(c) AI~ paYments menlioned in the tvrn preceding subsections of this pua~raph and all payments to be made under the note secured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor exh moath in a single payment
to be applied by the mortgagee to the tdiowing items in the order set forth:
(1) premium charges under the contract of insurance with the Secretary of Housing and Urban Development. or monthly
charge (in lieu of mortgage insurance premium), as the case may be: -
(11) grou~d rents. taaes. assessments, fire, and other hazard insurance premiums;
Q!q interest oo tbe note secured hereby; and
(!V) amortizsttion of the principal of said cate.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the morigagor prior to the due date of
the next such payment, constitute an event of default under this mortgaga The mortgagee may collect a"late charge' not to exceed two
cents 12c) for each dollar ISI1 of each payment more than fiftcen t151 days in ar~ears ~o cover the extra expense involved in handling
delinquent payments.
3. That if the tota! of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall exceed the amount of the
payments actually made by the mortgagee, for ground rents, taxes and assessme~ts and insurance premiums, as the case may be, such
eaoess at the option of the mortgagee. shall. be credited oa suDeaquent paymeats to be made by tbe mo~tgagor, or refunded to the
mortgagor. If, Aowever, !he monthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not be sufficient to pay
grou~d rents, taxes and assessments and insurance premiums, as the case 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, on or before the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mongagee in
accordance with 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 ihe mortgagor all payments maek unde~ the provisions of la)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Devebpment and any
balapce remaining in the. funds accumulated unJer the provisions of (h) of said paragraph 2. if there shall be a default under any of the
provisions of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagre aoquires the property otherwise
after default. Ihe mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherw•ise
acquireal, the balance then remaining in the funds accumulated under 1 b/ of paragraph 2 precniing as a credit against the amount of
principal t~~en remaining anpaid under said note and shaU pruperly adjusl any payments which shall have been made under lu) of said
paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposeteoos, for wbich
provision has not been made hereinbefore, and in Jefault thereof Ihe mortgagee may pay the same; and that he will promptly deliver the
official receipts the~efor to the mongagee_
S. That he will permit, commiL or sui'fer no waste, impairment, or deterioration of said property or any part thereof; and in the event
of the failure of the mortgagor to kt~p the buildings on saiJ premixs and those to b~ erected on said premises. or improvements thereon.
in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservauon thereof, and
the full amount of each and every such payment shall be immediate(y due and payable, anei sha!! be secured by the lien of this mortgage.
6. That 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 time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the
agreeme~lt's and covenants of said promissory note and this mortgage, and said costs, charges, and exQenses shall be immediately due and
payable and shal! be secured by the lien of ~his mortgage.
7.; Th~luhe will keep the improvements :~ow existing or hereafter erected on the mortgaged property, insureJ as may be required from
time to time by the mortgagee against loss by fire and other hazards. cazulaties, and contingencies in such anwunts and for such periods as
may be required by morigagee, and w•iU pay promplly, w•hen due, any premiums on such insurance for payment of which provision has not
been made 6ercinbefore. All insurance shall be catried in companies approved by mortgagee and the poticies and renewats thereotshall
be held by mortgagee and have attached thereto ioss payabte clauses in favor of and in fam acceptable to the mortgagee. In event of loss
he wi!! give immediate notice by mail to mortgagee, and mortgagee may make proof of 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 mortgagce jointly, and the insurance prceeeds, or any part theieof, may be applied by mongagee at its option either to the
reduction of the indebtedness hercby secured or to the restoration or repair of the property damaged~ In event of foreclosure of this
mongage or other transfer of tide to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and
inte~est of the mortgagor in and to any insurance policies thert in force shal! pass to the purchaser or grantee.
8. That i( the premises, or any part theteof, 6e condemned under any po~.er of emiaeat domaio. or acquired tor a public use,
the damages, proceeds. and the consideration to~ such acquisition, to the extent of the tull amouot of indebtedness upon this
~lortgage, aad the\ote secured hereby remaining unpaid, are 6ereby assigned by the !1lortgagor to the 1lortgagee and shall be paid
forthh•ith to the ~toriRaRee to be applied by it on account of the indebtedness secured hereby, whether due or not.
9. That the rrartgagee may, at any time pending a suit upon this mortgage, apply to the cuurt having jurisdiction thereof for the
; appointment of a receiver. and such court shalt forthwith appoint a receiver of the premises covered hereby aU and singular, including all
and singular the income, profits, issues, and revenues from v?hatever 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 et'fective functions and powers in ~anywise entrusted by a court to a receiver, and such appointment shall be
' made by such court as an admitted equity 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 mongagor 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 the practice of such
court. Irt the evsnt of any default 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 (t/121 of the aggregate otthe tw•elve monthly
installments payable in tht then current year plus the actual amouat of Ihe annual taxes, assessments, water rates, and insurance premiums
for such year not covered by the afaesaid monthly payments. '
~p, That lo) in the event of any breach of this mortgage or default on the part of the rtwrtgagor. or (b) in the event that any of said
sums of money herein referred to be not promptly and futly paid without demand or notice. or Ic) in the event that each and every the
stipulations, agreements. conditions, and cavenants 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 payabte forthwilh, or thereafter, at the option of said matgagee. as fully and completely as
if all of the said sums of money were originally stipulated to be paid on such day, anything in said ~ote or in this mortgage to the contrary
notwithstancling: and thereupon or thereafter, at the option of said morigagee, without notice or Jemand, suit at law or in equity, may be
prosecuted as if all moneys socured hereby had matured prior to-its ir~stitution. The rrwrtgagce may foreclose this mortgage, as to ihe
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and
allowances. In case of partial foreclosure of this morigage, the mortgaged premises shall be sold subject to the continuing iien of this
mongage for the amcwnt of the debt not then due and unpaid. In sach case the pravisions of lhis paragraph may again be availed of
thereafter from time to lime by the mortgagee.
I l. That the mortgagor v?ill give immediate notice by mail to the mortgagee of any conveyance, transfe~, or change of ownership of
the premises. _
12. That no waiver of any cc~venant herein or of ihe obligation secured herel+y shall at any lime thereafter be held to lx a w~aiver of
the terms hereof a of the note secureJ hereby.
6~OK ~1~ ~'•1Gf 6~ 600M ~,12 PACE ~Z2
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