HomeMy WebLinkAbout2310 2. That, in order morc fully to prat~ct Ihe security of this mort~age, the mort~a~or, to~ether with, and in addition to, the montAly
payments under the terms of thc nate sccurcd hereby, un ~ht Rrst day of each month un1i1 tAe suid note is fully paid, will pay to the ~
mo~t~a~ee the followins sums:
(a) An amou~t wfscieat to provi~ie the holder hereof with (unds to pay the ~?cxt mort~ase inwrance prcmium if this inurument and
the note secured hereby are insured, or a monthly cAu~e lio lieu of a mort~aje insurance premium) if they ue held by the
Secreury of Housin~ and Urban Development. as fdbws:
(1) If and w lons ss uid note ot even date snd this instrument ue insured or ue rcinsund unde~ the omvisions of the
Natioaal Housin~ Act. an amount wtr'~cicnt to aocumulate in ~hc hands d'the holder onc (1) monthprior to its due date the
aa~ual mort~e insuraace premium. in order to provide such holder with funds to pay such prcmium to the Socretary of
Housins artd Urban Development pursuant to the Natiwwl Housin= Ac~ as amended, and applicabfe Re~ulntions
thereunder; or
'(Ip If antl-so long as said note of even ciate and ~his instrument arc held by the Secretuy of Housing and Urban Devcbpment,
a monthly charge (in lieu of a mort~age insurance premium) which shall be in an amount equal w one-twethh (1/12) ot
one-hal[ (~i) per centum of the arerage outstsnding balance due on the nae computod without takia~ into aaount
delinquencies or prepayme~u•
(b) A wm equal to the ground rents, ii any, next due. plus the premiums that wJl nezt become due and payabte on policies of fire
• and other hazard insurance coveiing the mor~gaged property. plus taues and assessments ntxt due on the mortgaged property (all
as euimated by the mortBa~ee) less sll su~ already paid thaefor dividod by the number of moaths to elapae be[ore one moath
prior W the date wAen such g~round rents. Pretg~ums. taxes. and as.se.ssrnents will bocumo delinquent, such sums to be hNd by
mon~agee in trust to pay said ground rents. premiums, taxes, and special assessments; and
k) All payments mentaned in the tw~o precedi~g subsections of chis paragraph and all payme~ts to be made under the note secured
hereby shall be added together and the aggregate amonnt thereof shaN be paid by the mortgagor esch moath in a sioale payment
to be applied by the morigagce to the following items in the order set forth:
(1) premium charges under the contract of insurance with the Sec~etary of Housing and Urban Devebpmeat, or mo~thly
charge (in lieu of mortgage insurance premium), as the case may be;
UI) ground rents. taxes, assessments. fire, and other hazard insunncc premiums;
(Itq interest on the note secu~od hveby; and
(1 V) amonization of the principal of s~id note. -
Any de6ciency in the amount of such aggregate monthly payment shall, unless maJe good by the mortgagor prior to the due date of
the next such paymen~ constitute an event of default under this mortgage. The mortgagee may collat a"late charge' not to exceed two
cents 12c) for each dollar ISI) of each payment more than fifteen (IS) days in arrears to ~ovor the extra expense involvecl in harteiling
delinquent payments. ,
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the
payments actually made by the mortgagee, for ground rents, taxes and azuscmrnu and insurance premiums, az the case may be, such
eat~ss =t the optioA of the mortgagee. shall. be crcditod on wbsequent paymcnts to be made by the mortga~or. or refunded to the
mortgagor. If, however, the monthly payments made by the mongagor u~de~ Ib) of pazagraph 2 preceding shal{ not be sufficient to pay
ground rents, taxes and assessments and insurance prcmiums,, as the case may be, whm the same shall become due and payable, 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
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in
accordance with the provisions d the note secured hercby, full payment of the entirc indebtedness represented thereby, the mortgagee
shall, in computing the amount of such indebtedness, credit to the account of the mongagor all payments made under the provisions of la)
of paragraph 2 hereof which the mortgagee has not become obligatcd to pay to the Secretary of Housing and Urban Devebpmei?t and any
balance remaining in the funds accumulated uncter the provisions of (b) of said paragraph 2. If there shal! 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 othenvise
after default, the mortgagee shall apply, at the time of the commencement of such prcecedings or at the time the property is othenvise
acquired, the balance then remaining in the furtds accumulated under /6) of paragraph 2 preceding as a credit against lhe amount of
principal ti~en remaini~g unpaid unde~ said note and shall properly adjust any payments which shall have been made undtr (a) of said
paragraph.
