HomeMy WebLinkAbout0319 ~ ~ ~ • ,
2. 1 hat, m orde~ rtwrc fully Iu pru?c~t the ~curity uf th~~ murtg~dr. tbr nM~nga~u~. ~uge~hrr M~~h. :url ~n adJ~uun tu. 1hr rtxmthly
payments under the lrrms of thr nutr ~ureJ hr~rby, un thr 6nt Jay ul cach munth unul the ~a~J rn~le fully paiJ, wdl pay tu lhe
~iwrt~a~ee the folluwing.~ums:
Ia1 An amount sui'fkient to provids the hdder hereof with funds tu pay the ~rxt mon~a~e inwrynce premium if ~his inurumen~ and
the note securcd hereby are insurcd, or a montAly'charge 1in litu of a mort~age insurance premiuml if ~hey ue held by the
Secretary oi Housing and U~ban Developmenl, as folbws:
(11 If and so lona as said note of even date and this ins~rument arc insured or are reinsured under ~he provisiana uf the
National Housing Act. an amount sufYicient to accumulate in the hands af the holder one l l l month prior to its due dale the
annual mortgage insurance premiuM, in cxder ta pruviJe su~:h holder with funds to pay ~uch premium to thr Secrntary uf
Housing and Urban [hvelopme~t pursuant to ~he National Housing Act, as ameMied, and applwable Regulations
thereunder, or
(11) If and so long as said note of even date and this instrument ue held by the Secretary af Housing and Urbao [kvelopment,
a monthly charge (in lieu uf a m~xtgage insurance premium) which shall be in an artwunt rqual to un~-twelQh 1111?1 of
une-half (~i ) per centum of the avaage ou4+tanding balance due on the note computed wilhuut ~aki~g intu account
delinquencies or prcp~yments;
Ib) A sum equal to the ground7ents, if any, next Jue, plus the premiums that will next become due and payable on policies of fire
and other hazard i~uurance coverin6 ~he mortgaged property, plus ta~ces aml asussmrnts next due on the mortgaged property lall
as estimated by the mortgagce) less all sums atready paid therefor divided by the numbcr of months to elapse before one month
prior to the date wnen such graupd rents, prem~ums, t~es, anJ ~ssessments will become delioquent, such sums to be held by
morgagee in trust td pay said ground rents, premiums, taxes, and special a~sessmenu; and
Ic) All payments mentianed i~ the two preceding subsections ot this paragraph and all payments to be made under tho oote secured
hereby shall be added togtther and the aggregate amount ~hereof shall be paid by the mortgagor rac.h monlh in a single payment
to be applied by the mortgagee to the following itrms in the urder set forth:
lU prcmium charges under the contract of insurance with the Secretary of Housing and Urban Development, or rtwnthly ,
charge (in lieu of mortgage insurance premiuml, as the case may be;
(14 ground rents, taues. assessmeots. fue, and other hatard insurance prem~ums;
(111) interest on the note securerl hereby: and
(IV) amorti7ation of the principal of said note.
Any deficiency in the arrwunt of such aggrc~ate monthly payment shall, unlc~s m:~de gouJ by the murtgagur priur to the Jue Jate of
the next such payrnznt, constitute an event of default under this murtgag~. The murtgagre may collcv:t a"late charge" not w exccc-~f two
cents (2c) for each Jollar ISI) of each payment more than fifteen 115) days in arrears to cuver the extra expen,e invulvcYt in hanJling
delinquent payments.
3. That if ehe total of thr payments made by the mortgagor under I61 of paragraph 2 preceding .hall exceeJ the amuunt uf ihe
payments acwalty made by the murtgagee, fix grounJ rents, taxes arxl :?LSessmenu and inwrarn:e prcmiums, as the cax may be, wcF.
