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HomeMy WebLinkAbout2324 ~ 2. Tha~, in orde~ morc fully to p~otect ihe ~ecurity of ~his mort`age, ~he mart~or, totethcr with, and in ailJitiun w, the munthly payments under tbe ttrms of Ihe notc secu~cri he~cby, un the firs! day of each m.~nth until the wW iwtc is fully pai~f, will pay to the rtxxtgagee the followins sums: (a) An amount suf'licient to provide the holder hereof with funds t~n pay the ~ext mortsa~e i~sura~ce premium if this instrument and ~ the note secured hereby ue imured. or a monthly chuse (in lieu of a mohaage imurance premium) if they ue held by the ~ Secrctary of Housin~ and Urbsn Development. ss folbws: ~ (1) If and so lons as said note af eve~ date and this instrument are inaured or are rrinsured under the ~rovis'ans ai the ~ Nationa! Hotisina Act. an amouat sutf"~cient to aocumulate in the hands of the holder oae (1) monthprior to iu due date the annual mortga~e insu~ance p~emium, in order to provide such hdder with funds to pay such premium to the Secretuy of { Housing and Urban Development pursuant to the National Housing Act, as amended. and applicable Regulations ; thereundu; or t (Ip If aad so long as said note of even date and this instrument ue held by the Socretuy of HousinQ aad Urban Devebpment. ` a monthly charge (in litu of a mortgage insurance premium) which shatl be ia an amount equal w one-twelfth 11112) of one-half l~) per centum ot the average outsta~xling balance due on the note computed without taking into account delioquencies or prepaymenu; (b) A sum equal to the ground renu, if any, nezt due. plus the premiums that wil! neat become due a~d payable on policies of fin and otAer hazard insura~ce oovering the mortgaged property. plus taxes and asxssments next due on the mon8aged Property (all as estimated by the mort~oe) less all sums already paid therefor divided by the number of mon?hs to etapae before one month prior to the date when such ground rents, prero~ums. taxes, and assessments will become delinquen~ such sums to be held by mortgagee in trust to pay said ground rents, prcmiums. taues. and special uu~ments; and (c) All paymcnts mentioned in thc two praceding wbsections d this paragraph and all payments W be made undtr tht note securcd hereby shail be added togethe~ and the aggregate amount thereof shall be paid by the mortgagor each month in a singk payment to bt applied by the mongagee to the fdbwing items in the order set forth: (p premium charges under the contract of i~urance with the Secrctary of Housing and Urban Devebpment, or monthty charge tin lieu of mortgage insurance premium~ as the case may be; (11) ground rcnts. taxes. assessments, fire. and other hazard insurance premiums; (ltq interest oa the nae secured he~eby; and (1 V) amortization of the principa! of said note. a Any deficieocy.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 of default under this mortgage. The mortgagee may collect a"late chazge" not to excecd two cents (2c) for each doliar (SI) of each payment more than fiftcen (IS) days in arrears to cover the extra expense i~volved in handling delinquent payments. , . 3. That if the taal of the payments made by the mortgagor under (b) ot paragraph 2 preceding shall excced the amount of the paymenu actuaUy made by the mortgagee, for ground rents, taxes and assescments and insurance premiums, as the case may be, such eaccess at the option of the mort~ee. shall. be credited on subaequent paymenu to be made by the mortgagor, or refunded to We mortgagon If, ho~vever, the momhly payments made by the mongago~ under (b) of paragraph 2 preceding shall ~ot be sufficient w pay ground rents, taxes anci assessments and insurance premiums, as the case may be, when the same shall be..omt due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to makt up the deficiency, on or before the date when payment of ~uch ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in ! acconiance with the provisions of the note stcured hereby, full payment of the entire indebtodness represented thereby, the mortgagee ~ shall, in computing Ihe amount of such indebtedness, credit to the account of the mortgagor all payments made u~Mer the provisions of (o) of paragraph 2 hereof which the mortgagee h~s not become obligated to pay to the Secretary of Housing and Urban Devebpment and any balance rcmaining in the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be ~ default under any of the provisions of this mortgage, resulting in a public sale of the prcmises crnerod hereby, or if the mortgagee aoquires the property otherwise ~ after default, the mortgagee shall apply, at the time of the commencement of such proccedings or at the time the property is otherwise acquired, the-balance then remaining in the funds accumulated under !b) of paragraph 2 preceding ac a credit against the amount of principal then remaining unpaid un~fer said note and shall properly adjust any payments which shall have been macie under (u) of said paragraph. 