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HomeMy WebLinkAbout0019 . ~nr~. ~wv~ac~ . ~v.c a. ~ r . ~rxicr the urms ut the nute ucurrJ hereby..?n Ux h~st Jay u( each mu~th until thc .aiJ nute is (uUy paiJ, will p~y w the mun~ra ~ u uw- in~ wms: (a? An amount sutTi~ient tu pru~•iJe the huWer her~u( Mith (unJ+ to pay ~he ne~t mungage in.ur.~n~r premium if thic in~trument aoJ the nwe ucurCd hereby are inwred. o~ a mun~hly chargt lin lieu ut a mortgage incurance premium) if they are hekl by the Secrttury ut Housirtg a~xi Urban Develupmcm :?s tulluws: UI If and w long as said note o( eve~ da~e anJ Ihis instrument are in~ured ur aro reincureJ unde~ the provisiuns ot 1he Natiunal Hiwsing Acl. an amount sulTiciem to acrumulate in the hanJs ut ~Ae hulder one 111 month prior to its due Ja~e the anoual mort- Q:?ge inwrance premium, in orJer to provide w~h IwWer wilh tunJs to pay such premium to Ihe Secrctary ot Housing and Urb:?n Uevelopment putsuanl lo the Nalanal H~wsing Act, as amended. a~x1 applicabk Regulation~ Ihe~eunder: or (1!1 It anJ w lung as said nwe ot even datt anJ this instrument are hetd by the Secretary of Housi~g anJ Ufian Develapment, e muothly char~t (in litu ot a mort~e inaurance premium? which shall be in an amount equal tu one-twelflh 111121 ot one-hal( 1112) per ceotum ot the avenae outstanding balrnce Jue on tht note computed with~wt taking into accounl dclinquencies ar prcpayments: (b1 A sum equal to the g~aurnl rents, it any. next due. plus the premiums Ihat wiN next becume J~e and payabk on policiss of fire and other hazarJ insur~nct covering the mortgaged pruperty, plu~ laxes arxl a~sessmenls nexl dut on the mo~tgaged p~upeny lall •rs c+ti- matc~i by the mongageel kss all sums already paid theretor divided by the rtumt+er ot munth~ to elapse kxfore one month prior !o the Jate when such p,rounJ rents, ptemiums. laxes. and assrs~meotx will became delinquent. such sums lo tx held~y mortgagee in trust tu pay said gruund rents, premiums, taxes, and special assessments: arxt (c) All payments mentioned in the twu precediog subxctiuns uf ~hiti paragr+ph and all payments to tx made urnitr Ihe nute secured here- . by shall be added togtther anJ tht agBreQate amount the~eof shell be paiJ by the mongagu~ each month in a singk payment to be ap- p1icJ by the mortgagee to the following items in the order set tonh: 111 premium charges unJer the contnet ot inw~ance with the Secretary ot Houting and Urban Developmcnt. ur monthly charge (in lieu ot mong:?ge insurance ptemium). as the case may be: grourni rents, taxes. assessments, fire. and other hazard insurance premiumc: 1111 interest on the note secured hereby; and (IV) amortizatio~ uf the principal of said nota Any dtficiency in the amuunt ot such aggregate monlhly payment ~hatl. unkss made gaxi by the murtgagor prior to tt~e due Jate ot the next such payment. constitute an tvent ut delault under this mortgage. Thc mor~gagce may collect a"late clwrge" not to excced two cents t2c) for each dollar (S11 of each payment more than fitteen l15) days in arrears to cover the exlra expense involved in handling delinquent payments. 3. 'I'hat i( the total o( the payments made by the mortgaEto~ under lb) ot parxgraph 2 preceding shall exceed the amount ot Ilx payment~ :wtually made by Ihe mongagec. for ground rents, taaes and assessments and inwrance premiums, as the cax may be, such eticess at the op- tion ot the murtgagee. sha11• be crtditeJ un subsequent payments Io be mede by the mortgagor, or retuixled to tt~e mortgagur. If, however. the monthly payments made by the mortgagor under (b) ot patagraph 2 pttcedir?g shall nd be sult'icient to pay grouod rents, taxes am1 assessments and insurance premiums, as Ihe cace may be, when the same shall becume dae xnd payabk, thea lhe mo~tgagor shalr pay to the murtgagee ~ny amount necessary to make up the deficiency. o0 or betorc the date when p:+yment of such gound rents, taxes. asussments, ot inwrance prem- iums shall be Jue. It at aoy time the morlgagor shall tender to the mort~ee in xcorJance with the provisions of the note secured here6y. (ull payment of the entire inJebtedness represent~d thereby. the mortg:~gee shall. in computing the amuunt of such indebtedness, credit to Ihe ac- count of the mongagor all payme~ts made under Ihe provi~i~ns of 1~l of paragraph 2 hereof which the mortgagct has ~ol become obligated to pay to the Secrctary ot Nousing a~xi Urban Development and any balance remaining in the tunds accumulate.