HomeMy WebLinkAbout0120 2. 1'hat, in urde~ mure fully to prut~r:t thc +r~uriry uf thi~ murtgagr, the mu~tgagur, tugethrr wi1h, anJ in aJdiuun tu, the nxmthly
payments uaJer the te~m> uf thr nute securcyl herrhy, on the fint day ~~f ruch munth unlii the ~aid nulr is fully ~+aid, wili pay t~~ thr
martgagec Ihe folluwing sunn:
(a) Aa amount sufficient to {xuvide the holder hereof with furnls to pay tbr next moitgage imurance prrmium if this instrum~nt and
the oate secured hereby are insured, or a monlhly cbarge lin lieu of a mortgage insurance premium) it they are held by the
Secretary of Housin` and U~ban Developme~t, as folbws:
lll If and so long as said note a( even date and this i~trument arc insureci or are reinsured under the orovisions of the
National Housing Act. sn amaunt sufficient to aaumulate in the haocls oi lhe holde~ ooe i 1) month prio~ to its due date the
annual mortgagt insurance premium, in or<ier to provide such holder with fuocts to pay such premium to the Secretary of
Housing and Urban Ikvelopment pursuant to the National Housing Act, as amenikd, and applicable Regulauons
thereunder; or
IIU If and so lon~ as said note oC even date arxf this instrument are held by the Secretary ot Housing and Urbao Ikvelopmcnt,
a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth 11112) of
one-half (~i) per centum of 1he average outstanding balance due on the note computed without taking into aocount
delinquertcies or propayments;
Ib? A sum equal to the ground rents, if any. next due. plui the premiums that wiN next become due anci payable on policies of fire
anc! other hazard 'ensuranct covering the mortgaged prope~ty. plus taxa and a~sessments next due on the mortgaged property (all
as estimated by the mongagee) less all sums already paid therefor divided by the number of months to efapse btfore one month
prior to the date when such ground rents, prem~ums. taxes, and assessmenu will become delinquent, such sums to be held by
mortgagee in trust w pay said ground rents, premiums, taxes, and special assessments: and
lc) All payments mentioned in the two preceding subsectionx of this paragraph and all payments to be made under the nate securcd
hereby shall be added together and the aggregate amount lhereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the following items in the order set fonh:
(1) premium charges under the conuact of insurance with the Secretary of Housing and Urban Developmenl, or rrwnthly
charge (in lieu of mortgage insurance premium), as the case may be:
(11) ground rents, taxes, acussments, fire, and other hazard insurance premiums;
(Ilq intercst on the note secured hercby; and
QV) amortizatian of the principal of said note.
~Any deficiency in ihe amount of such aggregate monthty payment shall, unless maJe gw~d by the mortgegor prior to the duc date of
the ne?~t such payment, constitute an avent of default urxier this mortgage. The mortgagee may cc~llect a"late charge" not to eiceec! two
cents 12c) for each dollar IS11 of each payment mure than fiReen 1!S) days in arrears to cover the extra expense involved in hanJling
deiinquent paymertts. ~ "
3. That if the to~al of the payments made by the mortgagor under Ib) of paragraph 2 preceding shall ~xceeJ the artwunt of the
payments actually made by the mwxigagee, for ground rents, taxes and acsessmenls anJ insurance premiums, as the case may be. such
excess at the option of the mortgagee, shall, be credited on wbsoquent paymenu to be made by the mortgagor, or refunded to the
mortgagor. If, hoveever, the monthly payments made by the morlgagor under Ih) of paragraph 2 preceding shaH not be suffic+ent to pay
grou~xl rents, taxes ancf assessments and insurance premiums. as Ihe case may be, when the same shall become due arxi payable, then the
mortgagor shall pay to the mortgagee any amount necessary to maAe up the deficiency, on or before the date when payment of such
grounci rents, taxes, assessments, or insurance premiums shall be due. If at an~ time the mortgagor shall tender to the mortgagce in
accurJance with the provisions of the note secured hereby, fW! payment of the entire indebtedness represented thereby, the mortgagee
shall, in cumputing the amount of such indebtedness, creeiit ta the account of the mortgag~x all payments made unde~ the provisions ol'lu)
of paragraph 2 hereof which the mortgagee has not become obligated to pay to t6e Secretary of Nousing and Urbart Development anci any
balance remaining in the fwxls accumulated urxfer the provisiunc of Ib/ of tiaid par~graph 2. If there shall be a ~iefault urxier any of the
provisions of this mortgage, resulting in a public sale of the premises covered hereby, or ii the mortgagce acquires the property otherwise .
after default, the mortgagee shall apply, at the time i~f the commencement of such proceeJings cx at the time the praperly is atherwise
acquired, the balana:e then remaining in the funds aecumulatrd under Ih? uf paragraph 2 preceding :u a creJit agaimt the amuum of
principal taen remaining unpaid under said note and shall properl~• adjust any payments which shall have t+een made under Iu) of said
paragraph.
4. That he aiN pay al~ taxes, assessments, u•ater rates. anJ o~her g~~vernmental or municipal charg~, fine~. 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 Jeliver the
official receipts therefor to the mortgagee.
S_ That he aill permit, commet, er suffer no u•aste, impairment. cx deteriuration of said propeny ur any part thereof; and in the event
of the failure uf the mortgagor to keep the buildings on said premises and thuse to be ereti:ted on said premises, or improvements thereon.
in good repair, the mortgagee may make such repairs as in its Jiscre[ion it may deem necessary for the proper preservation thereof. and
the fult amount of each and every such payment shall be immediately due anJ payable, arni shall be cecured by the lien of this mortgage.
