HomeMy WebLinkAbout0656 2. 'Thal, io orde~ morc fully tu p~alecl ~hc x~urily o( ~his murt~ast. the mort~a~r. ~~ctAer w~th, a~xi in xidition to, ~he monthly
payment~ under the lerms of the note ~ecured herrby, an the fint day af each munth untit Ihe wid note is fully paiJ, will pay to tht
mort~a~ee the fultuwin~ sums:
(a) An am~unt sufiicient to provide the hdde~ hercof with funds to p~y the next mortpje inwrance prcmium if this insaumcnt bnd
the note xcu~ed he~eby are insured, or a monthly chu~e'lin lieu of a mo~tsa~e insurance premium) if they ue held by the
Secrewry of Hiwsin~ and U~ban Development. as fdbws:
11) If aad so lons u uid note of even date and this instrument ue insured o~ are rcinsured under the Drovisions of the
Natioasl Housins Act. an amount sufficient to aocumulate in the hands of tAe halder one l 1) mooihprior to iu due date the
a~nual mort~a~e insu~ance premium, in order to provide such holde~ with funds to pay such premium to the Sccrctary of
Housins a~d Urban Development pursuant to the National Housint Act. as amended and applicable Regulations
the~eunder, or
flll If aod so long u said note of ever? date and ihis instrument are held by the Secretuy ot Housing and Urban Development,
a monthly cha~ge (in lieu of a mortgage i~suran_e premium) which shall be in an amount equal to one-twelfth 11112) of
o~t•half (~'i) per centum of the average outstanding b~lance due on thc note computed "without taking into aocount
detinquencies or prepayments;
lb) A sum equal to the ground rcnts, if aoy, next due, plus the premiums that will next become due aad payable on policies of Rre
and other hazard insurance covering the mwtgaged property, plus taxes and acsessments next due on the mortgaged properry (all
as estimated by the mortgagee) less al! wms already paid therdor divided by the number of months to elapse before oaa moath
prior to the date whea such g~round rents, premwms. taxes. aad assessmenu w~ll become delinquent, such sums to be held by
mortgagee in t~ust to pay said ground rents. premiums, taaces. and special assessments; and
(c) All paymenu me~tioned in the two preceding subsections ot this paragraph 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 mo~tgagor each moath io a single payment
to be applied Ay the mortgagee to the folbwing itcros in the ordcr ut forth:
tp premium charga under the conuact of insurance with the Secretary of Housing and Urban Devebpment, or monthly
charge (in lieu of mortgage insurance premium), as tho casr may be;
(IU ground rents, taxes, assessments, 6rc, and other hazard insuraoce premiums;
Qll) interest on the nwe securod heroby; and
(IV) amortization of the principal of said note.
4ny deficiency in the amount of such aggrcgate monthly payment shall, unl~ss maJe goai by the m~xtgagor prior to the due date of
the nex[ such payment, constitute ao event of default under this mortgage. The mortgagee may collect a"late charge" nut to exceed two
cents 12c) for each dollar (SI) of each payme~t more than fifteen 115) days in arrears to cover the extra eapense involved in hanciling
delinquent payments.
3. That if the total of the payments made by Iht mortgagor under Ib) of paragraph 2 preceding shall exceed the amount of the
payments actually maile by Ihe mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such
ea~cess at the optan of the mortgagee. shall. be credited on subaequent payments to be made by tho mortga~or. or nfundod to ths
mortgagor. If, however. !he monthly payments made by the mortgagor under lb) of paragraph 2 preceding shall not be sufficient to pay
ground rents, taaes 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
groend renis, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the moRgagee in
acconfance with the provisions of the note secured he~eby, full payment of the entire inclebtedness represented thereby, the mortgagce
shall, in computing the amount of such iixlebtedness, crodit to the account of the mortgaga all payments made under the ptovisions of la)
of paragraph 2 hereof which the mortgagce has not become obligated to pay to the Secretary of Housing and Urban Development anef any
balance remaining in the funds accumulated uixler the provisions of (b) of said paragraph 2. If there shall be a default under any ot the
pr~visions of this mortgage, ~aulting in a public sale of the premises covered hereby, or if the mortgagee aoquires the property otherw~se
after default. the mortgagee shall apply, at the time of the commencement of such prceeedings or at the time the property is otherwise
acquired, the balance then remaining in the funds accumulated under (b? of paragraQh 2 preceding as a creciit against the amount of
principai t~~en remaining unpaid under said note and sha!! properly adjust any payments which shall have been made under ~~i) of said
paragraph. ~
4. That he will pay all taaes, asussments, water rates, anJ other governmental or municipal charges, fines, or impositions. for which
provision has not t+een made hereinbefore, and in defautt thereof the mortgagee may pay the same: and that he will promptly deliver the
official receipts therefor to the mortgagee.
