HomeMy WebLinkAbout0305 2. 1A~t. ~n txJt~ mu~e lully tu pruta~l Ihr ~rcu~~ly uf th?~ irn~rtYagr. tha nw~~gaYur. wgr~hr~ v?nh. anJ in aJd~uun to, lhr nx?nihly
{wymcnts undrr the ~rrms u( ihr nut~ .~ur~d hcrchy, un thc fint ~lay ul rach nxm~h unul Ihe w~J n~~ir tully pa~d, w~ll pay Iu Ihe
rtw?rt¢aecc the (ulluwin~ wma:
(a1 An amc~unt wffk~ent to {xuvick the Aol~ier heroof w~th funds to ps~y the ne:t mnrt~e~e i~w~~nce premium if ~his ~mtrument arnt
~he not~ secured hereby are ~ncurcd. ~x a munthly char~e ~~n lieu of a mort~aie insurance prrm~um) if they are held by the
S~cretary of Housing a~d Urt+an Development, as fulbws: _
(11 If and so lo~a ac wi~1 note d eve~ da~c and ~his ~ns~rument are ~nsured or aro rcinsured unJer the o~ovisiona of the
Netional Housing Act. an amount suff'~cient to accumulate i~ the hands d' Ihe holde~ une (11 awnth priur tu its due date the
annual mortgage insurance premium, in urJer to~p~uviJe such hutJer with funcLc tu pay +uch premium to the Secretary ot
Housing and U~ban [kvelopmrnl pur~ueei io thr Na~ianal H~us~ng Act, as amernfeJ, and applicable Regulations
the~euoder, or ~
(11) If and so long a~ said note oieven date and this instrume~t are held by Ihc Secrelary of Houung and Urt+an Development,
a monthty cha~ge lin lieu e~f a mortgagr imurance premium! which shnll be in an amount equal ta onrtw~lf~h I11121 ot
one-half ) per centum of thr average uuutarxiiog balance due on the note computed withuut tal;ing into account
Jelinquencies ur prepayments;
fb) A sum equal to the ground rrnts, if any, next dur. plus the premiums that will next become doe and payable on policies of 6re
and other hazard insurance covering the mortgaged propeny, plus taxa and asussments next due on the mortgaged property (all
as estimated by the mortgagee) Iw all sums already paid therefor dividod by the numbcr of months to elapx before oae munth
prior to the date whe~ such ground reqts, prem~ums, taxes, and assessments will become delinquent, such sums to be held Dy ~
mor~dagee in trust to pay said ground rents, premiums, taxes, and special asscxsments; and
Ic) All payments mentioned io the two p~xeding subaections of this puagraph and a!1 payments to be made under the note secured
hereby shal! be added tuge~her and the aggregate amount thereof shall be paid by the mortgagor each month it? a single payment
to be applied by the mortgagee to the folluwing items in the or~fer set forth:
fl) premium charges under the contract uf iawrance with the Secretary of Housing and Urban Devdopment, or monthly
charge (in lieu of mortgage insurance premiuml, as the cax may be;
(11) grounJ rents. taxes, assessments, fire, and uther hazard insurance premiums;
(111) interest on the note secured hereby; and
(1 V) amortization of the principal of said note.
