HomeMy WebLinkAbout2443 i . . s .
2. That, in ~x~1t~ m~xe full~ ta ptwt~i thr +c~utny o[ this trkxtY~c, tAe m~tWgur, lugtther v?ith, anJ in add~tiun tu. ~ne mo~~n~y
paymt~ts unifer the te~ms of the nutc snurr~i hcret+y. ue the firs~ day af esh munth u~til the +aiJ notr ic fuliy p:+iJ, will pay t~ thr
rrwrtYaase thc follov?in~ wms:
lal An amouet wf6cieat to provide the holder hereoi v~~th fuads to pay ~be next mortea~e irtwrance premium if tAis inurument and
ttx note seeurcd hereb~r arc iawrod, ar a moatMY cdar~e lia lieu af a moJisa~e insurance premium) if they are held 5y the
Sarctary of HousiaS aad Urbza Oerelopa~ee~, as idbws:
(p If and w Ioo~ as said oote d evea due aod ihis instrumcat are iinwed a ue reinsured under tht ~rovisions of ~he
Natioaal liousius Act, an amoust sulfitieat [o aocumulue ia tAe hands o( the holder one l 1) month prior to its due date the
aanuat mortZaje inwraa~e prcmiwn, in ada to p~ovide wch hukier with funds to pay such premium to the Sarctary of
Housins ~nd Urb~a Dc~Ylapment p~awant to tlx Natioaal Housing Ac4 as smemled, and appticable Regutatioos
thereunder; or '
(111 If and so loi~ u said aote devea date and tha i~trumcnt are heki by the Sec~etuy of Housing and U~ban Development.
a mo~Ihly clw~e lin lieu of a mortp6e inxr~pce premium) whicA shall be in an amount equal to one-twelRh fl/i21 of
cxx-half pu oeatum of the arerase outsiaadin~ balance due on the note computed without taking into account
delinquencies or PnPzY~ts:
lb) A wm equal to tbe Qouad rcots, ii anr, otat due, plus the premiums that wiil next become due and payable on policies of fi~e
and other harard insurance ooveria` tl~e mortgase~ property. plus tues aad asxssments next due on the mortgaged property (all
as estimated by tbe mortsa6ee) kss a11 sums alrcady paid tberefor divided b~r the numba of months to elapae bcfore one month
prior to 1t~e date when wch ~rouid reets, prcauums, tues, and assasmeats will become delinquent, such sums to be held by
mort6asee ia trusi b pay said gtound reats, premiums. taxes, and spocia! assastncnts: apd
tc1 All paymeots mentioned io tt~e ew preocdia~ wbseetioas of this puaEraph and all payments to be made under the note socured
hereby sAall.be added to6ether and the aageEate amount thaeof shatl be paid by ehe rrwrtEagor each month in a singk payment
to be applird by the awrtaaace eo the id{o~ciaa items ~a tbe order set fath:
lU premium c!u?rEes under the convact of insurar~ with the Secretary of Housiag and Urban Devetopmeot. or monthly
charge lia lieu of mat~s,~e insuraaoe premiuml, as the case may be:
illl 6rour~d rrnts, tues, asstssmeats, firc. and other hazard insunece prcmiums;
1111) interest oe tAe note secured hereb~, and
(IV) amortiution dthe priacipal of said oote.
