HomeMy WebLinkAbout1807 2. ihat, in u~~rr rtx~rr fulty tu pruictil thr ~rcurity uf ihi~ murlgagr. thr nwrlgagur, ~ugrthrr with, a~x1 in adJiii~~n tu, Ihr mimihly
paymrm, unJrr Ihe ttrms uf thr nutr ~~tiu~~rl hrr~by, un th~ fint ~ay uf r:Kh mumh un~il thc .aid n.~tr i, fully p~iJ, will pay w thr
murlgagre the fulluwmg.um~. '
la) An amount wffkient tu proviJe the hulde~ hrrc<~f' with funJs tu pay ihe neat rrwr~gage insurnnce premium if thix instrumen~ and
the note secured hereby arc insuretil, or a m~inthly char~e /in lieu af a murtgage insurance pre~pium) if they are held by the
Secretary ot Housi~ and UtDan Development, as follows:
111 If and so long as said note of evrn date arxi Jhis instrument are insured ur arc reinsureJ under the provisions ot the
N~tional Housing /1ct. an amount sufficient to accumulate in the hamis of the holder one l l) month prior to its due date the
annual mo~tgage insurance premium, in order to pravi~ie such hulJer with funcis to pay such premium to the S~crctary ot
Huusing anJ Urban Developmertt p+usuant to thr Nationa! Housing Act, as amended, a~x1 applicable Regulations
thereur?der, or
1111 If aad so lung as said notc of even da~e a~x1 this ia,trume~t are heW by the Secrc~ary of Nousing and Urban Development.
a monthly charge Iin lieu of a mixtgage insuraace prrmium) wAich shall be in an amount equal to one-twelfth 11112) of
one-half 1'n ) per centum of the averagr outstancling balance due on the note computed without taking into aceount
delinquencies ix prepayments;
(b) A~um equal to the gruuixi rents, if any, nexl due, plos Me premiums that wil! neat brcume Jue and payable on policies of fire
anJ other hazard insurarn~ cuvering the ~rwrtgagevl pruperty, plus taaes and assessmcnts next due on the mortgaged property Iall
as estimated by the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month
prior to the date whert such grau~xi rrnts, premwms, taxes, sod assessments will becume delinquent, wch cums to be held by
mortgagee in trust to pay said grounJ rents, premiums, taxes, a~d special assessmenls; and
(cl All payments mentioned in the tv?~o preceding suDsections of this paragraph and al) paymenis to be macle under the note secured
hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the following items in the ordcr set (orth:
11) premium charges under the contract of insurance with tlie Sccratary uf Housing and Urban Development, or monthly
charge (in lieu of m~x~gage insurance premium?, as ehe case may be;
(Il) ground rents, tazes, ascrssments. fire, and other hazard insurance premiums;
(Ill) interest on tht note securcd hereby: anJ
IIV) amorti~ation of the principal of said note.
Any deficierx:y in the artwunt uf such aggregate monthly payment shall, unless made guocf by lhe mortgag~ priur to the due date of
thr next such payment, canstitute an ~vent of Jefault under this mortgage. The mortgugec may cullcrt a"late charge" not to exceed two
cents 12c) for each Jolla~ (SI) uf exh paymenl more ~han fifteen l15) days in arrears ti~ cover ~t~e ectra e?cpense involveJ in handling
Jelinyuent p:+yments.