Any Jeticiency in the amount of such •aggregate mon~hly peyment shrll, unlru maJe g~xi by the murtgagor priur to the dur Jate of
the next such payment, cunsti~ute ~n event uf default under thia murtgage. 'The mortgagee may coNrct a°late charge" not to exceed ~wo
ce~ts (2cl for each c1ollar ISI) uf rath p:?ym~nt murr ~han fifteen l15) days in arrears to cuver the extra expense invulved in ha~xlling
delinquent payments. •
3_ That if the totxl of the paymrnts made by the mortgagor unJer thl of paragraph 2 preccding shall excerd ihe amuuni uf the
paymrnts actually m~1e by the mixtgagee, f~r gruunJ rrnts, taxes aixi bti+estiments and insursnce premiums, as the ca~ may be, sucF
~xcess at the option of the mortgagee. shall, be credited on subscquent paymcnts to be made by the mortgagor. or refunded to the
mortgago~. If, however, the munthly paymrnts ma~le by ~he mor~gagor under Ib) of paragraph 2 preceding shaN not be sufficient w pay
gruurxl reots. laxes arxi as~rssments anJ inwrance prrmiums, az the case may be, w•hen the same shall become due a~xl payable, then the
rtwrtgagur shall pay to the mortgagee any amount neces+ary to make up the Jeficiency, on ~x before thr date when payment of ~uch
gruund rents, taxes, a~sessments, ur inwrance premiums sh~ll be Jue_ If at any time the martgagor shall terxler to the murtgaget in
accordaoce with tht provisiuns of the note secured hereby, full payment of the entire irxiebterlnzss represented thereby, the mortgagee
shall, in computing the amount of such indebteYiness, crrJit to the accuunt of the mortgagur all payments made under the pruvisions uf (u1
of paragraph 2 hereof whi.:h the mortgagre has not become obligated to pay to the Secretary of Housing arxf l:rban Development arni any
bal:~nce remaining in the funJ~ accumulateci under the provisiuns of tb/ of s~id paragraph ? If there shall be a defsult u~xier any of the
provisions of this mortgage, resulting in a public salc uf the premises covered hereby, or if the mortgagee acq~ires thr pr~periy otherwise
after Jefault, the mortgagee shatl dppty, at the timr of the cummencemem of such pnxeedengti or at the time the property is utherNise
:~cyuired. the bal~nce then remaining in the funJ, accumulateJ under Ih/ of paragraph 2 preccYiing as a credit again.~ the amount of
principal then remaining unpaid under ti:?id rtute and shall properly adjust any payment+ w•hich sh~ll ha~•e been made under (a) of said
paragraph.
d. That he will pay all taxes, a~u~smrnts. watcr rat~~, anJ other governmental or municip•rl chargec. fine,. or im~wsitions, for which
provision ha~ not t+een maJe hereinbefure, and in default thereof the mortgagce may pay the same; and that he will promptty deliver the
official receipts therefor to thc mortgagee_
S. That he will permit, commil, or wifer no wastr, imp:?irment. or JrterioraUon of saiJ properiy or any part thereof; and in threvent
uf the failure of the rtxirtgagor to Aeep the builJings un wid premises •rnJ those tu t+e errcteJ on saiJ premices, or improvements thereon.
in g~wci repair, the rtwrtgagee tnay make ~uch repairs as in its discretian it may Jeem nece,sary for the prope~ preservation thereof, and
the full amount of each and every such payment shall be imme~iiat~ly due and payable, and ,hall be secured by the lien of this mortgage.
6. That he will pay all and singular the custs. charges, and expenses, including reasunable iawyer's fees. :~nJ costs uf abstracts of title.
incurrcJ or paid at sny ~ime by the mortgagee because of the failure on Ihe part uf the mortgagor promptly and fully to ~?erform the
agreemcnts :~rxl co~•enants of saiJ promiswry note and this mongage, and said costs, cha~ges, and expenses shall t+e immediately Jue and
payable and shall t~e secured by the lien of thi` mortgagr.
7. -rhat he w•ill Aeep the improvemrnu nuw~ existing on c~rrafler erntrJ on ihe morigaged pruperty. insured as may t~e reyuired from
time to time by thr ~twrtgagee against lost by hre and other hatards, casulaties. and cuntinge~xie~ in such artwunt~ and for wch prri~xls as
may tx ~equireci by mortgagee, and w~ill pay prompdy, when Jue. any premiums uo.uch insuranc~ for payment of whKh provi.ion ha, not
bcen made hereinbefore. AU insuranee shall be carried in companies approved by mortgagee and the policics and renewals thereotshall
be hrld by mortgagee anJ have 3tta~heJ thereto loss payable clauses in favor of and in form acceptable to the rtwrtgagee. In event otloss
he will give immeJiate notice by mail to mortgagee, and mortgagee may make pr~x~f of tass if not made prompdy by mortgagor. anJ each
en~urance company concerned is hereby authorized anJ Jirected to mal:e p•ryment for such loss Jirectly to rtxxtgagee instead of to
mortgagor and murtgagee jointly, and the inwrance pr~x:eeJs, cx any part thereof, may be :?pplied by murtgagrr at its optiun either to the
rrduction of the inJebtednecs hereby ~ecured or to ~he restoration or repair vf the property damaged_ In evem of foreclosure of Ihis
mvrtgage or olher transfer of Iitle tu Ihe mortgaged propeny in extinguishment of the iixlebtedness secured hcreby, ~II right, tiUe, and
interest of the mortgagur in anJ tu any insurance policieti then in force xhall pass to the purch:uer or grsntee.
