HomeMy WebLinkAbout0651 2. That, in cxder rtwre fully w pnuecl Ihe security of thi+ mort~a~c, the rtx?rt~a~u, t~~rlhrr wi1h, ard in a~1dhK~n to, thr munthly
p:?yments un~ the tcrms ot thc mKr ucurcrf herel+y, ~in tAe first day uf z;kh munth until thc wid nale ic fully paid, vi111 pay tu Ihe
murtQ:~ce the fulluwin~ wms: •
(~I An amount sufrcient to provide the hdde~ hereof wiih funds Io psy the neat mort~aje insurance promium it this insaument and
~he note secu~ed hereby ue iasured. or a monthly chu~e (in lieu of a mort~aQc insurance promium) if they ue held by the
Socrctuy ot Housi~ snd U~ban Derelopment, as [olbws:
(I) If and so lon~ as ssid rate d cvea date and tAis instrument are insured or aro rci~sured under tAe p~ovisions of the
National Housin~ Act. an amount sutY'~cient to accumulate in the hands of the holder one l l) monthprior to its due date the
annusl mon~e insurance promium. in onteir to p~ovide such holder with funds to pay such premium ~o ~hc Stcretary of
Housin~ and U~ban Development pursuant to the Nationsl Housing Ac~ u amended. and applicable Re~ulations
thereunder or
1111 - If and so long as said note of even date and this instrume~t are held by the Sec~etary of Housing and Urban Developmcnt,
a monthly charge lin lieu of a mortgage insurance premium) which shall be in an amount oqual to one-twelfth 11112) of
one-half (~4 ) per centum of the averaae outstanding balance due on the note computed without taking into aocount
delinquencia or prcpaymenu;
fb> A sum equal to the ground rents, if any, next due, plus the premiums that will next becomo due and payable on policies of fire
and other hazard insura~ce rnvering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all
as estimated by the m~rtgaaee) Iess all sums already paid therefor divided by the number of months to elapse betore one month
prior to 1he date when such ground rcnts. prem~ums, tszes, and assGSSme~ts will become delinquent, such sums to be held by
mortgagee in trust w pay said ground rents, premiums, taxes. and special assessmcnu: and
(c) All payments mentioned in the tvro preceding subsections of th+s puagraph and all payments to be made uode~ the note securcd
hereby shall be addod together and the aggegate amount thercof shall be paid by ~hc mortgagor each month in a single payme~t
to be applied by the mortgagee to ihe following items in the cude~ set forth:
(t) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgagc insurance premium), as the case may be;
(lq ground ~ents, ta~ces, asussmenu, firo, and ottur hatard inwrance premiums;
1111) intercst on the note sccured hereby; and
!IY) amo~tization of the principal of said note. .
Any deficiency in the amount of such aggregate monthly payment shall, unless made goad by the mortgagix prior to the due date of
the next such payment, constitute an event of default under this mortgage. The mortgagee may collert a"late charge" not to exceni two
cents 12c1 for tacA do!!ar tSl) of each payment more than fifteen 1151 days in ar~ears to cover the extra eapense involved i~ handling
Jelinquent payments.
3. That if the total ot the payments made by the mortgagor under (h) of paragraph 2 preceding shall exceeJ the amaunt of ihe
payments actually ma~ie by tht mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such
excess at the option of the maigagee. shall. be crcdited on subsaquent payments to be made by the mortgagor. or rcfunded to the
mongagor_ If, however, the monthly payments made by the mortgagor under Ib) oC parag~aph 2 preceding shall not be sufficient to pay
gruunJ renls, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
mongagor shall pay to the morigagee any amount ntcessary to make up the defici~ncy, on or before the date when paymen~ of such
ground rents. taxes, assessments, or i~surance premiums shaN be due. If at any time the mortgagix shall tenJer to the mortgagee in
accordance with the provisions of the notc secured hereby, full payment of the entire i~xiebtedness represented thercby, the mortgagce
shall, in computing the amount of such i~xlebtodness, credit to the account af the mortgagor all payments made under the provisiQns of (a1
of paragraph 2 hereof which the mongaget has not t+ccome obligated to pay to the Secre~ary of Housing and Urban Development ancl any
balance remaining in the funds accumulated under the provision5 of (h) of said paragraph 2. If there shall be a default under any of the
provisiuns of this mortgage, resulting in a public sale of the premises coverod hereby, or if the m~xtgagee aoquires the property otherwise
aRer default. the mortgagee shaU apply, at the time of the rommencement of such proceedings or at the time the property is otherwise
acquired, the balance then remaining in the funds accumulated under Ih) of paragraph 2 preceding as a credit against the amount of
principal then remaining unpaid urnier said nute arxi shall properly adjust any payments which shall have been made under lu) of said .
paragraph.
