HomeMy WebLinkAbout1792 2. 7hat. tn urde~ murr fuliy tu pn?i~tir thr ,rcuruy uf thi+ mung:~~r, thr murtgagur, tugr~hcr wth. .~rxi in ~Jd~tiun tu. thr nr,mhly
puymrnts unJtr tht l~rms uf thc oute .riu~eJ hertby, .~n thr fint day uf r:Kh munth until ~hr ,aid nutr i~ tully p:uJ. will p:~~ tu thr
nwrtgager thc f~lluwing aum~: . •
Ia1 An amou~t sufficient to provide the holder he~euf w~th Wnds tu pay the next rtwrtgage ensuranct prrmium if Ihis in~trument and
the note ucured hereby are insural. or a munthly charge lin liru of a rtwngage insurance premium) if they are Aeld by the
Secrctary of Housing and Urban Devzlupment, as fulk~ws:
(I) If and so long as said oote of eve~ Jate aod this instrumcnt are ir?.+ura~i or are reinsurcd under the provisions of thc
National Housin~ Act, an amount suflicient to aceumulate in the ha~xis o( the hulder one 11) month prior to its due da~e the
annual mortgage insurance {xemium, io orJt~ to provide such holde~ with funJs to pay such premium to tt?e Secretary of
Housing and Urban Development pursuant to the Natimal Hou~ing Ac1, as art~rxleJ, aixl applkabl~ Regulatiom
thereunder; o?
1111 If and so long as said note of even date and lhis instrument are helJ by the kcrctary of Hausing arn1 Urban l~velopmen~,
a monthly charge (in lieu of a mortgag~ insurance premium) whech shaN be in ao amount equal to one-~w~elflh 11/12) of
one-half 1~4) per centum of the average outstanding bala~ue due on the note computed without taking imo aeuwnt
delinquencies ur prepayments;
(b1 A sum aqual to the graunci rents, if any, ntxt due, plus the premiums ihat will next become Jue sixl payablc on policies of firc
aixl uther hazard insurance covering the mortgaged property, plus taaec and acstssments nezt due on the mortgaged prope~ry lall
as estimated by the mortgagce) less all sums already paid therefor divided by ~hc number of months to elapse before one month
prior to the date when such grouoc! rents, premiums, taxes, and assessments wi11 become delinquent, such sums to be held by
mortgagee in lrust W pay said ground ~ents, prtmiums, laxes, and special assessments; and
(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured
hereby shall be added together and !he aggregate amoun~ thereof shall be paid by the mortgagor ea~ch month in a single payment
to be applied by tht mo~Igagee to the following items in the order set forth:
IU premium charges under the contract of insurance with Ihe Secrctary of Housing and Urban Developmrnt, or manthly
charge (in liru of mortgage insurance premium), as the cax may be:
(11) ground rents, taaes, assessments, fire, and other hazard insurance premiums;
(111) interest on the nae secured hereby; arni ,
IIY) amortization of the principal of said note.
Any deficiency in ~he amount of such aggregate monthly payment shall, unless maJe gu«1 by the mortgabur prior to th~ due datr of
the nett such payment, ronstitute an event oC Jefault under this mongage. The mortgagee may collect a"latr eharge" n~~t to rxcml tw~u
cents 12c1 for each dollar fSl) of exh payment more than fiftern 1151 days in arrears ~o cover ~he extra rxpense invuh~c~i in harnil~ng
delinquent payments,
3. That if the total of the payments made by the mortgago~ under Ibl of paragraph 2 preceding ~hall excecd the arn~wnt uf thr
payme~ts actuallq made by the murtgagc~. for g~ound rents, taxes and asze+sment. and insurar?cr premiums, a~ the ~asr may tx, such
excess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by the mortgagor, or refunded to the
mortgagor. If, however, ihe monthly payment~ made by the mongagor under Ibl of paragraph 2 preceding shalt not t+e sufficient to pay
ground rents, taxrs and assesaments and insurance premeumt, as the case may t~e, when ~he same shall become due and payahle, then the
mortgagor shall pay to the mortgagee any am~.unt neccssary to make up the deficicncy, on ~x t+efore the Jate w•hen paym~nt of such
graunJ rents, taaes, as.~ssments, or incurance premiumx shall t+e due. If at any time the mcxtgagor shall tenJrr tu the mortgagee in