6. That he wi11 pay l~ll a~xi singular the costs, charges, and expenses, including rrasonable lawyer s fees. and costs of aburacts of title.
incurred or paid at any time by the mongagee because, of the failure on the part of the mortgagor prompUy and fuUy to perform the
agreements and covenants of said promissory nute and this mortgage, anS said cmts, charges, anJ expenses shall be immediately due and ~
payable and shall be secured by the lien of this mortgage.
7_ That he will keeQ the improvements now~ existing or hrreaRer erectecl on the mortgagc~! property. insured as may be requireel from
, time to time by the morlgagee against loss by fire and other haiards, caculaties, and contingencies in such arrwunts and for such periwis as
may be required by mortgagee, and will pay prompQy, w~hen Jue, any premiums on,uch inwrance fur paymem af N•hich provi,ion has not
been made hereinbefore. All insurance shall be carried in companies approred by morlgagee and the policies and renewals thereof shall
be held by mortgagte and have attached thereto lixs payable clauses in favor oP and in form acceplabk to the rtxxtgagee. In event of loss
hr will give immediate notice by mail tu mortgagee, arxi mortgagee may make proaf of loss if not made promptty by mixtgagor, a~ci each
insurance company conterned is hereby authorizeJ anJ dire+cted to make payment for such Icns JirecQy tu mortgagee instead of to
rrwrtgagor and mortgagee joinUy, and the ir~uranceprceeeds, or any pan thereof, may be applied by mortgagre at its option cither to the
reduction of the indebtedness hereby secureci or to ~he ~estoraiion or repair of' the property damaged. In event i~f furecl~nure of ihis
mo~tgage or other transfer of title to the mortgaged pr~perty in eatinguishment of Ihe inJebtedness u~ured hereby, all right, titlc. and
interest of the mortgagor in and to any incurance Policies then in force shall pats to the purchaser or grantee.
I 8. That i( the premises, or an}• part thereof, be condemned under any power o( emioent domain, or acquire~i for a public u.c,
' the Jamages. Proceeds, and t6e consideration for such ac~uisition, to the ectent oE the (ul) amount of endebtedness upc~n this
' I~ort~age, and thelote secured herebti remaining unpaid, are hereby assigned b~• the \lortgagor to the ~IOfI~~PP and shall be paiJ
(orthwith to thF \1ortRaRee to be applied b}• it on account o( the indebtedness secured hereby, ~chetf~er duc or not.
9. That the rtwrtgager may, at any time pending a sui[ upon this mortgage, apply to the court having jurisdictiun thereof for ihe
appointment of a receiver, and such court shaU furthw~ith appoint a receiver of the premises covere~i hereby all and ~ingular. including all
anJ singular the income, profits, issues, and revenues from whatever wurce derived. each arni every of which. it being exprresty
j understoixl. is hereby mortgaged as if specifically set forth and dc~crit~l in the granting and habendum clauses hereof, and such receiver
i shall have a!1 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 equity and a matter vf absolute right to said mortgagee, and without reference to the aJequacy or
inadzquacy of the value of the property mortgag~xi or to the solvency or insolvency of said mortgagor or the defer.dents, and that such '
~ents, profiis. income. issues. anJ revenues shall be applied~by such receiver according to the lien of this mongage anJ the practice uf such
court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demanJ as a
reasonable mo~thly rental for the premises an amount at least eqUivalent to one-!welfth ! 1/!2) of the aggregate of the tw•elve munthly
enstallments payaMe in the ~hen current year plus the actual amount of the annual taxes, auessments, wate~ rates, and insurance premiums
for such year not covered by the aforesaed monthly payments.
~p. That (n) in the event uf any breach of this mortgage ur defautt on the part of the rtwrtgagor, or Ih) in the eveot that any of said
sums of money hereen referreYl to be not promptly and fully paid. wilhout demand or notice, or (c) in the event that each ancl every the
stipulations, agreements, conditions, and covenants of said note anJ this m~xtgage, air not July. promptly, and (uqy performed: lhen in
either or any such event. Ihe said aggregate sum mentioned in said note then remainig unpaid, a•ith interect accrued to that time. anJ all
moneys secureJ hrreby, shall becume dae anJ payable forthw ith, or thereafter, at the option of saiJ mcxtgagee, as fully anJ completely as
if all of the saiJ sums of money were originally stipulateJ to be paid on such day, anything in saiJ note or in this mortgage to the cont~ary
notwithstanding: and thereupon or thereafler, at the option oF said mortg~gee, withoui'rwtice or demarxl, wit at law• or in equity. may be
prosecuteci as if all moneys secured hereby had maturcYi prior tu its institution. The nwrtgagee may foreclose this m~xtgage, a~ to the
amount so declared due and payable, and the said premises shall t+e wld to tiatisfy and pay the same together with custs. expenses, and
allowances_ In case of partial foreclosure- ot this mortgage, the mwtgageJ premi~ec shalt be solJ subject to the continuing lien of this
mortgage tor the amount of the debi not then due anci unpaid. In such case the provisiuns of this paragraph may again be availed of
thereafter from time to time by the mortgagee.
1 I. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
the premises.
12, That no waiver vf any covenant herein o~ of the obligation secureJ hereby shall at any time thereafter be hetd to t?e a waive~ uf
the tetms hereof or of Ihe note secured hereby.
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