HomeMy WebLinkAbout1802 ~ 2. That, in urdrr nwrr fully to prutnt Ihe ~rcu~i~y of thi~ nwrtgage, the mortgagur, tuge~hrr vntb. anJ in aJJiuun to, thr nx?nthly
paymrnts unJt~ Ihe ~ermx uf ihe nute +c~und htrrhy, un thr fint day i?f r~h m~~nth unlil Iha ~a~d n.~tr fully paiJ, will pay tu.lhe
nwrtgagte the fc~lluwing +um.: -
(a) An amount wffk.ient to pruviJe the holder hereof with furxls to pay the next mortgage insurance premium if this instrument a~d
the notc secured hereby are insured, or a monlhly charge lin licu of a mo~tgage insurarke premium) if ~hey are held by the
Secretary o[ Houaing and Urban Development, as folbws: -
111 If and so long as said note of even date aixi this instrument are insurai or are rcinsured u~xfer the provisions of the
National Housing Act, an amount su~cient to aaumulate in the hands of the holder one / I) month prior to its due date the
annual mortgage it?su~ance prcmium, in order to provide such holder with fun~is to pay such premium to lhe Secretary of
Nousing and Urban [kvetopmcnt pursuant to the National Housing Acb as amendtJ, and applicable Regulatiuns
thertumler; or
111) If and so long as ~aid note of rven date and this instrument are held by the Sec~etary of Nousing and Urban Developmcnt,
a monthty cha~ge (in tieu of a mortgage insuraace prrmium? wt~ich shall !~e in an amoua~ eyual to one-lwelfth 11112) of
one-half !y4) per centum of the average outstarniing balance due on the nute computal without taking into account
JelinquenCies or prepayments;
(b) A~um equal to the ground rents, if any, aext due, plus the p~emiums that will next become due and payable on policies of fire
an~i other betard insurance covering the mortgagtd property, plus taxes and assessmertts next due on lhe mortgaged property (all
as estimated by the mongagee) less all sums already paid thercfor dividal by the numb~r of months to elapse before on~ moneh
prior to the date when such guuncl rents, premiums, taxes, and assessments will become Jelinquent, such sums to be held by
mortgagee in trust to pay said g~ound rents, premiums, taxes, and special assessments; and
lc) All paymonts mentioned in the two preceding subsections of this paragraph and aN payments to be made n~der the note secured
hereby shall 6e aJded togcther and the aggregate amounl thereof shall be paid by the mortgagor each manth in a single payment
to be applied by the mortgagee to the following items in the onier set forth:
lU premium eha~ges under the contract of insurance with the Secretary of Housiag and Urban Devebpment, or monthly
charge (in lieu of mortgage insuranct premium), as the case may be;
(fl) ground rents, taucs, acussments, fire, and other hazard insurancr premiums:
(111) interest on the note secured hereby; and
UV) amortiistiort of the principal of said note_ ~
Any deficiency in the arrxwnt uf wch aggrc~ate rtwnlhly payment shall, unle+s maJe g~xi by the mwtgagor prior to lhe due date oi'
the next such paymeM, constitute an event of default un~ler~his mongage. The mortgagee may collect a"late charge" not w exceecf two
cents (2c) for each dollar IS11 of each payment more than fittern 1151 Jays in arrears to cover the extra ex~nse invulveel in handling
Jelinquent payments.
