HomeMy WebLinkAbout1362 2. TMt, i~ orcier rrwre fuUy to ptutact !he xcurily of lhis mo~t~ase, the murt~a~ur, to~ethe~ with, and in a~Wit'an to, tAe monthiy
paYments unaler the terms of the nWe secu~ai hcroby. a? the Brst Jay of exh munth until the ssid note is fully paid, wiil pay to [hc
mort~a~oc the folluwin~ wms: -
la1 A~ amount suf~icieat tu provide the hdder hetwt with funds to p+~y the neat mort~a~e i~uance premium it this instrument and
~he note sccured hercby are iasured. a a monthlr chu~ lin licu d' a m~npje inwrance premiuml if ti~ey are heid by ti~e
Socroary ot Housin~ aad Urban Developmea~ ss fdbws:
(tl I[ and ao lons as said tate d eveo date sad this i~trument ue insured ot ue rcinwred u~det the Dwviaions of the
Natioaal Housins Ac~ aA amaiat wfficie~t W aocumulate ia the hands of tl~e holder oae ( i) awnchyrior to its due date tde
a~nwl mortpte insuraaoe premium. in order to pruvide such hdder with funds to pay such prcmium to the Socretuy of
Housinf and U~ban Development pursuant to the National Housing Ac~ ss amendcd. and applicable Retulations
thereunder, or
• 11 q If and so lon= u said note of even date and this i~uument ue held by tt?e Secrctary o! Nousin~ aad Urbea D~evdopmeal.
a monthiy ch~?rge lin lieu ot a mort~age insursnce prcmium) which shall be in an amount equal W ooatwelflh (1112) of
ono-half (44) per centum of the ave~sje outstamfing balance due on the note computai without takins into aceount
~ delinquencies or prepaymena;
(b) A sum eqwl to the ~ound renis, if any. ncxt due. plus the piemiums that will neat beoome due and payable on policia of fue
and other hazard insutance coverin~ the mort~aqed propeny, plus taxes and sssesssments neat due on the mortss~ed property (aU
as estimated by the mort=a~ee) less all sums already paid therefor divided by the number of months to elapae before one month
prior to the date when such around rents. prtmiums, taxes. and assessments will become delinque~t, wch sums to be Aeld by
mongagee in uust to pay ssid ground rcnts, premiums. taxes. and special assessments; snd
k) All paymenu rtxntaned ia the two pracedia~ subsections of this para~raph snd aU pay~nents W be made uader the aote secured
hereby shall be ad~led to~ether and the a~re~ate amount thereof shall be paid by the mortgagor each month in a singk payment
to be a plied by the mortgagee to the fdlowiag items in the order ut forth: ~
(U ~remium charges under the cont~act of insurance with the Socrctary of Housing and Urban Devebpme~t. or monthly
charge (in lieu of mortga~e insurance premium). u the case may be;
Ul) ground rrnts, tazes. assessments, fue, and other hazard insu~ance premiums;
(IID interat on the nae securod hereby; and ~
(1~ amorti7ation of the principal of said note, _
Any defici~ncy in the anwunt ot such aggregate monthly payment shall, unless made goad by the mortgagor prior to the due date ot
the next such payment, comtitute an event of detault under this mortgage. The mortgagee may colleu a"late charge" not eo exceed two •
cents (2c) for each doNar Ifl l of each payment more than 6Reen 115) days in arrears to cover the extra expense involved in handling
delinquent payme~ts.
3. That if the total of the payments made by the mortgago~ under (b) of paragraph 2 preced'eng shal! exceed the amount of the
payments actually made by the mortgagee, Por ground rents, tazes and assessments and insurance premiums, as the case may be, suct.
esoess at the option of the mort~ee, shall. be credited on subsaquent payments to be made by the mortga~or. or refuaded to the
mortgagor. If, huwever, the monthly payments made by the mortgagor under Ib) of paragraph 2 prcceding sAsll not be sutrcient to pay
ground rcnts, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necasary to make up the deficiency, on or btfore the date when payment of such
ground rents, taxes, asxssments, or insurance premiums shall be due. If at any time the mortgagw shall tender to the mortgagee in
acoordance with the provisions of the note xcured hereby, full payment• of [he entire indebtedneu reprcse~ted thereby, the mortgagee
shall, in rnmputing ~he amount o[such indebtodness, crodit to the account of the mongagor all payments made under the provisioos of (a)
of paragraph 2 hereof which the mongagce has not become obligated to Pay to the Secretary of Housing and Urban Developme~it and any
balance remaining 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 pvblic sale of the premisa covered hereby, or if the mortgagce aoquirts the property otherwise
after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time tht property is otherwise
acquired, the balance then remaining in the funds accumulated under Ih? oC paragraph 2 preceding as a creclit against the amount of
principa) then remaining unpaid under said note and shall properly adjust any payments which shall have beeo made under (a) of said
paragraph. ~
3. That he will pay all taxes, assessments, water rates, and other governmental or municipal chazges, fines, or impositions, for which
provision has not been made hereinbefore, anJ in default thereof the mortgagee may pay the same; and that he will promptly delirer the
oFficial rceeipts thereCor [o the mortgagee. .
