HomeMy WebLinkAbout1622 2. That, ~n urder murt full~ to p~uh~.t thr .r:u~uy ut Ihh rrK~r~sagr. ~he nk~rtga~ut. tugr~hrr Nnh. :+nJ ro aJJuiun tu. ~hr rrnmthl~
paymrnt~ undtr Ihc ttrn~~ uf thr nu~r .~curr.f hr~rhy, un thr tin~ Jay ul r:~:h m~~nth un~d tha .:uJ nutr fully p:~id, will pay tu ~hr
murlgaYcr Ihe fiilluw ing ~um~: "
lal An anwuM sufficient t~~ proYiJe the huldrr hr~raf with funJ~ to pay thc nt:t rrk~rtgagt inwrance premium if this incaument anJ
the ~utt szcured herthy are insured. ~x a monthly charge lio lieu uf a rtwrtgage incura?xe prrmium) if ~hey are hrld by thz
Secretary of Housi~g and Urban Ikvtlupment, as follow•s:
11) I( and so long as said note of even Jate arxi this in.tramen~ ;ue insurevl or are reinsured under the orovisium of 1he
Nationa! Hausing Act, an amuunt sufTician~ to accumutate in the ha~xis ot'the holder one 11! month prior to its due date the
annual nwrtgage insurance ~emium. ~n urder ti~ Qrovi~fe such hoWer with funJ~ to pay wch prcmium ta ~he Secretary of
Huusing and U~ban I~vtiopment pursu~nt to the Natiuna! Huusing ~cl, as amenJtd, arxl applwablr Regulatiuns
ihereunder; or
111) If and so long as said note of evrn Jate anJ this iactrumenl arr hrW by the Secrrtary oi Nousing and I;rban Develupmznt,
a monthly charge lin lieu of a mortgage insuranct prrmium) Nhich ~hall t~ in an amuunt equal ta one-twelfth (I112) uf
onahalf (y4) ptr cenwm of 1he av~rage outstarxling balarne due on tht nute cumputed without taking into account
delioquencies or prrpay~mtnts; '
(b) A sum equal to the grourxi rents, if any, ncxt Jue, plus the premiums ~hat will next becume due anJ payable on policies of fire
and olher hazard insuranCe Cuvering thc mortgagnf property, plus taxes and asussmrntc next duc on the mottgaged prope~ty (all
as estimated by the mortgagee) less aQ sums already paid therefor diviJed by the number of months to elapse before one mu~th
prior to the date when sucA gruucKt rents; premiums, taxas: and assessments w•ill become delinquant, such sums to be held by
mortgagre in trust to pay said ground rents, premiums, taxes, and special aa~rssments; and
(c) All payme~ts men~ioncd in tAe two preceding subsections ot this paragraph a~d all payments to be made urnier thc nott secured
hereby shalt be added ~ogether ated the aggregate amuunt thereof shall be paiJ by the rtwrtgagor each montA in a single payment
to be applitd by the mortgagre to the following items i~ thr order set forth:
(1) premium cliarges unJer the contract of i~urance with thz Szcretary of Housing and Urban Development, monthly
charge iin lieu of mortgag~ insurance premium), as the case may bt;
111) ground rent~ taxes, assessments, fire, ar?d other hazard insurance premiums;
(llll intcrest on the rtote secural hereby; and
UV) amortilatiun of the principal of said note.
Any deficiency in the artwunt of such aggrrgatr mun~hly p~rment shall. unl~~+s maJe b.Kxi by the m.ktgag~ prior to the due date of
tha next such payment, comtitute an event of drfault under thi, mortgsbe. ~fhe murtgagre may cutlnt "latr chargr" not w riceed tNu
cents 12e) for each Jallar ISI) of each payment more than fiflar~ I15) Jay~ in arre:us ta c.~ver the e~tra exptnce in~olvrd in handling
drlinquent payments.'
