HomeMy WebLinkAbout1959 2. ~fhat, io u~Jer mure fully tu p~utcti~ thr .rcuriry uf ihis murtgagr. Ihe murlgagur, tugethrr Niih, a~xl in additiun to, thr nx~nthly
paymrnts undtr the tr~ms uf ihe nute ~cv;u~~til hrr~by, un ~he fint Juy of ra~h m~~nth uotil the +aiJ notr i. fully puid, will pay tu the
murtgagrc lhe fuilowing sums:
Ia) An amount sufficie~t to provide the hoWr~ hcrruf wetA funds to pay ~be next mortgage insurancc premium if thi~ imtrument anJ
~he note xcured hereby are insurcd, vr a muntAly cha~~e lin lieu of a mortgage insu~ancc p~cmium) if they are held by the
Secretary of Housing and Urban Develupm~ot, as fulbws:
(U If and so tong as said note of cven date and this instrument are i~sured or arc reinwred utnte~ the provisions oF the
National Housin~ Act. an amount sufaFicient to accumulate in the hands of the holder one (11 month prior to its dut date the
annuai mortgage insu~ance premium, in orJer tu provide such hotder with funels ta pay such premium to tAe Secretary of
Housing and U~ban Development punaant to the Nalional Housing Act. as amenJed, and appl~cabie Regulations
Ihereunder or .
(11) If aod so lang as saiJ ~ote o[ even Jate arxl this instrume~t are hcld by the Secretary of Housing and Urban Drvelopment,
a monthly charge lin lieu of a mortgage insurance prrmium) which shall be in an anxwnt equal to one-tweifth (11121 of
one-half (y4 ) per centum of the average autstanding balance due on the note compulnl without taking into accounl
delinquencies or prepayments;
. Ib? ^ sum equal to the ground rents, if any. next due, plus the pcemiums that will next become due a~x1 payable on policies of firc
and other hazard insurance covering the rtwrtgaged property, plus taxes and assessments next due on the m~xtgaged property (all
as estimated by the mortgagee) less al! sums already paid therefor divided by the number of mon~hs to elapse before one month
prior to the date when such ground rents, p~emiums, taxes, and as.ussments will become delinquent, such sums to be held by
mortgagee in trust to pay said ground rents, premiums, taxes, and special assessmenu; and
(c/ All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note securcd
hereby shal! bt added together and the aggregate amount thereof shall be paid by tho mortgagor each month in a single payment
to be applied by the mongagee to tht foltowing items in the order sct forth:
ll) premium charges under tht contract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
I11) ground rents, taxts, ascessments, fire, a~d other hazard insurance premiums; .
(1111 interest on the note securec! hereby: and
(IV) amortization of the principal of said nae.
r~ny deficiern:y in the artwunt of such a~rrgate nwnthly payment shall, unle~s maile g~xi by the mortgag~ prior to the due dale of
the next such payment, constiwte an event uf default u~xfer this mortgage. The mortgagee may catlert a"late charge" no1 to ezceed two
cents (2c) far each elollar ISI ) uf exh payment more than fifteen 1151 days in :urearc to cover Ihe ettra expense inv~dved in hanJling
delinquent payments.
