HomeMy WebLinkAbout1687 2. ~Tha1, in order ??x?re fully w prutctit Ihe ,rcurity uf the~ murtgagr, thr murtgadur, tugr~hr~ ~ ~ih, anJ ~n a.IJiuun tu, the aw~nthty
payments undt~ thr term~ uf thr nut~ +~tiur~til hrrcby, ~n tfie tir~t Ja~ uf rach mun~h until thr .aid iwtr i~ fulty paiJ. will p:~~ tu ~he
nx~rtgag~ thr fiilluMing ~ums:
la) An amount suf'dcie~t to provide ~he holJer hereof with funds to pay the next mortRage i~~ur•rnce prrmium if thi. instrument and
the note secured hercby are insurzd, or a munthly charge lin lieu of a rtwrtgage insurarx:e prenium) if they are hrtd by the
Secretary of Housing and Urban Development, as foUows:
(p (f and so long as said note of even Jale arn1 this irtstrument aze insured or are reinsured urnfer the nrovisioos of the
National Housin~ Act, an amount sui'ficient to accumulate in the hands of the holder one l f) month prior.to its dur du~e 1he
a~nual mortgage insurance premium, in .~reier to proviJe such holJer wilh funds to pay ~uch premium ta Ihe tiecretary uf
Houcing and Urban [kvelopment pursuant to the Natio~al Nuusing Ac~, :u amenJed, anJ applwable Regulatiuns
thereunder; or
1111 If and w long as ~zid note of even date ancl lhis inst~ument are he3J hy the Secrrtary of Huusing arxl Urban Development,
a rtwnihly charge lin liru of a mortgage insurance premium) which +hall br in an amount equal to onr-twelfth IU12) uf
one-half (1~) per Centum of the average outstarxling balance due on Ihe note computed without laking into apcount
Jelinquencies or prepayments; ~
(b) A sum equa! to the ground rents, if any, next due, plus the premiums that will next become due anJ payable un policies of fire
and other hazard insurance covo~ing the mo~tgageii praperty, plus taxes and assessments next due on Ihe mortgaged property (all
as estimated by the mortgagee) lcss all sums already paid therefor divided by the number uf months to elapse before one month
Prior to ihe datt when such ground rents, premiums, ta~ees, and assesments will t+ecome delinque~t, such sums to be he1J by
mortgagee in trust to pay said ground reits, premiums, taxes, and special assessments; and
(c) All paymertts mentioned in the two prc+ceding subsections of this paragraph anti all payments to be made under ehe note secured
hertby shall be added together an~3 the aggregate amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the follow•ing items in ttx ord~r set fixth: '
(I) premium charges under the corttraet of irsaurancr with the Secrctary of Housing and Urban DevelopRfent~ qr~nwnthly -
charge lin lieu of mortgage insurance prcmium), as the case may b~; '
(11) ground rents, taxes, a.ssescments, fire. and other haeard insurance premiums: t' '
(111) interest on the note secured hereby; and ' ~
I1V) amortization of the principal of said nate.