3. That if the total of the payments made by the mongagur unJer 161 of paragraph 2 precrding tihall exceeJ (~IC 3filOURI JI IF2~
payments aetually made by the m~tg~gee. k~r gruunJ rent~. ~axes and acsectiments and insurance prrmiums, as the ~ase may be, such
excess at the option of the mongagce, shall, be crcdited on subsoyuent payments to be made by the mortgagor, or rc[unded to the
mortgagor. If, however, the monthly payments made b~• the murtgagor under I/,i of paragraph 2 prc~eJing shall not be sutficient to pa>•
grou~J rents, taxe~ anei asses+ments and incurance prem~umx, as the case may br. Nhen thr tame shall becomt due anci payable, then the
rrx,rtgxgor shall pay to the mortgagce any am~iunt necc5sary tu make up Ihe Jeficiency. un ~x befure the date ahen payment ~~f +uch
grourxi rents, taxes. assessment~. or insurance pr~miums shatt t+e Jue. If at any timr the mortgag~x sha!! tender to the murtgagre in
accordance with the provision, of the no~e ucured hereby, full payment of' the entire inJebteJness represented thereby, the rnurtga~ze
shall, in ~omputing the amount of such inJebte~l~e+t, credil a~ thr accciunt of ~he mortgagw all payments made under the pruvisions of lul
uf paragraph 2 hereof whKh the mortgager has n~~t hecome ot+ligated to pay to the Sccretary of Housing ahei l.rbao Develupment arui any
bafance remainirtg irt the funJs accumulated under the provi+iun~ uf (6J uf said paragraph 2. If therr shall be a default unJer any of the
provisiont af this mortgage, resulting in a public ~ale of the premises covered hereby, or if the mcxtgagee acquires the ~fO~Cfly O[flif~t'ISt
after defa~dt, the mortgagee shafl apply. at thr timr uf thr commrncement uf ;uch pra:red'ertgc ur ai the time the property is otherwi~
acquircni, ihe t+alance then rem~ining in the fund~ :.:cumulatrd unJer rh/ of paragraph ~ prec~tifing a~ a crrdit against thr amuunt of
prin~ipal t~~en remaining unpaid under ~aiJ note anJ ~h:dl properly aJju,t any pa~:::ent. which ~hall have brcn madr undrr (u1 of said
paragraph.
J. That he will pay all t~xes. a»cw.mentt. w:., rat~~+. anJ uther guvernmcnt~l ur municipal chargr~, fin~~. ur im{+ositiuns. fur Hhich
pruvision has not t+een made hereintkfurc. :md in default Ihereuf the m.xtgagre may pay the ~ame: and that he Hill prampU~~ deli~~er thr
ufficial rcceipts therrfor to the mortgage~.
That he w•ill prrmit, commit. or suft~er n~ u~te, impairment, or deterioratiu~ of ,aid property or any part therc~?C: and in the e~~ent
uf the failure of the mortgagar to keep thc builJings on +aid premises and thosr to t+~ erectcd on said premises. or improvements thereun.
in guuJ repair, thr nwrtgagee may ma{.e ~uch repain ac in its di,crrteurt it may Jeem neccvary~ for the proper prexn•ation thereof. and
~he full anwunt of each and every• such payment shall bc immcYliatelp due and pa~~able. 3rxi ,hall br cc~ureJ by the lien of this rtwrt~age.
6. That he N~i11 pay all anJ +ingular the c~ntt, chargr~, and expensr,, ind~ding rcasonable lawyer's frts. and custs of abstrac•s of titlr,
incurrr' or paid at any time by the mortgagee t+erause of the failure on the part of Ihe mortgagor prumptl~~ and iully to perform the
agreements anel covenants of said promi~,on• note and this mortg:?ga, anJ ~aid cexts, charge., arni expenses shall be immeJiately Jue and
payable and shall be secureJ by the lien ~?C this mortgage_
7. That he will keep the impro~~ementc rww• existing ur herrafler erecteYl on the mortgagc~l property. insured as may be requirctii from
timt to time by ihe martgagee agaimt I~s Ay fire and other hatards, casulat~e;. ^nd contingencies in such amounts and for wch peri~xls as
may be required by mortgagee, and will pay promptly, when Jue. any premiums on such insurance fo- payrt~nt of K hKh ~.ruris- has not
been made hereinbefore. All insurdnce shalF be carried in companies approved by mortgagee and the policies and renexals thereof shall .
br hetd by mortgagee anJ have altached thereto luss payable clausc~s in favor of and in form acc •~table to the mortgagee. In rvent of loss
he w~i11 give immediate notice by mail to mortgagee, and rtwrtgagee may make proof of loss if not maJe promp~ly b~• murtgagor, and each
insurance company concerned is herebp authi~ri~eJ anJ directeJ to make pa~•ment Cor tiuch loss dire~Uy tu n~rtgager instead of tu
morlgagor anJ mortgagre joinUy, and ihe insurance procceds. or any part thereof. may be applieJ by rrwngagee at its option e+th~r to the
~ reduction of the indebteJness `-eb}• xtiurrJ ur to ~he rr,toration or repair of the pruEnrty damaged. In event of foreclosure of this
rrwrtgage or other transfer of lidc ta the mortgaged pruperty in extinguishmeut uC the inJebtedness secufw! hereby. all right. title. :?nd
` interest of the mortgagor in and to any insurance policies then in fi~rce shall pass to the purchaser or grantee.
