HomeMy WebLinkAbout0217 2. I hat, in urJer rtx~rr fuUy tu prut~t thr ,r~urity uf ~hi. rm~rtg.igr, the nwrig:,gur, tugrtAe~ ..ith. arnl in aJd~tiun ~o, the mun~hly
p:+y mtnh under tha tzrms uf ih~ nutr .rcurrJ hrrrhy, un Ihr fint Jay ot rach munlh until ~hr .aiJ nutr fully paiJ, wiU pay to Iht
murtgagrr the fi~lluwing wms: -
(a1 An amaunt sufficicn~ tu pruviJe the huiJer Aerrof with funJs ~o pay the next rtwrtgage insuraoce premium itthis instrument and
ihe note secured. herrby are insurcJ, or a monthly charge (in lieu uf a mor~gage insurance premium) it Ihey are held by the
Secretary of Housing anJ Urban DeveloPmrnt, as follows:
lU If and so long as said note of even date and this irtstrument a?e insuted or are reinsural under the provisions of the
National Housing Act. an amount suflicient to accumulate in the hands of the halder one I1) month prior to its due date the
3nnual mortgage insurance prrmium, in or.kr w pravide such hu1Je~ wilh funds to pay such premium to the Secretary of
Housing and Urban Oevelopment purauaot to thr Natianal Housing Act. ;u amrrxled, aixf applicable Regulutions
therzunder: or
111) If and so long as saiJ note of even date arn1 this instrumenl are heki by the Secrctary of Nau~i~g and Urban Development,
a nx~nthly charge Iin lieu of a mortgage insur:+ncr prrmiuml which shell Ae in an amuunt equal Io onr-twelfth IU12) of
one-half 1~) per centum of the average outsta~xling balance dut on the note computal wilhcwt takiog into aceount
delinquencies ~ prepayments;
Ib) A sum equal to the grourd rents, if any, next due, plus the premiums ~hat will next become due a~xi payable on policies of fire
a~xi o~he~ hazard insurance covering the mortgagcJ property, plus taxes and assessments nzxt due on ~hr mortgaged property lall
as estimated by the mortgagee) las all sums already paid therefor divided by the number uf months to olapsr before one month
prior to the date when sucA ground rents, prem~ums, taxes, and usessments will become delinpuent, sucA sums to be held by
rtwrtgagee in trust to pay said ground ~ents, ptemiums, taxrs, and special asces~ments; and
lc) All payments mentioned in the two preceding subscctions of this paragraph and a!t payments to be maJe under the note securcd
hereby shalt be added togelher and tht aggregate amount thereof shall tx paid 6y the mortgagor each month in a singk paymeM
to be applicd Dy the mor~gagee to the folk~wing items in the order set forth:
11) premium charges under the contract of insurance with the Secrctary of Housing and Urban Development, o~ monthly a
charge (en lieu of mor~gage insurance premium), as the case may be;
IIU ground rents, taxes, assessments, fire. and other hazarJ insurance premiums;
(111) interest on tht nde securc~i hereby; and
lIV) amoriization of the principal of said note.
Any deficiency in the amuunt of such aggiegate rtwnthly paymeM shall, unless made gu~x1 by the mwtgagix prior to the Jue date uf
thc ncxt such payment, constitute an event of default urxler this mortgage. The mixtgsgee may collect a~latr charge" not tu excec~i two
cents 12r) for each doUar 1Sl1 of each payment more than fifleen I IS) Jays in arrears to cover the extra expense involveA in harxlling
Jelinquent payments.
