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HomeMy WebLinkAbout2329 . ~ ~ ~ ; . , 2. That, in ~de~ more fully ta prolect the security of this morttate, the mort~agor, to~elha wi~h, and in addil'an to, the manthly paymenu under the terms ol' the note secured hereby, on the Rnt day of each month until the said note is fuliy paid, will pay to the mort`a~ee the folluwin= sums: (a) Aa amouAt sutRcieat to provide the hdder hereot with fLads to pay the next mortpje insurance premium ii this insuument and the nate secured hereb~r ue iasured, or a monthly chu~e (i~ lieu d a mortp~e insurance prcmium) if they ue held by the Secretuy of Housin~ and Urbaa Developmen~ sa tdbws: : (p If and w lonj as said aote d even date aad this iasuument are insured or ue reinsurcd under the ocovisions of the 5 Nstiooa! Housin~ Act. an amount w1t`~cient to aocumulste ia the hands d the holder one (1) monthprior to iu due date thc ar~ausl aart~a~e insurance promium, ia order to provide such hddsr with funds to pay such premium to the Secreary ot ~ Ho~uia~ and Urban Development pursuaat to the National Housins Acb as amended, and applicable Regulations ~ thereundw: or ~ (11) If aad so loa~ u said note of even date and this i~uwment are heW by the Secretary of Housir?~ and Urban Development, a monthly char~e (in lieu of a mortga~e insurance premium) which shall be in an amount equal w ono-twelflh (1112) ot one-half (44) per centum of the avera~ee outstaadint balaace due on the note computed without takins into aocount deli~?quencies or prepaYmenu; (b) A wm eqwl to the ground rcnts. it any. neat due. plus the premiums that will next baome due and payable on policies of fire ud other hazud imu~ance coverin~ the mort~aged propeny. plus taxes Rnd assessments next due on the mort~aged properry (all as estimated by the mort~s~ee) las all sums already paid theretor divided bY the aumber of months to elapse betore oae month ~ prior to the date whea such ~round rents. premiums, tua. And assessmenta will become deliaquen~ such sums to be held by = mo~agee ia tnut to pay said Bround rents. premiums. taxa, and special assessments: and - ~ (d All payments mentioned in the two precedina subsections d this puagtaph snd all paymenu to be made under the note secured + hereby shall be added tosether and the aggregate amount iheced shall be paid by the mortgagor each month in a siaak payment I to be applied by the mortgagee to the folbwing items ia the order set forth: (q premium charges under the conuact of imurance with the Secretary of Housin~ and Urban Development, or monthly charge (in lieu of mortgage icnurance premium). as the case may be: Up ground reats. tuds. assessments.lirc. and other har,rd iosurance premiums; (Ill) intercst on the note securod hereby; aad ~ (1V) amortizatioa of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall. unless made good by.the mortgagor prar to the due date o( the next such payment, constitute an event of default under this maigage. The mortgagee may collect a"late charge' not to euceed two cents (2c) for each dollar tSl) o[ each payment more than fifteen (IS) days in arrears to cover the extra expense involved in handling delinquent payments. ' _ . 3. That if the total of the paymenu made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the paymenu actually made by the mongagee, for ground rents, taaa and acxssments and insurance prcmiums, as the case may be. such eaceas at the option of the mort~oe, shall. be credited oa subee4ueat WYments to be made by the mortga~ur. or refunded to t6e riartgagor. If, however, the monthly payments made by the mortgagor u~der (6) of paragraph 2 preceding shall not be sufficient to pay ground rcnts, taxes and assessments and insurancc premiums: as the cax may be, when the same shall beoome due and payable. then the mortgagor shall pay to the mortgagee any amount nceessary to make up the de6ciency, on or before the date when payment of such ground «nts, taxes, assessments, or insurance premiu~ shall be due. If at any time the matgagor shall tender to the mortgagee in acoordance with the provisions of ihe note secured hereby, full payment of the entire indebtedness represeated thereby. the mortgagee shall, in rnmput~ng the amount of such indebtedness, crcdit to the aocount of the mortgagor atl payments made under the provisions of (a) 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 xcumulattd under the provisions of (b) of said paragraph 2. If there shall be a default under any of the i provisio~n of this mortgage, raulting in a public sale of the premises coverod hereby, or if the mortgagee aoquires the property othenvise aRer 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 occumulated under (b) of paragraph 2 preceding as a credit against the amount of principal t~un remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said ; paragaph. ~ • 4. That he will pay all taxes, assessments, w;.::r rates, and othtr 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 receipts therefor to the mortgagee. S. That he will permit, commit, or suf[er no waste. impairmen~ or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to teep 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 iu discretion it may deem necessary for the praper preservation thereof, and the full amount of each and every such payment shatl be immodiatdy due and payable, and shall be securod by the lien of this mortgage. 