Loading...
HomeMy WebLinkAbout2478 - ~ { R?a1. in urJer mure tuUy tu prwecl ~he ucurily u! ~hia mart~Qe. Ihe murlg.~ar, toQtlhe~ with. ~nJ in aJJ~tiun lo. the m~~nthl> pa~ mc~t+ under ~hr ttrm..~t ~ht nute ucureJ he~rby, on Iht first Jay of each munlh until Ihe ~aid nou i+ fully paiJ. will pay tu tht murt~;agzr ihe fulluw - ins ~um.: 1a1 An ~mount .utficitnt tu pru~iJe ~he huWer hrreoi wilh tunJ+ to pay ~he ~r~?t mung:~e inwr:,nre premium it ~hiti in~tnimenl and Ihe nutt .ccurrJ herrhy are inwred, ix a mo~thly charge lin litu u( a mon~ge imurance premiuml it thry are htlJ hy the tierrrt:uy uf H~wsing anJ Urb~n ikvtlopmrnl as tulluwc 1h It anJ lung a. ~aiJ note of even Jate and this instrumtnt arr inwreJ or are reinwreJ urxicr Ihe provi~ium u( the N:~~iun:J Huuaing Act, an ~maunt cutficienl ~o accumulate in ~he hands ot the holder on~ (11 monlh prio~ lo its due Jatt thr :+nnual murt- gage imuranct premium, in urder to pruviJe such holder with fu~xls ta p:?y such pr~mium to Ihe Secrela~y uf Hou+ing :,nd Urban ikvelopment purwant to 1he Natio~el Nousing Act. as amended, arni applicabk Reguletiam Iheteunder: or 1111 It anJ I.~ng ac caiJ nute ut even date and thi~ instrument are held by the tieeretary of Hou~ing anJ Urban [kvelupment, a monthly cfwrge lin iieu o( a mong:?gt inwranre premiuml whKh shall lx in an amounl eyual w unr-~wrlf~h l ll l'1 ot one-half 111?1 {+er rentum u( Ihe average uut.tanJing t~:,lance due un Ihe nWt camputrd withuut taking inlo acc~xint Jzlinyuencie~ ur prcpayments; Ih) A.um ryual tu the gruunJ rents. it any, netit Jue. pluti Ihe premiums that will nt~! becume Jue ~nJ pay~bk un pulicics of fire and wher h~zard imuranre covering Ihe martgageJ properly. plu. ~axes ~nJ a~c~ssments nea~ due un the mortg~grJ property lall a. e.1i- matcd by tha mangagrel ks. aU sums alrtaJy paid lherc(or JiviJeJ by ~he numixr o( mumhx to elapse betore one munth prior to the date when wch gruunJ ~rms, premiumc, taxes. anJ :+ssessmenls will become delinquen~, such sums to tx Aeld by mortgagee in trust to pay said grounJ rents, premiums, taxes, anJ special asses~menls: and Ic ) All payments mentioneJ in the twa preceding wbxctions ot this paragraph anJ all paymenls 1o tx maJe uixfer the note +ecured here- hy shall tx aJJed togelher and 1he aggrcgate amouot thereot cha111x paiJ by the morlgagor each month io a singk payment to be ap- -.c - a _ r._u....._.._ : ,..a__ _ . t_,.:w. v~t~V l~) \IK ~~~Vi~(Y~L< ~~M1 • w~~~~~~~~~i ~ ~ ~ v~v~• .w~ ~v~~~~. (U premium charges unJer the contrect uf inwrance with the Secrctary ot Nuusing anJ Urb:?n Devclopmeoi. ur monthly charge (in lieu ot mortg:ige insurrnce premium?, as Ihe case may be; 1111 gruunJ rents, taxes, a.sessments, fire. and other hacard inwrance premiums; 1111 intercst on Ihe note ucured hereby: and IIV) amonization uf the principal ot said nott. Any Jefirirncy in the amuunt ot such aggregate munthly paymrnt shall, unles~ made biwJ by the murtgagor priur to the Jut Jat~ of the neXt such payment. conslitute an event of detault unJer this mortgage. The mortg:+gee may collect a"late charge" not to exceed ~wo centc i?c1 for each dullar (SI) of each payment more than fifteen I IS) Jays in arrcars to cover the ex~ra expense involved in hanJling delinquent payments. l. That if the total of the payments made by the murtgagor under lb) of paragraph 2 prcceding chall exct~d the amount ot the paymertts aclually made by Ihe mortgagee, for ground rents, taxes and asse~sments and inwrance premiums, as the cace may be. such excess at the op- tion of the murtgagee. shall. k~e credited on xubseyuent payments tu t?e maJe by Ihe mortgagor, or retu~xleJ to the mortgagor. If. Iwwever, the monthly payments maJe by the mortgagor uncier lb) ot paragraph' preceding shall not be sufTicient to pay ground rents, taxes and assessments anJ insurance premiums. as ~he case may !x. when the s:+me shxll become due anJ payabk. then the mortgagor shall pay to Ihe mongagee any amount necessary to make up the Jeficiency. on or bc(ore