acc~rdance w•ith the provesions of the note secured hereby, full payment of the ent':re i~xlebteeiness represe~teJ thereby, ihe murtgagee
shall, in computing the amount of such i~uiebtedness, crrJit to the account of the mortgag~x all payments made urxfer the pro~•isions of Io1
of paragraph 2 hereof w•hich the mortgagee has not t+ecome ohligatc~l to pay to the Secretary of Housing and lirban Developrr~en~ arx! any
baiance remaining in the funJs accumulated under the provisions of (b1 of said paragraph 2. I( there shall be a default urxier any uf ihe
provisions of this mcxtgage, resuiting in a public sale of the premi.e~ covere~l hereby, ur if the murtgagee acquire+ the prc~erp- otherwise
after default, the mongagee shall apply, at the time ot ii~c ~omme~~cc~i~~ni uf sucn pi~xeediags cx at the t~me the proE?erty i~ othrrN isr
acquired, the bala~~ce then remaining in the funds accumulatcYi under IhJ of paragraph 2 precniing ac a credit against Ihe amount of
principal t~?en remaining unpaid undrr s:iiJ note and ~haU pruperly adjust any payment~ whi~h tih~ll have heen made under lu1 of wid
paragraph.
4. That he will pa~~ all taxes, assessments. water ratcy, anJ other governmental or municipal ch:trge~. tine~. ur im{wsitiuns_ for which
provision has not t?een made hereinbefore, and in default thereY~f the murtgagee ma}• pay thr samr: and that hr Nill prumplly Jelicrr the
official receipts therefor to the mortgager.
S. That he will permit. commit. or wPfer no waste. impairmenl, cx deterioration of saiJ pro~rty or any part thereof: and in the event
of the failure of the mortgagor to ?eep the buiWings un ,aid premi,c-t snd Itwx tu bc errcted on saiJ premi~s, or improvements thereon,
in gouel repair, the mortgagee may makr such repairs as in it, dixretiun it may Jeem necc~stary for the pru~r preurvatioo thereuf. and
the full amount uf exh anJ every such payment shall be immediately duc and p;~yable. and shall be uturecf by the lien of thic rt?ortgage.
, 6. That h~ wili pay all and singu{~r the c.xts. chargr., arxf expencc~. including reasunable laW yrr'c fee.. and ~oslti of ab~tracts of title,
incurred ar psid at any time by the rt?ortgagee be~aw~ i~f the failure nn the part of the murtgagor promptlp :~nd fully to perform the
agreements and covenants of said promissory nute and thiti murtgage. and said custs, charges, arxl e~penties shall t+e immediately Jut anJ
payabie and shall be secured b~~ the lien of this murtgage.
7. That he will keep the impruvements rwa exfsting ur hereafter erecteil on the murtgageal pruprrty, insureJ as may t~ rcquirctii from
time to time b}• the mortgagee against luss by firr anJ other hazarJs. casulaties. and cuntingenrie+ in tiuch amount~ :~nd f.~r wch pen~xlc a~
may be requirctil by mortgagee, and will pay promptly, whrn due, any premiums on cuch in~urance fur payment ofwhich pri,vi,ion hac nut
be~n madt hereinbefore. Alt insurance shali be carried in companies approved by mortgagee and the policies and renewals thereof shatl
!+e heW by martgagee and have attacheci thereto Icxs payable clause~ in favor of and m form acceptahle to the murtgagee. In rvem uf los~
he w ill give immediate notice by mail to murtgagrr, arxl murtbagee may make pnwf of I.ns if rx~t made prompUy by mortgagur_ anJ rach
insurarxe iompany roncerned is hereby atrthorized and Jirected to make paymen! for such l~xs direcUy to mortgagee in.leaJ uf tu
rtwrtgagor anJ mortgagee jointly. and the inwrance procteJ~. or any part thereof, may be applied hy rnortgagee :?t itc option rithcr t~~ Ihe
reJuction of the inJebtrdnecs hereby ~ecurc~i or ~o the re~turation or repair of thr property Jamaged. (n e~•ent ut furctitu.ure uf this
mortgage or other transfer of t±tle to the mortgaged pn~erty in rxtinguishment of ~he inJ~btctiine~~ cr~ured hereby. atl right. titlr, and
interest of the mixtgagor in and to any inwrance polieie~ ?hen in foree shall pa~c to the purcha~er or grantee.
