HomeMy WebLinkAbout2717 . •
2. That, in ~xder more fully tu prutec~ the xruri~y of this mort~age, the morl~a~x, to~ether wi~h, arni in additivn tu, thr monthly
payments under the terms of the note sccure~f hereby, on 1he first Jsy of each awnth until the said note is fulty paiJ, will pay to Ihe
rtartp`ee tht followin` sums:
(a) A~ ~mount wfbcient to provide the hddtr hereot with funds to pay the nezt mortp~e insurance premium if this insuument and
the note stcured hereby arc im~red. oc a monthly char~e (in lieu of a mon~a~e insu~arice premium) if they ue hela by the
Socrctary of Housin~ and Urban Development. ss fdbws:
(1) If and so lons as said note d even date and this instrument are insured or are rcinsured uade~ the provisions of the
N~?tioaal Housins Att. an amount wfficient to accumulate in the hands of the holder one (1) monthprior to its due date tt~e
an~uai mort~e insurance prcmium. in order to provide such hdde~ witA funds to pay such prcmium to the Secrctuy of
Housins and Urban Development pursuant to the National Housing Ac~ as amended. and applicable Re~ulations
thereunda; or
(II) If and so long as said note of even date and this irtstrument are heW by tbe Saretuy of Housin~ and U~bae Devebpment,
a monthly charge (in lieu of a mortgage insurance prcmium) which shall be in an amount equal to one•twelfth (1112) of
one-half (rh) per centum of the average outstanding balance due on the note computed without takin~ into saount
delinquencia or prepaymenu;
(b) A sum cqual to the ground rents. if any, next due. plus the premiums that will next become due and payable bn policies ot.flrc
and other hazard insurance covering Ihe mongaged properry. ptus taxes a~d asxssments next due oo the mortga~ed property (a!!
as estimated by the mortgsgce) less all sums alresdy paid therefor divided by the number of months to elapse befbre oae moath
prior to the date whFa such ~rouad rents, prem~ums. taxes. aad-assessments will become delinquent. such sums ta be held by
mortgagee in trust W pay said ground rents, prcmiums. taxes. and specia! assessments: and
(c) All paymenb mentaned in the twn preccding subsectiom of this paraaraph and all paymeatt W be made under the note secured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a singk payment
to be applied by the mortgagee to the fdlowing items in the order set forth:
q) premium charges under the contract of irtsarance with the Secretary of Housing and Urban Devebpment. or monthly
charge (in lieu of martgage insurance premium), as the case may be:
ql) ground rents, tazes. assessments, 6re. and other hazard iRSUrance premiums;
Q!!) interest on the note secured hereby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made goud by the mortgagor prior lo the due date of
the next such payment, constitutc an event of default under this mortgage. The mortgagte may collect a"late charge' not to exceed two
cents (2c) for.each dollar ISI) of each payment more than fifteen ll5? days in arrears to cover the extra expense involved in handling
delinquent payments. -
3. That if the tota! of the payments made by the mongagor under Ib) of paragraph 2 praeding shall exceed the amount of the
payments actually made by the mortgagee, tor ground rents, taxes and asussments and insurance premiums, as the case may be, such
eaccess at the option of ttk matgagee. shall, be credited on subaequeat paymeats to be made by the mortgagor, or refunded to We
rtartgagor. If, however, the manthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay
ground rents, ta~ees and assessments and insurance premiums, as the case may be, when the same shall become due and payabte, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such
grour?d rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mongagee in
accordance with the provisions of the note secured hereby, full payment of the entire i~?debtedness represented thereby, the mortgagee
shall, in computing the amount of such irniebtedness, crtdit to the accouni of the mortgagor a!! payments made under the provisions of (a)
of paragraph 2 bereof whieh the mwtgagee has not become obligated to pay to the Secretary of Housing and Urban Devebpment and any
balance remaining in the funds aceumulated 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 public sale of the premises covered hereby, or if the mortgagee aoquires the property otherwix
after default, the mortgagee shall apply, at the time uf Ihe commencement of such proccedings or at the time the property is otherwise
acquired, the balance then remaining in the funds bccumulated under (b) of paragraph Z preceding as a credit against the amount of
principal t~~en remaining unpaid under said note ar~d shal! properly adjust any pay.:ients which shall have been made under (n) of said
paragraph.
4. That he will pay all taxes, assessments, w;.; ~r rates, anJ other governmentat or municipat charges, fines, or impositions, for which
provision has not been made hertinbefore, and in default thereof Ihe mongagee may pay the same: and that he will promptly deliver the
official receipts therefor to the mortgagee.