the date when payment of such ground rents. t~xes, assessments, or insurance prem- iums shall tx due. I( at aRy time the mortgagor shall tenJer to the mortgagee in accordance wilh tix provisions c?f the note secured hereby. tull paymeot of the entire inJebtedness represented ~hereby. the m~?rtg:?gee shaD. in computing the amount ot such indebtedness, credit to the ac- count ot 1he mortgagor all payments made under ~hc provicionc ot la) ot paragraph 2 hereof which the mortgagee has not become obligated to pay to tAe Secretary of Housing •rnJ Urban [~velopment and any b:?lance remaining in the funds accumulated urxier the pr~visions o( (b) of said paragraph 2. If tlxre shall lx a detault under any of the provisions uf this mortgage, res~lting in a public sal~ ot ~he premice. ~uvered here- by, or if the mortgagee acquires thr property otlxrwise after default, the mortgagee shall apply, at the time of the commencement uf wch pr.~- ceedings or at the time the property is otherwiu acquired. ttx balance then remaining in the funds accumulated under (b) of parap,raph preced- ing as a credit against the amount of principal then ramaining unpaid under said note and shall properly adjust any payments which xhall have been made under (a) ut said paragraph. . 4. 'Il?at ht wil) pay all taxes_ accescments. watzr r•rtes and other gover~mental or municip•rl charges. fines. or impositions. for which pro- vi~ion hac nut heen maJr hereintxfure, -rnJ in Jt(au11 thereot the murtgagee may pay Ihe .ame: and that he Nill prompUy delive~ ~hr odicial receiph Iheretor to the murtgagee. S. Th•ri he will permil. commit. or suHer no waste. impairment. or deterioration of said properry or any part thereof: and in the event of Ihe failurc of the mortgagor'to keep the builJingc on wid premiu+ and Ihu~e to be erected on said premices_ or improvements thereon. in ~:~wd ra- pair. the mortgagee may make ~uch repairs ati in its Ji+cretion it may Jeem neceseary for the proper precervation Ihereot_ and Ihe full amount o( each anJ every such payment shall he immediately duc anJ payabk. anJ shall be xcured by the lien of this munp,age. 6. That he will pay all and tiingular the cost+, charges. and expenses. incluJing reasonabk iawyer's fees, and costs ot abstrects of titk. in- rurred or paid at sny time by the mortpagee t~ecause of It?e failure on the pan of the mortgagor promptly and fully ~o per(orm the agreement~ e i and covenants of said prumissory ni~te anJ thi. mort~ge. and s:+id costs, charges. and expences shall be immediately due and payabk and shall j be securcJ by the lien of Ihis mortgage. 7. That he w ill I.eep ~he improvements now esi.ting or herea(ter erccted on the monp,aged property. insured as m:~y be rcquired from time ~ ta time by the mortp,agee against lo~c by fire and Wher ha[arJs. cacualties, anJ conlingencits in sueh amounts •rnd tor such perials as may Ix ~ reyuired by mortgagee. anJ will pay promptly. whtn due. any premiums on such insurance for payment ot which provision has not been made ~ hereinhefore. All inwrance shall be carried in companie~ •rppro~~e~ by mortgagee and the policies and renewals lhereof shaU be heW by morlga- ~ gce and have attached ~hereto locc payabk clauses in tavor of anJ in farm acceptabk to the murtgagte. ln event of loss he will give immediate nutice by mail to mortpagee. anJ mortgagee may make proof of loss if not made prompUy by mortgagor, and each insurance company ron- cerned is hereby aulhorized and Jirected to make payment for such bss direcUy to mortgagce instead of to mortgrgor and mortgagee joinUy. and the inwrance proceeds, or any pan thereof, may be applied by mortgagee at its option either to the reduclion of the indebtedness hereby czcureJ or to ihe restoration or repair of the propeny d~msged. In event of forecbsure of this morty,age or other transfer of title to the mort- g:~ged properl~• in extinguishment of 1he indebtednes~ secureJ hereby. all right. titk. and interest of the mortgegor in and to any insurance poli- cies Ihen in force shall pass ro 1he purchaur or grantee. 