~ under the provisions of lb) of said paragtaph 2. It tlxre shall be a detault under any ot the provisions of this mortgage, resulting in a public sale of ~he premiu. c~~~~ered herc- by. or if the mortgagee acquires the property otherw~se atter default, the mortgagee shall apply, at the time of ttx commencement uf ~uch pn.- ceediogs or at the time the propenv is otlxrwise acquired, the balance then remaining in the funds accumutated under ( 61 of paragraph 2 preced- ing as a credit against the amount ot prirn.-ipal then remaini~ unpaid under said ~ate and shall properly adjust any payments which shall hxve been made under Ia) ot said paragaph. 4. That he will pay all taxes. aisessments, water ~a~e~ and olher governmental or municipal charges. fines. or impusitions. for which pro- visiun ha~ not txen made hercinbefore. anJ in detault thereo( the murtgagee may p:+y the +amr: and that he will promptly deG.•er Ihe ~~fficial receipt, there(or to Ihe murtgagee. S. That Ix v?•ill permit. commit, or sutTer no wa~te. impairment. or de~erioration of ~aid prupeny or any pert thereof: anJ in the event of the failure of the mortgagor to keep the buiWings on said prcmius anJ lhose to be erectal on said premises, or improvements ~hereon. in good re- pair, lhe mongagce may make such repairs as in ils discrction it may deem necessary for Ihrproper pr~servation thercof _ and the full amount ut each anJ every surh paymant shall t+e immediately due arni payabk. and shall be xecured by the lien of this mortge+gt. ~ 6. Tha~ he will pay all anJ singular the costs, charges, and expenses, inc{uding reasonabk lawyer's fees, and costs of abstracts o[ titk. in- curred or paiJ at any time by the mortgagee because ot the tailure on the part of the mortgagor promptly and tully to perform the agreemems . ' and covenants of said promissory note aoJ Ihic mongagt, and said wsts, chargcs, and expenses shall be immeJiately due and payabk and shall ~ ~ 1,e secured by the lien of thes mortgage. ~ 7. That he will ketp the improvements nuw existing or hercafter erected on the monF:?ged properry. insurcd as may lx requireJ irom time ~ to time by ~he mortpagte against bss by fire and other hazards. casualties. and cuntingencies in such amount, and tor cuch perials a+ may be ~ required by mortg:utee. and will pay promptly. when due. any premiums on ,uch insurance tor payment of w•hich provision hxs not t~een made hereinbefore. All inwrdnce ,hall be carried in companies •rppro.•ed by mongagee anJ the policies anJ renewals thereof ~hall be heW by mortga- gee and have attachal thereto losc payabk cl•ruse~ in favor ot and in furm acceptabk to the mortgagee. In evem oi loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof ot loss if not made prumptly by mortgagor, and each insurance company con- cerned is hereby authorized anJ Jirected to make payment tor such loss directly to monpagee instead o( to mortp„agor and mortgagce joi~dy. and ~he insurance proceeds. or any pan thereot. may be epplied by mortgagee at its option either to the reduction of the irxiebtedness hereby secured or to Nx restoratiun or repeir o( the propetty damaged. In event of forecbsure of this mortgage or other transter ot titk to the mort- p,a~teJ propert~• in eztinguishment of the indebtedness ~ecurcd hereby. all righ~. titk. aixl interESt of the mortgagor in and to any insurance poli- cies then in torce shall pass to the purchaur or gramte. R.''Ihat i( ~he premisec. or any pan thereot. be condemord under -rny power of eminent Jumain. or acquirtJ for a public use. the Jamage._ ~ proceeds. and the consideration for wch acquisition. to the e~~ent of the (ull •rmount of inJebtedness upon this Mortgage. and the Note ~ecured hereby remaining unpaid. are hereby assigned by the Morigagor to the Murtp,agee anJ sh•rll be paid torthwith to the Mortg~gee to be applied by it on account of the indebteness secured hereby. whtther due or no~. 