S. That he will permit, commit, or sufTer no waste, impai~ment, or deterioration of said property or any part thereoF, and in the event
of the failure nf the mortgagor to keep Ihe buitdings on said premise~ and those to be 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 preservation thereof, and
the full amount deach and every such payment shall be immediately due and payable, and shall be secured by the lien uf this mortgage.
6. That he will pay all and singular the costs, charges, ancl expenses, including reasonable lawyer s fees. and costs of abstracts of tide.
incurred or paid at any time by the mortgagce because of the failure on the part of the mortgagor promptly and fulty to perform the
agreements $nd covenants of said promissory note and this morigage, and said costs, charges, and expenses shall be immediately due and
payable and shat! be secured by the lien of this mortgage_ -
7. That he will keep the improvements now existing or hereafter erected on the mortgagul property, insured as may be required from
time to time by the mortgagee against loss by fire and other hazards, casulaties, and contingencies in such amounts and for such periods as
may be required by mortgagce, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not
bcen mack hereinbefore. Al) insurance shall be carried in compania approved by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attachecf thereto loss payable clauses in favor of and in form aceePtable to the mortgagee. ln event of loss "
he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made oromptly by mortgagor, and each
inwrance company concerned is hereby authorized and directed to make payment for such Ioss Jirectly to mortgagee instead of to
mongagor and mortgagee jointly, and the insurance proceeds, or any part theroof, may be applied by morigager at its option either to the
reduction of the indebtedness hereby secureci or to ~he restoration or repair of the property damaged. In event of foreclosure of this
mortgage or other transfer of title to the mortgaged property in eatinguishment of the indebtedness secured hereby, atl right. title, and
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee_
8. That if the premises, or any part thereof, be condemned under any power of eminent domain, or acquired tor a public use.
the damaRes, proceeds, and t6e consideratioa for such acquisition. to the extent ot the full amount ot indebtedness upon this
~tortgage,andthe~iole secured hereby remainiog unpaid,are hereby assigned by t6e ~tortgagor rotAe 1lortgagee and shal) be paid
(orthwith to the ~]ortRaRee to be applied by it on account o( 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
appointment of a receiver, and such court shall fcxthwith appoint a receiver of the premises covered hereby all and singular, including all
arni singular the income, profits, issues, and revenues from whatever 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 effective functions and powers in anywise entrusted by a court to a receivcr, artd such appointment shall be
made by such coun 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 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. !n 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 11~12) of the aggregate of the twelve monthly
installments payable in the then current year plus the actuai amount of tl~e annuat taxes, assessments, water rates. and insurance premiums
for such year na covered by 1he aforesaid monthly payments_
10. That la) in the event of any breach of this mortgage or default on the part of the mortgagor, or Ih) 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 arui every the
stipufations, agreements, conditioos, 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 inte~est accrued to that time, and all
moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as tully and completely as
if all of tht said sams of money were originaUy 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, withnut ratice or demand, suit at law or in equity. may be
prosecuted as if all moneys secured hereby had matured prior to its inatiwtion. llte mortgagee may foreclose this mortgage, as to the
ar»ount so dcclared due and payable. and the said premixes shall be sold to satisfy and pay the same together with costs, eapenxs. 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 caze the provisions of this paragraph may again be availed of
thereafter from lirr~e to time by the mortgagee.
11. That the mortgagor will give immeJiate notice by mail to the mortgagee of any conveyance, transfer, or change of ow~ership of
the premixs.
!2. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to tx a waive~ of
the terms hereof or of the note ucured hereby.
BGpM 2~~ PAG~ U5U
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