3. That if the total of thr payments made by the mortgagor undzr (hi c?f paragraph 2 preceding shall rxczed thr amount of the
paymrnts ;~ctuslly mude by the mu?tgagee, for gruunJ rents, tatc~+ and assessments and insurarn.e premiums, as the case may be, such
excess at the option of the mortgagee, shall, be credited on wbsoquent payments to be made by the mortgagor, or refunded to the
nxutgagor, If, however, the rrn~nthly payments m~le by the mongagor under fb) of paragraph 2 preceding shall not he sufficient to pay
ground rents, taxrs ;~nd assessments and insurance premiums, as the cax may br. v?hen the same shall t+ecome due ar?d payable, then the
rm~rtgagor ~haU pay to the mortgagee any amuunt necessar~• to make up the defx.iency, an or t+rfore the Jate when payment of such
grourxl rents. taxcy, a~se~cmrnts, ur in,urarne premiums ~hall be due. If at any time the mextgagor shall trnder to the mortgager in
acrurdancr w~elh the provisiunc of thc nule iecured hereby, full payment caf' the e~tire indebteclnes~ represemed !hereby. Ihe morlgagee
~hall, in wmputing the amount of ~uch irnlrMnlnrss, creJit to the aceoum of ihc mortgag.x all payments made under the provisions of (al
uf paragraph 2 hereof which ihe mortgagre ha+ not become obligateci to pay to the Secretarv of Housing a~xi Urban Development and any
balance remaining in the furxls accumulated under 1he provisions uf (b) of said paragraph 2. If there shall be a Jefault under any of the
pruvi,ium of this morlgage. rrsulting in a pu[+lic ,ale u[ Ihe premisec coverrd hrreby, or if the mcxtgagre a~uirts the pruperty otherw isr
after Jefault, the mortgagee shall :+pply, at the tim~ uf thr commencement uf ~uch proceedings or at the time the pruperty i~ otherw~i~e
rcquirc~i, lhe balance then remaining in thr funJs accumulatctil under (b~ uf par~grnph 2 prec~ling a~ a creJit aga~nst the amuunt oF
principal then remaining unpaiJ unJer ~aid note arxi ~h:~U properly aJjust an~• paymen~s which .hall have t+ren rtwJe undrr (ui of s:sid
par.~graph.
J. fh~t he will pay all taxes. axuti~menK. ~+alrr ratrs, and other guverwrnrntal or municipal chargr~. fincs, ur impositions. for N~hich
pruvi~iun ha+ not t+re~ made hereinbefurr. and in Jrfault ther~~~f thr mortgagrr may pay thr same: ~nJ that he will promptly defivrr the
ufticial receipts therefur to the mortgagee.
That he will permit. eummit, ur ,utTer no waste. impairment, iu deterioration of SaiJ property or any part thereof: anJ in the event
uf the f~ilurr uf thc mortgagor to kecp thc building+ un tiaid premises and thosr to be erected on eaid premises. cx improvements thercon.
in g«xl rep~ir, the rtwrtgagee m:sy m~Ae such rrp;~in a, in ih dixreliun it may Jeem n~lrssary f~x the proper preservati~n thereof, and
the full amuunt of each and every +uch p~ymrn! shall lx imm~Yliately due and payable, a?xf .hall br secured by thr lien uf thi+ mcxtgage.
6. That he w ill pay all and singular the c~xts, charge~, a~1 expenses, inc(uding reasonabte law~yer'~ feec. and custs of abstracts of titlr,
incurreJ or paid at any time by the m~~rtgagee brcautie uf thc failure on thr part uf the mortg~gur prompUy and fully tu perform the
-sgreementti anJ cu~•enants ~f said promi~tiury notr and this mortgage, and said a»ts, charge,_ srxt expenxc ~hall be immeJiately due snd
papable anJ ~hall tx secureJ b~~ the lirn uf thi+ mortgage. ~
7. That hc will keeP the improvements rx>w rxisting or hereafter erecteJ un the rmxtgaged prornrty, inwred as mey br required from
time to time by thr rtwrtgagee against locs by fire .irnl uther hacardt. casulaties, anJ con[ingencies in ~uch am~wnt~ and fix wch prriuds as ~
may be requirrJ by mortgagee, and will pay pr~mptly. when due, any premiumti on.uch in~ur,~nce (iir payment of ahic:h pn?vi~eun has not
been made hereinbefore. All insurarice shall be carried in compania approved by mortgagee and the poticies and renewals thereof shall
_ hr helJ bp mortgagee and have auachctil ihereto I~s payable clauses in favor of anJ in form acceptable to ~he mortgagee. In rvent of los~
he w ill gi~~e immeJiate nutice by mail to murtgagre. and mortgagee may make prcwf of luu ~f not maJe prompily t+y mexlg~gur, anJ rach
imur:~rke cumpany concerneJ is herehy authunced and dir~~ted to make paymenl for wch lu.s Jir~-cUy to rtxirtgsgee insteaJ ~~f to
rtxirtgagix anJ mortgagre joinUy, a~d thr imurance pr~keed~, ~~r any part thereof. m~y be applied h~ murtgagee at iu optiun either to the
reductiun of lhe indebtcYlnett hereb~• srcured or to the rc~t~xatiun or repair uf the property Jam:igrJ. In event uf fureclotiurr o( this
mortgage ur other transfer ol title to ~he niortgageJ property in extinguishmen~ of the ~nJrhlednrti> >c~a urcd hereh~•, all right, title, and
intrre,t uf thr murtgagor in ar.J to any imurance puliciec thrn in torce shall pass to the purcha~er ur grantee.