eacess at the option of the mortgagee. shall, be credited on sub6equent payments to be made by the mortgagor. or refundod to the
mortgagor. If, huwevzr, the monthly payments m:Kle by the murtgagor under (b1 of paragraph 2 prctieJing sh:+ll nut be sufficient w pay
grourxl rents, taaes and assessment~ anJ insurance premiums. as the case may be, when the same shall becume due arxl payable, then the
mortgagor shall pay to the mortgagee any amuunt nec~ary to make up ~he Jeficiency. on cx before the date when payrnent of such
ground rents, tax~+, asscssments, ur insurance premiums shall be due. If at any time the mor~gagor shall ternier to the mortgagee in
accordance with the provisions of the note secured hereby, full payment of the entire inJebieJness represented therehy, the rtwrtgagee
shall, in computiog the amuunt of such indebt~lness. creJit to the accuunt uf the mar~gagor all payment~ made under the provisions of (u1
of paragraph 2 hereof which the murtgagce has not becume obligated tu pay W Ihe Secretary of Huusing anJ lJrban Dev~l~pment anJ any
balance remaining in the fund~ accumulatevi under the pn~vitions of (h? of saiJ paragraph 2. If therc shaU be a default unJer any of the
provisiuns of this mortgage, rrsulting in •r public s:sle of the premi+es cuvererl herehy, ur iP1he mortgagee acquiret the proprrty utherN ice
after drfault, the murtg~gee shall apply, at the time of ~he commencement uf such proceeJings cx at the time the pro~rty is otherwise
xquired, the balance Ihrn rrmaining in Ihe funds accumulatetil under (h~ of paragraph 2 pre~:nling as a creJit against the amuunt of
principal then remaining unpaid under said note anJ chall pruperly adjust any payments which shall have t?een maJe unJer la) of saiJ
par~graph.
4. That he w•ill pay all taxes. astie~sments, water rates. ~~d other governmental or municipal charge.. fines, ur impositium, for which
provi+ion ha+ not been made hereint+eforr, and in default therc~f the m~xtgagee may pay the same; and that he will promptly deliver the
official receipts therefor to the mortgagee.
S_ That he will permit, commit, or suffer no we~te. impairment. or Jetcrioration of wid property or any part thercuf; and in the event
of the failure of the mongagor to kerp the buildings on ~aid premises anJ thuse to br erecteci on ~•rid premises, or improvements thereon.
in g~wJ repair, the mortgagee may make such repairt a~ in its Jiscretion it may deem nece+~ary for the proper prexrvation thereuf, and
the full amount of each,and every such payment shall be immrJiately due anJ payable, and shall be secured by the lien of this murtg3ge.
6. That he will pay all ancf singular the c~ts, charges, anJ cxpenses, incluJing reuonable lawyer's fees. and costs of at.stracts of title,
incurred or paid at any time by the rtu~rtgagee because of the failure on the part of the mortgagor pmmptly and fully to perform ~he
agreements arxl covenants of said promissory note and this mortgage_ and said cosu, charges, and expenses shall be immediately due and
payable anJ shall be secured by the lien of this m~xtgagr.
E 7. "That he will keep the improvements now existing or hereafler erect~~f on the murtgaged properey, imured as may be requireJ from
ume to time by the mortgagee against lins by fire and oiher hazard~. casulaties, anJ contingenciec in wch anxwnt~ and for .uch periud~ :+s
may be required by rttorlgagee, and wili pay promptly, wAcn due, any premiums un such insurance for payment of Nhich pro~~i~iun has not
been made hereinbefora. All insurat~cn shall be carried in.companies approved by mortgagee and the policies and renewals thereof shaU
be held by mortgagee and have attacheJ thereto loss payable clauses in favor of and in form acceptable to the rtwrtgagee. In event uf loss
he w•iil give immediate notice by mail to mortgagee, arxi mortgagee may makr pn~f of loss if ~wt made prompUy by morig•rgor, and each
insurance company eoncerned is hereby authorized and Jirected to make payment for such loss directly to rtx?rtgagee instead uf lo
rrartgagor and mortgagee joinQy, anJ 1he insurance proceeds. or any part thereof. may be applied by rrwrtgagee at it. optiun either to the
reduction of the inJebtedness hereby ucurecl or to the restoration or repair of the property damageJ. In evem uf foreclusure of lhis
mortgage or other tran+ier of title to the mortgaged property in extinguishment of the indebtedness ucured hercby, all right. tiUe, and
interett of the mortgagor in and to any insur:+nce policies then in force shall pacs to the purch:uer or granter.
