HomeMy WebLinkAbout0987 . .
~ . .
- , .
, , t. ~
Z. 7 hat, in u~alrr ot~~r~ fully 1a prot~~t t~e .r:unty uf thi, mort~;ag~. Ihr ~iiu?tgagur. t.~~;cther Hi~h. and addi~i~~n tu, Ihr nk~n~hly
paymcnt. un.ir~ th~ ternn uf the nutr .r~u~a~f hrrrhy, un thc first day uf rc~~J~ munth unt~) thr ,aid nutc i~ fully p:~id, wiU pa~ tu thr
n~w~gag~e thr Fulluwing,um.: , . ,
(a1 An a~wunt ,ufficient !o provide tho hoW~r herrof with G~nds tu pay the next mungage imurance prcmium if this imtrument nnd
thr nWe stcured hcreby are inwrc~i, ~x a monlhly charge lin lieu of a nx~rlgage inwrarx:c prrmium) if they are heid by the
Secretary uf Housing and Urbao Devclupment, ac follows:
111 If and w I~~ng as said note of even date anJ this inslrument are insureJ or a~e rcinw~ed uixler tht provi~iuns of thc
National Housing Act, an amoum sulYicient to accumutate in the hands of the twlder one 11) month prior to its dua date tAr
annual mortgsga inwrance premium, in exdzr to proviJe such holder W ith funJs tu pay wch premium to the Sreretary uf
Huusing and Urban Ikvelopment pursuant to thr Natiunal Nousing Ac~, as amended, a~x1 applKable Rrgulatiom
thereunder, or •
1111 If anJ sr~ long as said note o( tven Jate arnf th+s instrument are hrld by thr Secretary of Houcing ~nd Urban [~rvclupment.
a nwntAly charge lin lieu oF a mu~tgage insurance {xrmium) ~hich tihall be in an amount eyual to une-twelfth t1112) of
one-half (~z 1 per cemum of the average outsta~xiing balance dut on the note computed withuut ~aking into aaount
delinyutnc~es or ~epayments; .
(b? A sum eyual !u the ground rents, if any, next due, ptus the premiums thal will next l+rcome due arxl payable on policies of fire
anJ othcr hazard insurance covering the mo~tgaged property, plus taxes and ac+c~sments ne~t due on the mortgaged properry (all
as cstimated by the mortgagee) less all sums already paid therefor divideci by the oumber of munths to elapse before one month
prior to the Jate when such gtound rCnts, prem~ums, taxes, and assessmenls will becume delinyuent, such sums to be held by
mortgagee i~ trust to pay said ground rents, prem~ums, ta~es, and specia! assessments; and
Icl All payments mentioned in the two preceding subsections of this pazagraph and all payments to be made unde~ the iwte secured
hereby shall be added together and the aggregate amuont thercof shall be paid by the mu~tgagor each month in a single payment
t~ be applied by the mortgagee to the following items in the order set forth:
11) premium charges under the contract of insLrance with the Secretary of Nousing and Urb:~n Development, or rtwnthty
charge (in lieu of mixtgage insurance premium), as the case may be;
111) ground rents, taxes, asses~~menes. fire, and other hatard insurance premiums;
Illl) interest on the note secured hereby; anJ
!!V) amortizalion of the principal of said nWe.
Any Jeficiency in thr amount of such aggregate monthly payment ~hall, unlrss made gu~xi by 1he mortgagur priur to the due date of .
the next such payment, constitutr an event of default under this mortgage. The mortgagee may collect a"late charge" not tu exceed tv?o
cents 12c1 for eacA ~par IS11 0[ exh payment mure than fifteen 1!5! days in arrears tu cover the extra rxpensr involved in handling
d~linquent {+ayments.
