HomeMy WebLinkAbout2075 l hal, io ~xJer murc fully tu prutrri ~he .rcuri~y u( 1hi. m~x~Ya~e. thr munea~ur, a~r~her w1th. a~J in :iJJitn~n w, the nx~nihly
paymrnt+ unde~ thr terms uf thr nu~r sc~ureJ herrby. ~?o the fint Jay of r:kh munlh un1i1 the +a~d n~Nr i+ fuliy paiJ, will pay to the
awrtg.?~re thr folluwin~.umi:
Ial An asn~unt wl'ficient to provi~k the holder hereof with funds to pay the neat mort~a~e insurance promium if this insaument and
the ~wte secured hercby are insurcd. or a monthly char`e lin lieu of a mon~s~e insurance premium) if they ue held by the
Socrctary of Housin~ and Urban Development, as folbws:
(Il If and w lon~ as said note of even date and this instrume~t ue insured or are reinsured undet the provisions of the
National Housin~ Act. sn amount wfiicient to aceumulate in the hands of the holder one (1) month prior to iu due date the
annual mon~a~e insurance prcmium, in order to provido such holJer with funJs to pay such prcmium to the Secretary of
Housin` and Urban Development pursuam to the National Housin~ Act, as amended. and applicable Re~ulations
thereunder. or
lll) If a~d so long as ssid note of even Ja1e and this i~utrument are held by the Socretary of Housing a~d U~ban Development,
a monthly charge lin lieu of a mortgage insurance premium) which sha11 be in an amount equal to one-twelfth (1112) of
one-half (~s) per centum of the average ouutanding balance due on the note computed without taking into aceount
del~nquencia or prepayments;
lb) A sum equal to the ground rents. if any, next due, plus the premiums that will next become due and payable on policies ot fire
and other hazard insurance covering the mortgagod property. plus taxes and acsessments neat due on the mortgaged properry (all
u estimated by the mortgagee) las all sums already paid therefor divided by the numbu of months to elapse before one month
prior to the date when such ground rents. prem~ums, taxes. and acxssments will become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taua, and special assescments; and
(c) All payme~u mentioned in the two preceding subsections of this para~raph and all payments to be made unde~ the note securcd
hereby shall be added together and the aggegate amount thereof shall be paid by the mortgagor cach moath in a single payment
to be applied by the mortgagee to the Cdlowing itertu in the order set forth:
(4 prcmium charges u~der the cont~act of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage insuranCe premium), as the case may be;
(Iq graund rents, taxa, assessments, fire. and other hazard insurance premiums;
(I11) intercst on the nWe secu~ed hereby; and
(IV) amortiration of the.pri~ipal of said note.
Any deficiency in the amount of such aggregate monthly payment s~all, unless made goal by the mortgagor prior to the due date of
the next such payment, constitute an event of defaull under this m~xtgage. The mortgagee may collect s"late charge" not to exceed two
cents 12c) tor each dollar IS1) of each payment more than fiftcen 115) days in arrears to cover the extra expense involved in handling
delir?que~t payments.
3. That if the totat of the payments made by the morlgagor under Ibl of paragraph 2 preceJing shall exceed the amount of the
payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mongagor. or refunded to the
mortgagor. If, however, the monthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not be sufficient to pay
ground rcnts, taxa a~xi assessments and insurance premiums, as Ihe case may be, when the same shall become due and payable, then the
nwrtgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such
grounJ rcnts, laxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall te?Kfer to the mortgagee in
accordance with the provisions of the note secured hereby, full paymeot of the entire inelebtedness represented thereby, the mortgagce
~hall, in computing 1he amount of such i~xiebtedness, creciit to the account of the mortgagor all payments made under the provisions of (a)
of paragraph 2 hereof which the mongagce has not t+ecome obligated to pay to the Secretary of Housing and Urban Development and any
balance remaining in the funds xcumulated unJer thr provisions of lh) of said paragraph 2. If there shall be a default urnier any of the
pruvisiuns of this mortgage, resulting in a public sale of the premises coverecl hereby, or if the mortgagee auquires the property otherwise
after default, the mortgagee shall apply, xt the time of the commenccment of such proceedings or at the time the property is otherwise
acquired, the balance then remaining in the funds accumulated under Ib) of parag~aph 2 preceding as a credit ~gainst the amount of
principal then remaining unpaid under said note and shall properly adjust any payments which ~hall have t+een made under lu) of saiJ
paragraph.
4. That he will pay aU tazes, asses~mentti, water rates, and other governmental or municipal charges, fines, or impositiuns, for which
pnivision has not beee made hereinbefore. and in default therrnf the morigagee may pay the same; and that he w•ill promptly deliver the
officia{ rec.eipts lhercfor to the mortgagee.
5. That he will permit, eommil. or sulTer no w•a+te, impairment, or deterioration of said property or any par~ ther~f: arxi in the event
of the failure of the mortgagor to keep the builJings on said premises and those to be erected on said premises. or improvements thereon.
in goai rcpair, the mortgagee may make wch repairs ac in its discretion it may deem necessary for the proper preservation thereof, anJ -
the full amount of each and every such paymem shall be immeciiately due and payable, a~x1 shall be secureil by the lien of this mortgage_
6. That he w~i11 pay all ancl singular the costs, charges, anJ expens~, including reasonable IaRyer's fees, and costs of abstracts of tiUe.
incurred or paid at any time by the mortgagee because of the failure on the part oC the mortgagor promptly and fully to perform the
agreements ancl covenants of saiJ promissory note and this mcxtgage, and saiJ carts, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mcxtgage.
