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HomeMy WebLinkAbout0070 2. That, in ordet mure fuUy ta prutrtt the ~r~u~~ty uf ~his murtgagt, the murtgabur, tugrtht~ Nith, anJ in aJJitiun tu, th~ m~nihly paymrnts unJr~ tAr ttrms uf ihr nutu aecur~f hrreby. .m the firs~ day uf tach munth until thr ~aid rkar fully p~id, will pay to 1h~ mortgagza ~he foliowing wms: ta) ^n amount wfficient to provide Ihe holJer he~eof with funJs to pay the next mortgrge inwrance premium if this instrument and the note secured hereby are insured, or a munthly charge (in lieu of a mortgage in~urarn;e prcmium) it they art held by the Secretary ot HousinQ and Urban Development, i1S (p,IOWY: !1) lf and so long as said note of even date and tAis inu~ument are insured or a~e reinwred under the p~ovisions ot the National Housinp Act, an amount sufYicient to accumulate in the hands ot the holder one (1) monthprior to its due date thc annual motigage insu~a~e premium, io onier Io provide such hulde~ with funds to pay such przmium to the Secretary of ~ Housing and Urban Development pursuant to the National Housing Act, as amernled. and applicable Regulations , thereunder; or (IU li and so long as saiJ note of eve~ date arn! this enstrument are held by ihe Secretaty of Housing and Urban Ikvelopment, a monthly charge (in lieu of a mortgage insurance premiuml which shall be in an amouol equal to one-tw•elfth (1112) of . one-half per ce~tum of the average outstanding balance due on the note computed witAout taking inlo account delinquencies o~ prepayments; (b) A sum equal to the ground renu, if any. neat due, plus the premiums that will next become due arxi payable on policies of fire and olher hazard insurance covering ~he mortgage~i property, plus taxes and assecsments next due on the mortgayed proper~y (all as atimated by the mort~agte) Icss all sums already paid thtrefor divided by the number of months to elapse before one munth prior to the dat~ whea such ground rents, premwms, taxes, and assissments will become delinquent. such sums to be held by mortgagee in t~ust to pay said ground rents, premiums, taxes, and special assessmenu; and (c) Atl payments montioned in the two preceding subsections of this paragraph 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 month in a single payment to be applied by the mortgagee to the following ittms in the ordt~ set fo~th: fl) Qremium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as ~hc case may be; (11) grou~d rents, taxes, assessments. 6rc, and other hazard insurar~ce premiums; (111) enterest on the nae secured hereby; and , (IV) amortization of the principal uf said note. Any dtficiency in the amount of such aggregate monthly payment shall, unless madt gocxi by the mcxtgagor prior to the due date of the next such payment, constitute an event of defaull under this mongage. The mortg:~gee may collect a"late cAarge" not to exceed twu cents (2c) for each dollar IS11 of each paym~nt more than fifleen IISI days in ar~ears to cover the extra expense involved in handling delinquent payments. That if the total of the paymeois maJe hy the mortgagor under Ib) of paragr~ph 2 preceding shall exceed the anwunt of the payments actually made by the mortgagee, for grounJ rents, taxes anci assessments and insurance premiums. as the case may be. ~uch excess at the opti~n of the mortgagee. shall, be crcdited oa wbsoquent paymenu to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly payments macle by the mongagor under Ib? of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes aixl assessments and insurance premiums, as the case may be, when the same shall become due a~xf payable. the~ the mortgagor shall pay to thz mortgagee any arrx~unt necessary to make up the deficiency, un cx before ~he date when payment of +uch ground rents, taaes, assessments, or insurancc premiums shall be due. IC at any time the mortgagor shall te~xier to the mortgdgee in accordance with the pruvisions of the note secured hereby, full payment of the entire indebtedness represer?ted thereby. the mortgagee _ shall, in computing the amount of such irxlebtedness, credit to the accaunt of the mortgagor a!I payments made under the provisions of !al of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing arni UrMan Dtvelopment a~ni any balance remaining in the funds xcumulaied under the provisions of 161 of said paragraph 2. If there shall be a defau(t urxter any of the provisions of this mortgage, resuiting in a pubiic sate of the premises covered hereby, or ef the mortgagee acquires the property othenvise attet default, the mortgagee shall rpply, at the time of the commencement of such prceeedings ur at the time the propeny is otherWise acquireci. ~he balance then remaining in ~he funds accumalatrd under ~b) of pazagraph 2 prece~ling as a credit against the amuunt of principal t~~en remaining unpaid under said nute and shall properly adjust any payments whicb shall have been made under lu) of said paragraph. 4. That he w•ill pay all taxes, asseismenu. water ratrs, anJ uther governmental or municipal charge~. fines, or impositiuns, for ahich provision has not been made hrreinbefore, and in Jef~ult therc~f the mortgagee may pay the same: snd tt~at he will promptly delivcr the otficial receipts thereFor to the mortgagee. S. That he wi~l permit, commit, or sut'fer no w•:ute, impairment, or deterforation of +aid property or any part thereof; ami in ihe event of the faiiure of the rm~rtgagor to keep the buildings on ~:ted premi~eti and tAose to be erected on said premises, or improvements thereon. in go«i repair. the mortgagee may male such repairs as in its Jiscretion it may Jeem necessary for the proper preservation thereof, and the full amount of each anJ every such payment shall t+e imm~tiliately due and payable, arxi sh~tl t?e secureci by the lien of this mortg~ge. 6. That he wi~l pay aii and singular the a»is. charges. and expenses, including reasonable lawyer s fees. and costs of abstracts of tiUe, incarred or paiJ at any time by the m.