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HomeMy WebLinkAbout1426 . . , ? . 2. "I hat, in ~xdrr mure fully tu pru~rct thr sr~urily uf thi+ mottgage, the nwrl~agor, tugrthr~ wi~h, a~x1 io aJditiun 10, thr munthly payments unJer the trrms of ~he nutr secur~d hercby, on the finl Jay uf each m.mtk unlil the +aid ix~te is fully paid, wdl pay to tht morte:~ee the folluvrin~ sums: (a? An amouat sufficie~t to pruviJe the ho1Je~ hereof with funds to pay the oext mon6a~e i~surance prrmium ilthic instrument aoJ the note secured he~eby arc insured, or a monthly char~e lin lieu of a mort~a~e irtsurance premium) if they ue held by the Secrctary ot Housio~ and Urban Develupment. ss folbws: (I) If and so lons as ssid note of ev~n date and ~his instrument ue insurcd or are rcinsured urnier the provisions of the Natioaal Housing Act, s~ amount wfficieot to accumulate i~ the hands of the holde~ one ( l) month prior to its due date the annual mort~s~e insurance promium, in onfcr to provide such holder with funds to pay such premium to the Secrcury of Housinj and Urba~ Development pursuant to the National Housing Ac~ as amended, aad applicable ReQulations the~eunder: or 111) If and w long as said note of even dale and this irtstrument are held by the S~cretary of Housing and Urban Development, a monthly charge (in lieu of a martgage insurance premium) which shatl be in an am~wnt equal to one-twelfth 11112) of onahalf pe~ ce~tum o[ the average outstanding balance due on the ~ote computod without taking into account delinquencia or prcpayments; • (b) A sum equal to the ground rents, if any, neat due, plus the premiums that wilt neat become due aixi payable on policies of fire and other hazard insurance covtring the mortgaged property, plus taxes and auessments next due on the mortga~td property (all es est~mated by the mortgagee) Ias all sums already paid therefor divided by the number of manths to elapse before one month prior to the date when such around rents, premiums. taxes. and assessments will become delinquent, such sums to be held by mort~agee in tnut w pay said ground ~ents, premiums, taxes. and spaial assessments; and (c) All paymenu mentioned in the tvro proccd~ng subsections of this puagraph and all payments t~ be made under the note securcd hereby shall be added together and the~g8regatc amount tAereof shall be paid by the mortgagor each moath in a single payment to be applied by the mongagee to the fo(bwing items in the order set fortb: (U premium charges under the conuact of insurance with the Secretary of Housing and Urbaa Devebpment, or monthly charge (in lieu of mortgage insurance premium~ as the cax may be; (11) ground rcnts, ta~ces, assessments, Brc, and other haiard inwrance premiums; ~ (IIU interest on the note secured hereby; and ~ lIV) amortization of the principal of said nota _ Any deficiency in the amount of such aggregate rtwnthly payment ~hall, unless maJe goal by the mortgagor prior w tbe due date of the next such payment, constitute an even~ of Jria~lt ucxler this moRgage. The mortgagee may collect a"late charge" not to exceed two cents (2c) for each dollar ISI1 of exh payrtxnt more than fifteen lIS? days in arrears to cover the extra eapense ipvolved in handling delinquent payments . 3. That it the total of the paymentc made by Ihe mortgagor under Ib! of paragraph 2 preceding shall eaceed the amount of the payments actually made by the morigagee, for ground rents, taxes and asces~ments and insurance premiums, as the case may be, such excess at the option of the mortgagee, shall, be credit~d on subseque~t .paymcnts to be made by the mongagor, or refundod to the mortgagor. If, however, the monthly payments made by the morigagor under Ib) of paragraph 2 preceJing shall not be sufficient ~o pay . grounJ rents, taxes anJ assessments and insurance premiums, ac the case may be.-when the same shall become due and payable, then Ihe mortgagor shall pay to the mortgagce any amount r.ec~cary tu make up the deficiency. un ur t+efore the date when payment of such . ground rents, taaes, assessments, or insurance p~emiu~x shall be due. If at any time the mortgagor shall tender to the mwtgagee in accordance with the provisions of tht note stcured hereby, full payment of the entire inclebtedness represented thereby, the mongagee shall, in compuling the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of la) of paragraph 2 hereof which the mortgagce has not become obligated to pay to the Secretary of Huusing anel Urban Development and any balance remaining in the funds accumulated unJer the provisions of (h) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, resulting in a public sale uf the prcmises covereJ her~by, or if the m~xtgagee a~uir~s the property othen~•ise aRer Jefault, the mortgagee shall apply, at the time of the commencement of'such pn~ceedings or at the time the property is otherNise acquired, the balance then remaining in thr funds accumulated under (b~ of paragraph 2 prececii~g as a credit agsinct the amuunt of principal t~ien remaining unpaid urxler said note anei shall properly adjust any paymentc which shall have been m•rJe under Irr) of said paragraph. 4. That he will pay all taxes, assessments, Nater rates, arxl wher guvernmental or municipal charges, fines, or impinitions, for which provision has not been made hereinbefare, anJ in default ~hrreof the mortgagee may pay the same: and that he will prumptly deliver the official receipts therefor to the mortgagee. S. That he will permit, commit, or wtl'er no w•~te. impairment, or deterioration of said property or any part thereuf; and in the event of the failure of thc rtwrtgagor to rccp the buiWing+ un saiJ premises and thixe to be erectrd on said premises, ur improvements thereon. in good repair, the mortgagee may make such repairs as in itc discretion it may deem nere.csary for thc pruper preservation thereof. and the full amount o( exh and every wch payment shall be immediately due anJ payaMe, arni shall be secured by the lien of lhis mortgage_ 6. That he will pay all arxl singular the costs. charges, a~xl expens~c, including reawnable law•yer s fees. and costs of atxtracts of title, incurred or paid at any time by the mortgagee because uf the failurc on the part of the mortgagor prompUy and fully to perform the i agreements and covenants of said promissory note and this mortgage, and said ccnts, charges, and eipenses shall t+e immediately due anJ ~ payable and shall be secured by the lien of this mortgage. 