, 8_ "fhat ~he rtwrtgagee may, al any time pending a~uit upon this mortgage, apply to the court having juri~liction thereof for the
appuintmenl of a receiver. and sach court shall forthw-ith appoint a receiver of the premises covered hereby all arxi singular, irn:luJing all
and ,i~gular the incorne, profits. issues. and revenues from whatever source derived, each and every of which, it being expres~ly
undent~xxi, i. hereby mongagrJ as if specifically set forth and descrit+~~ci in the granting and habendum dau~es hereof. :+nJ ,uch receiver
shall have all the bru~d and etTective functiuns anJ poKers in anywise entrusteJ by a court tu a receiver. and such appuintment shall be
maJe by such awrt as an aJmitteJ c~quity and a mauer of abx?lute right to said mortgagee, and w~ithout reference to the adequacy or
inadequacy of the vatue of the property mortgaged or ee? the wtvency or insolvency of said mortgagor or the defenJents, and that tiuch
rents, profits, incume, ia~ues, anJ revenues shall be :~pplied by ,uch receivrr according to the lien of thit mortgage anJ the practice of such
court_ In the event of any default on the part of Ihe rtwngagor hereunder, the morlgagor agree+ to pay to the mortgager on demand as a
reasonable monthiy rental for the premises an amount at least equivalertt to o~e-tN~elf~h I1/12l of the aggregate of the twelve montMy
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 coverctii by the aforesaid munthly payments.
9. That in the event of any breach of this mortgage or Jefault on the part of Ihe rrwrtgagor. or I6) in the evenl lhat any of said
sumc of money herein referreJ to t+e not prompUy and fully paid w•ithout demanJ or notice, or 1~•) in the event that each anJ every the
stipulations, agreements, conJitionti. anJ covenants of said note and this mortgage, are not July, prompUy. :~nJ fully performed; ihen in
either or any such event, the sa~J aggregate sum mentioned in saiJ note then remainig unpaid, u i1h intere~t accraed tu that time, a~x1 all
muneys secureJ hereby, shall becomr due anJ payable forthu~itb, or thereafter, at the optiun of said m~xtgagee, as fully anJ completely as
if all of the caid wms of money were originally titipulated to be paid on wch Jay. anythfng in ~:?iJ note or in this rrn?rtg~ge to the contrary
notw ithstanJing: anJ thereupon or-thereafter. at the option uf saiJ mortgagee, without notice or JemanJ. wi1 at laa or io equity. may be
prinecuted as if all rre~neys secureJ hereby haJ matureJ prior to its institution. The mortgagee may foreclose thiti rtxxtgage, as to the
anxwm ~o declared due and payable. and the ,aed premises shall be wIJ to sati~fy and pay the s:ime together with cotit~, expenses, and
a1laKances_ In case of partiel forecknere of Ihis mortgage. the mixlRaged prem~us shall be so1J +ubject to the cuntinuing lien of Ihis
rrk?rtgage for the amuunt of the Jebt not then due and unpaid. In such case the provision~ of this paragraph may again be availeJ of
Ihereafter from time to Iime by the mcxtgagee.
f0. "That the mortgagor will give immeJeate nulice by mai! to the rtwrtgagee of any conveyance, transfer, or change of oNnership of
the premisc+_
I I. "That nu waiver of any covenant herein or of the oMigation secureci hereby shall at any~ time thereaRer be hrld tu be a aa+ver of
, thc termti hereuf or of the rtote xcered hereby.
12. "~hat if the rtwrtgagor default in any of the covenants or agreementc cuntaineJ herein. ~x in ~aiJ note, then the martgageo may
perform the same, arni all expenditurec IincluJing reasonable auorney'~ feesl madc by ~hc m~tgagee in w daing shall draw interest at the
' rate set forth in Ihe note ucured hereby. and shaN be repayable immaliately and without Jemand by the mortgagor to the mortgagee, anJ.
together with interest anJ c~nts accruing thereon, chall be securtd by this mortgage.
soQM 213 P~~E 305
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