~rtgagee because of the failure on the part of the s~wngagor prompUy and fully to perform the agreements arxi covenants of said promissary note and this mortgage, anJ saiJ co+ts, charges, and expenses shalt be immeJiatrly dur and payable and shall be secureJ by the lien uf ihis mortgage. 7. That he w ill leep the improvements noa~ existing or hereafter erected on the mortgaged property, inwred as may be rrquir~tii from time ta time by the murtgagee against loss b~~ fire and other hazardc, casulaties, and contiagencies in wch arrwunu anJ for such peri.xls as may be requirrc! by m~rtgagee, and wil) pay prompdy, when due. any premiums on iuch insurance for payment of which provision has nut been made hereinbefore. All insurance shall be carried in companies approved by moctgagee and tt~e policies and renewals thercof shall be hrlJ by mortgager and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of losi he will give immediate rtotece by mail tu niortgagee. anJ mortgagee may make proof of loss if not made promptfy by mortgagor, anJ each insuranc:e company concerned is hereby authorizeJ and directed to make payment for such loss directly to rtwrtgagee insteaJ of to rtwrtgagor and mcxtRsgee jointly, arxl the insurance proceeJs, ur any part thereof, may t?e applieJ by mortxagre at its option either to the redexuon ut the endebtedness bereby securc-~i or to the rc~t~xatiun ix repair of' the property damaged. In e~ent uf foreclenum uf this mortgage or other transfer of tille to the mortgaged property in extinguishmeM of the indebtetilness utiured hereby, all right_ title. and E interest of the mortgagix in arxf to any insurance policies then in force shall pass to the Purch:uer or grantee_ 8. That if the premises, or anr• part thereo(, be condenzned under any por~er of emineot domain, or acquired (or a public use, j the damage~, proceeds, and the consideration for 5uch acquisition, to the extent of the fufl amount of indebtedoess upon thi~ ! ~IortgaRe,andthe~iote secure~e~eby remainin~ uapaid,arP heteby assiRaed by the ~iort~aqor tothe \lortga~e~ and shaE! be paid t forth~.~ith to thc- \1ortRaRe~ to be 8pplied by it omaccount o( the indeMedness secured hereL}~, whether due or not. ~ 9. "l~hat the mortgagee may, at any time pending a~uit upos this mortgage, apply to the courl having jurisdiction thereof for the appointmtnt of a receiver, anJ su¢h court shall forthwith appoint a receiver of Ihe premises covered hereby all arxl singular, including all and singular the income, profits, issues, and revenues from whatever source ~derived, ea~h anJ every of which. it being expressly underswal. is hereby mortg:~gee1 as if specifically set forth and descrit~l in the granting and habendum clauses hereof. and such rtceiver ~ chall have all the broad and effective furictions and powers ia anywise entrusted by a court to a receiver, artd such appointment shall be made by such court as an admitted equity and a matter of absulute right to said mortgagee. and without reference to the adequacy or i inaJequacy of the value of the property mortgag~-~1 or to the wlvency or insolvency of said mongagor or the defendents. arxt that such I rents, profits. income, issues, arxl revenues shall be applied by such receiver accorJing to the fien of this r~xirtgage a~xi the practice of such court_ In the eveni of any default on the part otthe rtx~rfgagor hereunJer, the mortgagor agrees to pay to the mortgagee an demand as a reasonable monthly rental for the premises an amount at leact equivalent to one-twelfth 111121 of the aggregate of the twelve rtwnthip inuaUmemti payable in the then current year ptus th . actuat artwunt of the annual tsxes, asses~rnrots. water rates, and insurance premiums for such year not rovereal by the afixesaid monthl~ payments. 10. That (i~) in the event of any breach of th.~ m~utgage or Jef•rult on the part of the rtwrtg:?gor. or Ib) in th~ event that any of wiJ . ; sums of money herein refe~red to be not promptiy anJ fully paid without demand or notice, or tc-) in the event that each anci every the stipulations, agr~ements. conditionz, and covenanls of ti~iJ noie anJ this mcxigage, are not duly, promptly, arxl fully performed: then in either or any such evenl, the said aggregete wm mentiuneJ in tiaid note then remainig unpaid. w ith interest accrued to that time, arxi all maneys secureJ hereb~~. shall t+ecome doe :?nJ pa~ahle f~~rihw ith, or ihereaRer. at the optian uf said mcxtgagee. as fuNy and completely as if al! of the said soms uf rm~ney uere originally vipulatrJ to t+e paiJ on ~uch Jay, arty~hing in said note or in this mortgage to the contrary notw~ithstanding: and thereupon or thereafter, at the optiun uf tiaid rtxxtgagee. without notice or dem•rrx1, suit at law or in equity, may be proxcuted as if all rtwneys securecl hereby had mature~i prior to itti institution_ ~The mortgagee may faeclou this mortgage, as to Ihe ~ amount so declared due and payable, and the saiJ premises shall he u~ld to satisfy and pay the sartee together with crnts, expenses, anJ allo~ances. In case of partial foreelosure of this mortgage, the mcxtgaged premises shall t+e wW ~ubject to the eontinuing lien of this mortgage for the amount of the debt not then due ancl unpaid. In such cace the provisions of this paragraph may again Ix availeJ of thereaRer from time to time by the mungagee. I l. That the rrwrtgagor w itl give immeJiate notice by mail to ~he mortgagee of any conveyance. transfer, or change of ownership of ; the premises. ' . j 12. That no waiver of any co~•enant herein or of thr obligation secureJ hereby shall at any time thereafter be helJ to be a waiver of : the tcrms hereof or of the note secureJ hereby. • . ~~oK 215 FA~E 70 . _ _ _ .