4. That he will pay all tazes, ascessmeets, wate~ rates, and other governmental or municipal ch:urges. 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
oft'iciai r~eipts thercfor to the mortgagee,
S. That he wil) permit, commit, or sufter r~o 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 diseretion it may deem necessary for the proper prese~vatioo thereof, and
the full amour+t of tach and every such payment shall be immetiiiately due and payabk, and shall be secured by the lien of this mortgage.
6_ That he will pay all and singular the costs. charges, and expenses, including reasonahle lawyer
s fees, and costs of abstracts of tiUe.
incurred or paid at any time by ihe mortgagee because of ~the faiture on the part of thc mortgagor promptly and fufly to prrform the
agreements ar~d covenants of said promissory note and this mortgage, and said coats, charges, and expenses shall be immediately due and
payable and shall be secured by the lien of this mortgage. .
7_ That he wil) keep the improvements now existing or hereaRer erected on the mortgaged property, insured az may be required from
time to time by the mortgagec against loss by fire and dhu hazards, casulaties, and wntingencies in such amounts and for wch periods as
may be required by mortgagee, and wi11 pay promptly, when due, any premiums on such iasurance for payment of which provision haz not
been made heroinbefore._ All insurance shalt be carried in companies approved by mortgagee and the policies aad renewals thereof shall
be beld by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In evet?t of loss
he will give immediate natice by mail to mortgagee, and mortgagee may mate proof of loss if not rnade promptly by mortgagor, and each
insurance company concernM is hereby authorized and dirocted to make payment for suth lass directly to mortgagee instead of to
mortgagor and mortgagee jointly, and the iniurance proceeds, or any part thereof. may be applied by mortgagee at its option either to the
reductio~ of the indebtedness hereby secured or to the restoration"or repair of the property damaged. In event of toreclosure of this
mortgage or other transfer of titie to the mortgaged property in eatinguishment of the indebtedness secured hereby, all right, title, and
interest of the mortgagor in and to any insurance policies then in force shall pa~ to the purchaur or grantee.
8. That if the premises, or any part thereot, be condemned under any power oi eminent domain, or acquired tot a public use,
the damages. Proceeds, and the consideration (or such acqnisition. to the extent ot the full amouat ot iadebtedness upon this
Ilortgage,andtheNote secured hereby remaining unpaid.are hereby assigned by the Nortgagor tothe ~1o~tgagee aod s6a11 be paid
(orthwith to the ~1ortRaRee to beqpplied by it on account o( the indebtedness secnred hereby, whether dae or not.
9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court ha~•ing jurisdicteon thereof for the
appoiatment of a receiver, and such couri shall forthwith appoint a receiver of the premises covered hereby al! and singular, including all
and singular the income, profiu, issues, and revenua from whatever source derived, each and every of which, it being eapressly
understood, is hereby mortgagod as if specifically set torth and described in the granting and habendum clauses hereof, and such receivor
shall have all the broad and ef'fective functions and powers in anywise entrusted 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 mortgagee, and without rekrence W the adoquacy or '
inadequacy of the value of the property mortgaged or to the solvency or insolvency of said rrartgagor or the defendents, and that such ~
rents, profits, incomc, 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 ot a~y default on the part of the mortgagor hereunder, tht mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental tor the premises an amount at least equivalent to one-twelfih (1/12) of the aggregate of the Iwelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, assasments, water rates, and insurance premiums
for such year not covered by the aforesaid monthly payments.
10. That (a) in the event of any breach of this mortgage or default on ihe part of the mortgagor, or (b) in the event that any of said
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, agrcements, conditions, and covenants of said note and this mortgage, aze not duly, promptly, and fully performed; then in
either or any such event, i ic ao~~ a~:egaic sum menticr.t~ en saed nott then remainig unpaid, with interest accrued to that time, ar~d a!!
moneys stcured 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 morigage to the contrary f
notwithstanding; and thcreupon or thereatter, at the option of said mortgagce, withoui notice or demand, sait at law or in equity, may be ;
prosecuted as if all moneys socured hereby had maWred prior to its institution. The mortgage+e may foreciose this mongage, as to the
amount so declared due and payable. and the said premises shall be sold to satisty and pay the same together with cosis, expenses, and
allowanca. In case of partial forectosure of this roortgage, the mortgaged premises shall be sold subject to the coniinuing lien of this
mortgage for ihe amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of ~
thereafter from timo to time by the mortgagee.
I1. That the mortgagor wiil give immediate notice by mail to the mortgagee of any conveyar~ce, transfer. a change of ownership of
the premises.
I2. That no waiver of any covenant herein or of the obligation secured hereby shal) at any time ther~after be held to be a waiver of
the terms Aereof or otthe note secured hereby. {
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