HomeMy WebLinkAbout2534 l~at. in urder mu~e fully to p~utR~ the ucuri~y uf this mor~~a~e, thr mu~t~~~ur, tu~e~her whA, arwf in addilKin tu. ~he munthly '
payments unJer the ~erms ot Ihe nute sc~urcrf hereby, un the 6nt Jay of exh manth until the .aW note is fully paid, w~lt pay to Ihe
mort~a~ee Ihe fullowin~ sums: ,
la) An amount sufYicieet to provide the hdder hercof with funds to pay the next mortp~e inwrsnce premium if fhis instrument and
the note secured hereby are irourcd. a a montAly chuse lin lieu d a mort~ase insurance premiuml if they ue held by the
Secrctary of Housin~ and Urban Development, ss fdbws:
(q It and so lonj u said note of even dste and this instrument ue insurod or ue reinsured unde~ the provisans of the
Matiunal Housins Act, an amount suflicie~t to aaumulate i~ the hands d the Iwlder one (1) monthprior w its due date the
aanual mortp~e imurance premium, in order to provide such hdder with funds to pay such prcmium to the Secretuy of
Housins and Urba~ Development punuant to the Natiooal Housins Ac~ u amended, and applicxbk Re~ulatia?s
thereunder; or
(11) If and so lon= ss said note of even date and this insuument a~e held by the Secretuy of Housing and U~ban Devebpment,
~ a monthly charge (in lieu of a mort~age insurance premium) which shall be in an amount equal to onatwelfth (1112) ot
one-halt (~i) per cemum of the ave~ase ou~stanJing balance due on the note computod without takins into aceou~t
delinquencia or prepayments;
(b) A sum equal to the eround rents, if any. next due. plus the premiums that will next become due and payable on policia of fire
and other hazard imurance covering the mortga~ed p~operty. plus taxes and assessments next due on the mortgaged propeny (sll
as eatiinated by ttx nwrt~ee) less all wms alrwdy paid therdor divided by the number of months to elapse before one month
prior to the date wdea such ~round rents. premwms, taues. and asseasments will become delinquent. such sums to be held by
mortgagee in trust to pay said around rents, premiums, taxes. and special assessmenu; and
(c) All paymenu mentioaed in the tw~o preceding sub~ectio~ d 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 mortga~pr esch month in a singk payment
to be applied by the mortgagee to the fdlowing items in the order set fonh:
(1) premium charges under the convact of insurance with the Secretary of Housing and Urban Devebpment. or monthly
charge (in lieu of matgage insurance premium), as the case may be:
(11) ground rents. tua, sssessments, fue. and.other hazard insurance premiums;
(UI) interest on the note securod hereby; and
UV) amortization of the principal of said note.
Any deficiency in the amouni of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of
the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late chargc' not to escecd two .
cents 12c) for each dollar ISI) of exh payment more than fifleen 115) days in arrears to cover the extra expe~e invnlvod in bandling
delinquent payments. _
3. That if the tda) of the payments made by the mortgagor under (b) of puagraph 2 preceding shall exceed the artaunt of the
paymenu acwally made by the mortgagee, for ground rents, taza and assessmenu and insurance premiums, as the case may be, such
e~coe~s at the optioo of the mort~a6ee, slwll. be credited on subsequeat paymeats to be made by the mortga~or. or refunded to the
mortgagor. If, howeve~, the monthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not be sufficient to pay
ground renes. taxa and assessme~ts and insurance premiums, as the case may be, when the same shall become due and payable, thrn the
mongagor shall pay to the mortgagee any amount necessary to make up the deficiency, on a before the date when payment of such
ground rents, tazes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in
accorJance with the provisions of the note secured hereby, full payment of the entire indebtodness represented thereby, the mortgagee
shall, in computing the.amount otsuch indebtedness, crodit 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 Secretary of Housing and Urban Developmenl and any ~
balance rcmaining in the funds accumulated under the provisions of (b) 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 mortgagee aoquires the property otherwise
after default, tht mortgagee shall apply. at the time of the commencement of such proceedings or at the time the property is otherwise
xquired, the balance then remaining in the funds accumulated under Ib) of paragraph 2 preceding as a credit against the amount of
principal t~~en remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said
paragraph.
4. That he will pay all taxes, asxessments, w~ater rates, and other govemmental 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 will promptly deliver the
ofTicial receipts therefor to the mortgagte.
S_ That he will permit, commit, or sufier no waste, impairment. or deterioration of said property or any part thereof: and in the event
of the failure of the mortgagor to kcep the buildings on said prcmises and those to be erected on said premises, or improvements thereon.
in good rcpair, 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 such payment shalt bt immediately due and payable, and shall be secured by tht lien of this morigage. _
6. "Iliat he will pay all and singular the costs. charges, and expenses, including reasonable lawyer s fees, and costs of abstracts of title.