Any deficiency in the amount of such ay,gregate rtx~n~hly payment shall, unless m~de go~xi by the murtgxg~x pri~r to tli~eh~e date of
the next such payment, constiwte an e~~ent of Jef:~ult urnter tAis mongage. The mongagee may callect a-~late charge" not ~o.exc.aed two
cents 12c) for each ~llar ISI) of e:+ch payment more than fifleen IIS) days in arrears to cover ~he rxtra ezpence involved infiandling
cklinquent paymems. '
3. That if the total of the payments madr by the mortgag~x under Ib) of paragraph 2 preceJing sh~U excerd the amount of the
paymenis xwall~ maJe by the mortgagee, for ground rents, taxn and assesaments and imurance premiumc, as the cax may be, such
excess at the option of the mortgagee, shall, be credited on subsaquent payments to be made by the mortgaga~, or refunded to the
rtwrtgagor. If, however, the monthly payments m:ule hy the mortgagor under Ib) of pa~ag~aph 2 preceding shall not be sufficient to pay
ground rents, taxes and assessments and insurance premiums, as thc case may he, when the s:sme ~hall t~ecume due and payable, then the
mortgagor shrll pay to the mortgagre any amuunt necr+sary ta make up Ihe deficiency. un .x before thr date w•hen paymrnt of such
grournl rtms, taxes, assessments, or insurance Premiums shall be due. !f at any time the m~xtgagor shall tender to the mortgagee in
accordance with the provisions of the ~ote secured hereby, full payment of the entire indebtednes.a rrprrsented thereby, the mortgagee
zhall, in computing the amount of such irxlebtealnecc, cn'dit to the account af the mortgagcx alt payments made under the pmvisions of lal
of paragraph 2 hereolahich the mortgagee has not become obligated W pay to the S~-cret:~ry of Huusing and l3rban Developme~t ai~ any '
balance remaining in the funds accumulated under the provi~iuns of (h? of said paragraph Z. If there shall be a default under any of the ;
pruvisiuns of this mortgage, resulting in a public ,ale of the prrmise~ covered hereby, or if the meKtg:~gre acquires the properry otherwi.e =
after default. the mortgagee shall apply, at the time of ~he commencement uf ~uch proceeJingc ur at the time the prupert~~ is otherwise
xquired. the balance then remaining in the funds accumulated under tb? of paragraph 2 prec~~fing •rs a creJit against the amount ot -
principal taen rem•rining unpaid under said note and shall properly adjus[ any payments which sh:~ll hsve been m:~Je under 1~~) of saiJ
paragraph.
4. "fhat he N~ill pay aU taxes. asstssmentc, water rat~~, anJ other gavernmental or municipal chargn, fines or impositions, for which
pruvisiun has not l+een made hereinbefare. and in default thenv~f the murtgagee may pay the same: and that he uil! prompUy deliver the
official rereipts therefor to the mortgagee.
S. That he will permit, commit. or sutTer no wa,te, impairment, or Jeterioration uf caid pr~erty or any part thereof; :+nd in the event
uf the failure of the mortgagor to keep the buildings un s:+id premi~s and those to t?e erc~ ted un said premises. or impravement~ thereon.
in guoci repair, the mortgagee may make such repairs as in its discretion it may deem ne.:essary for the pruper preservation thereoG and
the full amount of exh anJ every~ such payment .hall be immnliately due anJ payablc, and ,hall be utiurc~l by the lien of this ntortgage_
6. That he will pay all aixl singular the c~nts. charges. and expensr,, +ncluJing rea~unablr lauyer's fec~s, and costs of abstracts uf title. ~
irtcurred or paid at any time by ehr mongagee because of the failurr on the part of the r?x~rtgagur promptly and fully to perform the
agreements anci covenants of said promiU.xy note and this murtgage, and saiJ cmts, charges, arxl expense+ tihatl t+~ immeJiately dur anJ
payable and shall tx secured by the tien of this mortgage. _
7. That he wi11 ketp the improvements now exititing or hrreafter erecterl on the mortgagecl propert~•. inwred as may t+c required from
time to time by the mortgagee against lou by fire and other hazards, rasulaties. and contingenc~~ in such amuuntc anJ for such.peri~xls as
may be required by mortgagee, and will pay prompdy. when Jue. any prrmiums on,uch insurance for paymcnt af which provi~iun has not
been made hereinbefore. All insurance shall be carried in companies apptoved by mortgagee and the policies and renewals thereof shall
be held by mortgagee and have attachcci thereto loss payable clausn in favor of and in form acceptable to the rtwrtgagee_ In event of los+
he w~ill give immediate notice by mait to mortgagee, arxi rrwrtgagee may~make proof of loss if not made promptly by m~xtgagor, and each
insuranct company concerned is herrby authorized anJ Jir~~cted to makc payme~l for such I~x~ direcUy to rtxxtgagee imlead af to i
mortgagor and mortgagee joinUy, and the insurance pr~xeed~, ur any part thereof, may tx applied bq mortgager at its aption eilher to 1he
reduction of the indebteelness hereby securecl or ro the reslcxation or repair of the property Jamaged_ !n e~rnt of foreclo~ure uf this
rm~rtgage or uther transfer af ti0e to the mortgaged property in extinguishment of Ihe indrMe~inn~ ~urcd hrreby. all right, title. and
; interect of the mortgagor in arxl to any imurance policies then in force shal( pa~s to the purchaser vr grantee.