Any deficiency in the amount of wch aggeaate monthly payment shall. unless made gooJ by the mortgagor prior tu the due date of
the rtext such paymea4 cwistitute an event oi detault umier this matEaEe_ The matgagee may edlect a"late charge° not w e~eceed two
ctots 12c1 for each dollu ISI l of each payment mor~t tNan fifteen ( I51 days in arrcars to cover the tatra expense involved in haredling
deiinquent payments
3. That if the twal of the pa~ments made by the mort~or u~wier ~bl of paragraph 2 preceding shall exceed the amount of the
payments actually made by the mcxtgager. icx ground rtnts ta~es arn1 assessmrnts and insuranct premiums, ac ihe case may be, such
excess at the option of zbe mort~ee, siull, be creditcd oo subsoqucat papments to be made by the. mort6a8or. or rcfundaf to the
mongagor. li however, the monthly pa~ments made bp the mortgagor under 161 of paragaph 2 preceding shall noi be sufficient to pay
ground rents. taaes arnf assessmrms amt i~ura~ce prrmiu~m, as the case may be. when the same shal! become dut and payaMe, then the
mongagor shall pay to the mongagce any am~wnt nocrssary to make up the defRiency, on ~x before the datz when payment of such
ground rents, ca~es, assessrtKnts. or insurance prrmiurm shall be due. If at any time the mortgagor shall tende~ to th~ mortgagee in
accordance with the prorisions of the nde urured hereby, full payment of the eatirr inckbtednas represented thereby. the mortgagee
shall. in comput+ng the amount of wch imkbtedness. cralit to the accwnt af the mortgagor all payments made under the provisions of In)
uf paragraph 2 hereof which the nwngagee has not't~erome obli6ateJ to pa~ to the Secretary of Housing arn1 Urban Developme~t and any
balance remaining in tht funds xcumulated undt~ tAe pto~isi~x~s of fb? of said paragraplt 2. If lherc shall be a default under any of the
provisiora of this matgage. resulting in a puMic sale o( tht premises c~•ered hereby. or if the m~xtgagte aaquires the properry oiherwise
afier default, the matgagee shall apply. ai the time of ~he commencrrtxnt of ,u~h procerJings ~x at the time the propeny is otherw~ise
acquired. the t+afsrke thrn remaining in thr funds arcumulated urtcfer ~bI of paragraph 2 prrcecling as a credit against the amount of
prit?cipal t,xn remaining unpaid u~wler saul note and ~hall prupzrl} adjust any payments which shall have been made under 1~~) of said
paragraph.
t. That he wilt pa}• atl laxes, i~,sessments water rates. anJ aher grnzrnmental or municipal charges, finzs. or impositions, for which
provision has not t+~een made h~runbefora and in default thereoi the matga;ee may paq the same; and that Ae will promptly deliver the
official receipts thercfor to the matga~ee_ ~
S. That he v?itl permit. cummit, or wfFer nu wastc. impairrrKnt_ or det~iuratiun uf ~aid propertp or any part Iherecif: anJ in the cvent
of the failurr of the mortaagor to keep thr t~urldings un sa~d prcm~srs and those to t?z Krected un sai:i premises, or improvements thereon,
in goud repai~, thc mortgasee may make wch repairs u in its discrttion i~ may dtem neces,ar~~ for the proper preservation thrrcof. and
the fuil artwunt uf ~ach and e~-ery~ wch pa~ment shall be immediatclp dur ami payaMe. •rrni shall be secured by the lien of this mortgage.
6. That he will pay a!1 and singular the costs. chargtz. and etpensts. inctuding r~awnable lawyer's fees. and costs of aMtracts of title,
incurred or paid at any time by the murtgaget btraux of the failure on the part of tt~ mortgagor pr~mptty and fully to perform the
aEtreements and covenants of said ptomiswn nae and this m~xtgagr_ and saiJ co~ts. charges. and etpenses shall b~ immediately due and
payable artd shall t+e secured by thc lica of ~his mortgagc_ .
7_ That he witl ltep tht impro~em+ents nu+a exiuing or herrditer rrectad o~ the maxtgagevl property, insu: ed as may be required from
tinie t.~ tirnr t~y tt~e r.-wrtgagee a~inst :oss b~ fisr :.tid ~:hes hazasds ~laties, anci rnntirzgenrie~ io wch amounts and for such periods as
may be required by mortgagee, and will pa} pron~qly, when Jue, any pr~miums on such insuranee for payment of w hich provisivn has not
been nude t~ereinbefore, AU inwnnco shall be urriod in companies approrcd by mortgagee aad the poiicies and rcnewals thereof sha!!
, t~c heki by mextgaget and have attached thrrrto loss parable clauses in favor of an~1 in form acceptable to the nx~rtgagee_ In event of loss
he will give immzYliate notice by mail to maxtg,aaee. and murtg:~et maq make proof of bss if not made prompUy by m~tgagor, arnl each
insurarke company conce~ned is hereb~ authorized arxl dirtcied to make payment fur such loss Jirecdy t~~ mortgagee instead of to
maregagor and r~origagee jointly. and tbe imurance prweed~ or any part thereof. may be applied by rr~rtgagee at its option either tc~ the
'i reduction of the' ind~btedness hereby secured or to the restoration or repair d the property damaged_ In event of foreclocure of this
rtx>ngage ~x rnher transter of tiUe to the motig,agcd praperty in cxtinguishment of tht indebtniness secured hereby. a!1 right, tiUe. and
~ interesl of the matgagor m and to any inwrance policies thtn in force shall pass to the purchaser or grantee.
