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HomeMy WebLinkAbout2273 2. Ths~ in orde~ more fully to prutect the stcu~ity ot' this mo~l~:+~c, 1he nwrt~a~r, t~~gether with, and in a~lditiun to, thc mon~hly payments unde~ the te~ms of ~he nwe securtJ herrby, un ~he fint Jay ot rach mooth until the said iw~e is fully paid, will pay to the murt~a~ee the followins sums: • An amouat wf'ficieat to, provide the hdde~ he~ooi with [uixis to pay the next mortpse insura~ce prcmium if this i~suument arni the ~ote yecured hereby are imured. a a monthlr char~e lin lieu of a mort=a~ee insu~ance premium) it they ue held by the Secretary of Housins and Urban Developmen~ as fdbws: (D If aad so IoA~ as said aote of even date and this instrument ue iasured or ue rcinsurod under the ~rovisions of the Natioaal tbusin~ Ac~ an amount wff'kient to sceumulate in the har~ds of the holder one l l) monthprior to its due date the annual mott~e insurance premium, in orcfer to provide such hdder with fu~ds to pay such premium to the Socrctary of Housins and Urbaa Dev~elopment pursuant lo the Natio~al Housiuu~ Act, as amended. and applicable Reaulations thercunder.cx ~ (11) Itand so lons as said ~wte of even date and this instrument are held by the Secretary o[ HousinQ and U~ban Developrtxnt, a monthly char~e (in lieu of a mortgage insurance premium) which shall be in an amount equal to ono-twelfth (1112) of o~c-half (~s) per centum ot the average outstanding balance due on the note computed without tating into aocount delinquencies or prepayments; (b) A sum eqwl to the g~round.rertts. if any. next due, plus the premiums that wi11 next become due and payable on policies of fire and other hazard insurance covering the mort~aged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgaaee) las all sums already paid therefor divided by the number of months to etapse before o~e month prior to the date when such ground rents, premwms. tsuces. and assessments will become delinquent, such sums to be held by mort~agee in trust w pay said Bround ~ents, premiums, taxes. and special assessme~ts: and (c) All payments"mentioned in the two preceding subsectio~n of this paragnph and all payments to be made under the note securod hereby shall be added together and the aggregate amount thereof shall be paid by the mongagor each month in a single payment - to be applied bythe moctgagee ta the fdlowing itert~ in the order set forth: (p • premium charQes unde~ the contract o[ insu~ance with the Secretary of Housing and Urban Developmcnt, or monthly charge (in lieu of mortgage insurance premium). as the case may be; (Iq ground rcnts, taxes, assessments. fue. and other hazard insurance premiums; (Ill) interat on the note secured heceby; and (1V) amortization of the priacipal of said note. Any deficiency in the amount of such,agg~egate monthly payment shall, unless made goal by the mortgagor prar to the due date of. the next such payment, constitute an event ot default under this mortgage. "fhe mortgagee may collect a'~late charge" not to exceed two cents l2c) for each dollar (SI) of exh payment more than fifleen IIS) days in arrears to cover the extra expense involved in handling delinquent paymenu. _ 3. That if the total of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall exceed the amount of the payments actually made by the mortgagee, for ground rents, taxes and acuscments and insurance premiums, as the case may be, such excess at the optan of the mortgagee. shall. be credittd on subsequent payanents to_be made by the mortgagor. or refunded to the mortgagor. If, however. the monthly payments made by the morigagor under Ib) of paragraph 2 preceding shall not be sufficient to pay ground rents, taaes and assessments and insurance premiums, as the case may be, when the same shall become dut and payable, then the mortgagor shall pay to the mortgagee any amount neces.sary to make up the deficiency, on or hefore the date when payment of s~ch ground rents, taxes, assessments, or insurance premiums shall be dua If at any time the mortgagor shall tender to the mortgagee in aceordance with the provisions of the note secured hereby, fult payment of the entire indebtedness represented thereby, the mortgagee shall, in computing the amount o~ such indebtedncss, credit to the account of the mortgagor all payments made under the provisions of ta) of paragraph 2 hereof which the mortgagee has not become obligated to paY to the Secretary of Housing and Urban Development and any • balance remaining in the funds accumulated under the provisions of (b) of said pazagraph 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 acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulateci under fb) of paragraph 2 precetiling as a credit against the amount of principal t.ien remaining anpaid under said note and shall pruperly adjust any payments which shall have been made under lu) of said paragraph. . - 4. That he will pay all taxes, azsessments, water rates, anJ other governmental or municipal charges, fines, or impositions. for which provision has not been made hereinbefore, and in Jefault thereof the mortgagee may pay the same: and that he will promptly deliver the official receipts therefor to the mongagee_ ~ S_ That he will permit, commit. or sufTer no w~te, impairment, or deterioration of said pruperty or any part thereof; and in the event of the tailure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, or impruvements thereon, in good repair.