HomeMy WebLinkAbout0269 2. 1'hat, in urJer more fully t~~ pru~~~t ~hr ~r.urity uf Ihi. mortgagc, tAe murtg~gur, tugtthrr with, anJ in aJJuiun io, ~hr irx~nthly
paymrnh un~ler the trrm~ of the nutr u~urctii h~rcby, an 1he firsl day of c:xh mun~h until the .~iJ nutr i. fully paiJ, wiU pay to Ihr
oxxtgugrr thc folluwing sum+: '
(a) An amuunt sutficicnt to provide the holden c~reof with funds to pay the next mortgage insurance prrmium if this instrumen~ and
the iwte secured hereby arc i~sured, or a monthly charge tin lieu of a martgage inw~ance premium) if ~hey are he1J by the
Secreta~y uf Housin` a~d U~ban Development, as folk~ws:
11) If and so lone as said note oi even date and this instrument are insured or are ainsurcJ under the nravisions of the
National Housing Acl, an amount suf[icient to accumulate in the hamis of the twlder on~ (1) month prior to its due Jate the
annual mortgage incurance premium, in orde~ to provi~le such holJer with funJs to pay such p~emium to the Secretary uf
Houaing and Urba~ Development pursuaot to the National Housing Act, as amendeJ, atd applicable Regulations
thereunder or
lll) If and so long as.aid note of even date arni this instrument are held by the Secretary ot Housing and Urban Development,
a moothly charge (in lieu of a martgsge insurancr premium) which shall be in an amount eyual to one-twelQh 11/12) of
one•half (~s> per centum uf the average outsta~xiing balanct due on the note computed without laking into aocou~t
delinquencia or prepaymeots;
lb) A sum equal to the graund rents, if any, next due, plus the premiums that wilt next become dur and payable on policics of fire
and other hatard insurance covering the mortgagctil pre~+erty, plus taxes and acsessmenta next due on the m~xtgaged property (all
as estimated by the mortgagee) Icss all sums already paid therefor divided by the number of months to elapx before one month
prior to the date when such groun+l ~ents, prem~ums, taxes, and asscssments wi11 becomr delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; a~d
(c) All payments mentioned in the two pr.eceding subsections of this paragraph and all payme~ts to be made under the note secu~ad
hrreby shal! be added together and the aggregate amount thereof shal! be paid by the mor~gagor each month in a single payment
to be applied by the morlgagee to the follow ing ilems in the order set Cwth:
Ul p~emium charges under the contract of insurance with the Secretary ot Housing and Urban Devebpment, or monthty
charge (in tieu of mortgage insurance premium), as the case may be; -
(I1) g~ound rents, tazes, assessments, fire, an~other hazard insurance premiums;
(111) intercst on the note secured hereby; and
UV) amortiiation of the principal oisaed note.
Any deficiency in the amounl af such aggregate rtwnthly payment shall, unle,s maJe g~xx! by the mongag.x priur to the Jue Jate of
the next such payment, constitute an event of default urxler this mortgage_'fhe mortgagee may collect a"late charge" not w exceeJ twu
cents 12c) fbr each dollar ISII of each payment mc~re than fifteen f IS) Jays in arrean to cover the extra expense invulved in hanciling
delinquant payments.
