HomeMy WebLinkAbout2504 2. That, in ~xder morr fully tu protr~t thr ~ecurily uf this mortgage, the mu~t~agor, tuge~her v?itA, anJ ~n additiun tu. tAt mun~hly
payments unde~ the terms of thr not~ secur~l hrreby, un Ihe first Jay ~~f r:Kh munth un1i1 the ~aiJ nol~ i~ fully {wid, will pay Iu thr
mortgagre the followin~ sums:
ta) An amount sut'ficient to provide the hader hereof with funds to pay the next mo~~ga~e insurance premium if this instrumtnt aod
the note secured he~eby are insurcd. or a monthly charQe (in lieu of a mort~age insurance prcmium) if they are held by 1he
Secrctary of Housing and Urba~? Development, as folbws:
(U If and so lont as said rate of even date and this iastrument are insured o~ are rcinsured under the urovisions of the
National Housing Act, an amount sutt'~cient to accumulate in the hands af the holder o~e (1) month prio~ to its due date the
annual mort~e iaiurance premium, in or~ to provide such holder with funds to pay such premium to the Secretary of
Housing and Urban Development pursuant to the • National Housin~ Act, as amended. and applicable Re~ulations
thereunder; or
(I q If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develupment,
a monthly charge lin lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth 11f12) of
ono-halt 1~) per centum of the average outstanding balance due on the note computal without taking i~to aocount
delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will neat become due and payable on policies of firc
and othe~ hazard insurance covering the mortgaged property, plus taxes and assessments neat due on the mortgaged p~operty (all
as estimated by the mortgagee) las all sums already paid thercfor divided by the number ot months to elapse before one month
prior to the date when such ground rents, premiums, taxes. and auessments will become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taxes, and special assessmenu; and
lc) All payments mentioned in the two prcceding subaections of this paragnph and all payments to be made under the note secured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each moath in a single payment
to be applied by the mortgagee to the following items in the order set forth: -
(1) prcmium charges under the conaact of insurance with the Secretary of Housing and Urban Development, or monthly
charge lin lieu of mortgage insurance premium), as the case may be;
(II) grouod rents, taxes, assessments, fire, and other hazard insurance premiums;
(111) interest on the nae securcd hereby; and ,
11V) amortization of thc principal of said nota 1
Any deficiency in the amount of such aggregate monthly payment shall, unless maJe good by tht mortgagor prior to the due date of ~
the next such payment, constitute an event of defaull under this mortgage. The matgagee may collect a"late charge" not to exceed two
cents (2c) for.each dollar IS11 of exh payment more than fifteen l ISl days i~ azrears to cover the extra expense invulved in handling
delinquent payments. _
3. That if the total of the payments made by the mortgagor under lh1 of paragraph 2 preceding shall exceed the amount of the
payments actually made by the mwtgagce, for ground rents, taxes and assessments and insurance premiums, as the case may be, such
excess at the option of the mortgagee, shall, be creditcd on subsequent payments to be made by the mortgagor, or rcfunded to the
mortgagor. If, however, the moMhly payments made by the mortgagor under lbl of paragraph 2 preceding shall not be sufficient to pay
growxi rents, taaes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up 1he defxiency. on ix before the date when payment of such
grourxl rents, taxes, assessments, or insurance premiums shall be due_ If at any time the mortgagor shall tenJer to the mortgagee in .
acconlance with the p~ovisions of the note secured hereby, full payment of the entire i~xlebteciness represented thereby, the mortgagee
shall, in computing the amount of such irnlebtednes.c, creclit to the account of the mortgagor all payments made under the provisions of la)
of paragraph 2 hereof which the mongagee has not become obligated to pay to the Secretary of Housing and Urban Devebpme~t and any
balapce remaining in the funds accumulated under the provisions of Ib) uf said paragraph 2_ tf there shall be a default uncfer any of the
provisions of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee aoquires the property otherw•ise
after default, the mwtgagee shall apply, at the lime of the commencement of such proceeJings or at the time the property is otherwise
xquireci, the balance then remaining in the funds accumulatei! under fb) of paragraph 2 precrding as a credit against the amount of
principal t~ien remaining unpaid uncler said note and shall properly adjust any payments v?•hich shall have bee~ made under I~i) of said
paragraph. ' .
