HomeMy WebLinkAbout2371 2. Tha~ ie arder more (ully to praoct thc security o( this mor~aje. the m~xi~ap~r. to~eiAer wnh. am1 ~n sJJitwn tu, the rroatAly
paymeots undc~ tAe terms o( the note securai herobq. w~ the lirst day o~ each month u~til ~he said note n(ully paid. w~ll paY ~o the
mort~atee the Iollowi~ wms:
(U Aa artwunt wflkieat to provido the holdtr hereAwith fuuda to p~y tbe aext m~orys~e iawrance promium if ihis iasuumeat aad
tbe i~ote sec~ued hereb~r ue itn~uod. a• moathly cAar~e lia lieu uf s oa~t~a~e inwruKt premium) if tbey are heW by the
Saretary ot Housias sAd Utbao Oeveloputra~ as fdbws:
(1) i[ aad ~o lou~ a~ uid aote d even dste sAd tbis iastrumeat are insurod or are rcimured under the arovisiwK d tbc
Natioad liousin~ Act. aa amaiat wt'~ieieat a saumulate in the hands of tt~e ~olda ooe lt) a~oathprior a its due date [be
anaual a~ortp~e intursooe premium. ia arder to provide such hdder witA tua~k to pay wch pre~nium to tbe Secraary ot
Nousia= and Urban Developmeat p~usuaat to the Nstioaal Housiu~ Ac~ as amended. aad applicable Rep?Wions
thereunder. or
(Iq If and ab loa~ as said aote of even date aad this instrumeat ue held by the Secretuy of Housinj and Urbaa Developmen4
a moathly char~e (in lieu of s mortpse insunnct premium) which shall be in aa amouqt eqwl w one-twelRh 11112) of
oaahalt (ys) per aawm of the avense outstaadinj balanoe due on the note oomputed w~thout talcin~ ina aocouat
deliaquencies or prepaymeats;
(b) A wm eqval to the ~ouad rents. if iny. aext duq plus the premiums that will aext bocome due aad payable oa policies of Cue
and other hazud iasurance ooverin~ the mortsajed property. plus tues and assasmeats aext due on the mortsased property (all
u euimated by the rtanpsee) less dl sums already paid thaduc dirided by We number of moaths to elapse befon one mwitb
prior to tl~e date when such sround retus. preauums. tues. and auaame~ts will become deliaquen~ such sums to be held by
mort~a~x in trust to puy said ~ound rents, premiua~t. taxes. and spaiAl assessmeats: and
lc) All paymeats meationed ia tt~e tw~o precedins subsectioas of this puasraph snd all psymeats w be made uader the note aecured
hereby shall be added to=ether and the a~repte amount thercaf shall be paid by the mortgaaor each month in a sinsle paYmeat
w be applied b~the mongagee to the folbwins items in the ordcr set fotth:
(p prcmium cduga under the codvsct of insurance with the Secraary of Hauins aad Urbaa Devebpmen4 or montWy
chars~ (ia lieu of mort~age inswance premium~ as the case may be;
. qp around reats, taxes, assessmcnts. fire, aad other hazard inwnnce promiums;
(III) iatereat on the aote secured hereby; ud
(1~ amortiutioa of the principal of said aote.
Any deficiency in the amount of such aggregate montAly payment shall, unless made good by the mortgagor prior to the due date of
the next such payment, conslitute an event of default under this martgage. The mortgagee may cdlect a"late charge" not to ezcecd two
cents (2c) !or each dollar (Sl) of each payment more than fifteen (13) days in arrears to cover the extra expense involvod in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the
payments actuaUy mads by the mortgagce, for ground rents, taaes and acsessments and insurance premiums, as the case may be, such
cxcat at tde optan of We mortga~ee. sNall, be credited oa subsequent paym~ts to be made bY tf~e mort~or. or rdunded to tbe
m~rtgagor. If, however. the monthty payments made by the mortgagor under lb) of paragraph 2 preceding shall not bc sufficient to pay
ground rents, taxes and assessments and insura~ce prcmiums. as 1he case may 6e, when the same shall become due and payabk, then the "
mortga~gor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment ot such
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall taxler w the mortgagee in
accordance with the provisions of the note secured hercby, full paymrnt of the tntire indebtedness represented thcreby, the mortgaEee
shall, in computing the amount of such indebtedness, crodit to thc account of the mortgagar all payments made unde~ the provisions of (a?
of paragraph 2 hereof which the mortgagee has not become oWFgaled to pay to ihe Secretary of Housing and Urban Developmont and any
balance remaiaing in the funds accumulated under the provisions of (b~ of said paragraph 2. IC 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 mortgagee aoquires the property othmvise
after default, the mongagee shall apply, ai the time of the commencement of such proccedings a at the time the propMy is other.?•ise
acquired, the balance then remaining in the funds accumulatod under (b) of paragraph 2 preceding as a credit against the amount of
principal G~en remaining unpaid unde~ said note and shall properly adjust any payments which shall have been made under (u? of said
Pa~~Ph-
4. That he will pay all taxes, assessments. water rates, and ahet governmental or municipal charges, fines, or impositions. for which
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he Kill promptly deliver the
oFficia! receipts therefor to tht mortgagee.