3. That if the total ot the payments made by Iht mortgagor under 161 of paragraph 2 precrding tihall excred the anwunt of the
payments actually made t+y the mortgagee, fcx gmund rents, taxrs and assessments and insurancr premiums, as the case may be. such
eacess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mortgagor, or rcfunded to the
rtwrtgagor. If, how•ever, the monthly paymenls made by the rteortgagur under 161 of paragraph 2 p~eceJing shall not be sufficient to pay
grounJ rcnts, tazes and as.~ment~ anJ imarance premiums, as the case may be, K~hen the s:ime shaU becomr due aixl payable, then the
rrwrtgagor sh•rll pay tc. the mortgagee any am~wnt neceswry to mak~ up the dnc~iency, on ~x before the date when payment af such
grounci rents, t:ues, assessments, or inwrance premiums shall be due. If at any time the mortgagcx shall tenJer to the mortgagee in
accordance with the provisionc of the note secured hereby, full paymerti of' the entire in~lebte~iness represented therrby, thn rtwrtgagee
+h.,l~. in camputing the amvunl of wch inJebteJness, creaiit to the account of the mortgagor all payments made urnler the provisions uf lu)
of parag~aph 2 hereof Nhich the mortgagee ha~ not become ubligated to pay to the Secrelary of Housing and Lrban Devrlopment arni any
bnlancr remaining in 1he funJs accumulateci under the provisions of Ib) of saiJ paragr:iph 2. If there zh•rll t?e a Jrfault wxler any of the
pruvisions of this mertgage, resulting in a public wle of the premisec covered hereby, or if the mortgagee aoyuires the properry otherwise
after default, Ihe morigagee shall apply, at the time uf the commencement of +uch pr.xeedings or at the Iime the property ic otherwise
acquirrJ, the baianre then remaining in the fundc xcumul:~tc-~! under rb~ of paragr•rph 2 preceJing ac a credit against the amount of
principal then remaining unpaid and~r said note a~xi shall properly aJju~t any pay,ments which shall have been made under 1a) of said
paragraph. •
d. "that he will pay aN taxes, a~se~smrnts. water rates, arxl uther governmenlal or munecipal charges, finrw a impcesiliun.. for ahich
pruvision has not been made herrint~efore. ~nJ in default thereof the mortgagec may pay ihe ,ame; anJ that he will prumptly deliver the
official receipts therefor [o the mortgagee. -
5. 7hat he N+11 permit, commit, or suffer nu w~aste, impairment, or Jeterioration of caid property or any part thereof: and in the eveot
uf the failure uf the mortgagor to keep lhe buildings on said premises and those to t~e erected on said premises, or emprovements thereon.
in g~wci repair, the mortgage~ may makr such repairs ac in its discretiun it may~ derm aecessary fcx the proper Qreservation thereof, and !
the ful! amount of each anJ every• such pay~mcnt shal! be immediately dur an~l payahlr, anJ +hall t+e secure.l by the lien of this mortgage.
6. That he will pay all and ~ingular the custti, chargcs, and expenus, includ~ng r~a~onaMe lawyer s fees, and costs of abstracts of title,
incurred or paid at any time by the mortgagee t~rcause of the failure on the part of the rrartgagor promptly and fully to perform the '
agreements and covenants of said promiss~xy nute anJ this murtgage. and +aid c~tc. charges, anJ rxpenses shall be immediately Jue and ;
payable and st?all be seCUred by the lien of this mortgage.
7. "That he will keep the improvements now existing or hereafter ere~:tec! on the mortgageci properiy. en.ureJ as may M requireJ from
time to Iime by the mongagee against losu by fire arxl olher haianls, casulaties, and contingencies in such artx~unts and for such periuds ac
may be requireJ by rtsortgagee, and K~ill pay promptly, Nhen Jue. any premiums on such insurance for paym~nt of which pruvision ha, not
been made hereinbefora All insurance shall be carriod in companies approvcd by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attacheJ thereto loss payable clauses in favor of anJ in form accrptable tu thr rrwrtgagee. In evtnt uf losc -
he N~ill give immediate notice by mail to mortgxger, arxi mongagee may make prrwf of 1~»s if rwt made prompUy by mortgagor, arnf each #
insurance company concerned is hereby authorizrJ and directed to make payment for such liKS Jirecdy to mortg:?gre imtead of to
nwr~gagur anJ mortgxgee jointly, and the insurance proceeds, or any part thereof, may t+e applicd by rrn~rtga~ee at its option either to the
reJuctiun of the indebtedness hereby secureJ ur ~o the resturation or repair uf the property damagrJ. In event of foreclmure of this
nwrtgage or other transfer of title w the mortgaged property in extinguisF?ment of the indebteJnrs+ securcd hereb}. all right, title, and
interr~t o~ the mortgagor in and to any insurance policies then in force shall pats to the purchacer or gr;~nter.
