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HomeMy WebLinkAbout1487 2. That, in o~de~ more fully to p~utect thr ucuri~y ~if this rtw~i~aga the nwri~a~~~~, tu~eethr~ wiih, anJ in :niJitiun to, the nx?nthly paymtnts u~Jcr the Ierms of Ihe nutc ~ecurttil her~by, on the fint Jay af rach month until tht s:+id note is fully paid, will pay tu thc mortg:~ae the folluwing +ums: • (ai An amaunt sufYicient to p~oviJe the holder hereot with funds ta pay the t~ext mort~aje i~surance prcmium if this instrumsnt and the note secured hereby ue insurcd. ar a mo~thly charge (in lieu of a mortgage insurance premium) ii they are held by the Secretary of Housin~ and Urbaa Development, as folbws: Iq If and w long as said note af ev~~ date and this irtstrument are insured or are roinsured u~de~ the urovisiom of the National Housin~ Act, an amount wfricient to aaumulate in the hands of the holder one ( l) monthprior to its due date the annual mo~t~a~e insurance premium. in order to proviJe such holde~ with funds to pay such premium to the Secretary ot ' Housin~ and Urban Development pursuant to the National Housing Ac1. as amended and applicable Regulatioos thereuoder; or (Ip If aqd so long as saiJ note of even date and this irtstrument are held by the Saretary of Housing and Urban Development, ' a monthly cha~ge lin lieu of a mortgage insurance premium) which shall be in an amount equal to onatwelfth 11112) of onrhalf (44) per centum of the average outstanding balance due on the note computod without takias into axount delinquencies or prepayments; (b) A sum equal to the ground rents, it any, next due. plus the premiums that will next become due and payable on policies of fire and other haiard irtsu`rance coveFing" [h2 ~o~~g~ge~~TO~tiy, plus taaa and assessments next due on the mortgaged p~operry (all as estimated by the mortgasee) less a!1 sums already paid therefor divided by the number of mo~ths to elapse before one month prior to the date when sush ground ~ents. prcm~ums. taxes. a~d assessments will become delinquent, such sums to be held by r~,~ mortgagee i~ trust w pay said ground ~ents, premiums, taxes, and special asxssmenu; and (c) All payments mentioned in the two prxeding subaections of this paragraph and alt payments'w be made under the note secured hereby shall be added tosether and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be appliedby the mortgagee to the.fdlowing ittms in the order set forth: (1) premium charges under the contract of insurance with the Secretary of Housing and Urban Devebpment. or monthly charge (in lieu of mortgage insurance premium), as the case may be; QU) ground rcnts, taxes, assessments, firc, and other hazard insurance premiums; (111) interest oa the nae secursd hereby; and (IV) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unlest made good by 1he mortgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee may cullect a"late charge" not to exceed two cents 12c) for each dollar IS11 of exh paymenl more than fifleen (IS) days in arrears to cover the extra expense involvecl in handling delinquent payments. _ 3. That if the total of the payments made by the mortgagor under lb) of paragraph 2 preceding sfiall exceed the amount of the payments actually made by ihe mortgagee, for ground rents, taxes and assessinents 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 mortgagor. or refun~ed to the mortgaga~. If, h~vrtver; the monthly payments made by the mortgagor under Ib) of paragraph 2_praceding shall not be sufficient to pay ~~ound rei~ts, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagor shall Qay to the mortgagee any amount neCessary to make up the Jeficiency, on or before the date when payment of such grounc! renE~, taYes. axsessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mongagee in accord~aAce wifh the provisions of the note secured hereby, full payment of the entire indebtedness reprcsented thereby, the mortgagee shall, in computing the amount of such inJebtedness, credit to the aocount of the mortgagor all payments made under the provisions of (o) of paragraph 2 l~ertof which the mortgagee has not become obligated to pay to the Secretary of Nousing aad Urban Development and any balance remaining in the funds accumulated under the provisions of (b~ oC said paragraph 2. If there shall be a default urxler any of the provisions of this mortgage, raulting in a public sale of the premises covered hereby, or if the mortgagee aaquires the property otherwise after default, the inortgagee shall apply, at the time of the commencement of such proceedings or at the time the propeny is otherwise acquired, the balance then remaining in the funds accumulateri under (6) of paragraph 2 prececling as a creYlit against the amount of principal t~~en remaining unpaid under said note arxf shall properly adjust any payments which shall have been made under lo) of said paragraph. - 4. That he will pay all taxes, assessments, water rates, and aher governmental or municipal charges, fines, or impositions. for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same: and that he will promptly deliver the otficial receipts therefor to the mortgagee. 5. That he will permit, cummit, or sutTer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the morigagor 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 necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this me~tgage. ~ 6. That he will pay all and singular the costs, charges, anJ expenses, including reasonable lawyer s fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this morigage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he w~ill keep the improvements now existing or hereafter erected on the mortgageci properiy, insured az may be required from time to time by the mortgagee against loss by fire and ott~er hazards, casulatia, and contingencies in such amounts and for wch periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such ir~surarece for payment of which provisan has not been made hereinbefore. All iasurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee anJ ha~e attached thereto loss payable clauses in favor of and in form aCceptable to the mortgagee. 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 mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor anci morlgagee jointly, and the insurance prceeeds, or any part theroof, may be applied by morigagee at its option either to the reduction of the i~xiebtedness herebv secured or to the restoration or repair of the property damaged. In event of foreclosnre of ihis mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That it the premises, or any part thereo(. be condemned uader any power ot eminent domain, or acquired (or a public use, the damages, proceeds, and the consideration (or such acquisition, to the extent of the ful) amount of indebtedaess upon this ~lortgage, aod the~iote secured hereby remaining unpaid, are hereby assigned by the Nortgagor to the 1lortgagee and shall be paid torthwith to the ~IortRaRee to be applied by it on account of the indebtedness secured hereby, whether due or not. 9. That the mortgagee may, at aay time pending a suit upan this mortgage, apply to the court having jurisdiction thereof for the appointment 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, iscues, and revenues from whatever source derived, each and every of which, it being eapressly 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 eRective fanctior?s and powers in anywix entrusted by a court to a receiver, and such appointment shall be made by such court as an aJmitted equity and a matter of absolute right to said mortgagce, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said morigagor or the defendents, and that such rents, profits. income, issues, and revenues shall 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 of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand az a reasonable monthfy rental for the premises an amount at least equivalent to one-twelfth 111~2? of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual ta~ces, assessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That lu) in the event of any breach of this mortgage or default on the part of the mortgagor, or Ih) in the event that any of saiJ sums of money herein referrod to be not promptly and fully paid without demand or notice, or lc) in the event that each and every the stipulations, agreements, conditions, and covenants 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 hereby, 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 notwithstanding: and thereupon or thereafter, at the optiun of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to iu institution. The mortgagee may faalose 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, expenses, and allowances. In case of partial foreclosure of this morlgage. the martgaged premises shall be sold sub}ect to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case Ihe provisions of this paragraph may again be availed of thereafter from time to lime by the mortgagee. l]. That Ihe mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or changt of ownership of the prcmises. 12. That no waiver of any covenant herein or of the obligation socured hc~eby shall a1 any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. / ; s°ooK~~~ ~'aCE1~~ BDUX~~ ~Aff~~O~? 2~~ , , - , - a~ . ~5~ ~ ""'~`'~"i``9~..~ ~s~~ a ~g~ - ~ -~a.. ~ .