' 7. That he will keep the improvemenu now existing or hereafter erecteei on 1he r?wrtgaged property. inwred as may be rrquireJ from
~ time to time by the mortgagee against loss by fire and other hazards, casulaties, and cuntingencies in such amounts and for such pericxis as
f may be required by mortgagee, and will pay prompdy. when due, any premiums on such insurance for payment of w•hich provision h:~t not
i been made hereinbefore. All insurance shall be carried in companies approved by morigagce a~ the policies and renewals thereof shall
! be helJ by mortgagee and bave attached thereto loss payable claoses in favor of anJ in form acceptable to Ihe mortgagee. In event of los~
~ he will give immediate notice by mail w mortgagee, arxi mortgagee may make pr~wf of loss if not made promptly by mortgagor. ~nJ each
imurance company concerned is hereby authorized and Jirected to make payment for such I~s directly tu mc~rtgagee instead of to
! nwrtgagor anJ mortgagee jointly. and the insurance proceeds, ur any part thereof, may be applied by rrwrtgagee at its option either to the
~ reJuction of the inJebtedness hereby secureri ur to the restoration or repair of the property damageJ. In eveni of forecl~nure of this
mortgage or other Iransfer of ti11e to ihe mcxtgaged property in extinguishment c~f the i~xlehtedness secureJ hrreby, all right. tiUe. anJ
interest of the murtgagor in and t~ any insurance policies then in force shall pass to the purthasrr or grantee.
8. That it the premises, or any part thereo(, be condemned under any power of emiuent domain, or acquir~~i tor a public use,
the damages, proceeds, and the consideration (or such acquisition, ta the extent of the (ull amount of iadebtedness upon this
1lortgaRe, and ~he Vote secured hereby remaining unpaid, are hereby assigned b~ the 1lortgagor to the ~lortgag~e anJ shall be paid
forth~r~ith to th~ 11ortRaRec to be applied by it on account of thc indebtedness secured hereby, whether due or not. .
9. That Ihe mortgagee may, at any time pernling a suit upon this mortgage, apply to the court having jurisJiction thereof for the
appoin~ment of a receiver. and such court shall fonhwith appoint a receiver of the premises covereJ hereby all a~x1 singular, including all
arxl singular the income, profits, issues, and revenues from w•hatever wurce derived.'each arxl every of w~hich, it being expresdy
understixul, is hereby mortgaged as if specifically set forth anJ described in the granting and habendum clauses hereof, and such receiver
shall have all the broad anJ effective functions anJ powers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court az an admitted oquity and a matter of absolute right to said mortgagee, and withoul reference to the adequacy or
inaJequacy of Ihe value of the property mortgageJ cx to the solvency or insolvency of said mortgagor or the defendents, arni that such
rents, profits, income. istues. arxi revenues shall t?e applied by such receiver according to the lien of this mortgage and ~he practice of soch
court. In the event of any default on 1he part of the mortgagor hereurxler, the mortgagor agrees to pay to the mortgagee on demanJ as a
reasonable monthly ren?al for the premises an amount at least equivalent to one-twelfth 11112) of the aggregate of the twelve monthly
in.tallments payable in the then current year plus the actual amount of the annual taxes. assessments, water ratet, and insurance premiums
r; for such year not covered by 1he aforesaid monthly payments.
~ ~p. That (u) in the event of any breach of this mortgage or default on the part of the mortgagor, or Ib) in the event that any of said
~ sums of money herein referred to be not prompUy and fully paid without demanJ or notice, or Ic) in the event that each anJ every the
stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly. promptly, arnf fully performed; then in
either or any such event, the said aggregate sum mentioned in saiJ note then remainig unpaid, with interest accrued to that time, and all
~ muneys secured hereby, shall become due anJ payable forthwith, or lhereafter, at the option of said mortgagee, as fully and cumpletely as
~ if all of the said sums of money were originally stipulateJ to be paiJ on such day, anything in saiJ note or in lhis mortgage to the contrary
~ notwithstanding; and thereupon or thereafter, at the optiun of said mongagee. without nolice or demand. suit at law or in equity, may be
prosecuted as if all moneyc securrd hercby had matured prior to i4s institution. The mortgagee may foreclox this mortgagt, as to thc
amuunt co declared due and payable, anJ the saiJ premises shall be sold to satisfy and pay Ihe same together wilh anls, expenses. and
a0uwances. In case of partial foreclosure of this morigage, the mortgageJ premises shall be sold subject to the cominuing lien of this ,
rrwrtgage for the amount of the debt not then due and unpaiJ, In such cau the provisions of this paragraph may again be availed of
thereafter from time to time t+y the mortgagee.
11. That the mongagor will give immediate notice by mail to the mortgagee of any conveyance. transfer, or change of ownership of
~he premises.
~ 12. That no waiver of any covenant heirin or of tht obligation secureJ hereby shall a1 any time thereafte~ be held to he a waiver of
the terms hcreof ~x of the note secur~J hereby.
. BooK 213 PacrzO~
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