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HomeMy WebLinkAbout0635 2. That, in orJer more fully tu prutecl the ucurity uf this mon~age, the mo~~~a~r. tc~elher with, anJ in :alditiun ta the munthiy payments unde~ the terms of the note secured he~eby, un the 8rst day of each manth until the aaid note is fully p:~id, vvill pay to ihe man~a~ee the fallowin~ sums: (a) An amount sufficient to provide the hdde~ hcreof with tunds to pay the next mortpse insurance promium if this insaucnent aod the note securcd htreby arc i~aured. or a monthly chu~e lin lieu of a mort`age insurance ptemium) if they ue held by the Secrcary oi Housin~ and Urban Development, as folbws: ~ (1) If and so lon~ as said note .~f evt~ date and this ins~rument ue insured or are rcinsu~ed under the ~rovisions of the ~ Nations! Housing Act. an amount suff"~cient to aaumulate i~ the hands of.the holder one (1/ monthprior a its due date tt~e . annual mortga~e insuraoce prcmium. in order to provide such hdder with funds to pay such premium to the Secretary of Huusi~ and Urban Development pursuant to the National Housing Act, as ame~ded. and applicable Regulations thereunder; or ' (Iq if and so IonY as said note of even date and this instrument are held by the Secretary of Housing and Urban Development, a monthly charge (i~ lieu ot a mortgage insurance prG~ium) which shall be in an amount equal to onatwelfth (1112) of one-half per centum of the average outstanding balance due on the note computed without taking into aceount delinquencies or prepaYmenu; 1b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payabk on policies of fire and other haurd insurance covenng [he irw?tg3gt~ pf~plplrty, plus taxes and a'ssessments next due on the mortgaged property (all as estimated by the morcgagee) ~ess a~~ sums atready Paid thuefor divided by the number of months to elapse before one month prior to the date when such ground rents, prem?ums. taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, tazes, and special assessments: and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under tt~e note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied bY mortgagee to the following items in the order set forth: 1U prcmium charges under the contract of insurance with the Secretary of Housing and Urban Devebpment, or monthly cha~ge (in lieu of mortgage insurance premium), as the case may be; (IU ground rents, taues, assessrnents. fire, and other hazard insurance premiums: (III) interest on the note secured hereby; and - (IV) amortization of the principal of said note. Any deficiency in the amou~t of such aggregate rtwnthly payment shall, unless made good by the mortgag~ priur to the due date of - the neat such payment, constitute an event of default u~xier this mortgage. The mortgag~e may cullect a"late charge" not to exceeJ twu cents 12c) for each dollar ISI) of each payment more than fifteen I15) days in arrears to cover the extra expense involved in handling delinquent payments. _ 3. That if the total of the payments made by the mongagor under (b) of paragraph 2 preceding shall excreJ the artwunt of the payrt?ents actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess at the option of the mortgagee, shall, be crcdited on subsoquent paymeau to be made by the mortgagor. or refunded to the mortgagor. If, however, the monthly payments maJe by the mortgagor under lb) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes anci assessm~nts and insurance premiums, as the case may be, when the same shall lxcome due ancl payable. then the mongagor shall pay to the mortgagee any amount necessary to make up the dcficiency, on or before the Jate when payment of such ground rents, taxes, assessments, 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 payme~t of the entire i~xlebtedness represented thereby, the mortgagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mwtgagee has not become obligated to pay to the Secretary of Housing arn1 Urban Development and any balance remaining in the funds accumulated under the provisions of (b? of said paragraph 2. If there shall be a default urnier any of the provisions of this mortgage, raulting in a,public sale of the premises covereci hereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of such proceedin~ or at the time the property is otherwise acquired. the balance then remaining in the funds accumulated under Ib? of paragraph 2 preceding as a credit against the amount of principal t~~en remaining unpaid under said note and shall properly adjust any payments which shall have been made under ta) of said paragraph. 4. That he will pay all taxes, astessments, water rates, anJ other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default lhereef the morigagee may pay the same: and that he will promptly deliver the ufficial receipts Iherefor to the mortgagee. S. That he will permit, commit, or suffer no waste, impairmen~ or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the builJings on said premises and those to be eree:ed on said premises, or improvements thereon, in good repair, the ~nortgagee may make such repairs az in its discretion it may deem necessary for the proper preservation thereof..and the full amount oi each and every soch payment shall be immodiately due and payable, and shall 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 fea, 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 agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and j payable and shall be secured by the lien of this mortgage. i 7_ That?~e will keep the improvements now existing or hereafter erected on the mortgaged property. insured as may be requireci from ~ time to time by the mortgagee against loss by fire and other hazards, casulatia. and contingencies in such amounts and for such periocis as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not bcen made hereinbefore. All insurance shall be carried in companies approved by mortgagce and the Po~icies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and rtwrtgagee may make proof of loss if not made promptly by mortgagor, and each insurance company conce~ned is hereby authorized and directed to make payment for such lass directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the inJebtedness 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 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. 77~at if the premises, or any part thereof, be condemned under any poNer of emineat domain, or acquired (ot a public use; the damages. Proceeds, and the consideration (or such acquisitiou. to the extent ot the full amount ot indebtedness upon this - ~lortgage, aod the Note secured hereby remaining unpaid, are hereby assigned b}• the Nortgagor to the ~lortgagee and shall be paid torthwith to the ~1ortRa~ee to be applied by it on accouat ot 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 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, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mongaged as if specifically set forih 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 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 aJequacy or inadequacy of the value of the property mortgaged or to fhe 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 the practice of such court. In the event 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 11/~2) o( the aggregate of the twelve monthly ~ installments payable in the then current year plus the acwal amount of the annual taxes, assessments, water rates. and insurance premiums for such year not covered by the aforesaid monthly payments. ~ 10. That (n) in the event of any breach of this mortgage or default on the part of the mortgagor, or (h) 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, agreements, conditions, and covenants 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 fully and completely as if all 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 ratice 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 foreclose this mortgage, as to the 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 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 - thereafter from time to lime by the mortga~ee. 11. That the mortgagor vvill give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of ~ the premises. 12. That no waiver of 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 xcured hereby. RoRK2~.2 PAGE 635 $0~~2 P~ 327 _ - ~ -rG= ~ _ fasT s ;