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HomeMy WebLinkAbout1490 2. That, in order rrwre fully to prutcct thc ~ecuri~y of this mortga~e, the ~twr~~agor, to`ethr~ with, arn1 in aJditian to, the monthly payments under the te~ms of ~he note secu~eJ hereby, un ~he fint day af each mc~nth until the wid note is fully paid, wilt pay to the nwrtgagee Ihe Wllowing sums: la) An amount sufficient to provide the holde~ hercof with funds to pay the next mort~a~e inwra~ce promium if this insvument and the note secured he~eby are insured. or a monthly char~e (in lieu of a mon~a~e insurance premium) i[ they ue held by the Socretary of Housit~ and U~ban Developme~t. as follows: (1) If and so lon` ss said note of even date and this insaume~t are insurod or are rcinsured under the urovisions of the National Housin~ Act. an amouat sutficic~t to aocumulate in the hands of the holder one (1) month p~ior to its due date the annual mort~e insurance ptemium, in order to provide such holde~ with funds to pay such prcmium to the Sec~^etary of L. Housin~ and U~ban Development pursuant to the National Housin~ Ac~ as amended. a~d applicablc Regulations the~eunder: or ~ ' (Iq If and so long as said note oteven date and ~his insuument are held by the Secretary of Housing a~d Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) of one-half (44) per centum of the average ouutanding balu~ce due on the note oomputed without taking into account delinquencies or prcpayments; i ~ (b) A wm equal to the $round rents, if any. next due, plus the premiums that will next become due and payable on policies of fire .s- and other hazard insuraoce covermg [l~e morteagc8 pio`pb~y, plus taxes and asseasments next due on the mortgaged property (all ~4 as estimated by the mon~agee) ~ess al~ sums already paid therefor divided by the number of months to elapae before one month prior to the date when such ~rouod rents, prem~ums. taxes, and assessmenu will become delinquent, such sums to be held by mortgagee in trust to pay said g~ound rents, premiums, taxes, and special assGSSmsnts; and (c) All payments mentioncd in the tw~o preceding subaectio~ of this paragraph and all payments to be made unde~ the note secured hereby shall be addod together and the aggregate amount thereof shall be paid by the mortgagor each month in a singk payrtxnt ~ to be applied by the mortgagee to the fdlowing itertu in the order set forth: (q premium charga under the contract of inswance with the Secretary of Housing and Urban Development. or monthly chargr (in lieu of mortgage insurance premium), as the cax may be; (Iq ground rents, taxa, assessments, firc, and other hazard inwrancs premiums; (111) interest on the note securod hereby; and ' lIV) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event oi default under this mortgage. The mortgagee may collat a"late charge" not to excced two cents 12c) for each dollar (SI) of exh payment more than fiRcen (1S) days in arrears to cover the extra expense involved in ha~xiling delinquent payments. _ ~ 3. That if the total of the payments made by the morigagor under Ib) of paragraph 2 prcceding shall exceed the amount of the payments actually made by the mortgagee, for ground ~ents, taxes and assessments and insurance premiums, as the case may be, such eacass at the option of ihe mortgagee. shall. be crcdited on subaequent paymeats to be made by the mortgagor. or refunded to the mortgagor. !f, however, the monthly payments made by the nwrtgagor undcr (h) 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 due and payable, then the mortgagor shall pay to the mortgagee any amount nccessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, asxssments, or insurance premiums shatl be due. If at any time the mortgagor shall tendcr to the moAgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtadness repraented thereby, the mortgagce shall, in computing the amount of such indebtedness, credit to the account of the morigagor all payments made under the provisions of lol of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Devebpment and any balance remaining in the funds accumulated under the proyisions of (b~ of said paragraph 2. If there shall be a default under any of the rovisions of this mort a e resultin ~n a ublic sale of the remises covered hereb or if the mort a re a uires the r rty otherwise ~ P 88• 8 P P Y. B8 a9 P~ after default, the mortgagee shall apply, at the time of 1he commencement of such proctedings or at the time the p~operty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of princiQal t~ien remaining unpaid under said note and shall properly adjust any payments which shall have been macie under (a) of said para~taph. 4. That he will pay all taza, acsessments, water rates, and other governmental or municipal charges. fines. or impositions, for which f provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same: and that he will promptly deliver the official receipts therefor to the mortgagee. ~ S. That he will permit, commit, or sufi'er no waste, impairment, or deterioration of said property or any part thereof; and in the event ' oC the failure of 4he mortgagor to keep the buildings on said.premises and thox to be erected on said premises, or improvements thereon, ? in good~repair, the mortgagee may male such repairs as in its discretion it may deem necessary for the proper preservation thereof, and ' the ftill amount of eaclland every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he,w~ll pay'~11 and singular the casts. charges, and expenses, including reasonable tawyer s fees, and coats of abstracts of title. incurred Qd paid !t anjr time by the mongagee because of the failure on the part of the mortgagor promptly and fully to perform the a~feements at~d covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall „be;secured by the lien of this mortgage. 7. ~lhr~uvil) keep the improvements now existing or hereaRer erected on the mortgaged propeny, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casulaties, and contingencies in such amounts and for such periocis as ~ may be required by mortgagee, and will pay promptly, when due, any premiums on such i~surance for payment of w•hich provision has not ~ been made hereinbefore. All insurance shall be carried in companies approved by tnortgagee and tLe policies and renewals thereof shall ; be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss k i he wii: give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each _ insurance company wncerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor anci mortgagee jointly, and the insurance prceeeds, or any part theroof, may be applied by morigagee at its uption either to the reduction of the indebtedness hereby secured or to the.restoration or repair of the propMy damaged. In event of foreclosure of this 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 i( the premises, or any part thereof. be condemned under any power of eminent domaia, or acquired (or a public use, the damages. proceeds, aad the consideration tor such acquisitioa. to the extent o[ the (ull amount oi indebtedness upon this ~Iortgage, and the ~ote secured hereby remaining unpaid. are hereby assigned by ~be Nortg~gor to the 1lortgagee and shall be paid (orthN ith to the ~1ortRaRee to be applied by it on account ot the indebtedoess secured hereby, whether doe or not. 4. That the mortgagee may, at any time pcnciing a suii upon this murtgege, appiy iu ihe couri i~a~ing jurixiktion thereof for ~he 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, issues, and revenues from whatever source derived, 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 receiver - shall have all the broad and efiective 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 right to said mortgagee, and without rrference to the adequacy or inadequacy of the value of the property mortgagod or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profits, income, issua, and revenua 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 pzrt of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 11112) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes. atsessments, water rates, and insurance premiums i " [or such year not covered by the aforesaid monthly payments. ~ ~ ~p, That (a) in the event of any breacb of this mortgage or default on the part of the mortgagor, or (h) in the event that any of said i sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) 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 suct? event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all ~ moneys secured hereby, shall bewme due and payable forthwith, or thereaRer, at the option of said mixtgagee, as fully and completely as - if all of the said sums of money were originally siipulated 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, wilhout notice or demand, suit at law or in equitj~, may be ~ prosecuted as if all moneys secured 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 mortgaged premises shall be sold subject to the continuing lien of this morlgage for the amount of the debt not then due and unpaid. In such cax the provisions of this paragraph may again be availed of thereafter from time to time by the mortgag~e. 11. That the mongagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of ~ the premises. 12, That no waiver of any covenant herein or of the obligation socured hereby shall at any time thereafter be held to be a w~aiver o! the terms hereof or of the note secured hereby. p R ~ ~ BtlUic ~~1 tACi ~9~ EecK214 FacE14 - : ~ ~ ~ ~ _ Yx" s _ .