HomeMy WebLinkAbout1880 2. "That, in wJer nwrr fuUy to prutrrt ~hr.r~uri~y of ~hi~ mortgage. ~h~ mortgagur, tugether with, a~xl in additiun ta, 1hr awmthly •
payments undrr the te~ms of' thr no~e +rcu~rJ hrrcby, un tha first day uf rxh munth until Ihe ~aiJ rx~tr is fully paiJ, will pay w the
murtgaYce the l'ulluwing ~umx:
(al An amount sufficitnl to provide the holdet hereoi with funJs to pay the next mo~tga~e insurance premium if this instrument and
the note xcured hereby are insured. or a manthly char~e tin litu of a mort~age insu~ance premium) if they are held by the
Sec~etary of Housin` and U~ban Devzlopment, as folbws:
(1? If and w lonj u sxid no~e of even date and this i~utrument ue insured or arc rcinsured unde~ the arovisions of the
National Housin~ Act. an amount suf'ficient to aceumulate in the hands of the holder onc (1) month prior tb its due date the
annual mo~tgage insurance pr~mium. in orcler to provide such hdder with funds to pay such premium to the Secretary of
Housing aod Urbun Developenent pursuant to the National Housing Act, as amended, and applKable Regulatio~s
thereunJrr; or
(ID !t and so long as said note of even date and this instrurt?ent are heki by the Secretary of Housing and Urban Development,
a rrtonthly charge lin lieu of a mortgage insurance premiuml whith shall be in an amount equsl to one-twelfth (U12) ot
one-half per centum o[ the average outstacxiin~ balance due on ~he oae computed without taking into aocount
delinquencies or prepayments;
(b) A sum equa! to 1he ground rents. if any, next due, plus the premiums that will next become due aix! payable on policies of 6re
aod other hazard insurance oovering the mortgagcd prope~ty, plus taxes and assessments next due on the mortgaged praputy (att
as cstimated by the mortgageelless all sums at~eady paid thercfor dividod 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 held by
mongagee in trust w pay said ground rents, premiums, taxes, and special assessments; and ~
lc) All payments mentioned in the tw~o preceding subsections oithis paragraph and all payments to be made under the note se~ured
Ixreby 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 mortgagce to the fdlowing items in the order set forth:
tl) premium charges under tht contract of insurance with 1he Secrctary of Housing and Urban Developme~t, or monthly
charge lin lieu of mortgage insurance premium), as the case may bo;
(11) ground rents, tazes, acussments, Rre, and other hazard insurance premiums;
(Ili} interest on the note sccured hereby; and
IIV) amortization of the principal of said note.
Any deficiency in the amount of such ag,gregate monthly payment ~hall, unless made good by the mortgagix prior tu the due date uf
the next such payment, constilate an event of default uiuler this mortgage. The mextgager may cullect a"late ebarge" nut tu exceed tw~o
rartts 12c) for each dollar ISI) of each payment more than fiftee~ 115) days in arrears to cover the etlra cxpense involvnl in hanJling
delinquent payments.
3_ That if the total of the payments made by tht mortgagor uncier Ibl of paragraph 2 prerrding shall excerd tbe amount o[ the
paymenls actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such
excess at tht option of the mortgagee. shall, be credited on subsaquent payments to be made by the mortgagor, or rcfunded to the
mortgagar. If, huwever, the monthty payments made by the mortgag~r under Ib! of paragraph 2 preceding shall not be sufficient to pay
graund rents, taxes and assessmentc and insurance premiums, as the case may bt, vvhen the same shall becomr Jue anJ payable, then the
m~xtgagor shall pay to the murtgagee any amoun~ necrc~ary to make up the deficiency, on aK before the date when payment of such
ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall terxier to. the mortgagee in
xcordance with the provisions of the nate secured hereby, full payment of the entire indebtedness ~epresented thereby, the murtgagee
shsll. in computing the amount of such irniebtedlnes~, credit to lhe aaount of the mortgagor all payments made urnier the provisions of fa)
of paragraph 2 hereof which the mortgagee has not bccome obligate~! to pay to Ihe Secretary of Nousing and Urban Development a~xl any
balance remaining in the funds accumulated umier the provisiom of Ih) of said paragraph 2. If there ~hall be a default urxier any of the
provisions of ~his mortgagt, resulting in a public wlr of the premisrs covered herehy, or if the mcxtgagrr acquirrs the property otherwise
after Jefault, thr morigagee shaN apply, at the time of the commencement of such proceedi~gs vr at the time the propeny is ~nherwise
acquirnl, the balance then remaining in the fund, accumulated under 16? of pyragraph 2 preceJing as a cr~fit again~t the amount of
principal t.~en remaining unpaid under tiaid rx~te ar?d shall properly adjust any~payments which shall have been made under (u) of said
paragraph.
4. That he will pay all taxes, assessments, w~ate~ ratc~s, arni othcr governmental or municipal charges, fines, or imposition~. for w•hich
provisiun has nut been made hereinbefure, and in Jefault therc~~f the morlgagee may pay the same; and that he will promptly deliver the
ufficial re~eipts therefor !o'the mongagee.
5. That he will permit, commit. ur .u(fer no w aste, impairment. or deterioratiun of saiJ property or any part thereof; a~xt in the event
of the failure of the morigagor to ?eep the buiWings on said premixs and Ihose to be erected on said premises, or improvemeets thereun.
in gaxi repair, the mortgagee may make such repairs ac in it~ discrction it may deem neceUary for the prope~ preservation ihereof. and
the full amount of each and every such payment shall t?e immediatel~ due and payablr, and shall be secured by the lien of this mortgage.