8. That the mortgagee may. at any time pending a wit upun thi~ mortgage. apply to the court h~ving jurisJictiun thereof fur the
appointment of a receiver, and such court shall forthwith appoint a~receiver of the premises covereci hereby all anJ ~ingul•rr. irxluJing all
and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it t?eing eapressly
underst~xl, is hereby mortgageJ as if specifically set furth and Jescrib~xl in the granting and habenJum clausec herevf. and ~uch rereiver
shall have all the broad and et'frctive funetium and powers in anywise enirusted by a cuurt to a receiver, and ~uch appointment +hall be
maJe by such court as an admitteJ equity and a matter of ahwlute right [o said morigagee, and w~ithout reference tu the aJeyuacy or
inadPquacy of the value of the property mortgaged or to the solvency or insolvency of saiJ mortgagor or the defenJent~. arxl that such
rents, profits, income, iuues, and revenues +hall be applieJ by such receiver according to the lien of this mortgage and the practice of such
court. In the event of any default on the part of the rm~rtgagor hercunJer. the mortgagor agrees to pay to the mortgagee on demanJ as a
reasonable monthly rental for 1he premises an amount at least equivalent to one-twelfth 11/121 of the aggregate of 1he twelve monthly
installments payable in the then current year plus the acwal amount of the annual taxes, atsessments, water rates, and insurance premiums
for such year not covered by the aforesaiJ munlhly payments_
9. That (a) in the event uf any breach of this mortgage ur default on the part uf the rtxirtgagor, or (h) in the event that any uf saiJ
cums of money herein referreJ to be not prompdy and fully paid without Jemand ur notice, ur Ic) in. thc event that each and every the
~ stipul~tions, agreements, conJitions. and covenants of said note anJ this mortgage, are not duly, promptly, anJ fully perfi~rmeJ: then in
~ eilher ur any such event, the said aggregate sum menlioned in said note ~hen remainig unpaid, with interest accrucd to that time, and all
moneys secured hereby, shall become due anJ payable forthwith, ur lhereafter, at the option of saiJ mortgagee. as fully and completely as
if all of the said sums of maney were originally stipulated to t?r paid on wch Jay, anyihing in saiJ nute or in this mortg~gr to the cuntr~ry
~ notwith~tending; and thereupon or iherc:?~ter, at the uption of ~aid mortgagee, wilhout nutice or JemanJ, .uit at law ur in equity. may be
pnnecutrJ a~ if all money_s secured hereby haJ maturecl prinr to its instiwtion. The mortgagee may kxedo.e thi, murtgage. as to the
amount so declared due a~d payable. and the wid premisrs shall t~ xilJ to +atisfy anJ pay the +ame tuge~her with cu.ts, ezpenses. and
allowanceti. In case of partial foreclusure of thi~ mortgage, Ihe maxtgagcd premi+es shall be xild subject to the continuing lien ~~f this
rtxxtgage for lhe amount of the debt not lhen Jue anJ unpaid. In such ca~r thr provi~iom of thiti paragraph may again be availeJ of
thereafter from time to time by the morigagee.
10. That the mortgagor will give imm~iiate notice by mail to the rrxxtg~gee uf any conveyarke, tramfer. or change of ownership of
the premises.
11. That oo waiver of any covenant herein or of the obligntion secured hereby shall at any time thereafler be heW to be a waiver of
the terms hereof or of Ihe ncrie secured herehy.
12. That if the mortgagor JefauU in any of the covenants or agreements cuntaineJ herein, or in saiJ nute, then the mixtgagee may
perform the same, a~xf all expenditures liocluding reasonable atwrncy's fees~ madc by the murtgager i~ w Joing sh•rll draw interest at ihe
rate set forth in tht note secured hereby, and shall be repayable immcdiately and without demanJ by the murlgagur to the trwrtgagee, aod.
tugether with inierest and axts accruing ~hereon. shall be secured by this mortgage. ~
g~~x 213 ~A~E 3i9