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HomeMy WebLinkAbout0623 . , ; 2. Tha1, in order more fully ta p~otoct lhe srcu~i~y of this mortgagc, Ihe mo~tYa~~, tugether with, a~x1 in addi~ion to, thr mon~hly payments uoder the te~ms of the note secured heret+y, on the Rnt day af each mon~h until the seid nute is fully paid, will pay to the mort~a~tt the followins sums: (a) An amount wtticieat to provide the hdder hercot with funds to pay the nezt m.xtsa~e i~surance premium if this instrument and the ~ote secured hereby are insu~ed, or a monlhly char~e (in lieu ot a monpge insu~ance premium) if theY ue held by the ~ Secrotary of Housiu= and Urban Development. ss lolbws: . (q If and so lons ss said note d even date and this instrument ue insured o~ ue ~rinsurcd u?der the ~rovisions of the f Nstioaal Housins Act. an amount wfficie~t to accumuiate in the hands d the holder one montA~ior w its due date the at~nual mort~aje iasurance prtmium. in order to p~ovide such hdder with funds to pay such p~emium to the Secretary of Housitq and Urban Development pursuant to the National Housi~g Act, as amended~ and applicable Regulations thereundcr; or (11) If snd so long u uid note of even date and this instrument sre held by the Soc~etuy of Nousing and Ur~an Development. a monthly charge (io lieu of a mortgage insurance premium) which shall be in an amount equal to onatwelflh (lll2) ot ~ ' onrhalf (y4) per centum of the ave~age ouutandi~g balance due on the note computed without takin~ into aoc.wnt ddinquencies or prepayments: ~ (b) A sum equal to the ground rents. if any, neat due, plus the premiums that will next becort?e due and payable on policies ot fire ~ and other hazard insurance covering the mortgaged proptrty. ptus taxes aod assessments neat due on the mortgaged property (all as euimated by the mort~sjee) las all sums atready paid therefor dividod by the number of rtwnths to elapae before one moath prior to th~ dste when such ~ound rents, prem~ums. taxa. and asscssments will become delinquent, such sums to be held by mongagee in trust to pay said ground rents. premiums. taxes. a~d specia! assessments; and (c) Al! payments mentaned in the two preceding wbsections of this paragraph and all payr.~ents to be msde uoder the note securod hercby shall be added together and the ag~regate amount thcreof shall be paid by the mortgaga~ each moath in a singk payment to be apptied by the mortgagee to the tdlowing items en the order set forth: . !1) premium charges unde~ the convact of insurance with lhe Secrctary of Housing and Urban Devebpment. or monthly charge (in lieu of mongage in~urance prcmium). u the case may be; (tl) gound rents. taxa. assessments. fire. and other huard insurancs promiums; - (111) intccest on the note xcured hercby; and (IV) amortiistion of the principal of said note. ~ Any deficiency in the amount ot such aggregate monthly payRent shall. unlas made gooci by the mortgagor prior to the due date of the nezt such payment. coratitute an event of' default u~xfer this mortgage. The mortgagee may collect a"late charge" not to exceed tw•o cents (2c) for tach dolla~ ISI) of each payment more than fifleen (15) days in arrears to cover 1he extra expense involved in handling dNinquent payments. ~ 3. That if the total of the payments made by the mongagor under Ib) of paragraph 2 p~tceding shall exceed the amount of the paymenu actually made by tht mortgagee, for ground rents, taxes and assessments and insurancr, premiums, as the case may be, such eacce~ at the option of the martgagee~ shdt. be credited oa subsequeat payments to be made bY the mprtgaaor. or refunded to the mortgagor. If, however, the monthty payments made by the mongagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall beoome dut and payable, then the mortgagor shall pay to the mortgagee any amount nocessary to male up the deficiency, on or before the date when payment of such ground rents, taxa, assessments, or insu~ance premiums shall be due. If at any time the mongagor shall tender to the mongagee in accordance with the provisio~s of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in camputing the amouat of such indebtedness, credit to the account of the mortgagor all payments made under the provisions pf (u) uf paragraph 2 hereof which the mortgagee has not beoome obligated to pay to the Secretary of Housing a~ Urban Devdopment 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, resuliing in a public sale of the premises covered hereby, or if the mortgagee aaquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of sueh proceedings or at the time the property is othervvix acquired, the balanee then remaining in the funds accumulatod unde~ (6) of paragraph 2 preceding as a credit against the amouat of princiQa! t~~en remaining unpaiU ueder said oote and shall properly adjust any papr.:ents which shall have txen made under (o) of said r pa~agraph. E 4_ That he will pay all taxes, assessments, w;.,_r rates, and other governmen[al or municipal charges, fines, or impositions, for which ~ provision has not betn made hertinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the officia! receipts therefor to the mongagee. S. That he will permit, commit, or sufTer no w•aste, impairment, or deterioration of said property or any pari thereof; and in the event of the failurc of the morlgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necasary for the proQer preservation thtreof, and the tull amount of each and every such payment shall be immodiately due and payable, and shall be secured by the lien of this mongage. 