HomeMy WebLinkAbout0305 2. That, in urder awre fully ta protcy.t the ~curity uf this murtgaba, thr murtgagu~, tugethr~ wiih, anJ in addiuun to, thc nwntAly
paymtnls undtr the terms of tht nut~ securtJ hereby, un the fint Jay ui e:a:h munth unli! the +aiJ nutr i~ fully paid, v?i11 pay ~o ~hc
nwrtgagte lhe fulluNing sums:
la) An amount sufficient to provide the hoider hereuf with fuMls topay the next mortgage insurance premium if this instrument a~d ~
the note secured Aereby are insurcd, or a monthly charge (in tieu of a mort~age insurance premium) if thcy are held by ~he
Secretary of Housin~ and Urban Development. &S ipIIOWS:
(p lf and so lona as said note of even date and this inctrument are insured or are reinsured uncier the oroviaions ot the
National Housing Act: a~ amount sufiicient to aocumulate in the hands d'the holder one l l) month prior to its due date the
. annual mongage insurance premium, in orde~ to proviiie such holde~ with funds to pay such p~emium to the Secretary of
Housing and Urban Development pursuant to the National Huuaing Act, as am~nded. and applicable Regulations
the~eunder; or
(I11 If and so lon~ as said note of even Jate and this instrumenl are heki by the Secretary ot Housing and Urban Development,
a monthly charge (in lieu of a mixtgage insu~ance premium) which shall be in an amount equal to one-twelfth (t/12) of
one-half per centum of the ave~age outstanding balance due on !he note computed without taking into socount
delinquencits or prepayments;
Ib) A sum equal to the ground ~ents, if any, next due, plus the premiums that will noxt become due and payable on poticies of 6re
and ot6er hazard insurance covering thc mortgaged property, plus lazes and assessmcnts next duc on the mortgaged property (all
as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month
prior to the date whcn such ground rc~ts, premwms, taxes, and assessmenu will become detinqurnt, such sums to be held by
mortgagee in t~ust w pay said ground rents. premiums, taxes, and spesial assessmenu; and
!c) AU payments mentioned in the t.vo proceding subsections of this paragraph and all paymenu to be made under the note securcd
hereby shall be added together and the aggregate amount theredshall be paid by the mortgagor eacA month in a single payment
to be applied by the mortgagee to the fdlowing i[ems io the order set forth:
ll) premium charges under the conuact of ~nsurance with [he Secretary of Housing and Urban Devebpment, oc monthly
charge tin lieu of mortgage insurance prcmium), as the case may be; . _
(It) ground rents, taues, assessments, fire. and other hazard insurance premiums; ~
(ql) interest on the nae secared hercby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monihly payment sha!!, unless made good by the mortgagor prior to the due date uf
ihe ~ext such payment, constiwte an event of default under thi"s monga~e. The mortgagee may collect a"late charge" not to eireeJ two
cents 12c) for each dollar IS11 of exh payment more than fifteen (IS) days in arrears to cover the exlra expense involved in harxiling
delinquent payments.
3. That if the total of the payments madt by the mortgagor unde~ Ib) of paragraph 2 precediog shaN eaceeJ the amouni uf the
payments actually made by the mortgagee, for ground rents. ~axes and assessments and insurance premiums, as the case may be, such
excess at the option of the mortgagee, s6a11, be crcdited on wbsaquent payments to be made by the mortgagor, or rcfunded to ihe
mortgagor. If, however, the monthly payments made by the mongagor under Ibl of paragraph 2 preceJing shall not be sui~ficie~t to pay
ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shalt become due and payable, then the
mortgagor shall pay to the mortgagee any anwunt necessary to make up the deficiency, on ~x before the date when paymeot of such
ground ~ents, tares, assessments, or insurance premiums shall be dur. 1( at any time the mortgagur shall tender to ihe mortgagte in
accordance with the provisions of the note ser:ured hereby, full payment of the entire indebtedness reprtsented therehy, the mortgagee
shall, in rnmputing the amount of such indebtetiiness, credit to the account i~f ~he mortgagor all payments made under the pravisions of lal
of parag~aph 2 hereof which the mortgagee has Rot become obligated to pay to the Secretary of Housing and Urban Development anJ any
balance remaining in the funds accumulatcci urxie~ the provisions of (h? of said paragraph 2. If there shaN be a Jefault under any of the
provisiuns of this morigage, resulting in a public sale of the premises covered herrby, or if the mortgagee aoquires the property othen~ ise
after default, the mortgagee shall apply, at the time of the commencement of such proceedingti ur at the time the property is othcrN~ise
acquired, the balance then remaining in the funds accumulated under Ih~ uf paragraph 2 prececfing as a credit against the amount of
principal t:~en remaining unpaid under said note and ~hall properly adjust any payments which shall have been made under la) of said
paragraph.
4. That he will pay all taxes, asseisments, water rates, and whrr guvernmental or municipal charges, finrs, w impositions, for which
provisiun has not been made hereinbefore. and in default thercof the mortgagee may pay the same: and that he uill promptly deliver the
official receipts therefor to the mortgagee.