3. That if the total of the paymcnts made hy the mongagor unJe~ 161 of paragraph ~ preceding sha!! exrerd tht amount uf the
payments actually made by the m~x~gagee. (ur ground rertt~, taxc~ and asu~sments and insurance prrmium~, as the case may be, such
exuss at the option of the mortgagec, shall, be creditcd on suDaequent payments to be made by the mortgagor, or refunded to the
mortgagor. If. however, the monthlY paymrnts maJe by ~he mortgagor under 1h1 of paragraph 2 preceding shall not be sufficient to pay
gruuRd ~enl+. taxes and assessments and insurance premiums, as the case may be. when the same shaN become due anJ payable, then the
mortgagar chall pay to the mortgagee :?ny amount neces,ary tu make up the drfi~:iency. .~n ~K before the datr .vhen payment vf such
grourxi rentc. taxes, acsessments, or insurarrce premiums shall be due. If at any time the mortgagvr shall tenJer tu the murtgagee in
~corJance with the prrnisions of the nore srcurrd hereby, full paymem of the entire i~xfebtedne~+~ rep~esented thereby, the rrwrtgagee
tihall. in rnmputeng the amount of such i~xfebteJness, credit to the accouni of the mortgag~x all payments made under thr prov+sions of lul
of paragraph ? hereof w~hich the mortgagee has not t+ecome obligatrJ to pay to the Secretary• of Nousing arxl Urt+an Development arxi anq
balancr rertwining in the funds accumulatrei under thr provi,iuns uf I6J of said pa~sgraph 2. If there shal) be a defaull urxles any uf the
pruvi~ionc of thi~ mongage, resulting in a p.iblic ~ale of tfir premises euverc~i hereby, or if the matgagze aequi~ec the propeny otherwise
after Jefault, the murtgagee sha!! appl>~. at the timr uf the eummencement uf ~uch proeeedings ix at thc time the property is otherNi~e
acyuirnf. the balanee then remaining in the funds aeeumulatctii unJer fb/ of paragraph 2 preccYling as a erc~it against the amuunt of
principal t.irn remaining unpaid unJer ,aiJ note and shal! pruperly adju~t any payment. which zh:+tl have bern made under 1~+) of said
paragraph. -
J_ "1'hat he will pay ali taxes, acce+smems. H~~ter ratrs. and othrr governmental ur municipal charges, fines, or impositions, f~r which
pn~vision hes nut t+een made hereinlxfore, and in default therei>f thr murtg.sgee may pay the samr; ~nd that he wiil promptly Jrli~-er the
ofticial receipi+ theretor to thr mortgagrr.
5. That he w~ill permit, cummit. ur wf7rr nt~ ~+a~te, impairment. ur dete~iuratiun uCtisid properiy or any parl thereuf: and in the event
uf the failure of the mortgagor to keap the buildiags on saed premises and those to be erecteJ on saiJ premisc~, or impruvement~ thrrron.
in gcx.J repair, ihe morlgagee may make sucfi repairs as in its Ji~cretion it may deem nece..ary fo~ the pruper prestrvatian the~eof. anJ
the full amuunt of each and every such payment shall t.~ immecliately due and paysbte. and shall be srcureal by the lien uf this m~mgage.
6. That he will pay all and singular the cixts, charg~, anJ expense~, itnluding rea~onabte laayer's fec~. and costs of absiracts uf tiUr,
incurred ur paid at any time by the murtgag~e t~c~:ausr i~f the failure on ~he part of the r~xtgagor prumptty and fully to prrform Ihe
agreemrnts and covenants ~~f wiJ promissory nute and thi, mortgage, and tiaiJ co.ts, charges_ and ezprns~~ chall be immeJiately dur anJ
payable anJ ~hall be secured by the iien of this mortgage.
7. That he will Aeep the improvements rww rxisting or hereaftrr ercY;ted un the ~?x,ngagzJ pre;?crty. inwreJ as may be rryuer~tii from
time tu time by the mongagee against loss by fire and other har.arJs, casulatics, and contingerxies in such amuunts and fi~r wch periuds a~
may be required by mortgagee, and will pay prompUy. ~hen due, any premiums on wch insurance for payrmnt of which provision has not ~
bceo made hereinbefore. All insurance shall be carcied in compaoies approved by mortgagee and the policics and renewals thereof shall
t+e held by mortgagee and have attachecl thereto lass payabie dauces in favor of a~d in form acceptable to the m~xtgagee. In rvent of loss
he will give immediate nutice by mae! to mortgagee, arxi rtwrtgagee may make proof of (vss if not made promptly by mortgaRor. ~nd each
inwrarwe cumpany concerneJ is hereby authuriced and Jirected to make payment fi?r such i~rc directly to murtgagre instead uf tu
mortgagur anJ mortgagee joinUy. anJ thr insurance proceeds, ~~r anp part thereof, may bc applied b~~ murtgagee at its uption either to the
reJuctiun of the indebtednesc hrreby' se~urc~l ur to the retturation or repair uf tht property JamageJ. In event of forecknure of this
nwrlgage or uther tranxfer of ~itle to the mortgageJ prvperty in extinguishment of the indeMeJnn~ ~ecurrd hereby, al! right. tide, and
intrrest of the mortgagor in a~d to any insurance pulicies then in force shal! pass tn the purchaser or grantee.