8. "Chat if the premises, or an~• par~ thereof, Le condemned under any poher of eminFnt do~nain, ur acquir~~i lor a public use,
th~ dama~es, proceeds, and thr consideration for such acquisition, to the extent of thc• fuN amount ot indebtedness upon thi~
11ort~a~e,:~ndthelote secured hereby remaininR unpaid,are hereby assiRnrd b~~ the ~tort~aRor toehe \lortga~ee and shall be paid
(orth~cith to the ~1ortRaRce to be applied 'o~ et on account of th~ indeFtedness secured hc•reby, ~.hether due or not,
9. That the mortgagee may, al any ~ime penJing a suit upon this mortgage. appiy ro the cuurt ha~tirtg juriuliction Iherrof for the
appointment of a receiver. anJ such cuurt sh•rll forthwith appuint a receiver of the premises covereJ hereby all arxi singular. irnluding all
and singular the irx:ume, prufits, i.wes, and revtnu~s frum whatever ~urce derived, each a~xi every of which. it t~eing expre+sly~
under~to~xi. is hereby mortg•rgrJ ati if tip~icitic•rl(y set forth a~d describecl ia the granting and habendum clau+es here~~f, and s~xh recciver
~haN have all the broad anJ effective functions and prnvers in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court as an admitt~d equity and a matter of atxolute right to said mortgagee. and witFwut r~ference tu the adequacy or
inaJrquacy of the value of t6e property mortgageJ or to the solvency or insolvency af said morigagor or the defendents. and thet such
rents. profits. income, issues, arxl revenues shall be applieJ by such receiver according to the lien of this mortgage arnl the practice of such
cuurt. In the event of any default on the part of the mortgagor here~nder. the mortgagor agrees to pay to the mortgagze un demand as a
rea+onable monthly rentat for the premises an amount at teast eyuivalent to one-twelfth I1/12) of tht aggrrgate of the tw~elve monthly
inslallments payable in Ihe then current year plus the actual amount of the annual taxes, assetsment~, ~~~ater rates, and in~urance prrmiums ;
for such year not covereJ by the afexesaid monthly payments.~
10. That (a) in Ihe event of any breach of ihis mortgxge ur default on the part uf the mortgagor, or (h? in the event that any of wiJ
sum+ of money herein referred to be not prompUy and fully paid without demand or notice. ur Ic ) in the event that each anJ every the
supulations, agreements, conJitiuns, and covenants o( said note and this m~xtgage, are not duly, promptly, arxl fully perfortneci: then in ~
either or any such event. the wid aggregate sum mentioned in said note then remainig unpaid, w ith interest accrued to that teme, and aA
rtx?rtey~ secured hereby. xhall become due and payable forthw~ith. u~ thereafter, at thr option of ~aid mixtgagee, as fully anJ completely as
if all of the +aiJ tums of mo~ey 4e~P n~~g~n~I~y tit~pulated to t+c paid on such day. anything in tiaid note or io thic mortgage to the contrary
o~~twithstanJing; and lhereupon or thereafter, at the option of saiJ mortgagee, without notice or demarxf, suit a1 lau~ or in equily, may be
prcnecuteii ac if all moneys secured hereby had maturc~cl prior to its instiwtion. The rtk~rtgagee may fexeclox this mortgage, as to the
~rrwrunt w Jeclared due and payablr, and the said premises shall be sold to satisfy and pay the same together with cvsts, expenses, and
allowances. In cace of partial forecknure of this mortgage, the murtgaged premises shal! t~e soW subject to the a~ntinuing lien of this
rtx~rlgage for tbe amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availeci of
thereafter from time to lime by the mortgagee. -
1 l. That the mortgagor will give immediate notice by mail to the rrK~rtgagee of any conveyarxe, transfer, or change of ownersbip of
the prrm~us.
12. ~lhat no waiver of any covenant herein or uf the obligation secured hereby shall at any time Ihereafler t+e held to be a waiver of
!he terms hereof or uf the rx~te secu~ed hereby_
goaK 215 2~g ~ .
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