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HomeMy WebLinkAbout1812 2. fhat. ~n urder m~xe fully to prWctil thz ~rcurily uf 1hi~ rtaxtg~ge, th~ murtgagur, tug~~her with, anJ in :~dduion tu, Ui. nx~nthl~. p~yment. under thr lr~ni+ uf Ihr nutc +r; ur~til hcrchy, un thr fir+l day of r:wh muntA until thr wiJ nutr ic r~~ny ~a~~, ~~~i r:~~• <<~ thr rtx~rtgagtr tht fu11uN ~ns +ums: • (a) An anwunt w[fi~icnt to proviJe ~I?e ho1Je~ hertof with fu~is to pay the next ma~tgage insurance prcmium if ~his inarument and the note secured hercby are insured, ~x a mon~hly charge li~ lieu of a murtgage insu~ance premiuml if they are heW by ihe Secretary of Housing and U~ban Development, as folk>ws: (U If and so tong as said note of even date a~x1 lhis instrument are insured o~ are reinsured under the provisions of the National Housing Act, an amount suRcieot to aaumulate in the hands of the holder one ( I) month prior to its dus date the aonual mortgage i~surance premium, in wJer lo provide such hold~r with furtde to pay ~uch premium to the kcretaty af Housing and Urban Dtvelopmcnt pursuant to the Natiunal Housing' Act, as amendeJ, unJ applicable Rrgulation~ thercunder, or t 11) Ii and w long as ~uid note of tve~ date a?w1 this iastrumenl are hekl by the Secrotary of Hou~ing anJ Urban Ikvelopmcnt, a nwnthly cha~ge lin lieu of a mortgage insurance prrmium) which shall tx in an amiwnt equal to one-twelfth 11112) of onrhalf (~h) per centum of the average outslandiog balance due on the note computed without taking into aocount delinquencies or prepayme~ts; Ib) A sum equal to the grourxl rents, if any, neat due, plus the premiums that will neYt becomc due anJ payable on policiec of fire and other hazaud insurance covering the mortgaged ptoperty, plus taxes anJ assessments neat due un the mortgaged properry (all as atimated by the mortgagee) less all sums already paid therefor diviJed by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be he1J by mortgugee in trust w pay said ground rrnts, prcmiums, taxes, and special sssessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under ihe note.secured hereby shall be added together and the aggrcgate amount thereof shall be paid by the rn~rtgagor each month in a single payment to be applied by the mor~gagee to the folbwing items in ttx order set forth: 14 premium charges unde~ the contract of iruurance with the Secretary• of Housing and Urban Developm~nt, or monthly charge (i~ lieu of mortgage insurance prcmium), ac the case may be; (II) ground rents, taxes, asussments, fire, arnt other hazard insurance premiums; 1111) interest on the note securai hereby; a~xt (IV) amortization of the principal of said note. Any deficiency in the amount of ~uch aggregate monlhly payment shall. unless maJe gcxxf by th~ mixtg:~g~x priur to the due d:.te of the neat such payment, constitute an rvent of default u~xler ~his mortgage. "The mortgagee may c~~llect a"tate chargt' m~t to exceeJ two cents 12c1 for each dollar ISI1 of each peyment mwe than fifteen I!S? days in arrran to cover thr e~tra exprnse involvrJ in hanJling delinquent payments. . 3_ That if the total of the payments made by the murtgagor under Ih) of paragraph 2 preceJing ~hall excreJ the arrx?unt of the payments actually maJe by the mixtgagee. Cor gruund rems, taxes arni a~ses~ments and insurance premium~. as the case may be, such excsss at the option of the mortgagee, shall, be credited on wbsaquent payments to be made by the mortgagor, or refunded to the mortgagor_ If, however. ~he munthly payments made by the mortgagor under Ib) of paragraph 2 preceding shall not br sufficient to pay ground rents, taxes a~xi asxssmrnts and insurance premiumc, as the cace may t~, when the same shall bnome due arnf p:~yable. then the mortgagor shail pay tu the mortgagee any amount necestiary to make up the defxiency, on ~x before the datr when payment of wch grourxi rents, t:?xes, asxssments, or insurarn:e pr~miumc ehall tx due. If at any time the mortgagcx