HomeMy WebLinkAbout2319 ~
: .
2. That, in order more fully to protect Ihe securily of tAis mon~a~e, the mor~sa~o~. to~etAer with, and i~ sddition to, the mon~hly
paymenu under the terms ut the note secured hcrcby, oo ~he Rnt day M each mooth until the said nat is fully p~id. vrill pay to the
mort~a~ce the followins sums:
(a) Aa amount wfbcieat to provide thc hdder hereot with tunds to pay the aext mortp~e insurance prcmium If thi~ instrume~t aad
che aote secured Aereby are iusurcd. or a moathly chu~e (in lieu of a mo~ase insurince premium) it tbey ~re held er the
Socretary ot Houain~ and Urban Developmea~ ss tolbws:
(q It sad ~o lo~ ai uid note of even dste and this iastrumeat u~e i~ured or ara rcinsurod uader the arovisions ot tAe
Natiooal Housin= Ac~ an amouat wfficiau to aavmulate in the hands d the bolder oae (1) anoathprior W ia due date the
annua! awrt~e insurance premium. ia ordcr to provide such hdde~ with [uads to pay such premium to the Secretary of
Housitu and Urbsn Devetopmeat pursuant to the Natioaal Housins Act~ u aaoended, and apQlicabk Re~ulatiau
~ thereunder; or
(11) !i and so loa~ as said note of even date aad this irotrument are held by the Saretuy ot Housin~ aad Utban Developme~t.
a moethly cha~~e (in lieu of a mort~e insurance premium) which shall be in an amouat equal to oaatwelfth (l/12) of
~one-haN per centum of ehe averase ouuta~dins balaoce due oa the note oomputed wiWout takinj into aaouat
delinquenciea or prepayments:
(b) A w~p equ~l to tM ~round reats, it say. a~acc due. Plus t4e premiums that will next becod~e due aad payabie on -policia of bre
and other hazard iasurance oovering the mon~a~ed propeny. plus taxes aad assessments next due oa tbe martpsed property (all
as estimatcd by the awrtpsee) less dl sums atready paid therefor divided by tAe aumba of montbs to Napoe betore one mwuh
prior to the date when such ~round rents. pcemiums, taxp. aad sue~eats will beoome delinquenl. such sums to be hcld by s
mort~u~ee in trust to pay said `round rents. premiums, taxa. aind specid asst~sments; and ~
(c) All paymeats meationed ia the tw~ precediag wbsections of this parairaph aad sti paymenb to be mde uMa tAe note secured
her~by shatl be added together artd the a~regate amount thereof'sball be piid by the mortp~or eacA awatN ia a aiajk payaneat
to be applied by the mortpgee to the fdiowint ite~ ia the oMer set focth: .
(1) premium ¢huga undcr the contract of insurance with the Secretuy ot Housin~ aad Urbaa Devebpmea~ or monthly
charge (in lieu of mortga~e insurance premium~ as the case may be;
(11) ~touad rents. tues. assessmeats. tire. snd other hazard insuraace premiums;
(III) iateeat oa the nae secured hercby; and
(I1n amoniudoa of the principal of said aote.
Any deficiency in 1he amount of such aggregatc monthly payment shall. unless made ~ood by the mortga~or prior to tht due date oi
the next such payment. cortstitute an event of default under this matgage. The mortga`ee may cdlect a•'late char~e" not w exceed two
cenu (2c) for each doliar (SI) of esch payment more than fifteen (IS) days in arreus !o cover the extra expenx involved in handlin~
delirpuent payments.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 precedin~ shatl euceed the amount ot the
payments actualiy made by the mortgagee, for ground rents, taxa and assessments and insurance premiums. as the cax may be, such
exca~ at the optioa of the mortpsee~ shall. be credited oa wbsequeat payments to be made bY tl~e mortsa~or, or refunded W the
mortgagor. If, however, the montAly payments made by the mortgagor under (b) of paraQraph 2 precedins shall not be sutRcient to pay
ground rcnts, taxa and assessments and irtsurance premiums, as the c.~se ir~ay be. when tbe same shall become due and payable. then the
mortgagor shall pay to the mortgagee any amount nceasary to make up the de(iciency. on or before the date when psyment of such
ground rents, taxa. asxssments, or insurance premiums shall be due. If at any time the martgagor sha11 tender to the mo~asee in
xoordance with tht provisions of the aote secured he~eby, ful! payment of the entirc indeMedness represeated thereby. the mort~ssee
shall, in computing the amount of such indebtedness, credit to the account of the mortga~or all payments made unde~ the provisiom of (o)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Hauin~ and Urbzn Devebpment aad any
balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If therc shall be a default under at~y of the
provisions of this mongage. resulting in a public sale of the premisa covered hereby, or if the mortga~te soquires the propeny otherwix
aRer default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise
acquire~. the balance then remaining in the funds accumulated under Ib) of parag~aph 2 prccedin~ at a credit against the amount of
principal t:~en remaining unpaid under said note and shall properly adjust any payments which shall have bten made under (a) of said
Pa~aPh•
4. That he will pay aq taxes, assessments, w;~:.~r rates, and other govornmental or municipal charga, fines, or impositions, for w~hich
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver thc
official receipu therefor to the mortgagee. ~
S. That he will permit, commit, or wffer no waste, impairment, or dcterioration of said property or any pan thereof; and in the event
of the failure of the mortgagor to kecp the baildings on said premixs and those to be erected on said premisa, or improvtmcnts thereo~,
in good rcpair. the mongaget may make such ~epairs aa in its discretion it may deem necessary for the proper preservation tAereof, and
the full amount of cach and every such payment shall be immodiately duc and payable, and shsll be stcured by the lien of this mort~a~c.