S. That he will permit, commit, or wfier no wazte, impairment, or deterioration of said property or any part thereof; and in the event
of the failure of the mortgagor to keep the buildings on said premises anJ those to be erected on said p~emises, or improvements thereon.
in good repair, the mortgagee may make such repairs as in its discnetion it may deem necessary for the proper preservation thereof, and
the full amount of eaeh and every such payment ahall be immedia[ely due and payable, and shall be securod by the lien of this morigage.
6. That he will pay all and singular the costs, charges, and expenses, including reasonable iawyer's fees, and costs of abstracts of title,
incurred or paid at any time by the mortgagee becaux of the failure on the part d ihe moAgagor promptly and fully to perform the -
agreements and covenants of said promissory note and this mortgage, and said c.asts. charg~s, and ezpenses shall be imrqediately dut and
payable and shall be secured by the lien of this mortgage.
7_ That he will keep the improvements now existin$or hereafler erected on the mongaged property, insured as may be required from
time to time by the mortgagee against loss by fire and olher hazards, catulatia, and contingencia in such amounts and for such perials as
may be required by mortgagee, and will pay promptly. when due, any premiums on such insur~nce for payment of which provision has not
beea ensde haeinbefora All inwrance shal! be carriod in companiss approved by mortgagce and the policies and renewals thereof s6all
be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagec. In event of loss
he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mongagor, and each
insurance cortspany cortcerned is Aereby authorized and dirocted to make payment for such .loss direcQy to mortgagee instead of to
morigagor and mortgagce jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the
reduction of the indebtedness hereby socured or to the restoration or repair of the property damaged. !rt eveni of foreclosure of this
mortgage or othe~ transfer of tide to the mortgagcd proporty in extinguishment of the indebtedness secured hereby, all right, tiUe, and
interest of the mortgagor in and to any ensurance policia then in force shall pacs to the purchaser or grantee. -
8. That the mortgagee may, at any time peixling a suit upon this mortgage, apply to the court having jurisdiction Ihercof for the
' appointment oi a receiver, and such eoun shall forthwith appoint a receiver of the premises covered hereby all and singular, including aU
and singular the income, profits,. issues, and ~evenua from whatever source derivod, each and every of which, it being expressly
understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such raeiver
! shall have al! the broad and effertive 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 rigAt to said mortgagce, and without reference to the adequacy or
i inadequacy of the value of the property mongaged or to the solvency or insolvency of said mortgagor or ihe deftndents, and that such
~ rents, profits, income, issues, and revenues sAall 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 the part uf the mortgagor hereunder. the morigagor agrees to pay to the mortgagee on demand as a
~ reasonable monthly rental for the premixs an amount at Itast oquiwatent to one-twelfth (1/!2) of !he aggregate of the twelve monthly
i instalfineats payable in Ihe ihen current year plus the actual amount of the annual taxes, assessments, water rates, and insuranct premiums
~ for such year not covered by the aforesaid monthly paymenis.
~ 9. That (a) in the event of any breach of this mortgage or default on the part af the mortgagor, or (b) in Ihe event that any of said
sumx of money berein referred ta be not promptly and fully paid without demand or notice, w(c) in the event that each and every the
stipulations, agreements, conditions, and covenanu of said note and this mortgage, are not duly, promptly, and fully performed; then in
either or any such event, the said aggregate.sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all
moneys secured bereby, shall become due and payable forthwith. or thereafter, at the option of said mortgagee, as 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
notwithstarxiing; and thereupon or thereafter, at the option of said mortgagee, without notice or demand. suit at law or in equity, may be
~ prosecuted as if all moneys securod hereby had matured prior to its institution. The mortgagee may foreclose this mortgage as to the
amount so declared due and payable. and the said premises shall be sold to satisfy and pay the same together with costs, eapenses, and
; allowances. In case of partial foreclosure of this mortgage. the mwtgaged premises shal! be sold sub}ect to the continuing licn of this
! mortgage for the amount of the debt not then Jue and unpaid. In such case the provisions of this paragraph may again t?e availed of
tht~eafter from time to time by the mortgagee.
` f0. That the mongagor will give immadiate notice by mail to the mortgagce of any cunveyance. transfer, or change of ownership of
~ the prcmises.
I I_ Tha1 no waiver of any wvenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waivcr of i
j the terms hertof or of the note secured hereby.
' 12. That if the mortgagor drfault in any d the covenants or agrcements contained herein, or in said note, then the mwtgagee may
~ perform the same, ancl all expendiwres lincluding reasonable attorney's feesl made by the mortgagee in so dang shalt draw interest at the r
rate set forth in the rate securecf hercby, and shall be rcPayable immediately and without demand by the mortgagor to the mortgagee, and.
together with interat and costs accruing thereon. shall be secured by this mongage.
~oR~ 213 ra~~136i
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