6. That he will pay al) and singular the costs. charges, and expenses, including reasonable lawyer s fees, and costs of abstrac~s of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and iully to perform the agreements and covenants of said promissory note and this mortgage. and said costs. charges, and expenses shall be immediatel~ due and payable and shall be secured by the licn of this mongage. ~ 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 mortgagee against loss by flre and other hazards, catulatia. ^nd contingencia in such amounts and for such periods as € ~ may be roquired by mortgagee, and will pay promptly, when due. any premiums on such insurance for payment of which ~rovisi has not # 9 been made hereinbd'ore. All insurance shall be carried in compaaia approved by mortgagee and the poli~es and renewals thercof shall ~ be held by mortgagee and have attachcd thereto loss payable clauses in favor of and in form ace*ptable to the mortgagee. In event of loss ~ he will give immediate notice by mail to mortgagce, 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 loss direcdy to mortgagee instead of to f mortgagor and mortgagee jointly, and the insurance proceeds, or airy part thereof, may be applied by mortgagee at its option either to ehe . reduction of the indebtedness ~eby securod or to the reuoration or repair of the property damaged. In event of foreclosure of this ~ mortgage or other transfer of title to the mortgaged property in extinguishment of the i~ebtodness secured hereby, all right, title, and ' interest of the mongagor in a~ to any +nsurance policia then in force shall pass to the purchaser or grantce. ; 8. 'Ibat if the premises, or any part thereot, be condemaed under any power o( eminent domain, or acquired tot a pu~lic use. _ the damages. proceeds, and t6e consideration tor such acqoisition, to the extent of the (ull amount ot indebtedness upon this = \tortgage.andtheNote secnred hereby remaining anpaid.are 6ereby assigned br the Nortgagor tothe ~fortgagee and s6a11 be paid fort6with to the ~tort~taRee to be, applied by it on account of the indebtedness secnred hereby, whether due or not. ; 9. That the mortgagce may. at any time pending a suit upon this morlgage, 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, issues, and revenua from whatever source derived, each and every of which, it being eapressly understood, is hereby mortgaged as if spccifically set forih and dacribod in the granting and habendum clauses hereof, and such receiver shall have all the broad and effoctive functio~u 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 reference to the adaquacy 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, profib, income, issues, and revenues shall be applied by such receiver ~cording to the lien of this mortgage and the practice of such court. In the event of any default on the put of the mortgagor hercunder, the mortgagor agrea to pay to the mortgagee on demand as a : reasonable monthly rental for the premisa an amount at least aquivalent to onatwelfth (1/~ 2) d the aggregate of the twelve monthly S ~ installmenu payable in the then current year plus the actual amount of the annual taxes. acsessments, 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 the part of the mortgagor, or (b) in the event that any of said ; sums of money herein referred to be not prompdy and fully paid without demand or natice, or (c) in the event that each and every the € ~ stipulations, agreements, conditions, and covenants of said nae and this mortgage, are not duly, promptly, and fully performed: then in s either or any such event, the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all } moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as iuily and completely as ~ if all of lhe said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereaRer, at the option of said mortgagee. without notice or demand, suit at law or in equity, may be ; prosecuted as if all moneys secured hereby had maturod prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premisa shall be sold to satisfy and pay the same together with costs, expenses, and albwances. In case of partial foreclosure of this mortgage, the morigaged premises shall be sold subjoct W ihe continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such cate the Qrovisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. l l. That the mortgagor will give immediate nolice by mail to tht mortgagee of any conveyance. transfer, or change of ownership of the premises. ~ 12, That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. # i goo~ 214 ~c~ 2328 ~ _ `1,.~_ .~y,Y _ : / ''.-~u s _ _ ~a~ ~ - - ~~`r',.iri . .