3. That if the total of 1he payments made by the mortgagur under Ibl of paragraph 2 preceding ,hall excrrJ the um.wnt uf the
payments actually maJe by the mortgagee, for ground rents, laxes and as.cessmrnts anJ insurance prrmiums, as the case may be, such
eacess at the option of the mortgagee, shall, be credited on subsequcnt paymenu to be made by the mortgagor. or refund~d to the
mortgagor. If..however, the monthly paymrnts mada by the mongagor under Ibl of paragraph 2 preceJing ShaN not t+e sufficient u~ pay
gruunJ rcMs, taxrs and atsessmentc anJ insur~nce premiums, as the case may bz. w•hen the same ~hall bccome due a~x1 payable, then the
mortgagor ,hall pay to the mcxtgagee any amount nececsary to make up the defxiency, on ix F+efore the Jate when payment of such
growxi rents, taxes, assessmrnts, or incurarke premiums shall be due. "If at sny time the m~tgagor shall trrxier to the murtgagee in
:~corJance w•ith the provisians of the note secured hereby, fuU payment of the zntire i~xlebteslness represented thereby, the rtwrtgagee
~hall, in computing thr amount of such i~xiebtedness, creJit to the account of the mortgagex all payments maJe undor the provisions of tu1
uf paragraph ? hereof which the morlgagee has not become obligateci to pay to the Secretary oF Housing :~rni Urban Developmeni arxl any
balancr remaining in the funJs accumulatcti! under the pruvisions of 1h) of said paragraph 2. If there ~hall be a default uncler any of the
pruvisions of thrs mwtgage, resu{ting in a public sale of the premises:overed hereby, or if the mortgagee a~quires the property otherwise
after default. the mortgagee shall apply. ~t the time uf the commencement of auch proceeding+ ex at tne teme the property is olherwise
acquir~til. the balance then remaining in thr funJs accumulated unJer (h? of paragraph 2 prec~ding as a crniit agai~st the ~muunt of
principal than remaining unpaid under wid note arxt ~hall properly adjmt any payments which shall have been made unJer 1~~1 of said
paragraph.
4. That ht wi!! pay all laxes, assessment.. watrr rates, and other governmental or m~nicipal charges. fine~. ur imp~xitiuns. for Nhich
provi,ivn has not been maJe hereint~rforc. and in default thereof the mortgagec may pay the ~:~me: anJ that he will prumptiy JeliYer the
ufficial rereipts lherefor to the mortgagee.
S. (hat he will permit, cnmmit. ur wtfer no H astr, impairment, or deterioration uf said property or sny p:~rt thernif: anJ in the event
uf the failure of thr mortgagor to keep thr buiWings on sxid premises anJ those to t+~ ereY:led on said premix~, or impruvements thereun,
m gixxl repair, the rrwrlgagee may mske such repairs at in its Jiscretie?n it may deem nereswry Cor 1he pn~+er preservatiun thereof. and
the ful! arm~unt uf each anJ every such payment +hall be immrJiately due and payable, anJ shall he ~ured by the lien of this mortgage_
6. "~hat he Nill pay al! arni singular the cocts, charges, arxi expenses, including reasonable IaNyer's fees, and costs of a(xtracts of title,
incurrc-~l or paid at any time by the murisagrr bcYause of thr failure vn thr pari of thr rnurtgagur prompd}'"snd fally to perform ihe
agreements arxl covenants of saiJ promis~ory notr anJ th~s mortgage, and ~;?id co.t+. charge+. arxl expemr shall tx immeJiately due and
payable anJ yhall be secureJ by the lien of this mortgage.
7. "~hat he wi11 keep 1he improvemrntc noa existing or herraf(er ereiie.i un thc m.xtgaged property. en~ured ss may be requireJ from
time tu time bp the rtwrtg~gee against I~n~ by~ fire snd uther hsta?rds, casulatics, anJ.:vntingencieti in wch anwuntt 3nd Fi~r ~uch periods 3s
may hr required by murtgagee, and will ~ay promptly. whrn due, any premiums on such insurance for paymrnt uf Khkh provi~ion h~s noi
been mado he~einbefore. Afl insurance shalt be carried 'en companies approved by martgagee and the policies and renew•als thereof shall
br held by mortgagee and have attached theretu I~ payable clau~ts in favor of and in form acceptable tu the mortgagee. In event of lus,
he aitl give immeJiate notice by mail to mortgagee. and mortgagee may make pnwf of I~+s if not made prompdy b}• mortgagor. ~nJ each
~murance cump~ny concerned is hereby auihurized and Jirected to make payment fur suCh loss directly to mortgagee instead of to
rtxirtgagor and m~xtgagee jointly, and thc inwrance pnxeeds. ur any pari thereof, may be applied by rtxxt~agee at ih uption either to thr
rrductiun of the inJebtc~lnesc hereby srcurctii or t~~ the resWration or repair of thr prupert~• dam:?ged. In event e~F furctilowre ut thi~
rtxirtgage or othrr tran+fer of title to the rruxtgaged property in extinguishment uf the indrblrJnr+~ x-cur~Yi hereb~~. ;JI right, title. anJ
interest uf 1he mortgagor in arxl to any insurance polici~s then in force shall p:us tu the purchaser ur grantrr.
