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HomeMy WebLinkAbout2437 , ' . .I 2. i~hat, in orJer mure fully tu prottct ihr .ecurity ot this nwrtgage, th~ mortg:,gur, ~ogethr~ wi~h, anJ in adJiliun to, thr munlhly payment, undrr the tr~m~ uf thr nute ~ecur~vl hr~rby, i~n ihe fint ~iay uf' rach munth unlii thr +aiJ nole i~ fuliy paid, N-ill pay w the m~mgagrr thr Wlluwing sums: la) An amount sufficient to pruvi~ie the holder herraf with funds to pay ~he next mort~s~e insurance premium if ~his instrument and the note xcured hereby a~e insured, or a moothly charge lin lieu of a mortgage insurance prcmium) if they are held by the Socrctary of Housing and Urban Development, as follows: (U If and so long as said note of even Jate a~x1 this instrument are insured or are ~insured urnler ~he Drovisions af the „ NationaJ Housing Act. an amount sutricient to accumulate in the hands of the holder one ( l) monthprio~ to iu due date the annual mort~age insurance premium, in orckr to proviJe such holder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the Natioa?al Housing Act. as ameMled, and applicable Regulations thereuoder or 111) If and so long as ~aid nae of even date a~xi this inst~ument are held by the Sec~etary of Housing and Urban Developmenl, a monthly charge lin lieu of a mortgage insurance premium) which shall be in an amount equal to une-twelflh 11/12) of + one-half (44) per centum of the average outstanding balance due on the note computed without taking into socount delinquencies or prepayments; lb) A sum equal to the ground rents, if any, next due, plus Ihe premiums that will next become Jue arnf payable on policies oi fire a~x1 other hazard insurance covrring the mortgaged properly, plus taxa and assessments next due on the mortgaged property (all as estimated by the mortgagee) tess all sums already paid thercfor divided by the number of months to elapse before one month prior to the date when such gound rents, prem~ums, ta~ces. and assasments will become delinquent, such sums to be hcld by mortgagee in trust w pay said ground rents, premiums, taxes, and special assessments; and lcl All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added togeth~r and the aggregate smuunt thereot shall be paid by the mo~lgagor e~h month in a single payment ta be applied by the mortgagee to ttx fdlowing items in Ihe order set forth: (I) premium charges under the conlract of insurance with the Secretary of Housing and Urban Devebpment, or monthly charge iin lieu of mortgage insurance premiuml, as the case may be; (11) gnwnd rents, taxes, assessments, fire, and olher fiazard insurance premiums; •(I11) interest on the nae securctii hercby; and , IIV) amortization of the principal of said nate. .any deficiency in the amount of such aggregate monthly paymenl ~hall, unltss made gcxxl by the mcxtgagcx prior to the due date of the next such paymcnt, constitute an event of default uncler this mortgage. The mortgagee may collect a"late charge" not to exce~d two rents IZc) for each dollar IS11 of rxh payment more than fifleen 1 IS) Jays in arrearc to cover ~he ext~a expense involved in hanJfing delinquent payments. 3. That if the total of the payments made ky the nwngagor under Ih) of paragraph 2 preceding shall exceed the amount af the , payments xtually made by the mortgagee, for gmund rents, ta!eec arni assevments an~i insurance prtmiums, as the case may be, such excess at the option of the mortgagee, shall, be crcdittd on subsequent paymrnts to be made by the mongagor. or cefunded to the mortgagor. If, however, the mon~hly payments made by the mortgagor under Ih? of paragraph 2 preceding shall not be sufficient 1o pay gruuncl rents, taies anci atises,menls anJ inwrance premiums, as the case may tx, w•hen the same shalt brcome due arni payable, then the rtwrtgagor shall pay to the mortgagre any amount necessary to make up the deficiency, on ur before the Jatt when payment of such grourxi rents, taxes, assecsments, or imurance premiums shall be due. If at any teme the mortgagor shaU tender to 1he mortgagee in xcordance with the provisions of the note secured hereby, full payment of the entire i~xlebtetiiness represented thereby, the mortgagee shall. in computing the amoant of such inJebtedne~s, credit to the account of the mortgagor all payments made under th~ provisions of Iul of paragraph 2 hereof which the mortgagee has not txcome obligated to pay to the Secretary of Housing and Urban Development arxl any balance remaining in the fundt accumulated urxier the provisions of (h/ of said paragraph 2. IC therc shall be a default under any of the pruvisions of this mortgage, resuding in •r public sale of the premices cmereJ hereby, or if the mixtgagee acquires the properry othervvise aftrr default, the mortgagee shall apply. at the time of the cummencement of such proceedings or at thr time the propzrty is otherwise xquireJ, the halance thtn rrmaining in the r~na~ arcum~latecl under /h/ of paragraph 2 preceJing as a creciit against the amount of principal then rem•rining unpaid under saiJ note anJ ~hall property adjust any payments w~hich shall have t?een made unJer (u) of said paragraph. 4. fhat he will pay all tazes, assessments. water ratc~s, and Wher governmental or municipa) chargec, fines, or impositions. for which provicion has not bcen made hereint~eforr, and in Jrfault thereof the mortgagee may pay thr tiame; and that he will prompdy deliver the utTicial receipts therefor to 1he mortgagee_ 5. That he will permit, commit, or sut'fer no waste, impairment, ~x de~eriaration of said prupeny or any part thereof; arxi in the event of the failure of the mortgagor to keep the buildings un s:ud premisrs :~nd th~xe to be erected on said premises. or improvements thereon, - in g«xl repair. ~he mongagee may make such repairs ac in its diuretion it may deem nececzary for the proper preservation thereof, and the full amount of each and every• ?uch payment shall t~r immcYliately due and payable, anci shall t+e secureel by the licn of this mortgage. 