HomeMy WebLinkAbout0130 2. That, io urJer rtw~r fully ta prolect ~hr ~rcurity of this murtgage, the mungaYur, tugelhrr w ilh, anJ+ in adJrtiun to, thr nwnihly
paymants under ~he te~ms of thr ~ate +tcurr.i hrreby, un thr hnt Jay of rach mon~h uniil thr +aiJ n.~tr i. fully paid, will pay tu thr
morlg:?gee the folluwing sums:
(a) An amount sufB~ient to provide the holder hereof with funds lu pay the next mo~tgagc imuranre prrmium if this in+trument and
tho rate xcured hereby arc insured, or a manthly charge (in lieu oi a rn~r~gage insurancc premium) if they are held by the
Secretary ot Housing and Urba~ Development. as folbws:
Ip If and so long as said note of even date aod this instrume~t are insured or a~e rrinsured uncler iht provisions of the
National Housing Aet, an amount su~cient to accumulate in the handc of the holder one l 1) month priur to its due date the
annual mort~aQe insurance premium, i~ onier to provide such holder with fumis to pay such premium to thz Secretary of
Huusing and U~ban Development pursuant to the National Housing Act, as am~rxfed. and applicable Regulations
' thereunde~; or •
UI) If anJ so long as said note of even date anJ this instrument are held by the Secrotary of Housing and Urban DevelopmeM,
a monthly charge (in lieu of a mortgage i~surance premiuml which shall be in an amount equal to one-tw•e1Rh (1/12) of
ane-half (~4) per centum of tht average outstanding balance due on the note computal without ta?ing into aoc~wnt
delinquencies or prepayments;
(b1 A sum equal to the gound rents, if any, next due, plus the premiums thst wili next become due and payable on policies ot fire
and othe~ Aazard insurance coverirtg the mortgaged property, plus taxes and asses~ments next due on the m~xtgaged property (all
as estimated by the mortgagee) less all sums alrwdy paid therefor divided by the number of mo~ths to elapx before one month
prior to the date when such grou~xl rents. prrm~ums, taxes. sod ascessments witf become delirtquant, such sums to be held by
mortgagee in trust lo pay said ground rents, premiums, taxes, and special assessments: and
(c) All payments mentioned in the two preceding subaectiorts of this paragraph and all payments to be made under the note secured
hereby shaU be added together and the aggregate amount thereof shaN be paid by the mortgagor each month in a single payment
to be applied by ihe mortgagec to the following items in the ordor set forth:
11) premium charges under the contract of insurance with the Secretary uf Nousing and Urban Devebpment, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
(14 . ground ?rnts, taxcs, auessments, fire, and other hazard insurance premiums;
(lll) interest on the note secured heroby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggr~gate rtiwmhly payment shall, unless made g~wd by lhe mortgagix prio~ ta the due date uf
the next such payment, cunstitute an ~vent of default under this mortgage. 7he mungagee may colle~:t a-'latr chargr" not to exceed two
cents 12c) for each dollar 1511 of exh payment mare than fifteen (ISI days in arrears to covrr the extra rxpense involved in hanJling
delinquent payments.
