HomeMy WebLinkAbout0641 2. That, in order mo~e fully to praeet ~Ae ucurity of this mort~age. the m~xt~:~r, ta~ethrr v?i~h, aixi in add~tion lo, thc manthly .
paymcnt~ undtr the terms of the ~wtt sscurcd hercby, c?n the 6rst day of earh munlh until ~be said note i~ fully paid. M•ill pay tu 1hc
mort~a~et IAs followins wms: .
la) An amouat suflicieat to provide the holde~ hereof with tunds to pay the next montase inw~aace premium if this insuument and
the note secured hereby are. iasured, ar a moothly chu~e lin tieu of a mortp~e insuruxe premium) if they ue held by thc
Secretuy of Housia~ and Urban Development. as fdbvrs:
(q It and so lon~ u said aote d even date and tAis irtstrument are insured or arc rcinsured unde~ the vrovisioas of tAe
Nuioaal Hoosias Act. aa amouat wfficieat to aaumulate in ehe hands d the holder one (1) month prio~ to its due date the
anaual moripse iraurance prcmium, in order to provide such Adder with funds to pay such premium to the Secretary of
Homit~ snd Urban Development purwant to thc National Housin~ Act, as amended, and applicable Regulations
tl~ueunder; or
(111 If and so long as said nde of even datr and this instrument are held by Ihe Sec~etuy of Housing and Urban Development, ~
a mo~?thly charge (in lieu of a mongage insurance premium) which shall be in an amount equal W one-twelfth (1/t2) of
one-hal[ ('/s) pK ccntum of ~he average outstanding balance due on the note computod without takin~ into aocount
delinquencies or prepaymenu; ~ ~
(b) A wm equal to the ground ronu, if a~y. next due, plus the premiums that wiU ~ext becort?e due and payable on policies of fire
and ott~er hazard iaiurance fo'4~iri'gTt1E ~ftga-ged prapetiy plus taxes and assessments next due on the moriQaged Property (all
as estimated by tht mortp,{~e) las all wms alrady paid therefa dividod by the aumba of months co elapx before one month _ s
p~ior to the dale when such ~ound rents. prem~ums,- taxes. and assessments will become deiinquent, such sums to be held by '
mort~a~ee in trust to pay said ~round rents, premiums, taxa. and special asussmenu; and
!c) All payments mentioned ia the two preading subsections of this paragraph and all payments (o b~ made under the note secured
hereby shall be addod toeether and tAe aggrcg,atc amount thercof shall be paid by the mortgagor each moath in a single payment
to be applied by the mortgagee to the fdbwing items in ttx order xt forth:
premium charges under the conuact of insurance with the Secretary of Housing and Urban Devebpment, or monthty -
charge (in lieu of mort6ase insurance premium~ as the case may be; -
(Il) gound rents. taues, aaessments, firc, and other hazard insurance premiums;
UII) iaterest oa the note securod he[eby; and =
4
qV) amortitation of the principal of uid note. '
Any deficicncy in the amount of such aggregate manthly payment shall, unless made gcwd by the mortgagor priur to the due date of ~
the neat such payment. constiwte an event of dctault urnier this mortgage. The mortgagee may collect a°Ixte charge" not to exceed two
cents 12e) for each dolla~ ISII of cach paymtnt mcxe than fifteen (151 days in ar~ears to cover the eztra expense involved in harniling ~
delinquent payments_ -
3. That if the total of the payments made by the mortgagor under Ib1 of paragraph 2 preceding shall exceed the amount of the
payments actually made by the mottgagee, for ground rents. taxes and asussments and insurance premiums, as the case may be, such
eacess at the opt"an of the matpgee. shall, be crrdited o~e subsoquent paymeau to be made by the mortgagor. or refundod to the
mortgagor_ If, however, the monthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not be sufficient to pay
ground rents, taxes and assessments and i~urance premiums, as the cax may be, when the same shall become due and payable, then ~he
mortgagor shatt pay to the mortgagce any amount necessary to mal:e up the deficiency, on or before the J~when payment of such
ground rents, ta~ces, assessments, or insurance premiums shall be due. If at any time the martgagor shall te er to the morigagee in ~
accordance with tht provisions of the note xcured hereby, ful( payment of the entirt irn}ebtodness represented thereby, the mortgagce
shall, in computing 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 mortgagee has not become obligated to pay to the Secrctary of Housing am1 Urban Developme~t and any ' 3
balance remaining in the funds accumulated under the provisions of (b? of said paragraPh 2. If there shal! be a default under any ot the ~
provisions of this mortgage, resulting in a public sale of the premises covered hercby, or if. the mortgagre aaquires the property othe~~ise
after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise
acquired, the balance then remai~ing in the funds accumu(ated under (b) of parag~aPh 2 preceding as a creJit against the amount of
principal t.~en remaining unpaid under said note arxl shall properly adjust any payments w•hich shall have been made under ta) of said
paragaph.