7_ That he will keep the impravements ~uw• existing ur hereafter erected on the mortgaged property. insureJ as may be reyuired from i time to time by the mortgagee against I~s by fire and uther hazards. caculaties. and coniingencin in such amouots and forsuch periods as E may be required by mortgagee, and will pay promptly, when Jue, any premiums vn such insurance for payment of which provision has not ; been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the po~ic~es and renewals thereof shall . B be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event oC loss ~ he K•ill give immediate notice by mail to mortgagee, and rtwrtgagee may make proof of loss if not made prompUy by mortgagor. arxi each ~ insurance company concerned is hereby authorized anJ directed to make payment for such loss Jirectly to mortgagee inttead of to ~ mortgagor ancl m~xtgagee joindy, anci the insurance proceecls. or any part thereof, may be applied by mortgagee at its option either w the reduction of the indebteciness hereby secured or to the restoration or repair of the~property Jamaged. In event of foreclosure of ~his mortgage or other transfer of tide to the mortgaged property in extinguishment of the irxiebtedness ,ecured hereby, all right. title, and interest of the mortgagw in arxi to any insurance policies then in force shall pats to the purchaser or grantee_ 8. That i( the premises, or any part thereo(, be condemned under any power of eminent domain, or acquired for a public use. the JamaRes, proceeds, and the consideration for su~h acquisition, to the extent o( the (ull amount of indebtedness upon this lfortgage,andthe\otc secured hereb~• r~mainiog unpaid,are hereby assi~ncd by the \Iortgagor tothe ~tort~agee and shall be paid (orthNith to the ~lortp,aRe~ to ~ applie•d by it on account o( the inde6te~loess secured hereby, whether due or not. 9. 'I~at the mortgager ma:- a~ any time penJing a suil upon this mortgage. appl~• to the court having jurisJiction thereof for the appointment of a receiver. a~xl ,uch court shall forthvvith appoim a receiver of the premises covered hereby all arxl singular, including all an.i singuiar the irx:ome. profits, issues. and revenurs frum whatever source derivrd, each anJ every of which, it being expressly understood, is hereby mortgaged as if specifically ut forth anJ described in the granting and habenJum clauses hereof, and such receiver shall have all the broad ani! eRective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be maJe by such court as an admitted oquity and a matter of absolute right~ to said mortgagee, and without reference to the adequacy or inaJequacy of the value of the property mortgaged or to the wlvency or insolve~cy of saiJ mortgagor or the defendents, and that such ~ rents, profits, income, issues, arxl revenues shall be applied by such receiver according to the lien of this mongage anJ 1he practice of soch ~ court. In the eveot of any default on the part of the mortgagor hereuncier, the mortgagor agrees to pay to the mortgagee on demand as a ` ~ reasonable monthly rental for 1he premises an amount at least equivalent to one-twelRh 11/12) of the aggregate of the twelve rtwnt y ~ installments payable in the then currcnt year plus the actual amount of the annual taxes. assetsments, water rates, and insurance premiums ~ for such year not covered by the afixesaid monthly payments. ~ ~p, That (a) in the event of any breach of this mcxtgage or default on the part of the mortgagor. or lb) in the eve~t that any of said ~ sums of money herein referrat to be not promptly and fully paid w~ithout demand or notice. or (c) in the event that each ancl every !he ~ stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, prompUy, and fully performed; then in 1 either or any such event, the saiJ aggregate sum mentioned in saiJ note then remainig unpaid, v?ith interrst xcrued to that time. and all ~ moneyc securcJ hereby, shall become due anJ payable f~xthwith, or thereafter, at the option of said mixtgagee, as fully and completely as if all of the saiJ sums of rrwney were ociginally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary ~ notwithstanciing; and thereupon or thereafter, at the option of said rtxxtgagee, without notice or demand. suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to i4s institution. The mortgagee may foreclose this mortgage, as to the ~ ~ amount so declazed due and payable, and the said premises shall be wld to satisfy and pay the same together with costs, expenses, and ~ ~ allowances. In case of partial fcxeclasure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this ~ ~ mortgage for the amount of the debt not then due and unpaiJ. In such cace the provisions of this paragraph may again be availed of ~ thereafter from time to time by the mortgagee. ~ ~ 1I. That the monRagor will give immediate notice by mail to Ihe mortgagee of any conveyance, transfer, or change of ownership of the premises. ~ l2. That no waiver of any covenant herein or of the obligation secured hereby shall at any ~ime thereafter be held to bt a waiver of f ~ the te~ms hereof or of the rwte secured hereby. ~ ~ ~ ~ ° R 2'i7 ~i4~'i ~ B0~ ~ ~ ~ ~ _ ~ ~y 4 ~ v. . ~ ~ .n F . IG:'GT~s~~'.~.