3. That if the total of the payments made by the rtwrlgagar under (bl of paragraph 2 preceding ~hal! excrcd the arn~unt.of the
payrr~ents acwatly m:xfe by the mortgagee, f~N grounJ rents, taxes and asse~sments and insurance premiums. as 1he case may be, such
excess at the option of the mortgagee, sha11, be credited on subsoquent payments to be made by the mortgagor. or refu~ded to the
mortgagor. If, however, the munthly paymems made by the mo~tgagor under th) of Paragraph 2 preceding shall not be sufficient to pay
ground rents, taaes and asses~ments and insurance premiums, as the case may be, w•hen the same shall become due a~x1 payable, then the
mortgagor shall pay to the mongagce any amuun~ necessary to make up the deficiency, on ~x before the date when payment of such
gruwxl rents, taxe~, asussments, o~ insurance prcmiums shall bc due. If at any ~ime the mortgagor shall teixier to the mortgagee in
xrordance with ihe pruvisions of the note serured hereby, full payment of the entire irxfebtedness represented thereby. the morigagee
,hall, in computing the amuunt uf such i~xlebtednesc, credit to the account.of the mortgag~x all payments made under the provisions of (al
c?f Far~raph ? hereof which the murtRagee has not b~come obtigatad to Pay to the Secretary ut Housing and Urbaa Development a~xi any
halance remaining in the tunds accumulated under the provisions of Ib) of sa~d paragraph 2, if there shali De a dcfault usxler any of the
provisiuns of this mixtgage, resulting in a public s:ile uf the premi~es covereJ hereb~~, nr if' 1he m~xtgagee acquirtc the property otherr~~ise
after default, the mortgagee shail appty, at the time of thc commencrment of .uch proceedings or at the time the propeny is otherN ise
xquirctif. Ihe balance then remaining in thr funJs accumulat~~1 unJ~r IM1/ of paragraph 2 prec~~fing as a credit against the amounl of
principal then remaining unpaid under wid note anJ ~hall properly adjust any payments which shatl have been made under fu) oi said
paragraph.
0. "fhat h~ will pay all taxes, assetismeni+, water rate~, arxl other guvernmental or r:iunicipal iharges, finrs, ur impocitions, for which
pruvisian has not been made hereinbrfoie, and in default ther~f the mortgagee may pay the ssme: snd that hr aiH prompdy deliver the
i~ihcial receipts therefor to the rttortgagee.
S. -That he wilt permit, commit, or suffer no wsste, impairment, or deterioratiun uC said property or any pa~t therevf; arni in the event
uf the failure of the mortgagor to keep the buildings on s:~iJ premises aod thox to be errcted on said premises. or improvements ihereon.
in giwJ repair, the mortgagee may make such repairs ac in its Jiscretion it may deem nn:ecsary for the pruper presrrvation thereof, and
the (ull amount of exh and every such p3ymen~ +hall he immc~iiatcly due anJ payablr, and .hall t+e ,a:ured by ~he lien of this rtwrtgage.
6. That he wi11 pay all anJ singular the coats, charges, a~x1 etpenses, including redsonable lawyrr's fees, and casts of abstraets of liUe.
incurreef or paid at any time by the mortgagee because of Ihe failure on the pan of the mortgagar promplly and fully to ~rform the
agreements a~x1 covenants oF said Qromis,ory note and this mortgage. and said c~rts, charge,, arxl etpenses shall be imme~iately due and
payable and shall be secured by the lien of this m~tgage.
7. That he will keep the improvemen~s nuw existing or hereefter erected cu~ the mortgagrd property, insurrd as may t~ requirzJ from
time to time by the mortgagee against l~ns by fire and other haZards. casulaties, and contingencie~ in such armwnts and (or such peri~ls as
may t?e rrquireJ by mortgagee, and will pay prompdy. when due, any premiums on wch insurance tor payment of which provision has not
been made hereinbefore. AI! insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
t+e held by mortgagee and have attach~i thereto lir.-s payable claus~s in favor uf anJ in form scceptable to the murtgagee. In event of los.
he will give immeJiate notice by mail to mortgagee, anci mortgagee may make pr.x~f uf lass if rx~t maJe promptly hy mortgagor_ a~xf each
' in,urarke company coneerned is hereby authorized and directed to make payment for wch I~KS direcUy tu rtwrtgagee instead uf to
~ nx~rtgagor and murfgagre joindy, anJ the insurance pr~eeds, or any part thereof, may t+~ applirJ b~ rrNirtgagee at its option either to the
reduction oE the indebtc~lness hereby secure~i or to the rest~xqtiun ex repair of thr property Jamaged. In rv~nt uf foretl~nure uf this
mortgage ~~r other trans!'er of title 1o ihe mongageJ property i~ extinguishment uf the indebt~Jne~s tiecurrd hrreby. all right, title. and
interest of the mortga~tor in and 1o any insurance policies then in force shall paa to the purch:?ser ur grantee.