5. That he will permit, commit, or su(i~er no w:iste, impairment, or deterioration of said properly or any part thereof; and in the evrnt
uf the failure of the mongagor to keep the buildings on said premises and thuse to be er~trJ un saiJ premixs, or impravements thercon.
in good repair, the mortgagee may maAe such repairs as in its discretiun it may Jeem necessary for the proper preservation thereof, and
the fult amount of each and every such payment shalt be immeeiiately Jue and payable, and shall be strured by the lien of this mortgage_
6. That he will pay'All and singular the costs, charges, arxi expenses, including reasonable lawyer's fees. and costs of abstracts of title.
incurred or paid at any time by the mortgagre because of the failure on the pan of the mongagor promptly and futty to perform the
agreements apci covenants of said promissory note anJ this murtgage, and said costs, charges, and expenses shall t?e immediately due and
payable and shall bE secured by the lien of ihis mortgage.
7. That he will keep the improvements now~ existing or hereafter erected on the mortgaged pruperty, insured as may be requircYi fram
time to time by the mortgagee agairtst loss by fire and other hazards, casulaties, and contingencieti in such amounts anJ for such periods a~
may be required by mortgagee, and will pay promptly. w1~en due, any premiums on such insurance f~x payment of which provision has not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shali
be held by mortgagee and have attacheci thereto luu payable clauses in favor of and in form acceptable to the mortgagee. In event of loss
he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by m~xtgagor, and each
insurance company concerned is hereby authorized and directed to make payment for such I~ns Jirectly to rtwrtgagee instead of to
mortgagor and mc~rtgagce joinUy, and the insurance procteds, or any part Ihereof, may t?e applied by~ mortgager at its optiun either to the
reduction of the indebtedness hereby securetil or to the restoration or repair of the property damaged. In event of foreclusure of thic
mortgage or other transfer of title ta the mortgageJ property in extinguishment of the indebtedness securcYl hereby. all right, tiUe, and
interest of the mortgagw in arxt to any iasurance pulicies then in force shall pas~ to the purchaser or grantee.
8. That if the premises, or any part thereo(, be condemned under any power o( eminent domain, or acyuirrd tor a pubtic u~e,
the damace~, proceeds, and the consideratinn (or such acquisition, to the extent o( the full amount o( indebte~lness upon this
1to:tgage. and theYote secuted hereby _remaining unpaid, are hereby assigacd by the )lortgagor to the ~1ort~~eP aad shall be paid
(orthwith to the ~1ort~aRee to be appliFd by it on account of the iadebtedness secured hereb~-, whether due or not.
9. That the rtwrtgagee may. at any time penJing a suit upon this mortgage, apply to the court having juriseiiction thereof for the
appi>intment of a receiver, and such court shatl lorthwith appoint a receiver of the premises cor•ereJ hereby all arxi singular, incluJing all '
and singula~ the income, profits, issues, and revenues from whatever wurce derived. ~ach and every of which, it being expressly
understovd. is hereby mortgaged as if specifically set farth and Jescrit+ed in Ihe granting and habendum clauses hereof, and such receiver
shal( have afl the broad aAd effective functions and powers in anyu•ise entrusled by a court to a receiver, and such appointment shall be
made by such coun as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the aJequacy or
inadequacy of the value of the property mortgaged or to the solvency ur insolvency of said mortgagor or the defendents, and that such
rents, profits, incame, issues, anJ rrvenues shal! be applied by such recei~er according to the lien of this rrartgage and the practice of such
court. In the event of any default on the pan of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demanJ as a
reasonable monthly rental for the premises an amount at least equivalent to one-twelfth t 1/12i of the aggregate of the twelve rr:onthly
instaltments payable in the then curreni year plus the actua) amount of the annual taxes. assessments. Nater rates. and insurance premiums
for such year not covered by the aforesaid monthly payments~
10. That la) in the event of any breach of this mortgage or default on the part of the rrwrtgagor. or Ih) in the event that any of said
sums of money herein referred to be not promptly and fully paid without demand or notice, or (c? in the event that each anei every the
stipulations, agreements, conditions, and co~•enants of said n~He anJ this mortgage, are not duly, promptly, and fully performed: then in
either or any such event. the said aggregate sum ment~uned in said note then remainig unpaid, with interest accrued to that time, and all
moneys secured hereby, shall become due and payabie forihw~ith, or ihereafter, at the option of said mortgagee. as fully anJ completely as
if all of Ihe said sums of money N~ere originally stipulated to be paid on such day, anything in caid note or in this mortgage to Ihe conirary
notwithstanding; and thereupon or thereafter, at the option of said mortgagee, withoui rwtice or demand, wit at law or in equity, may be
prosecuted as if all moneys secarecl hereby had mawred prH~r to its institution. The rtwrtgagee may foreclose this rtx~rtgage, as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with cocts, expe~ses, and
allowances_ In case of partial foreclosure of this morigage. the mortgaged premises sha(1 be sold ~ubject to the continuing lien of this
mortgage far the amount of the debt not then due artd unpaid. !n such case tbe provisions of this paragraph may again be availeJ of
thereafter from time to time by the mortgagee. ~
1l. That the mortgagor w•ill give immediate notice by mail to the mortgagee of any com•eyance. transfer, or change of ownership of -
the premises.
12. That no waiver of any covenant herein or of the obligation secureJ hereby shall at any time thereafter be held to be a u•aiver of
the terms hereof or of the note secured hereby.
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