S. That he will permit, commit. or wffer no waste, impairment, or deterioration of said property or any part thereof; and in the cvent
of the fail~re of the mortgagor to keep the buildings on said premises and thox to be erected on said premises, or imprmements thereon.
in good rcpair, the_mon~a~et may make such-repairs at in its discretion it may deem necessary for the proper preurvation thereof, and
the full amount of each and every such payment shall be immediately due and payable, and shall be socured by the lie~ of this mortgage_
6. That he will pay all and singular the costs, charges, and expenses, including reawnable tawyer s fees. and costs of absuacts af title.
incurrod or paid at any time by the mortgagee becaust 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 tosts, charges, and exper~ses shall be immediatoly duc and
payable and shall be xcu~ed by the lien of fhis moctgage.
7. That he will kecp the improvements rrow existing or hertafter erected on the mortgaged property. insured as may be raquired from
time to time by the mortgagee against loss by fire and other hazards, casulaties, and contingencies in such amounts and for such periocis as
may be roquired by morigagee, and witi pay promptiy, when due, any premiums on such iruurance for paymeni of x•hich pro~ision has not
been made hereinbefora All imuraae shall be carried in companies approved by mortgagee and the policies and renewafs thereof shall
be held by mottgagee and have attachod 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 morigagee may make proof of loss if not made promptly by mortgagor. arxl each
insurance company concerned is hereby authorized and Jirected to make payment for such loss directly to mortgagce instead of to
mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may bt applicd by mortgagee at its option either [o the
reduction of the indebtedness hereby secured or to ihe restoratioo or repair of the propa7y damaged. In event of foreclosure uf this
mongage or other transfer of tide 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. That i( the premises, or any part thereof, be condemaed under any power o[ emineat domain, oracqvired tor a public use,
the damages. proceeds, and the consideration for such acquisition, to t6e extent of the tull amount o[ indebtedness upon this
~lortgage, and the Note secured hereby remainiag unpaid, are 6ereby assi~ed by the i~ortgagor to the Nortgagee and s6a11 be pafd
(ort6with to the ~tortqaRee to be applied by it on accouut ot the indebiedness secured hereby, whether dne or not.
9. That the morigagee 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 forthwith appoint a receiver of the premises covered htreby all and singular, including ail
and singufar the income, profits, iuues, and revenua from whatever source derived. tach and every of which, it being expressly
understood, is hereby mortgaged as if spocifxally set forth and describod in the granting and habendum clauses hereof. and wch 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 mortgagu, and wiihopt refercnce W the adequacy or
inadaquacy of the value of the property mortgagod or to the solvency or insolvency d said morigagor oT 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 tht part of the mortgagor hereunder. the mongagor agrces to pay to the mortgagee on de~t~and as a
reasonable monthly rental for the premises an amount at least oquivalent to one-twtlfth 11/121 ot the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxa, assessments, v?ater rates, and insurance pr~miums
for such year not covered by the aforesaid monthly paymenu.
10. That (o) in the evont of any breach of this mortgage or default on the part of the mortgagor, or (6) in the event that any of said
sumt of money herein referrod to be not promptly and'fully paid without demand or notice, or (c) in the event that cach and every the
stipulations. agrcements, conditions, and covenants of said note and this mortgage, are not duly. promptly, and fully performrd; tbcn in
eitbtr or any such event, the said aggegate sum mentioned in said note then remainig unpaid, v?ith interest acc~ued to that time. and all
moneys secured hereby, shall become due a~d payable forthwith, or thereafter, at the option of said mortgagee, u 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 notice or demand, suit at law or in oquity, may be
prosecutod as if all moneys secured hereby had matured prior to iu irutitution. The mongagee may foralose this mortgaae, as tn the
amount so declared due and payable, and the said premises shall be sold to satisfy~and pay the same together with costs, expenscs, and
allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject W the continuing lien of this
mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this pua~raph may again be avaikd of
thereatter from time to time by the mortgagce.
I1. That the mortgagor w~ill give immediate notice by mail to the mort6agee of any conveyance, transfer. or chan`e d ownership of
the premises.
12. That no waiver of any covrnant herein or of the obligalion secured bereby shal! at any time tbercafter be held w be a waiver of
the terms hereof or of the note securcd hereby.
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