E 8. I~hat if the premises, or any part thereof, be condemned nnder aay power of rminent dom:~in, or acquired (ar a pubGc use,
k t6e dama~e~, Proceeds, aad the consideration tor such acquisition, to the extrnt of the (ull amount of indeLtedne~s upon this
~ \lortgage, and the~Iote secured hereb}• remainin~ unpaid, arc herebv assi~ned b~• th~ \Inrt~aRor to the 1lortgag~e snd -ha11 be paid
f [orth~vith to the ~1ortRaKee to be applicd b}• it on account of the indebtedness secvr~d h~rebc, ahether due ur not.
~ 9. That the mortgagee may, at any~ time penJing a wit upor. Ibis mortgage, apply to ihe court having jurisdiction thereof for the
' appuintment of u receiver, and sunc ~ourt ,hall forthwith appoint a ~eceiver of the premisc~s co~~ereJ hereb~ all arxl singular, incluJing sll
aixl singular the income, profits. issues. and revenues from w•h~tever source derived. each and every of which, it beinR txpressly
underswcnl, is hereby murtgaged :u it spetiifnalty ~t furth anJ dcscribeci in the g~anting and habenJum clausr~ hereof, and such receiver
shall have al! the broad anJ effective functions and p~~wers in anyW ise entrusted by a court to a receiver. and such appoiotment shall be
s made by such coun as an admitted equity and a matter of abwlute right to said mortgagee: and without referenee to tht adequacy or
E inadequacy oi the value nf !he properly mortgageci ~x to the wlvency or insulvency of said mortgagor or the defendents, anJ that such
~ rents, prc~fits, income, issues. atxl revenues shall be applied by such receiver accorJing to the lien of this rrwngage arxl the practice of ~uch
3 court. In the event of any defaalt on the part of the mortgagor hereunder. Ihe mortgagor agrees to pay to the mortgagee on Jemand as a j
«asonahte monthty rental for the premises an amounl a~ least equivalent to one-twelfth 11/12) of' the aggregate of the twelve monthly
installments payablc in the then current year plus the actual amount of the annual taxes_ a~sessment~. water rates, and inwrance premiums
for such year not covereJ by the aforesaid monthly payments.
l0. That (u) in the event of any breach of this mortgage ur default on the part of the rrx~rtgagor. or Ib) in the event that any of said
wms of money herein referred to be not prumptiy and fully paid w•ithout demand or notice, or Ir) in the event that each arxi every the
; stipulations, agreements, conditians, anJ covenants of saiJ nwe and this mortgage, are not duly, promptly, and fully performed: theo in
either vr any such event, the said aggregate wm mentioned in saiJ note then remainig unpaid, with interes~ accrueJ to that time, and att
trwneys ~ured hereby. shall become Jue anJ payable f~rthwith, or thereafter. at the option of caid mcxtgagee. as fully and complelely as
if all of the saiJ sums uf money were originally stipulated to Ue paiJ on such day, anything in said note or in this mnr~gage to the contrary
; notw~ithstanding: and thereupon or thereafler, at the option of saiJ mortgagee. w~ithout notice or demand. suit at law or in equity, may be
~ prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the
s amount co declarcd due and payable, and the said premises shatl be sotd to satisfy and pay the same together with cexis, expenses, and
` allowances. In case of partial foreclosure of this mortgage. the mcxtgaged premises shall t?e sold subject to the continuing lien of this
~ rtx~rtgage for the amount of the debt not then due and unpaid. In such ca~e the provisions of this pazagraph may again be availed of
thereafter from lime to time by the mortgagee_
11. That the rtx~rtgagor wi!! give immediate notice b~ mail to Ihe mortgagee of any conveyance, transfer, or ¢F?ange of ownership of
s the premises.
12. That no waiver of any covenrnt herein or of the obligation secured hereby shall at any time thereafter be helJ Io be a waiver of
t the terms hereof or uf !he note secured hereby.
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