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HomeMy WebLinkAbout0638 . ; ; ' 2. That, in orde~ mare fully to pra~ecl the secu~ity of this mort~age, the rtw~~~a~r, wgrlher with, anJ in aidition ta the rrwnthly payments under the terms of the note securcd hereby, on 1he finl day of each nx~n~h un~il Ihe suid nwe is fully paiJ, will pay to the mort~a~te lht foliawin~ sums: (s) An amount sufGcient to provide the holde~ hereof with fdnds to pay the next mortpje insu~aoce prcmium if this instrument aad the note secured hereby are imured. or a monthly chuse lin lieu ot a mortgage insu~ance premium) if they ue held by the Secrctary of Housin~ snd U~ban Development, as tolbws: (p If a~d so lor?a u said note of evetti date .and this imtrument are insurcd or are reinsured under the orovisions of the Natioaal Housir~ Act. an amounCwt~'~cient to accumulate in the hands of the holder one (11 monthprior to its due date the an~ual mort~a~e insurance premium, in order to provide such hdder with tunds to pay such premium to the Sec~ewry o[ Housin~ and Urban Development pursuant to the National Nousiog Act, as amended. aod applicable Regulations the~eunder. or (11) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Developmen:, _ a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal W one-twelfth (1112) of one-half (44 ) per centum of the avera~e outstaixling balance due on the note computed ~without takin~ into aocou~t delinquencies or propayments; Ib) A sum equal to_the.~routdlln~I.~CanY.!lext due, plus the premiums that wiq next become due and payable on policies of fire and other hazard insurance cuveri~g the mortgaged property, plus taxa and assessments next due on the mortgaged property (all as estimated by the mortgs~ee) ~ess al~ :ums alreadY Paid ~herefor divided by the aumber of months to elapae before one month prior to the date when such ground rents, premtums, taxes, and assessments will become delinqueot. such sums to be held by mortgagee in trust to pay said grou~d rents, premiums, taues, and special assessments; and (c) All payments mentioned in the tvro preceding subaections of this paragraph and all paymrnts to be rt?ade under the 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 lhe mongagce to the following items in the order set forth: (1) premium charges under the contract of insurance with the Sccretary of Housing and Urban Devebpment, or monthly charge (in lieu of mortgage insurance premium), as the case may be; l11) ground renu. taues. assessments, fire, and other hazard inwrance prcmiums; (111) interest on the nae secured he~eby; and (IV) amortization of the principal of said note. Any deficiency in the amount uf such aggregate monthly payment shall, unless maJe goucl by the mortgagor priur to the due date of the neat such payment, constitute an event of default u~xier this mortgage. The mortgagee may cullect a"late charge" not to exceed two cents 12c) for each dollar lSl) of each payment more than fifteen 115) days in arrears to cover the eztra expenx involved in hartdling delinqutnt payments. ~ _ 3. That if the,total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall eaceed the amount of ihe payments aclually ~?acfe by the mortgaget, f~ ground rents, taxes arn1 assessments and insurance premiums, as lhe case may be. such excess at the optioa of the mottgagee, shall, be credited oa subaequent payments to be made by the mortgagor, or refund~d to the mortgagor. If, howevqr, ihe monthly paymenu made by the mortgagor under Ib) of paragraph 2 preceding shall not be sufl'icient to pay grou~xl rents, taxes and assessmertts 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 Ihe deficiency, on or betore the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tenJer to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire inJebtedness represented thereby, the mortgagee sAall, 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 mongagee has not t+ecome obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in t~1e funds accumulated urnler the provisions of Ib) 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, the mortgagee shall apply, at the time of the commencement of such proceeciings or at the. time the property is otherwise acquired, the balance then remaining in the funds accumulated under Ih? of paragraph 2 precerling as a credit against the amount of principal t~ien remaining unpaid under said note arxi shall properly aJjust any payments which shall have been made under (u) of said paragraph. 3. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for w•hich provision has not becn maJe hereinbefore. and in default thereof the mortgagee may pay the same: and that he will promptly deliver the official raeipts therefor to the mortgagae. S. That he will permit, commit, or sufTer 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 builJings on said premises and those to be erecteJ on said premises, or improvements thereon. in goai repair, the mortgagee may make such repairs as in its dixretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immeciiately due and payable, and shal! 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 atxtracts of title, ! incurreJ or paid at any time by the mortgagee because of the failure on the part of the mortgagor prompUy 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 h~ will keep the improvements now existing or hereafter erected on the mortgaged propeny, insured as may be required from f time to time by the mortgagee against loss by fire and other hazards, cazulaties: and contingencies in such amounts and for such periods as ~ may be required by mortgagee, and will pay promptly, when due, any premiunu on such insurance for payment of which provision has not ~ beea made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the P~licies and renewals thereof shall be held by mongagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss f he will 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 mortgagee jointly, and the insurance proceeJs, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transCer of tide to the mortgaged property in extinguishment of the indebteclness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pats to the purchaser or grantee. 8. 7~at it the premises, or any part thereo(, be condemaed uoder.any poN~er of emiaent domain, or acquired ior a public use, the damages, proceeds, and the consideration for such acquisition, to the extent oi the_(ull amount o( indebtedness upon this ~lottgage, and the~iote secured hereby remaining unpaid, are hereby assigned by the Mort~agor to the ~tortgagee and shal! be paid (orthwith to the ~1ortQaRee to be applied by it on account of tke 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 jurisJiction thereof for the appointlnent of a receiver, and such court shall fathwith 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 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 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 morigagor or the defendents, and that such rents, profits, income, iswes, and revenua shall be applied by such receiver according to the lien of this mortgage a~ 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 ! 1112) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual ta~ces. assessments, water rates, and insurance premiums ~ for such year not covered by the atoresaid monthly paymenu. ~ 10. That (a) in the event oi 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 prompUy and fully paid without demand or notice, or (c) in the evem that each anci every the stipu{ations, agreements: conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed: then ~n 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 ctipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, ai the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if al) moneys securod hereby had matured prior to its ins~itution. 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 uf this paragraph may again be availed of thereafter from time to time by the mortgagee. 11. That the mortgagor will'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 er or of th~~cured he~eby. ~~R 2~~'"a~~ «f ~ 212 c...F ~G~~K P~Lc - ~aw - _ . . ~ _ ~ ~ - :