~ 8. That it the premises, or an}• part thereof, be condemned under any pon-er o( Fminent dvmain, or ac~uit~~i (or a public u:e, ~ -
` the damages. proceeds, and the consideration (ot su~h acqui~ition, to the ectP~t oi the full amount of in~3ebtedness upon this
~ 1lortga~e,andthe\ote secured hereb~• remainin~ unpaid,art~ hemby a.si~ned by the~ ~1ort~a~or tothe ~tort~a~ee and shall be pai~!
(orth~.~ith to th~ ~Iott~aRee to bc applied b~- it on account o( thr indebieJnes~ s~~cured hereb~•, ~~hether due ~r not.
9. That the r?wrtgagee may, at any time pcnding a~uit upon Ihis mortgage, apply to the court having juriuiiction thereof for the
i appointmeot of a receiv~r. and such court shall forthwith appoint a receiver of the premises covered hereby alt and ~ingular, including all
anJ singular the income, profits, issues. and revenues Gc~m Khatever wurce Jerived, each arxl every ~f which. it being expres~ly
understooel. is herehy mortgagc~i as if specifically set forth :~nd descritxtii in the granting and habendam clauses hereof. and ~tnh receiver
~ shall have al) the trroad and effective functionc and powen in anywise entrusted by a court to a receiver, and wch appo+r~Iment shal) be
` made by such coun as an admitted equity aod a matter of absolute righ! to said mortgagee, and without reference to ihe adequacy or
~ inadeqaacy of the yalue of the property mvrtgagetii ex to the wlvency or insulvency of said mortgagor or the defe~dent~, ancl that such
rents. profits, incomt. i~+ues, anJ revenues ~hal) t?e applieJ by such rece+ver according to the lien of this mortgage and the praciere of such
court. In the event of any default on the part of the rtx?rtgagor hereunder. Ihe mortgagor agrees to pay to the mortgagee on demand as a =
reasvnable monihly rental for the premises an amount at ieast equivatent to one-twelfth 11112) of the aggregate of the twelve rtx~nthly ~
installments payable in the then current year plus the acwal atnount of the annual taxes, assessments. water rate+, and ensurance premiums
for soch year not covered by the aforesaid monthly payments.
10. That (ci) in the event of any breach of thic mortgage or default on the part of Ihe mortgagor, or Ih) in the event that any of said
sums of money herein referreci to be not promptly and fully paid without demand or notice. or lc) in the event that each anJ every the 4
j stipulations, agreements, conJitiuns, and covenants of saiJ note and this mwtgage, are not duly. promptly, and fully performed: then in
either or any such event. the said aggregate sum mentioned in ~aiJ nate then remrinig unpaid, with interest accrueJ ta that time. and all ~
i moneys secured h~reby, shall become due anJ payable fonhw ith. or thereaRer, at the uption of said mortg~gee. as fufly and completely as
if all of the saiJ sums of money were originatty stipulateJ to br paid on such day. anything in saiJ nute or in thic mortgage to the contrary
notK•ithstanding: and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit a1 law or in rquity, may be
prosecuted as if all nwneys secured hereby had mawred prior to its institution. The mortgagee may foreclose this rrx~rtgage. ax to ~he
amount so declared due and payable, and the said premises shali be sold to satisfy and pay the same together with costs, expenus, and _
allowartces. In case of partial foreclosure of this mongage. the mortgaged premisec shall be soid s~bject to ~he continuing lien of this
morigage for the amoum of Ihe debt not then due arxl unpaid. In such case the provisions of this paragraph may again be availed of
thereafter from time to time by the mortgagcc.
i 17. That the mortgagor will give immediate notice by mail to thc mortgagee of any convzyanc~, transfer, or change of ownership uf
th~ premises.
' 12. That no waiver of any covenant herein or of the obligativn secured hereby shall at any time thereafter be held to be a waiver of
' ihe terms hereof or of the note secureJ hereby.
~~x.220 . ~~E 1684 ~
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