6. That he w~ill pay all and singular the casls, charges, anJ expenses, including rea+onable laN yer s fees, and cosls of abstracts of tiUe. incurred or paid at any time by the mortgagee t+ecause of the failure on the part of the mortgagor promptly and fully to perform the ' agreemtntti a~xf covenants of said promi+cory note and this mortgage, and saiJ c~tt, charge,, anJ expenses shall be immeJi:~tely Jue and ! paya6le and shall t+e secureJ by Ihe lien of this mortgage. E 7. That hr vrill keep Ihe improvemrnts novt existing or herr:+fter erectni on the murtgagnf property. inwred as may be required from ~ time tu time by the morigagee against Irns by fire anJ uther hazards. cawlatia. and contingencies in such artx~unts snd for such peri~is as may be requireJ by mortgagee, and N•ill pay prumpUy, uhen Jue, any premiums on tuch insurance for payment of which provision has not been made hereinbefore_ All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall be held by murtgagee and ha~•e attached thercto luss payable clauses in favur of and in form acceplable to the rrxirtgagee. In event of losti he will give immediate notice by mail to mortgagee. ar?d mvrtgagee may make pr«~f of loss if not made promptly by mortgagor. anci each insurance company concerned is hereby authorized and directed to make payment for such I~ns direcQy to rm~rtgagee insteaJ of to mortgagor anJ mortgagee jointly. anJ the insurance pr~eeds. ix any part thermf, may be applied by rtwrtgagre at its option either to the retiiuction of the indebteJness herrbp secureif or to the rrstoration or repair of the property damageJ. In event of foreclosure of this mortgage ur uther transfer of tide to the mortgagrd propeny in cxtinguishment of the indehteJnc~s arcurrJ hereby. atl right, title. and intrrest of the murtgagor in anJ to any inwrance Ewlicies then in force shall pass to the purchaser or grantee. "Il~at i( the premises, or any par? thereo(, be condemned under any poNer of eminent domain, or acquire~f (or a public use, th~ damages, proceeds, and the consideration [ot su~h acquisition. to the extent of the (ull amount of indrbte:~ness upun ~his \IortRaRP,andthe\ote secured hereby rPmainin~ unpaid,are hereby assi~ned b}• th~ \tort~agor tothe ~lort~-aRce and shall be ~id fortANith to th~ \1ortRaRee to be appli~~J by it on account o( the indebtedness secured he~rebc, Nhether due or not. 9. That the mortgagee may, at any time perxling a wit upon this mortgage, apply to the court having joriufiction thereof for the appuintment of a receiver, and tiuch court shall forihwith appoint a receiver of the premises covered hereby all ancl singular. incluJing all arn! singular the income. profits, iswes, anJ revenues from whatever source derived, each anei every of vvhich, it being exprrssly understiwJ. is hereby mortgaged as if spn;ifically set furth and described in the granting and habendum clauses hereof, and such receiver sh:~ll have all the broad and efTective functionc and powen in anywise entrusted by a court to a receiver, and such appointment shall be maJe by such couri as an admitted equity and a matter of absolute right to said mortgager, and without reference to the ad~quacy or inaJequacy of the value of the property mortgaged or to the wlvency or insolvency of said mortgagor or the defenJenta, anci that such rems, profits, income, i~+ues, arni revenues shall t+e applied by such receiver according to the lien of this mortgage arxi the practice of such cuurt. In the event of •rny default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demanJ as a ~a reawnable monthly rental for the premises an amount at leatt equivalent to one-twelfth 11112? of the aggregate of the twelve monthly e intitallments payable in the then current year plut the actual amount of the annual taxes, assessments, water rates. and inwrance premiums ~ for such year not covered by the aforesaiJ monthly payments. ~ 10. That la) in the event of any breach uf this mortgage or default on the part of the mortgagor, or Ih) in the event that any of said sums of money her~in referred to be not promptly and fully paid without demanJ or notice. or Ic) in the event that each and every the ~ stipulations, agreements, conJitions. and covenants of said noie anJ this mortgage, are not duly, promptlp, atxl fufly perfurmed: then in ~ either or any such event, the said aggregate som mentioned in said note then remainig unpaid. with interest accrued to that time, and all rrwneys securctii hereby. shall become due anJ payable forthaith, or thereafter, at the option of saiJ mcxtgagee, as fully anJ cumpletely as if all of the said wms of money were originally stipulated to be paiJ vn such day, anything in saiJ note or in lhis mortgage to the contrary ~ nolw ithstanding; and thereupon or thereafler, at the uption of said mortgagee, without notice or demand, suit at law or in equity, may be ~ prcxecuted a~ if all moneys secured hereby had matureei prior to its institution. "I~he mortgagee may foreclose this mortgage. as to the artwunt so declared due and payable, and the said premices shall be cold to tiatisfy and pay the same tagether with costs, ezpentes. and ~ allowancea. In case of partial foreclosure of this mortgage, the mor~gaged premises shall be wld subject to the wntinuing lien of this - mortgage for the amount of the debt not then Jue ancf unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. I1. That the mortgagor will give immediate nutice by mail to the morlgagee of any conveyanct. transfer, or change of ownership of . the premises. ~ 12. That no waiver of any covenant hercin or of Ihe ubligaiion ucured hereby shall at aoy time thereafter be held to be a waiver of . the terms hereof cx of the rwte xcureJ hereby. ~ soQK2~7 ~24~8 ~ ~ ~ _ . ~ _ , - _ _ . . .