6. Tha~ he will paX all aod singutar the costs, charges. and expenses, including reatonable lawyrr's fees, and costs of atntracts of tiUe, i
incurretii or paid a! any time by thz morigager because of the failure on the part of the rYwrtgagor prompdy and fully to perform the
agreements and cuvenants of said promis~ory note and thi~ murtgage, anJ said costs, charges, anJ expenses shall be immediately due and ~
pa~•able and shall be stcured by the lien of this mortgage. a
7. That he will ketp the improvements now eaisting ur hrreafttr erected on thc mortgaged property, insured as may be requirrd from
time to time by the morlgagee against k.ss by fire and other ha7ards. casulatiec. and contingencies in such amounts and for cuch peri~xis as F
may b~ required by mortgagee, anJ v?i11 pay promptty, when duc, any premiums on such insurance for payr»ent of v?hich provi~ion has not
been made hereinbefore. All insuranct shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
be hrlJ by mortgagee anJ have attacheJ thereto Ivss payable clauses in tavor of and in form acceptable to the rtx~rtgagee. 1~ event of lotti
he wiil give immeJiate notice by maii to mortgagee, anef mortgagee may make proof of los~s if nut made prompUy by mortgagor, and each
imurarxe company concerned is hereby authorized anJ directed to make payment for such loss direcUy to mortgagee instead uf to t
awrtgagor and mortgagee joinlly, arxl the insurance pnxreds. or any part thercwf, may be applied by mortgagee at its option either to the
reduction of che indehtedness hereby secured or to the restoration or repair of the property Jamaged_ Ig„event oF foreclosure of this
nwrtgage or other transfer of tidc to the mortgageJ property in eatinguishment of the indebtedness securc~l hereby. all right. title. and
inlerest of the mortgagor in anJ to any insurance policiec the~ in force chall pacs to the purchaser or grantee.
8. That if the premises, or an}• par~ thereo(, be cund~mned under any po~cer of eminent domain. or acquired (or a public use, i
the damages, proceeds, and the considera~ion !or such acquisition, to the extent oE the (ull amount o( indebtedness upon this ~
\lortga~te~andthe\ote secured herebv remainioR unpaid,art• hereb~ assigned b~ the 11ortRagor tothe ~lortg:iRPe and shall be paid ~
(octhwith to the ~(ortRaRee to be applied b~• it on account ot the iadebtedness secureJ hFreby, whether duc or no~. t
9. That the mongagee may. at any time perxiing a suit upon this mortgage, apply to the court having jurixfiction thereof for the i
appointment uf a receiver, anci such court shall forthw ith ap~int a receiver of the premises covered he~eby all arni singular, including all ;
anJ singular the income, profits. issues. and re.~enues from whatever ~urce derived, each arxl every of which, it being expretcly
understooJ, is hereby mortgageJ ac if specifically set forth and described in the granting and habendum clauses hereof. and iuch receiver
shall have all the broad and efYective tunctiuns and powers in anywise entrusteJ by a court to a receiver, and such appuintment shall be
maJe by wch cvun as an admitted equiry and a matter of ahsulute right to said mortgagee, and u~ithout reference to Ihe aJequacy or
inadequacy of the value of the property morlgageJ or to ~he solvency or insolvency of' said mortgagor or the defendents, and that such
rents, profits, income. issues, and revenues shall be applied by such receiver according to the lien of thit mortgage and the practice of such f
cuurt. In 1he event of a~y defautt on the part of the mortgagor hereancler, the murtgagor agrees to pay to the mortgagee on demand as a ~
reasunable monthly rental for the premixs an amount at least equivalent to one-twelfth 11/121 of the aggregate of the tw-elve monthly ~
installments payable in the then current year plus the acwal amoum of the annual taaes, assessments, water ~ates, and insurance premiums
for such year not covered by the aforesaid monthty payment~.
~0. That lu) in the event of any breach of this mortgage or default on the part of the rrwrtgagor, or (b) in the event thet any of saiJ
sums of money herein referred to be oot promptly anJ fully paid without demand or notice, or 1~•) in the event that each arxf every the
stipulations, agreements, conditions, and covenants ot said note anJ this mortgage, are not July, prompUy, and fully perforrmd; then in s
either or any such event. the saiJ aggregate wm mentioned in said note then remainig unpaid, vrith interext accrued to that time, and all
moneys secured hereby, shall become due and payable forthwith, or thereafler, at the option of said morlgagee, as fully and completely as
if all of the said sums of money were originally stipolated to be paiJ on such day. anything in saiJ note or in this mortgage to the contrary
notwithstareding; and thereupon or ihereafter. at the oplion of said mortgagee, vvithout notice or demand, suit at law or in equity. may be
pnxecuteci a~ if all moneys secorecf hereby had matured prior to its insuwtion. The mortgagee may foreclose this mortgage. as to the
amount so declared Jue and payable, and the said premisec shall be x~ld to catisfy and pay ~he same together w•ith costs, expenses, and
allowances. In case of partial foreclosure of this mortgage, the murtgaged premises shall be sold subject to the continuing lien of this
mortgage for the amount of the debt not then due and unpaiJ_ In s~ch cace the provixiuns of this paragraph may again be availed of
thereafter fram timo to time by the mortgagee.
l1. Tha1 ~he mortgagor w•ill give immeJiate notice by mail to the mcxtgagee of any coaveyance. transfer, or change of ownership of .
the premises.
12. That no waiver otany covcnant he~ein or of the abligation seeurecl hereby shall ai any time thereafler be held to be a waiver of -
the Ierms hereof or of the note secureJ hereby. +
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