4. That ht will pay all tazes, asxssments, water ratts, anct other governmental or municipal charges, fines. or impositions, for which
provision has not been made Aereinbefore, and in default thereof the mortgagce may pay the same: and that he will promptly delivrr the ;
official receipts therefor to the mongagce. ?
5. That he will pe~mit, commit, or sufTer no waste, impairment. ar dcterioration of said property or any part thereof; and in the event
of the failure ot the mongagor to keep the buildings on said premises and ihose to be erectrci on said premises, or improvements thereon.
in goaf repair. the morigagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and
the full amount of each and every wch 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 casts, charges, and expenxs, iocluding reasonable lawyer's fees, and costs of abstracts of title.
incurrod or paid at any time by the mortgagee becaux uf the failure on the part of the mortgagor promptly and fully to perform tAe
agrcements and covenents of said promissory note and this mortgage, and said costs. charges, and eapenses shall be immediately due and -
payable and shall bc secured by the lien of this mortgage_ {
7. Th~t he wi'1 keep:ihe improvements now existing on c~reafter erccted on the mortgaged property, insured as rttay be required from ;
time to time by the tnortgagee against loss by 5re and other hazards, casulalia. and contingencies in such arrwunts and for wch periods as s
may be required by mortgages, and will pay promptly, when due, any premiums on such insurance for payment of K~hich provision has not ;
been cnade b~reinbdare. All iasurance shall be carriod in companies approved by mortgaget and the policies and rentwals thereof shall
be hetd by mortgaget and have attached thereto loss payable clauses in favor af and in form acceptable to the mortgagee. In event of loss
he will give immediate notice by mail to mongagee, and mortgagee may make proof of loss if not made promptly by mortgagor, arxt each
insurance company conctrned is hereby authorized and directed to male payment for such loss direcUy to mortgagce instead of to
mortgagor and mortgagte jointly, and the insurance praceeds, or any part thereof, may be applied by mortgagea at its option either to the
reduction of the indebtedness hereby se~cured or to the restoration or repair. of the propeny damaged. In event of foreclosure of this
mortgage or other transfer of tiUe to the mortgaged propeAy in extinguishment of the indebtedr?ess secured hereby, all right, tide. and
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser oc grantee_
8. T6at if the premises, or any part thereot, be condemned under aay power of eminent domain, oracquired (or a public use.
the damages, proceeds, and tl~e conside~ation for such acquisition. to the extent of t6e full amount of indebtedness upon this
~tortgage,andthe~iote secured 6ereby remaiaing unpaid,are hereby assi~med b} the ~lortgagor tothe ~tortgagee and shall be paid
tortbwith to the ~tortRaRee to be applied by it on account ot the iadebteduess 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 jurisdict+on thereof far the
appointment of a receiver. and wch court shall forthu•ith appoint a receiver of tbe premises covered hereby all and singular, including all
and singular the income, profiu, issues, and revenues trom w~hatever source derive.i, each and every of which, it being eapressly
understood. is hereby mortgaged as if specifically set forth and describai in the granting and hatsendum clauses hereof, and such receiver ?
shall have ail the broad and efToctive functions and powers in anywist entrusted by a court to a receiver, and such appointment 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 mongaged or to the solvency or insolvency of said mortgagor or the defeedents. and that such
rents, profits, income, iswa, and revenua 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 mortg~gor agrccs to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at feast equivalent to one-twelRh (I/~Z? of the aggregate of the lwelve monthly
instaltments payable in the ihen current year plus the aclual amount of the annual taxes, assessments. water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
~p, That la) in the event of any breach of this mortgage or default on the part of the mortgagor. w fb) in the event that any of said
sums of money herein referred to be not promptly and fully paid without domand or notice. or Ir) in the event that each and every the
stipulations. agreemenu, conditions. and covenants of said note and this mongage, are not duly, promptly, and fully performed: then in
either or any such event, the said aggregate wm montioned in said rate then remainig unpaid, with interest accrucd to that time, and all
moneys securcd hereby, shall become due and payable forthx ith. or thereafter. at the option of said mortgagee, as (ully and completely as
if all of the said wms of money were originally stipulated to be paid on such day. anything in saiJ note or in this mortgage to th~ contrazy
notwithstanding; and thcreupon or thereafter, at the option of said mortgagce, without notice or demand, suit at law or in equity, may be
prosecuted as if ali moneys securod Aercby 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, eapenses. and
albwances. In case of partial foreclosure of this mongage, the mongaged premises shall be sold subject to the continuing lien of Ihis
morigage for the amount of the debt not then due and unpaid. In such case the p~ovisions of this paragraph may again be availed of
thereafter from eimc to time by the mortgagee. •
l l. That the mortgagor will give immediate notice by mai( to the mor[gagee 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 held to t+e a waiver of
the terms hereof or of the note secured hereby.
EL'9c~~i2 P~c~ ~~1 ao~K2~1 ea~i~
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