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HomeMy WebLinkAbout0247 ~ 2. lhat, in cxdr~ mo~e fully tu pru~r~t the .rruriry of thh mottgagr, the m.?rt~aY.?r, tugr~hrr wuh, :~rxl in aJJiuon tu, Ihr nx?nthly payments u~da~ the Irrm~ of ~hr ~otr +ecu~~vl hrrrby, w~ the fin1 Jay uf r:wh munth until lhe ~a~d nutr fully paiJ, will pay tu thC murtgagre the folluwing sums: tu) An ao~ount wtRcient tv proviJe Ihe Aolder hereof wilh funds to pay Ihe next rtwr~~age inw~ance prem~um it thi~ ~natrument anJ ihe note secured hereby are insureci, ~x a monthly charge lin i~eu at a mortgage insurance premium) if thry ue heW by ~he Secretary of Housing and U~ban Developmrnt, as folk~ws: (4 If and so lana as said note oi evtn da~e and this imtrument are insurod ur are reinsureJ urtife~ ~he provision~ oi the National Housing Act, an amount suf~icieot to aa:umulate in the hands of the holder une (1) month prior to its due dute the annual murtgage insurance premium, in ~xJrr to pruviJe such holder with funds to pay ~ucb pramium to the Secrctary ~~f Hausing and Urt+an Developmrnt pu~suant to ~he Nalional Huusing Act, as amenJeJ, and applicable Regulations Ihertunder; or lIU If a~d so long as ,aid note of even date and thi~ iactrument are held by the Socretary of Housing and Urban Devclopment. a monthly charge fin lieu ui a mi~rtga~e insurance premium) which chall be in an amuunt equal to une-twelfth 11112) of une-half (~i) per centum of the ave~age uwstanJing balance due on thr note computai without laking into accuunt delinquencies o~ prepayments; (b) A aum equal to the grourn! rents, if any, next due, plus Ihe premiums that will nexl become due and payablr on policies of fire and othtr hazard insurance covering the mortgaged propcrty, plus taxes and aL~e~~ments next Jue on the m~xtgagei! property (atl as utimated by the mortgagee) less all sums atready paid therefor dividaf by the numbar of months to elapse before one munth prior to the dste when such gruurnl rents, premwms. taxes, aixl assessments will become delinquent, such sums to be held by mor~dagee in trust to pay said ground rents, premiums, taxes, and special as.~essments; and Icl All payments mrntioned in the two preceding subsections of this parag~aph and all payments to be made urnler the note secured hereby shall be added tugether anJ the aggregate amount thereof shall br paid by ~he mortgago~ each month in a single payment w be applied by the mortgagee to the following items in the order set fortA: 11) premium charges under the contract of imurance with the Secretary of Housing and Urban Davelopment, or ~rwnthly charge !in lieu of mortgage insurance premium), as the case may be; . UI) ground reots. taxes, assessments, fire, arnl other harard insurance premiums; (111) intercst on the note secured hereby; and (!V) amortization of the principal of said note. Any d~Pxieix:y in the amuunt of such aggregate monthly p~yment +hsll. u~l~ys made guai by the mortgag~u priur tu thr duc Jatr of the next zucA pxyment, coactitute an rvent uf defautt under this mortg~gc_ 'fhr mcxtgagee may collctit a°late rharge" nut to exceed tM~u cents 12c) for.each JuNar IS!) of rach payment mure than fifleen {IS? Jayti in urr~an to cover the extra exprnsr invulved in hanJling delinquent payments. 3. "That if the total uf the payment~ maJe by 1he mortgagor unJer fh) of paragraph 2 preceding shal! e~ceed the artx>unt of the payments actuaNy maJe by the mix~gagee. for gruuoJ rents, taxes anJ u~+essments and imurance premium., as the casr may be, such. excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the mortgagor. If, howcver, the monthly payment+ m:?Je by the mortgagor under (b? of paragraph 2 pn~-eJing ,hall not be sufficient to pay gruurKi rrnts, taxcs arxi a~x.