8. That ii the premices, or an~~ part thereof, be condemned under any poN•er o( eminent dumain, or acyuired !or a public nse,
the damaRes, proceeds._ and the eonsideration for sach acquisition, to the extent of thP tull amount of indebteJness upon this
lfurt~a~P, and ~he \otc secured hereb}' remaining uapaid, are f~ereby assigneJ hr tlee• 11ort~a~or io the )lortga~~•r and shali be paid
torth~ith to th~ ~IortRa~eF to Ge appliPd b}• et on account of the indebteJness srcured hereby~, N~hether duc or not.
9. Tha~ the mnctgagee may, at :+ny time pending a wit upon thic mortgage, apply to the court having juriseliction thereof t~r the
ap~~intment of a receiver. an.i wch cuurt ,hall forthw~ith appoint a receiver af the prrmeses covered hereby al! anei ~ingular, incluJing aH
and ~ingular the incume, profits, issue~, and revrnues from whatc~•er wurce de~ived, each arnl every of uhich_ it being expre~~ly
under~t~~, is herehy mortgaged as if spe~.ificaily sct forth and Jescritx~i in the granting and habendum clausrs hereof. and such receiver
shall have all the bro:+d and effec~ive functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be
m:?Je by such court :u an admitted cquity and a matter of absolute right to said mortgagee, and uithout refrrerx.e to lhe adequac~ or
inadeqaacy ut the value of the property mortgageci or to the wlvency or insoh•ency of said mortgagor or the defendents. arxi lhat such
rents. profits. income. iccues, and revenuet shall be applied by such receiver according to the lien of thi, mortgage anJ the practiee of such
court. In the event of any default on the part of the mortgagor hereunder. the mortgagor agrecs :o pay to the murtgagee on demanJ as a
rea~onablr munthl>• rental for the premises an amuunt ai least eyuivalent to one-tv?~elfth 11(121 of the aggregate of the twelve rtx~nthly
instailments payable i~ 1he then current year plus the acwat amount uf the annual taxes, astc~sments. water ratec, and imurance premiums
for su~;h year not covereJ by the afnretaid mvntbly payments
10. That (u1 in the evem of any breach of this mortgage iir defauk on the parl uf the rtxxtgag~x, ~x (bi in the event that any of wiJ
sums of money herein referred tu be not promptly and futly paiJ without Jrmand or notice. ur Ic~) in the event that each anJ every~ the
supulatiuns. .?greements. conditiuns, and ruvenants vf said nutc and this mvrtgagc, are nut duly. prompUy, and fully performed: then in
either or any .uch event. the said aggregalc ~um mentiuned in said note then remainig unpaid, with interest accrued to that time. and all
?Tx~neys secured hereby, shal! become due and payable forthwith, or thereaRer. at the optiun uf said m~xigagee, as fully and completety a~
if all of the wid wm~ of rrumey Kere uriginally .tipulated to t~e paid on ~ueb day. anything in ti-riJ note or in ~his nx~rtgage tu the cc.ntrary
nolwithstanding; anJ thereujwn ~~r thereafter, at the optiun iif said mortgagee, withuut notice or demarxi, wit at law• or in cquity. may t>e
prcxecuted a~ if all rrwneys secured hereby had matureJ prior to it. instiwtion. "The nx~rtgagee may f~xecl.ne this ttx~rtgage. as to the
arnounl ~o declared due and payable. and the ~aid premises shall be wW to satisfy and pay the wme together with coltti. expences. and
alloµance~. In case of par?ial foreclmure of this murtgage, the mortgaged premi~es tihall be .old wbject to the continuing lien of this
mur~gage for the amuunt uf Ihe debt not then due and unpsid. In tiuch ca~e the provisiuns of this paragraph may again t+r availeJ of
thereafter from time to time by the mortgager.
! l. Thnt the nwrtgagur w ill gi~•e immeJiate noticr hy mail to the murtgagee of any conveyance, transfer, or change of ownenhip uf
the premises. ~
12. ~That nv warver af anp rnvenant herein ix uf thr ubligatiun securcd herehy ~hafl at any time thereafter he held to t+e a Nai~•er of
the term+ hercof or of thr note tiecurcd hereby.
~~M ~+~.z.7 ~?Ft ~84 ,