~ ~at i( the premises, or an~ patt t6ereof, be condemned uuder aay power o( eminent domaiu, or acquited [or a public use,
k the dama~es. proceeds, and the cunaidention for ~urh acquisition, to the e:tent of the (uii amoant of indebtedness upon this
1lottgage. and the \ote secured 6eretn- remainine uapaid, are hernb~• assi~ued b~ the \lortgagor to the ~lortgagec and shall be paid
' forthxit6 to the ~IortRa~tee to be applied by- it on account of the indedtedness secured hereby, whet6er due or not.
E 9. That the mongagee may, at any teme pcndin a suit u
; g p~m this mortgage_ appiy to the court baving jurisdiction thereof fur the
s appointment of a rc+cei~-er. and such c.wn tihall furthwi~h appoint a seceirer of the premixs covered hereby all and singular, including all
~ and si~gular the income, p~ofiu. iswcs and revenucs frum rhatev~ source derired. each and erery of which, it being expre~cly
• understcwd. is hereby mortgaged as if specificall}~ stt forth anJ described in the gnnting and habendum ctauses hereof, and such receiver
~ shatl have all the broad and efiettive functions and ,zrs in an w ise entrusted b a court to a receiver, and such a
~ P~ Y Y ppointment shal! be
F inade by such courl as an admined oquity and a maner d absolute right to said mortgagee, and wilhout reterence to the adequacy or
; inadequacy of the value of the property mongaEal or to the solvency or irtsdvency of said mortgagor or the defendertts, and that such
rents, profits, income, iswes, and rtvrnuts shall !+e ~pplitd by such receirer according to the lien of this mortgage anJ the practice of such
court_ In the event oi any dcfault on the Rart of the mortga~c,r hereunJer, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the prcmises an am~wnt at feast aqui~aknt to one-twelfth ( tl12) of the agg[egate of ihe twelve monthly
installments payaMe in thc then currrn~ yeu plus the xtwl amount of the annual taxes, atsessments, w•ater rates, and insurance premiums
; for such year na coverod by the atoresaid monthlp payments
10. That (u) in the event of any breach of this matgage or dcfauit on the part of the mortgagor, or fb) in the eveat that any of xaid
sums of money hercin rekrred to t+e not prornqly and fully paid +ithoul demand or noeice, or Ic) in the event that each arni every the
stipulations. agrcements, conditions, and crnenants o( said nae and this martgage, are na duly. promptly, and fully performed: then in
either or any such event, the said aggrc~ate wm mentioned in said note then remainig unpaid, with interest acerueJ to that time, and all
moneys secured hereby. shall becorru due and payable tortawi~h. or tlxreafter. at the option of said mortgagee. as fully and completely as
~ if all of the said sums of money wcre originally st~pulatni to be paid on wch day. anything in said note o~ in this mor~gage to the contrary
ratw ithstanding: and thereupon or therc~fttr. at tht option of said mortgaget, wrthout notice or demand, suit at laK• or in equity, rttay be
prosecutod as if all moree~s securod hereby had maturai prior to its institution. The mortgagee may foreclose this mortgage. as to the
amount so declared duc and payable, and the said premises shall be sdd to satisfy and pay the same together with costs, eapenxs, and
= albaances. In cax o( partial fiorabsure d this mortgage, the rtw~rtgaged premixs shaN be sold subject to the oonti~uing lien of this
; mortgage for the am~wnt of the deM nd tben due and unpaid_ In such case the provisiuns of thi~ paragraph may again be availed of
R therrafter from time to time by the mortgagee_
1I. That the mortgagor w ill give immediate naice by mail to the mortgagee of any canreyanc~. transfer. or change of ownership of
the premises
; 12. That no waiver of any covenant hercin or d the obligatioo secured hercby shall at any time thereafter bt held to lx a waiver of
1hc terms hereof or ot the note secured hcrefh•. ~
i
>
s a~ 2i7 ~~434 ~
: y
_