8. "Iliat i( thr preniises, or any part thereof, be condemned undcr any poNer o( eminent do~uain, or ac~yuirr~i for a public u.e,
the dama~es, proceeds~ and the consideration tor sucfi acquisition, to the extent o( the full arr~ount of indrbt~doe•.s upon this
11ortRage, and the \ote secured herebv remaiainR unpaid, are hereb~~ assi~ned ba- the 11ortRa~or to tA~ \lortpa~re and ~hall Le paid
(orth~.ith tn thf• ~1ottQagee- to be applied b}• it on ~ccount u( ihF indebtednesc secureJ hrreb~, N~hetherdue or not:
9. That the mongagee may. at any time pending a~uit upon this mortgage. apply to the court having juri:dKlion thereof for the
appointment.uf a recei~•er. and s~ch court shall fonhwith appoint a rereiver of !he premises rnvereJ hereby all arxl singular, including all
arn1 singular lhe income, profits, i»ues. _and revenues from whatever wurce derived. cach anJ e~•ery ~~f which. it being expressly
understooJ. is hereby mortgagecl as if spetifi~-ally ~rt forth and drticribeJ irt the graeting aoJ habenJum clausn her~~f. and such receiver
shall have all the broad and efl'ective functions and powerc in am•w ise entrustrd by a coart to a receiver, and such appointment shall be
made by such court as an admitted equity and a matter of at+solute right to said mortgagee, and without reference to the adequacy or
inadequacy of the value uf the property mortgagecl or to the wlvertcy or insolvency of said mortgagor or the defendents. and that wch
ren[s, profits. income, issues, and reve~ues shall t~e applirJ by such receiver according to the (ien of this mortgage and the practice of such
court. In the event of any default on Ihe part uf the mortgagur hereunder. the mortgagor agrees to pay tv the murtg~Sgec on,Eiemand as a
reasonabie monthly rental for the premises an amount at least equivalent to one-twelflh 11/12/ of the aggregate of the twelve rtx~nihly
installments payable in the then current year plus the actual amnunt of tfie annual taxcc. as~r~sment,, water ratec, and imuranc~ premiums
for such year not covered t+y the aforesaid monthly pa~ mcnts.
10. That la) in the event of any breach of ihiti m~xtgage or default un thr part uf the rtwrtg.+gor, ~N Ih) en the eveot that any uf SaiJ
wms of money herein rcferretii to t+e not promptly and fully paid w ithuut demand or notice. or 1~•) in the evcnt that cach and every thr
stipulations. agreements, conditions, and covenants of saiJ nute anJ thic mortgage, are not duly, prump0y. and fully performed: then in
either or any such event, the saiJ aggregate sum mentioned in saiJ rtote then remainig unpaid. with entere~t acerueJ ta that Iime. and all
moneys secured hereby. shall become Jue and payable forihw ith, ur thereafler. at the option of saiJ mortgagee. as fully anJ completely as
if all uf the saiJ sum~ uf muney were originally stipulatcd ti~ t~ paiJ on such Jay, any~hing in said note or m th~, m~~rtgagr a~ the a.mrary
notwithstanding; and thereupon or thereaftrr, at the option of said mortgagee, without notice or demanJ. suit at law or in equity. may t+e
prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may furecluse this rtwrtgage, a~ to Ihe
artwunt so declareJ due and payable, and the said premi~ ~hall be sc~id to satisfy and pay the same together with c~xtc, eapcmes, and
allowances. In case of partial foreclosure vf this mortgage. the mortgaged premeses tiha!! be sold wbject W the continuing lien of thic
mortgage for the amount of the debt not then due anJ unpaid. 1:? cuch case the provitiionc of this paragraph may again be availed of
thereafter from time to time by the mortgagee.
l t. That the mortga~tor K ill give immediate notice by mail to ~he mortgagee of any convey~ance. transfer, or change oi owne~ship of
the premixs.
12. That no waiver of any covenant herein or of the obligation secured hereby chall at any time thereafter be heid to be a w•river of
!he terms hereaf or of the note secured hereby.
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