4. That he will pay all taxes, assessments, w•ater rates, enJ other govemmental or municipal charges, fines, cx impasitions, for which
provi~ion has not been made hereinbefore. and in default thereof the mortgagee may pay the same; and that he wil! prompdy deliver the
ot~icial receipts therefor to the mortgagee.
5_ That he will permit, commit, or sutTer no waste, impairment, a deterioration of saiJ propeny or any part therec~F, and in the event
of the failure of the rtwrtgagor to keep thc buildings on said pr~misrs and those to be erected on said premises. ix improvements therron.
in goai repair, the mortgagee may make such repairs as in its diuretion it may deem necessary for the proper preservation thereof. and
the full amount of each and every such payment shall be immediately due and payable, arnf shall be secureci by the lien of this mortgage_
6. That he will pay all and singular the costs, charges, and expenses, inc~uding reasonable lawyer s fees, aod costs of abstracts of title.
incurrM or paid at any time by the mortgagee because uf the failure on the part of the mortgagor prompily and fully to perform the
agreements and co~enants of said promissory note and this mortgage, and said costs, charges. and expenses shall be immediately due and
payable and shall be securcd by the lien of this mortgagc.
7. That be wiD keep the improvcments now existing or hereafter erected on the mortgagecl property, insured as may be required from
time to time by the mortgagee against loss by fiSe arxi other hazanfs, casulaties, and contingencies in such amounts and for such peri«is as
may be requirod by mortgagee, and wilt pay promptly. when due. any premiums on such insurance for payment of which provision has not
been made bereinbefora All insurance shall be carried in companies approved by mortgagee and the policies 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 ta mortgagee, and mortgagee may make proof of loss if not made promptly by mcxtgagor, and each
insurance company concerned is hereby authorized and directed to make payment for such loss directty to mortgagee instead of to
mortgagor and martgagee jointly, and the insurance prceeeds, or any pan theteof, may be applied by mortgagee at its option either to the
reJuction of the indebteciness hereby securec! or to the restoration or repair of the property damageJ. In event of foreclosure of Ihis
mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtecioess secured hereby, all right, title, anJ
interest of the mortgagor in and to any insurance policies then in forte shall pass to the purchaser or grantee.
A. "i~at if the premises. or any part t6ereo(, be condemned under any poNer of eminent domain, or acquired for a public ase,
the damages, proceeds, and the consideration for such acquisition, to the extent o( the tull amount o( indebtedness upon this
1lortga~e, aod the ~iote secured hereby remaining uapaid, are hereby assigned b~ the \lortga~or to the )lortgagee and shall 6e paid
forthHith to t6e ~fortRaRee to 6e apptied ~y it on account of t}~e indebtedness secured here6y, whether due or not,
9. Thai the mortgagee may, at any time pending a suit upon this mongage, apply to the cuurt having jurisdiction thereof for the
appointment uf a receiver, and such court shall fathwith appoint a receiver of the premiscs covered hereby all and singular, inctuding alI
aocl singular the income, pru5ts, issues, and revenues from whatever source dorived, each and every of which, it being eapressly
understo«l, 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, an.i such appointment shal( 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 ihe value of the property mortgaged or to the 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 praclice of such
coun. (a the event of any detautt on the part of the mortgagor hereunder, 1he 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 (1I12) of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums
for such year not covered by the a(oresaid monthly payme~ts_
10. That la) 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 referrod to be not promptly and fully paid wilhout demand or naice, or Ic) in the event that each and every the
stipulations, agreements, conditions, and covenants ot said nae and this mortgage, are not duly. Qromptly. anci fully performed: then in
either or any such event. the said aggregate sum mentioned in said r?ote then remainig unpaid; ith interest accrued to that time. and all
moneys secured hereby, shall become due and payable forthw•ith, or thereafter, at the option of said m~xtgagee, as fully and completely as
if all of the said sums of money were originatly stipulated to be paid on such day, anything in said note or in lhis mortgage lo the contrary
noiw•ithstanding: and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may ?x
prosecuted as if all moneys socured hereby had matured prior to its institution. The mortgagee may foreclox this mortgage, as to the
amount so declared due and payabte, and the said premises shaU be sold to satisfy and pay the same together with cost~. expenses. and
allowances. In case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subjcct to the continuing lien of this
mortgage for the amount of Ihe debt not then due and unpaiJ. In such case the provisions of this paragraph may again be availed of
thereafter from time to time by the mortgagee.
1l. That the mortgagor wil) give immediate notice by mail to the rrwrtgagee of any conveyance, transfer, ~ change of ownership of
thc premises_
12. That no waivcr of any covenant hcrein or of the obligat'wn sacorod hereby shall a1 any time thereaf~er tx helJ to be a waiver of
tbe terms hereof cx of the note ~ecureJ hereby.
Saox 212 651
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