shall ~erxler to the mortgagee in acconfance with the provisions of the note secured hereby, full payment of the entire indebtedness repreunteJ thereby, the nwrtgagee shall, in mmputing the amount of such ineiebtedness, creJit to the acccwnt of ~he mortgagor all payments made under the provisions of lal of paragraph 2 hereof which 1he mortgagee has not become obligateJ to pay to the Secretary of Housing arni Urban Development anJ any balartce remaining in the funds accumulatni u~xier the provisKins of Ib) of said Paragraph 2. Ifthere ~hali be a default uneier any of the pro~•isiom of this mortgage, re,ulting in a public sale of the premices covereJ h~reby, or if thr mortgagee acquires the property utherwise rfter Jefault, the mottg;~gee shall apply, at the time of the commencement of ,uch proceeJing~ ~x :~t the time the pro~xrry is othrrw isr - acquiretil. the b:?f:~rx:e thrn remaining in the funds accumulated under Ih~ of paragraph 2 preceding a~ a crrdit ag~inst thr amuunt of principal t.?en remaining unpaid urxier ~aiJ nute anJ .hall properl}~ adjust any payments which ~hall have bren maJe under lul of wid pa~agraph_ -i. ihat he w•ill pay all taxes, auet~menls. w~ter ratn. anJ Wher governmental or municipal chargr,_ fines, or impusilion+, for Hhich provi5iun has not been made hereinbeforc. anJ in Jefault thercY?f the m.xtgagee may pay thr ~amr: and that he w~ll prampth• deliver the official recriph thercfor to thr mortgaget. 5. That he will permit, commit, or suffer no waste, impairment, cx deteriuration of s:?id pr~perty or any part thereof; and in the event . of the failure of thr rmxtgagor W keep the buildings on s:~id premises and those to be erecteJ on said premix~+. or impruvements ihereon. in gixxl rrpair, the rrxxtgager may make wch repair~ as in its discretion it may deem nece+cary f~x the pruper prrservatic~n thereof. and the full a~rxwnt of each and every such payment shall be immeJiately due and payable, arxf shall be secured by the lien of ~his nwrtgage. 6. That he will pay all and singular the c~ts, chargec. anJ cxpensc5. including reasonable I~wyer's fecc_ and co~ts af abtitracts of titlr. incurreai ur paid at any time by the rtwrtgager trctau~ oC thr failure on the part of th~ rtwrtgagur prumptly ~nd fully to perform the ~greement~ anei covenantc of said promisu+ry note and thi~ mortgage, and said costs, chargrs. anJ e~pen~ ~hatl be immedistely due snJ I payable and chall be secured by the lien of this mortgage. ~ That he w ill keep the improvements nuw exi~ting ur hereafter ercYted on the murtg:?gcd pruperty. insured may tx: requircyi fsom ! time to Iime by 1he murtgaRee agaimt lixs hy fire and other hazard~, cawlaties. and contingencies in ~uch anx~unt. ~nJ for ~uch periinls as may be required by mortgagec, and will pay prumptly. whrn due. any premiums on wch imurance fix payment of which provisiun ha~ not ; becn made hereinbefora All insurance shall be carried in compania approved by martgagee and the policies and renewals thereof shall ~ be held by mortgagee and have attacheil thereto lans payable clsuses in favor af and in form acceptable to the rnurtgagee. In event of los~ he will give imrneJiate notice by mail to mortgagee. arxl mortgagee may make proof of loss if not msde prompdy by mortgagor. anJ each ~ insurarxe cumprny concerned is hereby authorizeJ and directrd ta make payment for such kxs JirecUy tu rmxtgager in.tead ~~f to ~ rtxutgagor arxl m~Ktgagre joinUy, anJ the imurance procerd.. ur any part thereuf, may l+e applieJ by rrwrtgagee at rts option either to thc ~ reduction of thr indebtrJness hereby srcured or to the rrstixateon or repai~ uf the property JamageJ. In ev~nl of fureclo~urr ~~f this nwrtgagr or other trantfer of tiUe to the mor~gagcd propeny in extinguishment oi 1he inJeMrdne.s x~cureJ herehy, all right. title, anJ intere+t of Ihe mortgagix in arni to any insurance polici~ ihen in force shall pass to the purchaser ur grsntee. 