4. That he will pay all.taxes, assessments, water rates, and aher governmental or municipal charges, fines. or impositions, for v?•hich
provision has not been made herrinbefore, and in defaolt thereof the mortgagee may pay the same: and that he w•ill promptly deliver the
official receipts therefor to the mortgagee.
5. That he Mill permit, commit, or suffer nu Naste, impairment, or ~eterioration of said propeny or any part thercrof; and in the event
of the failure of the mortgagor to keep the buildings on sa~id premises and those to be erected on saiJ premises, or improvements thereon.
in gooJ repair, the mortgagee may mate such repairs as in its discretion it may deem necessary for the proper preservation thereof, and
the full amount of each and every such payment shall be immediately due and payable. and shall be secureci 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 mongagee because of the failure on the part of the rtwrtgagor promptly and fully to perform the
agreements anei covenants oC said promissury rtote and this mortgage, and said co~ts. charge~, arxi expenses shall be immediately due and
' payable anJ shall be secured by the lien of this mortgage.
j 7. That he will keep the improvements now existing or hereafter e~ected on the mongaged pruperty, insured as may be required Gom
j time to time by the mortgagee against loss by fire at?c1 other hazards. casulaties, and contingencies in such artwunts and for such peri~xis as
~ may be required by mortgagce, and will pay promptly, when due, any premiums on such insurance for paymcnt of w•hich provisiun has not
been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attacheJ 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 mortgagee, and mortgagee may make proof of loss if ~wt made promptty by mortgagur, arx! each
imurance company concerned is hereby authurized and directed to make payment for such loss directly to mortgagee instead of to
~ mortgagor anci mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its c~tion either to the
~ reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged_ In zvant of forecl~nure of this
mortgage or other transfer of tide to the mortgaged property in extinguishment of the indebteYlness securrJ hereby, all right. tiUc, anJ
interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser ur grantee_
8. 'Il~at if the premises, or any part thereo(, be condemned under any power of eminent domain, or arquired for a public use,
the dama~es, Proceeds, aad the consideration for such acquisition, to the extent of the full amount of iaJebte~iness upon this
1lortgage, and the Vote secured herebv remaining unpaid. are hereby assi~ned b~ the ~lortgagor to ~he \lortgagee and shall be paid
(orthNith to the ~IortRaRee to be applied by it on account o( the iadebtednes~ secured hereby, whether due ot not.
9. That-the mortgagee may, at any time pernling a suit upon this mortgage, apply to ihe court having jurixiiction thereof for the
appointment of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all anci singular. including all
and singular the income, profits, issues. and revenues from w•hatever source derived, each and every of which, it being expressly
understood, is hereby mortgaged as if specifically set forth and describeJ in the granting anJ habendum clauses hereof, and such receiver
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 equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or •
inaJequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such
rents, profits, income. issues, arxi revenues shall be applied by such receiver according to the lien of this mortgage arxl the practice of such
court. an the event of any default on the part of the mortgagor hereunder, the mortgagor agcees to pay to th~ mortgagee un demanJ as a
~ reasonable momhly rental for the premises an amount at least equivalent to one-twelfth 11/l2) of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, as.sessments, water rates. and insurance premioms
~ for such year not covered by the aforesaid monthly payments.
10. That lu) in the event of any breach of this mortgage or default on the part of lhe mortgagor. or Ih) 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 anJ every the
stipulations, agreements, conditions, and covenants of said note and this mortgage. are not duly. promptly. and fully performed; then in
~ eilher or any such event. the said aggregate sum mentioned in said note then remainig unpaid, with interest accrued to that time, and all
~ rrwneys secured 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 mortgage to the contrary
notwithstanding: and ~hereupon or thereafter, 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 matured prior to iu institution. The mortgagee may foreclose Ihis mortgage, as to the
amount so declared due and payable, and the said premises shall be sold to saticfy and pay the same together wilh costs, expenses, anJ
allowances. In case of parlial foreclasure of this murtgage, the mcxtgaged premises shall be sold subject to the continuing lien of this
mortgage for the amount of the debt not then due and unpaiJ. In such case the provisions of this paragraph may again be availyd of
thereafter from time to time t+y the mortgagee. '
I1. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
the prcmises.
l2, That no waiver of any covenant hercin or of ihe obligation ucured hereby shall at any time thereafter be held to be a waiver of
Ihe terms hereof or of the rwte secureJ hereby.
eoox 2~4 ~?c.~ 2502
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