3. That if the total of the paymrnts made by the morlgago~ under (h1 of paragraph 2 prrceJing ,hall ezczeJ the arrx~unt of the
paymrnts actually made by the m~tgagee, fur ground rents. laxes a~xf at~cments and insurar?ce premiums, as the case may be, such
excess at the option of the mortgagee, shall, be creditcd on subsoquent payments to be made by the mortgagor, or refundod to the ~
r?wrtgagor. If, how~ever, the rtanthly payments made by the mortgagor under IA? ot paragraph 2 prrceding shall na be sull'~cient tu pay
grournl rents, taxes arKl ascessments and insurance premiums, :ac the case may be, when the same shal) become due anJ payable, then the
rtxutgagor shall pay to the mortgagee any amount necessary to make up the defieiency. an ix t?rfore the date when payment of wch
grournf rents. taxet. atisessments, or insurance premiums shall t?r due. If at any time the mortgagor shall terKier to the murtgagee in
accorJance with the provisions oC the no~a srcured hereby, full payment of the emire irxicMedness represenled ~hereby, the rt~itgagee
~hall. in camputing the amount of such inJebteciness, credit to the account of the mortgagor all payments made urxier the provisions uf (u)
uf p:~r~graph 2 hereof which ~he mortgager has not becom~ obtigated to pay to the Secretary of Ho~seng arxi Urban Oevrlopmenl ~nJ an~•
halance remaining in the funds xcumulated unJer the pruvisiuns of Ih? of said paragr:~h 2. If there shal! be a Jefault uneter any of the
provisions of this mortgage, resuhing in a public sale of the premiu's coverrJ hereby, or if thr m~xtgagee ~cquireti the pruperty otherw ise
aRer Jefuull, the mortgagee shall appty, at the time af the commernemertt of such pr~eedings iu at th~ time the property is utherNise,
a`~, the baia~xe then rcmaining in the funds accumulated under Ibl of paragraph 2 preceeiing as a credii agaia~t the amount o!
pnncipal then remaining unpaid under ~aid nute and shall properly adjust any payments which shall have txen madr under fui of +aid
paragraph. ~
4. ~hat he will pay all taxes, a~~e~sments, water rates, anJ wher governmental ur municipal charges, finec, or impu~itiuns, for uhich 1
provision has not t+een made her~int+efore, and in dr£ault thercY~f the mortgabre may pay thr +ame: and that he wiil promptly delivrr thr
official rer~ipts therefor to the murtg:tger. ~
5. ~lhat he aill permit. commit, or sutTer no waste. impairment, or deterioratiun of saiJ pn~perty or any part the~eof; anci in the event g
uf the failure of the mortgagu~ to keep the buiWings on saiJ premises and ttwse to br crected on said premises, or improvements thereon. ~
io gcxn! repair. the mortgagee may make such repairs as in itc Jiscretion it may deem necessary for the proper presrrvation thereof, and
the fuil artxwnt of exh and every such payment shall be imm~iiately due and payable, arxi shall be se.:ured by the lien of this mortgage_
b. Thal he will pay all and singular the costs, charges, anci expenaes, incluJing reasonable lav?yer's fees, and costs of abstracts of title.
incurrrd or paid at any teme by the mortgagee t.ecause of the failure on the pan uf the rrx~rtgagor promptly and fully to ~+erform the
agreements ancf covenants of said promi~wry n~tite anJ this mortgage, and said cixts, charges. anJ ~xpense~ ,hall be immeJiately due and
payable and shall be secured by Ihe lien of this mortgage.
7. That he will keep 1be improvements now e~isting or hereafter erected on the rtwngagetii property, inwred ac may be rcquirecl from
timt to time by the mortgagee against 1~ by fire arxi other hacards. ca+ulaties. and contingenciet in such amounts and for such peri~xls a~
may ~ requireei by mortgagee, and will pay promptly, when due, any premiums on such insur~nce fcu payn~ent uf which provicion has not
been made hereinbefart. All insurance shall be carried in companies approvtd by mortgagee and the policies and renewals thereof shall
be heW by mongager and have attached thereto loss payable clauses in favor of and in fcxm acceptabte to the rtx.rtgagee. in event of loss
hr wi(t give immeJiate nutice by mail to mortgagee, and mortgagee may make prouf oi loss if not made prompdy by mortgagor, and eacb f
imura~xe company concerned is hereby authorized anJ directed ta make payment for such loss Jirectly to mortgagee insteaJ uf to !