3. That if the total of the payments made by the mortgagor under Ibl of paragraph 2 prctirding shall txceed the amount of the
payments actually maJe by the mottgagee, f~x ground rents, taxes and assessments aaJ insurarke premiums, as the case may be, such
excess at the option ot the mortgageq shall, be credited on subsequent payments to be mado by the mortgagor, or refundod to the
mortgagor. If, however, the monlhly payments made by the mongagor under Ibl of paragraph 2 preceding shaU not be sufficient 10 {+ay
grounJ rents, taxes anJ assessments and insurance premiums, as the case may be, when the same shaN becume due aixi payable. Ihen the
mortgagor shall pay to the mortgagee any amount nectssary to ma?e up thr Jeficiency, on ~x Ixfore the Jate when payment of such
grourxl rents, taxes, assessments, o~ insurar.~e premiums shall t+e due. If at any time the mortgagor shall tende~ w the morigagee in
acconlance with the provisions of the note secured hereby, fult payment of the entire inctebtedness represented thereby. the rrar~gagee
shall, in computing the amount of such irxiebtednest, credit to the account of the mcxtgagor all payments made under the provisions of In)
of paragraph 2 hereof Nhich the mortgagee has not become obligate~l to pay to the Secretaty of Housing and Urban Development and any
balance remaining in the funils accumulated ue~'rr the prorisions of (b? of said paragraph 2. If there shal! be a default under any of the
provisions of this mortgage. resulting in a public s:~le of the premises coveretil hereby, or if the m.xtgagee aoquires the property otherwise
after default, lhe mongagee shall apply, at the time uf the commencement uf such prnceedings or at the time the propeny is otherw-ise
acquired. the balan:e then remaining in the fundc accumulateci under !A) of paragraph 2 p~eceding a~ a credit against the amvunt of
principal t,~en remaining unpaid under wid note and shall properly adjust any payments v~~hich shall havr t,een made under la? of ~id
paragraph.
4. That he will pay all taxes, assessments, water ratc~. snJ uther guvernmemal or municipal charges. fine~. or impusitions, for ~hich
provision has nut t?een made hereinbefore. :?nd in dcfault th2reuf the mortgagee may pay thc same: and that he will pr~mpdy deliver the
ofT'icial receipts therefor to the mortgagee.
5. Tha1 he w•ilt permit, commit, ar suffer no waste, impairmeni, or deteriorateon of said pruperty or any part there~f; anJ in the nvent
uf the failure uf the mortgagor to keep the buildings un said premises anJ those to be erected on said premises, or improvements thereon.
in giwd repair, the mortgagee may make such repairs as in itc diuretiun it may deem necessary for the proper preservation thereof, and
the full amount of each and every such paymznt shall be immcYiiately due rnd Payable. arxl shatl t?e secured by the lien of this mortgage.
6. That he N•ill pay all arn1 singular th~ ants, chargn, anJ expences, including reasonable lawyer's fees, and costs of ahstra~ts of title,
incurrecl or paid at any time by the mortgagee t+ecause of the failure on the part of the mortgagur prompdy and fuNy to perform the
agreements and covenants of said promissory nute and this mortgage, and said costs. charges. anJ expenses ~hall t+e immediately due ~nd
payable and shall t+e secured by the lien of this mortgage.
7. That hr will keep the improvements now existing ur hereafter erectcYl on the mortgageJ property. insured ati m:sy be required from
time ta time by the mortgagee against lacs by fire and vther hazardc. casulaties, and contingencies in such arrwunts and fi~r such pe~i~xls ac
may be required by mortgagee. and will pay prumpUy, whrn dut. any premiums on such in~ursnce f~ payment of whKh provisiun has noi
been made hereinbefora Al) insurance shall be carried in compania approved by mortgagee and the policies and renewals thereof shall
be heW by mo~igagee and have attached thereto loss payable clauses in favor of and in fcxm acceptable to the rtxxtgagee. In event of los~
he N ill give immediate notice by mail to mortgagee, a~xi mortgagee may make proof of loss if not made promptly by mortgagor, ~rxl each
insurance company concerned is hereby authorized •rnd Jirected to make payment for such toss JirecQy to rm~rtgagee enstead of to
mortgagor and m~xtgagre juinUy, and the intiaranre prcxeeJs, ur sny part therevf. may I+e appl~eJ by rrwrtgagee at its option either to the
reduction of the indebtednecs hereby securetil ix to the ~ntoration or repair ~f the property Jamagrd. 1n e~•ent of fureclusure uf this
rm~rtgage or other transfer of title to the mortgaged property in extinguithment of the indehteciness setured henby, al! right, tiUe. and
irtterest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. 71~at if the premises. or any~ part thereof, be condemned under any poN~er of emineot domain, ur acc~uirc~d tor a public u~e,
the damages, proceeds, and the consideration tor such acquisition, to the ertent of the full amount o( indebte~iness upon this
tlortgage,andthe\ote secured hereby remainin~ unpaid,are hereb~ assigned b~• the ~1ort~agor tothe \lortga~ee anJ shall be paid
forth~.ith to the ~tortRa~ee to be applied b~~ it un arcount o( the indebtedn~ss secured herebp, ~.hether due or not.