~wsmentc and imurance premium~, as the caae may be, when thr same ~hall t?rcome due and payable, then thr rrwrtgagur shall pay to the mortgagee any umuunt nctie~sary to maAe up thr deficiency, on ur t?efore the Jate when payment of such gruund renta, t:?xes, as~cumen~s, or insur3ncc premiums shail br due. If at eny time the m~xtgag~x ~hall terxier tu the murtgagee in accorJance with the pruvisiuns of ~he note u~ured hcreby, full payment of the cntire irniebtedness represented thereby, the mo~tgagee shall, in computing the amuunt uf such indebt~~lnc~+, crrJit to thr account uf the mortgagor all payments made u~xier the provisions uf tu) of paragraph 2 hereoCwhich the mortgagee h:u nut become obtigatctil to pay to !hr Serretary of Nousing arxf Urban Develupment atxl any bal~nce remaining in the fund~ accumul~te~i unJer the pmvisium uf Ih~ uf ,aid parag~aph 2. If there shall br a Jefault urxler any of the pruvitiions of this mixtgage, re~ulting in a public ~ale uf the prcm~sc~ cuvrr~~l hcrcby, or if ~hr m.u~gagrc auyuirr+ the pr~+erty othera~ise after defautt, the mortgagee ~h:~ll apply. at th~ time of the commencrmrm of wch prcxeeJings or at thr time the prope~ty i+ otherwice acquireJ, the balarx;e then remaining in the fund~ accumulateJ under 16/ of par•rgraph 2 precc~fing a~ a credit again+t the amuunt of principal thrn rrmaining unpaiJ unJer ~aiJ nute and shall pniExrly aJju~t any payments which shali have t+ern made under trr? uf wid paragraph. J. That hc will pay all taa~+. a~~rti~mrnt., Nater ratr,. and uthrr governmrntal or municipal chargcti, fine,, or impositions, for which provision has nut been madc hrrrinbrfure, and in Jrf~ult therruF the mortg~grr may p~y the same: and that hr will prumptly deli~•er the official reYeipts thercfor to thr morigagee. S. That he w•ill permit, commit, or sufTer no wa~te, impairment, ur Jeterioratiun uf wid property or any part thereof; arxi in the event af th~ failure uf Ihe mortgagor W kcep the lwildings on saiJ premiae~ and those to txx erected on saiJ premites, ur ifnProvements ihercon, in gcwif repair, the mortgagee may make such repairs as in its discreti~~n it may drem necetsary for the proper preservation thereof, and the full artxwnt uf each and every such payment shall be immediately duc anJ payable, and chall be secured by the lien of this martgage. s 6. That he will pay all and singular the costs, charges, a~x! expenses, irreluJing rcawnabte lawyer ~ fec~s, urtJ cexts of abstracts of tiUe. ' incurrctil or paid at any time by the mortgagee because of the failare on the part of the nwrtgagor promptly and fully to perform the + agreements arxl covenant~ of wiJ promis~ory nute anJ thiti mixtgage, and ~aiJ costti. charges, anJ exprnseti +hall be immedietely Jur anJ payahle and shall tm secureJ by thc lirn uf thi~ mortgaKe- 7. That he will keep Ihe impruvemrnh nuw exititing un c~reafter errct~ti! un the nwrtgagetii pruprrty. in~ureJ a~ may br rrquir~Y1 from time to lime by the t~wngagee agaim~ I~n~ hy firr anJ othrr hat.ardti. ~aculati~y, artd conlingencies in wch :~muunt+ and fi~r such period+ a~ may be requireJ by mortgagee, anJ w~U pay promptiy, when Jue, any premium~ un wch inwr:~nce fur payment of uhKh provisiun hat not been made hereinbefora All insurance shall be carried in companies approved by mortgagce and the policies and renewals thereof shall F+t he1J by mortgagee and havc attach~Yl iheret~~ lins payablr clau«~+ in favur of and in form acceptahle to thr murtgagee. In ev~nt uf loss ' he w ill give immeJiate nutice by m.~il tu murtgagee. anJ mortgagee may make prex?f uf lins if ~x~t m~dr promptly ti~~ mcxtgagur. and each ) imurarxe cumpany concerned i~ h~reby authoriced and Jirctited tu.make p~yment fi~r +uch I~rs dirrcdy tu m.xtgagee in~traJ uf to ~ nwrtgagor and mixigagee jointl~, and the imurance pnkrcd~. or any part the~eof, may be applieJ hy nxxtgagee at it. ~ptiun either tu the ~ reductiun of the indebtedne~~ hrrrhy ,ecurrJ ur to ~he reaturatiun or rrp~ir of ihr property JamageJ. In rvent of fured~nu~r of this ; rrwrtgage ix other tramfer i~f title tu Ihe mcxtgaged pruperty in extinguishment of the indebteJn~~,~ secured h~rcby. all right. title, and ~ ~ntere,t of the mortgagor in anJ tu ~ny in~uranre pulicies then in force shall pau W thr purchaser or granter. R. Tha~ the