R. That if th~• premises, or anc part therrof, be cendPmned under any po~.f•r of eminent duniain, or a~quire~i for a pubtic u.e,
t6~ Jarna~e~, proceed~, attd the considera~ion for suc-h acquisetion; to the extrnt o( th~ (uU amount of indc•btedness upun thiv
11ort~ae~~,.~ndthe~ote secured herebv remainin~ unpaid,are hereb~• assiRned b~~ the 11ort~a~or rothc 11ort~aRrr and shall be paid
[~~rih..iih th~• 11ort~a~~e to Lc: applird b~~ it on a~count of the indebte~iness sr~ur~d herebr~, :.h~~ther du~ or not.
9. That the rtx~rtgagre may. ~t any time PenJing a,ui!-u~+on this murtgage. applr lo the cuurt havinR jurixlictiun Ihereof~ for the
ap~x~intmcnt of a recei~er. ~nd wch cuurt chall forihµ~ith appoint a receiver of Ihe pr~mi;e, covereJ herehy all and singular, including all
~r?d +ingular the incort~. profits, i.~ues, anJ revenurs from whatever wurce derived. each arxi every uf which, it being rxpre~sly
understouJ. is hereby mortgagea! ~s if specifxally ~rt forth and describni in tbe graniing and habendum clauses hereof, anJ +uch receiver
tihall have all the broad and ciTctiti.•e functions anJ pow-ers in anywise emrusted by a court to a ~eceiver, and such appointment chall be
made by wch court as an aJmiiteJ equity and a matter of atnotute right to said mortgagee, and K•ithout reference to the adequacy or
inadequacy of the valse of the properry murtgageJ ur to 1he wlvency or insolvency of said mortgagor or the defendents, arnJ that such
rentti, profit~, income, i~surs, and revenu~ shatl be applied by tiuch receiver according tp the lien of this mortgage aixl the practice of ~uch
court. In the event uf any default on the part of the rtwrtgagor hereuneler, Ihe murtgagor agrees to pay to the m~xtgagee ort demanJ as a
reatiunable manthly rental f~~ the premises an amount at least equivatent to one-twelfth I1/12) of the aggregate of the tuelve monthly
imtallments payable in the then eurrent year pluc the aetual amount of the •rnnual taxes, acse~~ments. watrr rates. and insurance premiums
for s~xh year not covereJ by the aforesaid monthly payments.
~p. That tu) in the event of any breach of this mcxtgagr or Jefault on the part uf ~he nwrtgagor. ~x 161 in Ihe event ~hat any of ~iJ
~ums of muney herein referred to be not prompUy and fully paid w-ithout demand or nosice. vr Ic-) in the event that each and every the
~tipulations. agreements, conditions, and covenantti of said nute and this mortgage, are not duly, promptly, anJ fulty performed: then +n
either or any such e~~ent, the laid aggreg~te sum mzntiuned in said note tben remainig unpaid, with inter~~t accrued to that time, and all
rrxmrys tiecured hcreby, .hall become due and payable forthN ith, or thereafter. at the uption of caid mortgagee, as fully anJ completely as
if all af the said tiums of money were uriginally stipulateJ to be pa~d un wch day, anything in xai~ nutr o~ in ini~ iiK~~igagc ~o ti~e c~~~.~a~ J
notw~ithstanding: and lhereupcm or ihereafter, at ihe optiun of ,aiJ mnrtgagee. withuut notice or Jemand. suit at law or in equity. rtwy be
flnnecutrci ac ~f al{ moneys secured hereby had matured prior to its institution. The morigagee may foreclcne this mortgage, as ro the
artwunt w declared due and payable. and the said premises shall be rc~W to satisfy and pay the ~rtte tugrther a•ith costs. expenses, and
allowancet. In case of partial fexedosure of this morigage. the me~rtgageJ premises thall be wld subject to the continuing lien of this
mortgage for ihe amount of Ihe Jebt not then Jue anJ unpaiJ. In such case the provisions of this paragraph may again be availed of
thereaRer from time to lime by the mortgagee.
11. That ihe mortgagor w ill give emmeJiate notice by mail to the mortgagce of any conveyarke, transfer, cx change of ownership of
the premises.
12. That no waiver of any covenant herein or of the obligation securecl hereby stall at any time thereafter be held to be a waiver of
the termc herevf ~x ~~f Ihe note tiecurrJ herehy.
aooK215 ~acE1804
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