9. That the mortgagee may, at any time penJing a suit upun thi, murtgage, appty to the court having jurisdiction thereof for the
! appointment of a recriver. and cuch court shall fonhwith appoin~ a receiver of the premises covered hereby all anti singul:~r, incluJing all
~ arxi singular the income, profits, issues, and revenues from whatever wurce derived. each and every of w~hich, it being expressly
I understood, is hereby murtgagecl as if specifically ut forth anJ Jc~scriF~1 in the granting anJ habenJum clausec hereoL and such receiver
shail have aN the broad and effective functiuns anJ pow~ers in any.+•ise enirusted by a court to a receiver, and such ap{x~intment shall be
made by such court ac an admitted equity and a matter of at+solute right to said mortgagee, and without reference to the adequacy or
inadequacy of the value vf the property mortgaged or to the wlvency or insolvency of said mortgagor oc the defendents. ancl that such
rents, profits. income. issues. ared revenues tihall be applied by such receiver according tu the lien of ihis mortgage and the practice such
! court. In the event of any default on the part of the mongagor hereunder. the mortgagor agrees to pay to the mortgagec on demand as a
reasunable monthly rental Cor the premises an amount at least equivalent to one-tweifth ( U! 2) of ihe aggregate of the twelve muntbly
installments payable en the then current year plus the acwal amount of the annual taxes, assessments, water rates. and insurance premiums
for such year not covered by the aforesaiJ monthly payments.
~Q. That lu) in the event of any breach of this murtgage ur Jefault un the part of Ihe mortgagor, or (b) in the event that any uf s:iid
sums of money herein referred tu be net prompdy and fully paid withoul demand or notice. or Ic) in the evem that each and every Ihr
stipulations, agreemrnts, conJitions, and covrnants of said nute anJ thes mortgage, are not duly, promptly, and fully performeJ: then in
either or any such event, the said aggregate sum mentioneJ in tiaid note then remainig unpaiJ, wieh interest accrued to that time. ane! al!
trwneys secured hereby, shal! t~come due anJ payable forthw i1h, or Ihereafter, at the option uf said mortgagee. as fully and completely as
if all of the said sums of rrwney were originally stipulated to tx paiJ on such day. anything in said note or in this rtx,rtgage to the contrary
notwithstanding: and thereupon or thereafter, al the opuon of raid mortgagee, wilhout M~[ice or demand. suit at 1aw• or in equity, may be
prosecutec! ac if all moneys secured hefeby had maturrd prior to its institution. The mcmgagee may ferecluse this rrwngage, a~ to the
, amount so declared due and payable, and the said premises shall t+e u~IJ to satisfy and pay the c:ime together with ccxtK, ex{?enses. and
allow•ances. In cace of partial foreclcnure of this mongage, the mortgageJ premises shall !.e wW subject to the eontinaing lien of this
mortgage for the amvunt af the debt not then due and unpaid. In such ca~e the provisions of this paragraph may again be availed of
thereafter from time to time by the mortgagee.
1l. That the mortgagor will give immeJiate notice by mait to the nwrtgagee of any conveyance, transfer, or change of ownership of
the premises.
12. That no waiver of any covenant herein ~r of the obligation secured hereby shall at any time thereaiter be held to be a waiver of
the terms hereof or of the nole secured hereby. ~
s°oe~ 21~ ~act ~3Q
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