~ incurrod or paid at any time by the mortgagee becaux of the failure on the part of the mortgagor promptly and fully to perform the
j agreements and covenants of said promissory nott and this mortgage, and said costs, charges, and eapenses shall be immediately due and
f payable and shall be secured by the lien of this mortgage_ _
` 7. That he will keep the improvements now existing or hereafter erected on the mortgaged 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 s~ch periods as
~ may be requirod by matgagee, anJ will pay promptly, when due, any premiums on such insurance far payment ot which provision has not
beea m~de hereinbefore. All iawrance shall be carriod in compania approved by mortgagee and che policies and renewals thereof shall
be held by mortgagee and have attachod thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event ot loss
he w•ill give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made prompUy by mortgagor, and each
insurance company concerned is hereby authoriud and directed to make payment for such loss directly to mortgagee instead of to
morigagor and mortgagee jointly, and the insurance prceeeds, or any part therrnf, may be applied by mortgagee at its option either to the
rcduction of the indebtedness hereby soCUrod or to the ratoration or repair of the property damaged. ln event of foreclosure of this
mortgagt or other transfer of title to thc mortgagcd property in extinguishment of the indebtedness sccured hereby, all right. title, and
interest of the mortgagor in and to any insurance policies thrn in torce shall pass to the purchaser or grantee.
8. That if the premises, or any part thereof, be condemned ander any power of eminent domain, or acquired tor a public use,
the damages, proceeds, and t6e consideration fot such acquisitiou, to the extent of the (ull amount of indebtedaess upon this
1lortgage.andthetiote secured hereby remaining unpaid,are hereby assigned by the ~lortgagor tothe ~lortgagee aod shall be paid
(orthwith to the ~1ortRaRee to be applied by it on account of the indebtedness secured heteby, whether dae or not.
9. T6at thc mortgagee may. at any time perniing a suit upon this mortgage, apply to the court having jurisdiction thereof for the
appointment of a rceeiver, and such court shall forihwith appoint a recciver of the premises covered hereby all and singular, including all
and singular the income, profits, issua. and revenues from whatever source derived, each ancl every of which. it being expressly
understood. is hereby mortgagod as if specifically set forth and described in the granting and habendum clauses hertof, and such receiver
shall have all the broad and efTective functions and powers in anywise rntrusted by a court to a rceeiva, and such appointment shall be
~ made by such court as an admitted oquity and a matter of absolute right to said mortgagee, and without referenct to the adaquacy or
inadequacy of the valuc of the property morigagod or to tht solvency or insolvency of said mortgagor or the defendents, and that such
rents, profiu. income. issues. and revenues shall be applied by such «ceiver according to the lien ot this mortgage and the practice of such
court_ In the event of any default on the part of the morigag~or hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premises an amount at Icast oquivalent to onatwdith 11?121 of the aggrcgate of the ~welve monthly
installments payable in tht thrn currcnt ycar plus the acWal amount of the annual taxes, assessments. water rates. and inwrance premiums
a: for such year not coverod by the aforesaid monthly payments.
~ ~p, That la) in the event d any breach of this mortgagc or dcfault on the part of the mortgagor, or Ib) in the event Ihat any of said
sums of money herein referrod to be not promPtly and fully paid without demand or notict. or (c) in the event that tach and cvcry the
~ stipulations, agreements, conditions, and covenants of said nae and this mortgage. are not duly, promptly, and fully pertormed: then in
~ cither or any wch event, the said aggegate wm mentioned in said note then remainig unpaid. with interest accrued to that time, and all
montys securod hereby. shall become due and payable forthwith, or thercafter, at 1he option of said mortgagee, as fully and completely as
if all of the said wms of money were originalty stipulatcd to be paid on w:h day. anything in said nott or in this mortgage to the contrary
notwithstanding: and thereupon or thtrcafter, al the option d said mortgaget. without rwtice or drmand. suit at law or in equity, may be
prosecutod as if all moneys socuroQ hereby had malurod prior to its institution. Tht mortgagee may foreclose this mortgagt. as to the
~ amuunt so declared due and payable. and the said premisa sF~all be sold w satisly and pay the same together with costs, expenses, and
albwances. In case of partial foreclo~ure d this mextgage. 1he morigaged premises shall be sold subjoct to the continuing lien of this
mort~t for tht amount d the deb~ na then due and unpaid. In such case tbe provisions of this puajraph may a~ain be availed of
Ihutafler ftum tir»e w time by the mcxtgagee.
1 l. That the mortia~r will Erve immed~~le nolice by ma~l lo tht mort6agec of any conveyence, transfer. or change of ownership of
tlx premiseti.
12. That no w~rver d~ny coven~nt herem or uf ~he obl~~atwn secu~ed hereby shall al any time thercafter be held w 1?e a waiver o!
tht term+ bered or d the ncKe ~ecured herel+y.
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