nx~rtgagor and moftgagee jointly, and the ins~rance proceeds, or any part thermf. may be appfieJ by murtgagee at its option tither to the
reduction uf ihe indebtedness hereby secured or to tAe restoration or re~ air of the proQerty damaged. In e~ent uf forerlosure nf this
nwrigage or other transfer of title to the mortgaFeJ pr~rty in exlinguishment ot the i~xfebtedness secured hereby, all right, title. and
intrrest of the mortgagor in anJ to any insurance policies then in forc~ shall pass W the purchaser or grantee. -
8. 'i'hat if the premises, or any part thereof, be condemned under any power of eminent Jomain, cr acquire•d (or a public use,
the dama~e~, Qroreeds, a~td the considcration for such acquisition, to the extent of the (ull amount of indebteJness upon this
, 1lortqa~te, and thelote secured hereby remaining unpaid, are hereby assigned Ly the \lortgagor to the \lortga~ee aod shall be paid
(orthwith to the 11ottRa~ee to be applied b?- it on accouat of the indebtedaess secured hereby-, K•hether Jue or not.
9. That ihe mvr~gagee may. at any time pending a suit upon this mortgage. apply to the court having jurixfiction thereof far the
appointment of a recerver. and such court shall forthN~ith appoint a receiver of the prep~ises covered hereby all and singular, including all
and singular the income, profits, issues.. and revenues from whatever source derived, each ancl every of which, it being expressly
understaexi, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver
shall have all the broad and effective functionc anJ powers in anyw•ise entrusted by a court to a receiver, and such appointmant shall be
made by such court as an admitted rquiry anJ a matter of ahs~lute right to said mortgagee, and without reference to the adequacy or
inadequaty of the value uf the property mortgaged ~x to the solvency or insolvency of said mortgagor or the defendent~, and that such
rents, prafits, income, it~ues, and revenues shall t+e applied by such receiver according to the lien of this mortgage and the pract+ce of such
court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees lo pay to the mortgagee on demand as a
reawnable munthly rental for the premises an amount at ~ea,t equivalent tu one-twelfth 11/121 of the aggregate of the twehc rtwnthly
in~tallmrnts payable in the then current year pius ihe actual amouni of the annual taxes, assessments. water rates. and insurance premiums
for suc,h year not covered by the aforesaid monthly payments. ,
t0. That la) in the event of any breach of this mortgage or Jefault on the part of the mortgagur, or th? in the event that any of said
sums of money herein referred to be not promptly and fully paid without demand or notice, or (r) in the event that each and every the
stipulations, agreements, cvnditiuns, arxt covenants uf said nwe and ~his mortgage, are not duly, promptly, anJ fuNy performed: then en
rither or any such event. 1he said eggregate sum mentioned in said note then remainig unpaid. wilh interesi accrued to that ume, and all
nwneys secured hereby, shall Ixcome Jue and payable forthaith. or thereafter. at the option of said mortgagee, as fully and completely as
if all of the said sums of rminey w•ere originalty stipulated to be paid on sucb day, anythi~g in said note or in this morigage to the cooirary
nvtw ith~tanding; and thereupon or thereafter. at the option of saiJ mortgager, without rwtice or demanJ, suit at law or in equity, may be
prosecuted as if all mone~s secureJ hereby haJ mawred prior to its institution. The nwrtgagee may forecluse this mortgage. as to the
amount so dec(ared due and payable, and the said premises shall be soW to ~atisfy and pay the same together with aists. expenses, a»d
aUuv?ances. !n case of partial foreclosure uf this mortgage, the mortgaged premises sh~ll be wld subject to the continuing lien of Ihis
morigage for the amount of the Jebt not Ihen due anci unpaid. In such caae the p~ovision+ of this paragraph may again be availed of
thereafter from timc to time by 1he mortgagee.
11. That the mortgagor will give immediate notice by mail to the rm~rigagee of any conveyarxe, transfer, or change of ownership of
ihe premises.
I2. That no waiver uf any cc~venant herein or of the obligation secureJ hereby shaN at any time ihereafter be heW to he a waiver of
the termx hereof or of thc note ~ecured hereby.
BOOK 215 PACf
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