6. That he will pay all and singutar the costs, charges, and expenses, including rtasonable Iswyer
s fea, a~d coats of absuacts of tiUe,
incurred or paid at any time by the mongagee because of the failure on the part of the mortgagor prompily and iully to perform the
agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expensa shall be immediately due and
payable and shall be securcd by the lien of this mcxtgage.
7. That he wilt keep the impmvemenu now exiuing or hertafter erectod on the mongagcd property, insured as msy be rcquired from
time to time by the mongagee against loss by 8re and other hazards, casulatia, ^nd contingencies in such amounts and for such periods as ~
may be rcquired by mortgagee, and will pay promptly, when due, any premiums on such insursnce for payment of which provir,'; o has not
beea made hereiabefore. AI! insurance sha~l be csrried in compznies approved by mortsasee and t6e policies and renewais the~of shall
be held by mortgagee and have attached thercto 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 lass if not made prompdy by mortgagor, and each
insurance comQany concerned is hereby authoriud and direetcd to make paymtnt far wch loss directly to mortgaaee instead of to ~ ~
mortgagor and mortgagee jointly, and the insurance proceeds, or any part theroof, may be applied by morttagee at iu option either to the ~
reduction of the indebtedness hrreby secured or to the restoration or repair of the property damaged. In event of foreclosurc of this
mortgage or other transfer of title to the mortgaged property in eatinguishment of ihs indebtedness secured hereby, all right, title, and
interest of the mongagor in and to any insurance policies then in fo[ce shall pass to the purchase~ or grantee. ~
8. 7'hat it t6e.premises. or any part thereot, be condemned unAer any poher oI eminent domain, or acquited tor a pu~lic nse~ i
the damages~ proceeds. and t6e consideration for such acquisitioa, to the extent of the full amount of iadebtedness upon this ~
~tortgage, and theNote secured hereby remaining nnpaid. are hereby assi~ned by the :Nottgagor to the \lortgegee and shall be paid ~
[orthwith to the ~1ortRaRee to be applied by it on account oI the indebtedness secured hereby, whether dne or not. i
9. T6at the mortgagee may, at aoy timc pending a suit upoo this mortgage, apply to the court having jurisdictan thereof for the
appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered heteby all and singular, including all
and singular the income, profits, issues, and revenua from whatever source derived, each and every of which, it being Gcprcssly
understood, is hereby mortgago~ as if specifically set fonh and dacribed in the granting and habendum clausa hereoF, and such receiver
shall have all the broad and effective functions and powers in anywise entrusted by a court to a roceiver, and soch appointment st~all be
made by such court as an admitted equity and a matter of absolute right to said mortga~re~ and without reference w the adequacy or
inadequacy of the value of the property mortgagod or to the solvency or insolvency ot said martgagor or the defendents, and that such ~
reots, profits, income, issua. and rcvenua shall be applied by such receiver according to the lien of this mortgage and the prectite of such `
court. In the event of any default on the part of the mongagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a ~
reasonabfe monthly rental for the premisa an amount at least equivalent to one-twelflh (lJl2) of tbe ag,~regate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxa, assessments, waterrates, 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 detault on the part of the mortgagor, or (b) in the event that any of said '
sums ot money herein referred to be not promptly and fully paid without demand o~ notice, or (c) in the event that each and every the
stipulations, agreements, conditions, and covenanu of said note and this mortgage, are not duly, promptly, and fully perf'orm~d; then in
esthes os aay such tvtnt, t!~s ~~cgate sum mentinned in said note then remainig unpaid, with interal accrued to that time, and a11
moneys xcurcd hereby, shall become due and payable fonhwith, 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, a~ything in said note or in this mortgage to the oorttrary
notwithstanding; and thereupon or thereafter, at the option of saed mongagee, without notict or demand, suit at law or in equity, may be
prosecuted as if all moneys secured hereby had maturod prior to iu institution. The mongagee may foreclose this mongage. as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same to~ether with costs, expenxs, and
atlowances. In case of partial foreclosure of this mprtgage, tht mortgaged premises shall be sold subjtct w the continuin~ lien of this
mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this para~raph may a~ain be availed of
thereafter from time to time by the mortgagee. ~
l l. That the mortgagor wiN give immediato notice by mail to the mongagee of any conveyance. trans(u. or chan~e of ovmership ot ~
the premises. #
12. That no waiver of any covenant herein or of the obligation secured hereby shall at any t:me thereafier be held to be a waive~ of ~
the terms hereof or ot the note secured hereby. ;
6~~~ 2i~ PllGf ~C . _
I J~~ ,
r s'~~'~ '"~lf^ ~ '''~5 n^,~~n~.,~ ~ v