-the mortgagee may make such repairs az in its discretion it may deem necessary for the proper preservation thueof, 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 mortgage. 6. That he will pay all and singular the costs, charges, and 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 mortgage, and said costs. charges, and expenses shall be immediately due and ' payable and shall be secured by the lien of this mortgaga ~ i 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from ~ time to time by the mortgagce against loss by fire and other hazanis, casulaties, anJ contingencies in such amounts and for wch periocis as I may be requircd by mortgagce, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not € been made hereinbefore. All insurance shall be carried in companies approved by mongagce and the policies and renewals thereof shall ~ be held by mongagee and have attachod 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 mongagee, and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authoriud and directed to make payment for such luss directly to mortgagee instead of to mortgagor anci morigagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option eith~r to the ~ reduction of the indebtedness hereby secur+ed or to the reslorat~on or rcpair of the properiy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in ~xtinguishment of thrindebteJness sec.ured herehy, 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 if the premises, or an}' part thereoi, be condemned under aoy power o( eminent domain, or acquired (or a public use, the damages, ptoceeds, and the consideration tor such acquisition. to the extent o( the (ull amouat o[ indebtedness upon this ~lortgage. anJ the rote secured herebv remaining unpaid, are hereby assigned by the \lortgagor to the 1lortgagee and shall be paid (orth~+ith to the ~Iort~taRee to be applied by it on account oi the indebtedness secured hereby, whether due or not. 9. That the mortgagee may. at any time pending a suit upon this mongage. 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, issu~s, and revenues from whatever source derived, each and every of which, it being eipressly understood, is hereby morigaged as if specifically set forth and describeJ in the granting and habendum clauses hereof, and such receiver shall have all the broad and efTective 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 morigagee, and without reference to the adequacy or inadequacy of the value of the property morigaged or to the solvency or insolvency of said mortgagor or the defendents, arxi that such rents, profits, income, issues, and revenues shall be applied by such receiver acconiing to the lien of this mortgage and the practice of such court. In the event ot any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the morigagee on demand as a reasonable monthly ~rental for the premises an amount at least equivalent to one-twelfth (1112) of the aggregate of the twelve monthly r installments payable in the then current year plus the actual amount of the annual taxes, assessments, v~ater rates, and i~surance premiums ~ for such year not covered by the aforesaid monthly paymeats. ~p, 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 referred to be not promptiy and fully paid withvut 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 ~ ~ cither or any suc.h cYCi~t. e~i~ a~regate sum :nt ~~d on said note :!s~n semainig unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forihwith. 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 mongage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortgaget, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution_ The morigagee may foreclose this mortgage, as to the amount so dtclared 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 mortgage, the mortgaged premius shall be sold subject to the continuing lien of this mongage fcx the amount of the debt not then Jue and unpaid. In such case the provisions of this paragraph may again be availed of . thereafter from time to time by the mortgagee. ~ 11. That the mortgagor w•ill give immediate notice by mail to the mortgagee of any conveyanct, transfer, or change of ownership of ~ the premises. ' 12. That no waiver of any covenant herein or of the obligatiun socurecl hereby shall at any time thc~eafter be held to be a waiver of ~ the terms heroof a of the note secured hereby. s f ~ aooK 214 ~~F 2272 = ~ , . - - _---J-- - _ ~ _ ~ w~ ~ ~ ~ ~N : ~ ~~s" ~ ~