rm?rtgagee mey. st any time pending a,uit uFx~n this mortgage, apply to the cuur~ h:~ving jurixiictiun thereof fur the + apEx~intmrnt of a receiver, and .wh court shatl forthw•ith appuint a receiver af the premises covere~f hereby all and tiingular, irx:luJing all ` and singular thr incume, profit., is~cue+, and reve~ues from whatever k~urce derived, each a~x1 e~ery i?f which. it t+ring expre~sly $ unJervo~xi, i, herchy murtgagrJ if s~tifKall~• ut forth :~nJ Jc~cribcYl in the granting anJ habenJum clau,r, hereuf. anJ ,uch recri~~er ' ~hall hav~ all lhr bruad anJ effcY:tive functium and puwers in anywiu rntru~teJ by a cuurt to a receivcr. anJ ,uch ~ppointment tihall be R maJe by .uch cuurt a~ an aJmittrJ ~~yuil~ anJ a maucr uf ahx~lutr righl to saiJ morigagee, and w'ilhuut referrrxe tu thr adryuacy or ~ inaJryuacy of the value uf the pruperty mortgageel ~x tu thr wlverx-y ~~r imolvrncy of ~aiJ rtkxtgagur or thr Jefcndcnt+. anJ that ~uch rent~, prufit~, in~ume, is~uea, anJ re~cnu~ti.hall t?e applicd by ,uch receir-rr aecurJing to the lien of ~hiti mortgage anJ thr practicr uf .uch cuurt_ In the rvrnt of any Jef.wh un the part oF the rm?rtgagor herrunder, Ihe rtx~rtgagor agre~~ to pay tu the murtgagrr un dem:~nd a+ a rea~onable manthly rental for the premiu~ an amount at lra~t rquivalenl to nne-twelflh 11/~ of Ihe aggrrgate of the tw•elve rtxinthly installments payable in tFie then current year plus the actual amuunt of the annual laxes, assessmenty water ratrs, anJ ~nrurance premiums ; for cuch ~•rar not covereil hy thr afurr~aid munthly paymentti. 4. "That (ul in the evcnt of :~ny hreach uf thi, miNtgage ur default nn ~hr part of the rtx~rtgagor. ur Ih) in thr event Ih:~I any uf .aid - ,um, uf moncy hrrrin referr~Yl to F~ not prompUy .~nd fuUy paiJ W i~hout Jemand or noticr. or 1~~1 in thr rvrm ~hat r:+ch and every the ,tipulati~~m. agrcrmrnt~, a~nJitiun,, anJ covenant+ of saiJ note and this mixigage, are nut July, promptty. arxf fuNy prr&~rmeJ: then in - cither or any +uch rvrnt. th~e .aiJ aggrrg.eie wm mrnt;uneJ in ~aid nute then rem:~inig unpaid, with intrre,t accrueJ to ~hat lim~. anJ all rtxm~y, ~ecureJ hcreby, ~hall t+ecumr due and payahle fi~rthw•ith, or thereafter, at Ihe opliun of zaid mortgager. a, full} anJ cumplricly as if all of the tiaiJ wms of rtx~ney werr ~~rigin:~lly .tipulated to fx paid un wch Jay. any~hing in .aiJ notr or in thi~ nwrtgagc to thr cuntr.uy. notw ith,tanJirtg; anJ Ihrrrup~n ur thrrraflrr, a~ Ihe uptiun uf s~iJ rrwrtgagce, withuut rwtice or demand. auit at IaW ur in equity~. ma~~ be prutitcuted a. if all rtwneyti ~ecured hcreby haJ matur~~l priur ti? ih imlituti~in. Ihe morlgagee may forrcluse this rtx~rtgage. a~ tu the amuuot .o Jcclared due and p~yable, anJ Ihe tiaid premi,r~ ~hall he w(d tc~.atisf~ and pay the .ame tugether with c~t.. ra~xnse~, and alluwaner.. In eak ut parU~l fureclu.ure ~~f thi~ murtgagr. ihe mur~gaged premi,e~ ~h3h be vdJ +uhj~tit Iu the cominuing lien .~f this r?x~rtgagc for thc smuunt of thr Jrht n~ri thcn Jur anJ unp:~iJ. In ,uch cx+c thr provi.iom of ~hi~ paragraph mc~y agxin Me availcd of thereafter frum time to time by the mortgager. 10. I hat Ihr trn~rlg~gur wi11 give immidi:d~ nutic~ hy mail tu the murtgagec uf any cunvcyarece. tr.~n,frr, ur change uf ownertihip uf thc premix+. I I. ( h:U nu waivrr uf any ci~venant hcrein ur of the ubtigation s~tiur~^J hereb~~ ~h~l! at an~ time therraftrr F*e hrlJ to tx a waivrr of - the termc hereof ix of Ihc nut~ ,ccurcd hereba . 12_ fhat if the murteagur drfault in an~ ~~f thr cuvenant. ur agrerment. cuntainrd herein, or in ~aiJ note, then the mortgagee may : perfi~rm Ihe wrt~, anJ a(I rxpenJiturc. ~incluJing rea,unaMr attorneyO fecwl m:~dr hy the mirrtgagrr in K~ Juing shall Jraw interest at the ~ rate se~ furlh in Ihc rwte secured herchy, anJ ~hall he repayaMr immeJ~ately ~nJ whhout demanJ by the rtwrtgagur to the rtxirtgagee. anJ. ; tugether with interesl and cu~ts accruing thereun. ~hall be ~ecureJ by Ihis mortgage. ; - j ~ 80ox 2~3 N~E 247 ~ - = z _ ~V _ . .