8. That if the premises, or an~• part thereo(, be cundemned under any power of eminent dumain, ~~r acquired (or a public u~c:,
the damages. proceeds, and the cortsideration for such acquisitivn, to the extertt of the tuU eemuun~ o( inJebtf~dn~•ss upon this
~1ort~a~e,:~ndthe~ote secured herebv remaininR unpaid,are hereby as~igned b}- the \lort~a~or tothe ~lort~a~c~e anJ shall be paid
(orth~+ith to th~ \lort~a2e~ to be applied b~~ it on account of the indebtednesti secured hereb~, ~.hrther due or not.
9. That the rtwrtgagre may. at any time penJing a suit upon this morlgage, apply iu the court having juris~liction Ihereof for the
appuintment of a receiver, and ~uch court shall forthw•ith appoint a re~eiver of the premi~es covereJ hereby xtl and singula~, in.:luJing all
srxl singular the irxome, profitti. issues, ~nd revenues from wh3tever wurce derived, each arni every of which, it heing expre,sly
understixxl. is hereby mortg:~ged as if specifically set forth and deurit~l in the granting anJ hat~nJum clauses hereof, and such receiver
shaU have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and soch appointment ~hall t?e
made by such court as an admitted equity and a matter uf at+wlute right to said mortg~gee, anJ w ithuut reference to the adequacy or
inaJequacy of the vafue vf the property mortgageJ ar to the u>Ivency or insolvency of said mortgagor or the defenJents, and that such
rents, prufits. income. iscues, and revenues shatl be applied by such receiver according to the lien of this mortgage arxl the practice of cuch
court. In the evcnt of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a
reawnabfe monthly rental for the premises an amount at least eyuivalrnt !o one-lwelfth 11/12) of the aggregate of the tw~elve monthly
imtallments payable in the then current year plus the actual amount uf the annual taxes, acsestiments. water r~te~, and imurance premiums
for ~uch 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 rtx~rigag~~r, or (h) in the event that any of a:?id
sums of money herein referreci to be not promptly and fully paid without demand or notice, or (r) in the evrnt that each anJ every~ the
~tipulations, agreements, conditions, anJ covenanis of saiJ nule and this mortgage. arc nut duly, promptly, arxl futly performed: then in
either or any such event, the caid aggregate sum mentioned in said note then remainig unpaid, u•ith inlrresl accrued to that time. and all
r.xmevc secured herebv~ shal) become due anJ payable furthM ith, or ihereafter. at the option of said mvrtgagee. as fully and completely as
if aU of the said sums of rn~mey were originally stipulated to t+~ paid on such Jay. anytMog ~n zai~ note or in inis nK~rigagc to: t.:r~:~a;~
notw ithstanJing: and t6ereu{x~n or thereafter, at the vptiun of saiJ mortgagee, aithout rwtice or demand. suit at law• or in equity. may be
prosecuteJ as if all moneys secureJ hereby haJ mawrecl prior w its instiWtion. The rrn~rtgagee may foreclc~se 1hi~ mortgage, as to the
artK~unt ~o declareJ due and payable. and the said premises shall be wld to satisfy and pay the same together with costs, exFrenses, and
allow•ances. In case of partiat foreclersure of this morigage, the mortgaged premises tihall be wld subject to the continuing lien of this
mortgage for the amount of the debt nat then due and unpaid. In such case tne provision~ of this paragraph may again tx availeci of
thrreafter from time to time by the mortgagee.
t l. That ~he mortgagur a•~H give immediate notice by mai! to the mortgagee of any comeyance, transfer, or change of ow~nership of
the premises.
l2. ~ihat no waiver of any covenant herein or of the obligation secured hereby sEi.~ ; at any time thereafter tre held to t+e a waiver of
the terms hereof or of the nvte ucurec! hereby.
aoox ~15 ~17'~q
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