S. That he will permit, commit, or sufTer no waste, impairment, or deterioration of said property or any part ehereof; and in !he event
of the failure of the rtarigagor lo keep the buildings on saiJ premises and those to be erectcd on said premises, or improvements thereon, i
in good repair, the mortgagee may make such repairs az in its discretion it may. deem nceasary for the prc~per preservation thereof, and
the full amount of each and every such payment shall be immediatety due and payable, and shall be secured by the lien of this mortgage.
6. That he will pay al! and singular ~he- costs, charga. and expenses, including rtasonable lawyer s fees, and costs of abstrac~s of title,
incurral or paid at any time by the mortgagee because of the failure on the pari af the mortgagor promptly and iully to perform the
agrcements and covenants of said promissory note and this mottgage, and said costs, charges, and expenses shall be immediately due and
payable and shap be secured by the lien of ~his mortgaga
7. That he will kcep the improvements now eaisting or hereaRer erocted on the rimortgaged property, insured az may be required from
time to time by the moRgagee against (oss by fire and other hazards, casulaties. °.nd contingencies in such amounts and for such periods as
may be required by mortgagee, and will pay promptly, when due, any premiums on such i~uurance fo- payment of which Nrovis: ~n haz not
been made hereinbetore. All insurance shall be carried in companies approved by mortgagee and the policies and rcne:wals thereof shall ~
be held by morigagee and have attached thereto toss payabte clauses irt favor of and in form acc^ptable to the mortgagee. In event of lou
he will give immediate notice by mail to mortgagee, and mortgagee may mate proof of loss if not made promptly by mortgagor, and each
insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to
mortgagor and mortgagee jointty, and the insurartce proceeds, or any part thereof, may be applied by mortgagee at its option either to the
reduclion of ihe indebtedness h~~-eby secured or to the restoration or repair of the propMy damaged. In event of foreclnsure of this
mortgage or other transfer of title to the mortgaged propeny in extinguishment of the indebtedness secured hereby, aN right. title, and
i interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. That if the premises, or any part thereof, be condemned under any power of eminent domain, or acquiied for a pu'~lic use,
the damages, proceeds, and the consideration [or such acquisition. to the exEent ot the (ull amount of indebtedness upon this
~ ~lortgage. and the iVote secured hereby remainipg unpaid, are hereby assigned by the Nortgagor to the 1lortgagee and shall be paid
~ (orthwith to the lfortp,a~eee to be applied by it on account of the indebteduess secared hereby. whether dae or not.
~ 9. That the mortgagee r+ay, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the
{ appointment of a receiver, and soch court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all
{ and siregular the income, profits, issues, and revenua from whatever source derived. each and every of which, it being expressly
understood, is hereby mortgaged as if spocifically set forth and described in the graniing and habendum clauses hereof, and such receiver ~
~ shall have all the broad and efrective func[ions anJ powers in anywise enirusted by a court to a receiver, and such appointment shall be ;
; made by such court as an admitted oquity and a matter of absolute right to said morlgagee, and without reference to the adequacy or ~
; inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such ~
~ rents, profits, income, issues, and revenua shalt be applied by such receiver according to the lien of this mortgage and the practice of such ~
: court. In !he event of any default on the part of the mongagor hereunder, the mortgagor agrea to pay to the mortgagee on demand at a t
' reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1112) of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, auessmtnts, water rates, and insurance premiams
- for such year not covered by the aforesaid monthly payments ~
i 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said
' sums of money herein refarad to be not promptty and fufly paid without demand or notice, or (c) in the event that each and every the
; stipulations, agreements, conditions, and covenants of said oote and this mortgage, are not duly, promptly. and fully performcd: 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 3
' rtuneys secured hereby, shall become due and payabte forthwith, or thereafter, at the option of said mortgagee, as fully and completely as ~
E if all of the said sums of money were originally stipulated to be paid on such Jay, anything in said note or in this mortgage to the contrary
~ notw•ithstanding; 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 secureJ hercby had matured prior to its institution. The mortgaget may foreclose this mortgage, as to the
f amount so declared due and payable, and the said premisa shal! be sold to satisfy ar~d pay the same together with costs, expenses, and
` allowances. In case of partial faeclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this
` mortgage for the amount of the debt ndt thtn due and unpaid. In such case tht provisions of this paragraph may again be availed of
thereafter from timt to timt by the mortgagee.
' 11. That the mortgagur will give immediate notice by mail to the mortgagee of any conveyance. transfer, or changt of ownersAip of
~ thc premisa.
; 12. Th~t no waiver of any covenant herein or of the obli~ation secured hereby shall at any time thereafter be held to be a waiver of
~ the terms hereof or of the nate secured hereby.
~ ~ 6nCK213 ~~{2713
~
_ a~ ; -