8. ~ihat i( the premises, or any part thereo(, Se condemned under an~• poNer o( eminent dom~in, or a~~quirFd (or a public u~c, thc~ dama~es, proceeds, and the con~ideration for such acquisition, to the exteat o( the full amount n( indebtedne.s upun this 1lortga~e,andthe\ote secured herrb}• remainin~ unpaid,are hereb~• assi~ned b~• the 11ort~agor tothc \Iort~aRee and shall be p~id forth~.i~h to ~hr~ \1ortRagee to be applieJ by et un account o( the indebtednes~; secureJ h~rebv, ~.h~iher Jue or not. ~ 9. That the rtwrtgagee may, at any time penJing a cuit u~m this martgage, apply to the court having juriuliction thereof [or the ~ appointment uf a rt~.eiver, and such c~~urt shall Carthw ith appoint a receiver of the premises covered hereby all and +ingular. incluJing all and singular the income. profit+, i~~ues, and revenurs from whatever wurce JeriveJ. each anJ rvery of which. it heing eapre+sly understo~l, is hereby rtwrtgageJ as if speci&ally set forth anJ drscribeJ in the granting ~nd habendum clauses hereof, anJ ~uch receiver ~ shall have all the broad ancl effective functiom and powers in anyw ise entrusted by a court to a receiver, and such appointme~t shall be ~ maJe by such court as an admitteJ equity and a matter uf abwlute right to saiJ mortgagee. anJ without reference to the adequacy or ~ inadequacy of the value uf the property mortgagecf or to the solvency or insolvency of said mortgagor or the defenJenis, and that ~uch rents, profits, income. iuues, arxl revenues shall t?e applied by such receiver according to the lien of thic mortgage and the praciice of such court, In the ~vcnt of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the murtgagee un demanJ as a reasonable monthly rental for the premises an amuunt at Irast rquivalent to one-tNelfth I II121 of the aggregate of the twelve rrwnthly installments payable in the then cmrent year plus the actual amount of the annual taxes, a~sessments. water rates, and imurance premiums fi~r such year not covercYi by the aforesaid munthly payments_ ~0. That lu) in the event of any breach of this mortgage or default on the part of the rtx?ngagur. or (h) in the event that any of ,a~J sums of money herein referreel to be not prompUy anJ fully paid w~ithout demand or notice. or Ie ) in the event that ~ach arxl every the ~ stipulations. agreements, conditions, and covenants of tiaiJ nwe and this mort a e. are nut dul rom 11 and full erfixmed: then in 8 R Y•P P Y•" YP = either cx ~ny sw;h event. the wid aggregate sum mentioned in saiJ nute then remainis unpaiJ_ with interest accrueJ to that time. and all ~ moneys secureJ hereby, shall become due •rnd payable forthw itfi, or thereafter. at the option uf saiJ mortgagee. as fully anJ completely as ~ if all of the said sums of nwney v?•ere originally stipui•rtea to he paiu on wch Jay, anyti~ing i~i wiu ~it7ic ~ii in thi; ~IR~~ lZ(J~~ iai ihE Ciiilii3P~ notwithstanding: and thertupon or thereafter, at the uption of ~aiJ murtgagee. without nutice or Jemand, suit at law~ or in equity, may be '~a prosecuted as i( all rtwneys secured hereby had matured prior to its instiwtion. The rtx~rtgagee may forecluse this mortgage, as to the amount so declared due and payable, and the said premises shall tx wld to satisfy and pay the same together with cc»ts. expenses, anJ ~ ~ albwances. In case of partial foreclosure of this mortgage. the mortg:~ged premises ~hall be sold wbject to the continuing lien of this murtgage fcx the amount of the debt not then due anci unpaid. In tiuch case the provitiii~ns of this paragraph may again be availed ~f ~ thereafter ~rom time to lime by thr murtg:~gee. 11. That ihe rrwrtgagor will give immrJiate notice by~ mail to the mcxlgagee of any conveyance, transfer, or change of ownership uf ~z the premises. 12. That no waiver of any covenant herein or of the obligation secured hereby tihall at any time thereafter be held to he a waiver of ~ the terms hereof cx of the rx~te cecured hereby. eeox215 ~~cT~.S09 ~ ~ ~ . « ~ ~ ' F ~ 3 _ ~ _ . ~ , . . _ _ . . . » .