~ 8. That if the p~emises, or an~' part thereof, be con~lemned under anc po+.~er of eminent domain, or a:quired for a p~`~fic u4e.
E the dama~e~, Proceed., and the eonsideration [or such acquisition, to the ectent of the full ~mount o( indebtedness upon this
i \lort~a~te, and the\ot~ secured hereL~• r~mainin~ unpaid, ar~ hereb~~ a~siened b~ the Uort~agor to the ~IortRa~ee and shall be paid
; (orth~~~ith to the ~tortQagee to be applied b}• it on account u( th~ indebtrdne~~ secureJ hereb~~, ~.hether due or not.
; 9. Thal thr murtgagee may. at any time prnJing a wit uFx>n this mortgage. apply to the court ha~~ing jurikiiction thereof for the
i appointmem of a rrceiver, and such court .hall forthailh appoint a receiver of the premises coverrd hereb~~ all a?xi singular. including alt
i anJ singular the incurt?e, profits. iiiues, and revenuec from whatever x~urce derived. rach arxi every of Nhich, it being expressly
~ understocxf. is hereb}• mortgagrcl as if s~ifically set Forth and dc~ritkd in the granting and habenJum clauses hereof. and such receiver
shall have all the broad and effective functions and power~ en anywite entrusted by a coun to a receiver, and such appointment shall be
made by such eourt as an admitted eyuiry and a matter of absolute riFht ~o saiJ mortgagee. and Kithuut referen~:e to the adequac}~ or
inadequacy of the ~~alue of the property~ murtKageJ ix tu the x~h•ency or insolvency~ of said mortg~gor or the Jefendents. and that such
rents, profits, income, issue~. and revenues shall be applied by such receiver according to the lien of thic rtwrtgage and the practice of such
court. In the event of any default vn the part of the mortg~gon c~reunder. the murtgagur agrees to pay to the mortgagee on demanJ as a
` reasonable monthly rent:+l for the premises an amount at least eyuivalcnt to one-twel(th 111121 of the aggregate of the tHrlve rtx~nthly
' in+tallments payable in the then current year plus the actual amuunt of Ihe annual taxts. assrstments. Nater rates. and insurance premiums
for such year not covereel by the aforesaid monthly pay~menls.
~p, That la) in the event of any breach of thic murtgage or default un the part uf Ihe riwrtgagor. ur Ih) in the event that any of saiJ
sums of money hecein referred to be not promptly and fully paid w~ithout demand or notice, or Ir) in the event that each :?nci r.•ery the
stipulations, agreementc, conJitions, and covenants of saiJ note and this morigage, are not duly. promptly, and fulty perforrr?zd: then in
either or any such event. the said aggreg~te sum mertteoneJ in .aid note then remaioig unpaid. with interest accrued to that time, and all
muneys secured hereby, shall become dur anJ payablr furth~ ith. ~x Ihereafter. at the option of said mortgagee, ac fully and completel~ as
= if all uf the said sums of rtx>ne~~ wtre originally ~tipulated to be paid on +uch day, anpthing in said nute or in this rtx~rtgage to the contrar}-
notw ithstanding; and thereupan or thereaAer, at the opteon uf wid mortgagee_ without notire or Jemand. suit at law ur in equit}•. ma} be
pro4ecuted as if all moneys secured hereby had matur~til prior to its instiwtiun. 7~he rtwrtgagee ma}• forec{o~ this mortgage, as to the
artwunt so declareJ due and payable, and the said premises shatl t+e u~ld to saticfy and pa~ the ~me together K•ith co,ts. expenses_ and
- alloNances. In case of partial fcxeclosure uf this mvrtgage. the mortga¢ed premiseti ~hall be wId subject W the continuiog lien of this
murtgage for the amoum of the debt not then due and unpaiJ. In such case the pro~iciuns of this paragraph may again t~e a~ailed o(
thereafter from time to time by the mvrtgagee. •
11. That the mortgagor w ill give immediatr noti~e by mail ~o the mortgagee uf a~y cvnvey:+nce, transfer, or change of oKnership uf
? the premisrs.
12. That no waiver of any cove~ant herrin or of ihe obligatiun aecurecf herehy shall at an}~ time thereaRer be held to be a waiver of
the terms hereof or of the notr ucured hereby.
~ ~ 224 ~~f~62'I.
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