4. ThBt he will pay a11 taxes, assessments, water rates, and other 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 official reeeipts therefor to the mortgagee. S. That he will permit, commit, or satfer no waste, impairment, or deterioration of said property or any part theroof: 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 malce such repairs az in its discretion it may deem necessary for the propet preservation theteot, 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 ihe costs, charges, and expenses, including reasonable lawyer's fees, and costs of absuacts of title, incurred or paid at any time by the mortgagee becaux of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mixtgage, 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 witl keep the improvements now eaisting or hereafter erccted on the mortgaged property, insured as may be required from time to time by the morigagee against loss by fire and other hazards, cawlaties, and conti~gencies in such amounts and for such periods as may be requircd by mortgagee, and will pay promptly, when due, any premiums o~ such insurance for payment of which provision has not been made 6ereinbefore. All iasuranoe sha11 be carriod in companies approved by awrtgagee and the policies and renewals thereof shaU be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mongagee. 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 rnncerned is hereby authorized and directed to makt payment for sucb loss Jirectly to mortgagee instead of to mortgagor and mwtgagee jointly, and the insurance proceecls, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebteclness hereby secured or to the restoration or repair of the property damaged_ tn 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 W the purchaser or grantee. 8. 71?at if the premises. or any part thereof. 6e condemned under any power o( eminent domaio, or acquired (or a public use, ~ the damages. proceeds, and the consideration (or such acquisition, to the extent o[ the full amount o( indebtedness upoa this j )fortgage, and theNote secured hereby remaining uapaid, are hereby assigned by the Nortgago: to the \tortg,agee and s6a11 be paid (orthNith to the \IortRaRee to be applied by it on accouot o( the indebtedness secured hereby, whether due or not. 9. Thai the mortgagee may, at any time penJing a suit upon this mortgage, apQly to the couri havi~g j~risdiction thereof for tht ; appointment of a receiver, and such court shall forthwith appoini a receiver of the premises covered hcreby all and singular, including all ` and singular the income, profits, issu~s, and rovenues from whatever source derived, each and every of which, it l+eing expressly ; underStood, is hereby mortgagod as if specifically set forth and described in the grantirtg and habeodum clauses hereof, and such receiver ~ shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equily and a matter of absolute right to said mortgagte, and without reference to the adoquacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such ~ rents, profiu, income, issues, and revenues shall be applied by such receiver according to the lien of this mortga~e and the practice of such ~ court. In the event o( any default on the part of the mortgagor hercunder, the morigagor agrees to pay to the mortgagee on demand az a reasonabtc monthly rental for the premises an amount at least oquivaleat to one-twelflh (1/!2) of the aggegate of the twelve monthly ; installments payable in the then current year plus the actual amount of the annuat taxes, assessments. water rates, and insurance premiums ~ for such year not coveral by the aforesaid monthly payments 10. That (a) in the tvent of any breach of this mortgage or default on the part of the mortgagor, or (b) in the eveni ihai 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, agretments, conditions, anJ covenants of said note and this mortgage. are not duly, promptly, and fully performed: then in ~ either or any su:.h event, the said aggregate sum mentioned in sai~ n••rP then remainig unpaid, with interest accrued to that timt, and all moneys secured hereby, shall become due and payable forthw~ith, or thereafter, at the option of said mongagee, as fully and completely as ~ if all of the said wms of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary ratwithstanding: and thereupon or thereafter, at the option of said mortgagee, wiihout notice or demand, suit at !aw or in equity, may be ' prosecuted ac if all moneys socurod hereby had maturod prior to its institution. The mortgagee may foreclose this mortgage, as w 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 ailowances. tn case of partial foreclosure of this mortgagc, thc mortgaged premises shall be sold subjoct w t}~e continuing lien of this mortgage for the amount of the debt not then due and unpaid_ In such case the provisiuns of this paragrapfi may again be availed of thereafter from time to time by the mortgagce_ I l. That the mortgagor will give immediate notict by mail to the mortgagee of any conveyance, transfu, or ebange of ownership of ; the premises. ~ 12. That no waiver of any covenant herein or of the obligation secured hereby shall at any timc thereafte~ be held to be a waiver of ~ th- terms hereof or of the oote xcu~cd hereby. ea~x 214 ~A~E 2323 7 ~ ~y.~'~~ , ' `