6. That he wi11 pay all and singular the costs, charges, and expenses, including reasonable lawyer s fees, and coats of abstracts of title, incurred or paid at any time by the mortgagce because of the failure on the part of the morigagor promptly and iully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and t payablt and shall be secured by the lien of ihis mortgage. ~ 7. That he will keep the improvements now existing or hereafter erected os? the mortgaged property, insured as may be required from ? time to time by the mortgagee against toss by fire and other hazards, casulatees, ^nd coniingencies in such arrwunts and for such periods as } may be roquired by mongagee, and will pay promptly, when due, any premiums on such insurance for payment of which rrovis::~~ has not ; boen made bereinbefore. All insurance shall be carriod in companies approved by mortgagoe and the policies and renearals thereof shall ~ be heM by mortgagee and have attachod thereto loss Qayable clauses in favor of anil in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagce, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insuranco company concerned is hereby authorized and directed to make payment for such loss directly to ~mortgagte instead of to mortgagor and mortgagee jo+nUy, and the insurance proceeds, or any part there+of, may be applied by mortgagee at its option either to the reduction of the indebtedness ~-eby secured or to the restoratioo or repair of the propmy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in eztinguishment ot t6e indebtedness securPd hereby, all right. title, and intertst of the mortgagor in and to any insurance policies then in force stiall pass to the purchaxr or grantee. # 8. That if the premises, or any part thereoi, be condemned uader any power of eminent domain, or acquired tor a p~~lic use, ~ the damages, proceeds, and the consideration (or such acqaisitioa, to the extent of the tull amount ot indebtedness upon t6is \(ortgage, and the Note secured 6ereby remaining unp~id, are 6ereby assigned by ~he l~ortgagor to the ~lortgagee and shall be paid ~ fort6Nit6 to the NortqaRee to be applied by it on account o( the indebtedness secured hereby, whether due or aot. ~ 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having juriscfiction thereof for the ; appointmen! of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all ~ and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly f understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective furretions and powea in anywise enirusted by a court Io a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, 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 detendents, a~J that such ~ ren[s, profits. income, issua, and revenues shall be applied by such receever according to the lien of this mongage and the praCti~ of such ~ court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagce on demand as a ! reasonable monthly rental for the premises an amount at least oquivalent to one-twelfth (1l121 of the aggregale of the twetve manthly ins[allments payable in the then current year plus the actual amount of the annual ta~es, assessments, water rates, and insurance premiums t for such year not covered by the aforesaid monthly payments. - 10. That (a) in the ~vent of any breach of this mortgage or default on the pan of the mortgagor, or (b) in the event that any of said ` su~m of money herein referrod to be not promptly and fully paid without demand or notice, or (c) in lhe event that each and every the ` atipulations, agroements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed: then in either or any such event, tbe said aggregate sum mentioned in said note then remainig unpaid, with inttrest accrued to that time, and all moneys secured heroby, shall become due and payable forthwith, or thereafier, at tht opiion of said mortgagee, as fully and completely as if all of the said sums of mo~ey were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding: 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 secured hereby had matured Qrior to its institution. The morigaget may foreclose this mortgage, as to the amount so declazed due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and aflowances. In case of partial foreclosure of this morigage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and urtpaid_ lo such case Ibe provisions of this paragraph may again be availed of ~ thereafter from time to time by the mortgagee. l l. That the mortgagor will give immediate notice by mail to the mongagee of any conveyance, transfer, or change of ownenhip of - the premises. l2. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafte~ be held to be a waiver oi ` tht terms hereof or of the note secured hereby. ~ ~ n fi ~4 ~~4 aG~! _ _ u : ~ ~ ~ ~ ~ g _ ~ > ~ ~ ~ ~ . _ ~