8. '(hat if ~he premises. or any part thereot. he condemned under any power o( eminent domain. or acquired for a public usc. the d:+mages. proceeJc. and the concideratiun tor wch acquisition. to the ex~ent of the full amount of inJeMedness upon this Mortg:+ge. and the Nwe ~ecured hereby remaining unpaid. are hereby acsigned by tlu Nor~gagor to the Mortgagee 3nd shall tx paid forthwi~h to thc Mortgagee to tx applied by it on account o( tht irxlebteness secured hereby_ whether Jue or no1. 9. 'That Ihe mortgagee may. at any time pending a suit upon this mongage_ apply to the court having jurisdiction thereo! (or the appoint- ~ ment of a rcceiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular..including all and singular the income. profitc. iuues. and revenues from whatever source derived. each and every of which, it being expressly unJentood. i~ hereby mortp,aged a~ if specifically cet forth anJ Jescritxd in ~he graming anJ habendum clauxs hereot. and such rectiver shall have aU the hroad and eKective (uncliona anJ po~ers in anywise entrusted by a c~wn to a rcceiver. and such appoinlment shall be maJe by ~uch coun as an aJmitted equity •rnJ a matter of ahsolute right to saiJ morlgagee. anJ w ith~wt reterence to ihe aJequacy or in:+dequacy of Ihe value o( the propeny mort- ~aged or ti. the u~h•ency or imohency ot ~aid mortgagi~r or the Je(rndantti. and that wch rentc. profitti. income. i~,uec. aod re~~enue~ ~hall he ~a applied by such receiver according to ttie lien of Ihis mortg•rge and the praclice of wch court. In the event of any default on the part ~f the mon- gagor hereunder. the morlgagor agrees to pay ro the mortg:~ee on demand as a rtaconabk monthly rental tor the premises an amount at kasi equivalent to one-twelfth 1 U121 of the aggregate o( Ihe twelve monthly inuallments payabk in Ihe then currenl year plus the actual amount of the annual taxes. as~essments. water ratec. and insurance premiums tor wch year not covered by the aforesaid monihly payment~. ~ 10. That la) in the event of ~ny brtach af thi~ mort~ge or default on the part ot the mort~or. or 161 in the event that any of caid wmc of money herein rcfcrred to tx no1 promplly and fully paiJ aithoul demand or notice. or lc) in the event that each and every the stipulationc. ~ :~reementti. condetions. anJ covenantc of saiJ nole and this mortgage. are not July. promptly. and fulty per(ormed: then in tither or •rny wch i evem. the saiJ aggregate wm mentioneJ in wiJ note lhen remaining unpaiJ. with interc~t accrued to that time. and ali moneys secured hereby. ~hall txcome Jue and payabk forthwith. or Ihercafter. at the optiun of ~aid murtgngee, u fully and completely ac if all of Ihe caid sumc of mon- ~ e were uri nall ~ti lated to tx ~iJ on such da an thin in said note or in this mort e to the contrary notwithstandin and thereu n or Y R~ Y P~ P" Y•" Y B 8aR S~" D~ thereafter. at the op~ion u( said mong~gce. with~wt nvtice or Jemand. wit at !aw or io cyuily. may lx proucuted as if aN moneys cecured here- - by haJ matured prior to its institution. Tlx mortgagee may forcclo4e thic mortgage. a~ ta the amuunt w declated due and payablt. anJ the said ` premiu~ chall be wld to satisty and pay the ~ame together w•ith cos~s. e~pences, and allowances. In case o( partial furoclosure ot this murtgage. the mon~,r~aged premixs shall t?e ~old subject to Itrc continuing lien of this mortgage tor the amount of Ihe deM not then dut and unpaid. In wch ` ca~t thc pr~visions of this ara ra h ma a ain he avaikd of Ihereafler (rom time to time b the mort a te. , P F D Y" F' Y 8" B 11_ That the mortgagor w•ill give immeJiate notice bp mail to the mortgagee of any conveyance. Iransfer. or change of ownership ut lhe ~ premi~es. . ~"A"~ 1?. That no waiver of any covenant herein or of the ubliFtation xcurzd hereby shall at any time ther~after t?e held ~o tx a waiver o( the terms hcreof or of iht note ucureJ hereby. R ' ~afl~ 2?.~ P~24 74 ? ~ ~ ~ _ .