9. That the mortgagte may. at any time pending a suit upon this mortg:+ge. apply to Ihe court baving jurisdictiun thereof tor the a~point- ment ot a receiver, anJ such court shall tonhwith appoint a receiver o( the premixs covered hereby all and singular. including all and singular the irn:ome_ profits. icsues. aad revenues from whatever ~ource derived. each and every of which, it txing expressly understood. ic hereby mortgageJ •rc if specifirally set forth anJ Je~cribed in 1he granting and hatxndum clauses hereof. and such receiver shall have all Ihe broad and eHective funclions and ~wer~ in anywise entrusted by a coun to a receiver_ anJ ~uch appointment shall Fx made by such coun as an admitted equity anJ a maner of abwbte right to said mongagee. and without aference to the adequacy or inadequacy o( 1he value of the property murt- ~ged or to the ~olvency or imolvency ot wiJ mor~~gor or the de(enJanls. anJ lhat wch rents, prufitc. income. iswes. anJ rcvenur~ shall be appliCd by such receiver according to Ihe lien of this mortgage and 1he practice of such couA. In the event of any default on Ihe p~rt ot the mort- gagor hereunder. the mortgagor agrees to pay to t)x m~rtgagee on demand as a reasonabk monthly rental for the prcmises an amount at kast equivalent to one-twelith 1 UI'_1 of the a~tregate ot lhe tw~elve monthly installments payabk in the then curtent year plus the actual amount of ~ the annual taxes, acsessments. water rate~. anJ insurance premiums for such year not covered by ihe aforesaid monthly payments. 10. That (a) in the cvent ot any breach ot thi, mortg•rge or detault un the part o( the mongagor. or (bl in the event that any of .aid sum~ ot ~ money herein re(erreJ to tx not prompUy aad fully peiJ without demanJ or no~ice. or tcl in the event Ihat eaeh and every the ~tipulations. ~ reementc. condiliuns. •rnd covenants ot said nWC and Ihis mortgage. are nW duly_ promptly. and tully performed: then in either or any such ~ ~ event. ~he saiJ a~,eregate wm mentioneJ in .aid note then remaining unpaid. with interes~ accrued ~o that time. and all moneys ~ecured hereby. chall t~ecome due anJ payable torthwith. or Ihereafler. at tht option of said morly,a~tee. as fully and completely as if all o( the wid cumt of mon- ~ ey werc otiginally slipulateJ to t+e paiJ on .uch day. anything in xaid note or in this mortgage to the contrary notwithstanding: anJ thereupon or thereafter. at the option of caid monp,:?~ee_ wilhout notice or demand. wit at law or in equity. may be prosecuted as it alf moneyc ucured here- ~ by haJ matured prior to i1s in.titution. The mortgagee may tureclose this mongage. as tt9 the •rmoum so dectared Jue and payable. and the said ~ premities shall t?e sold to sati~ty and pay ~F~e same together w•ith co~ts. ex{+encec. and all~wances. In case of partial forcck~sure of this mortgage. ~ tht mortgaged premiseti shall i+e ~o1J ~ubjcct 10 ~he continuing lien o( Ihis mortgage (or the amoum of the debt not then due and unpaid. In such cace the provisions of thi. paragraph may again tx avaikd of Ihereatter from time to time by the mortgagee. 11. "fhat the mong:?gor will give immeJi•rte notice by mail to the mortgagee of any conveyance. transfer, or change ot ownership o! the premius. 13. Tba1 no waiver ot any covenani herein or of the oblig,ation cecurcd hereby thall at any lime thereatter tx held to tx a waiver ot 1he ' termc hereo( or o( tF?e nWe secured hercby. • . E ~ 225 Fa~ 1~ ~ ~ ~ ~ " ~ ,~.~~n ~ e ~ •~~~~s"~r¢,.~'~' _ ~ - ,~T~" ~w~'~~~ ~d,~,~=F~ -~-F k a ..z~.~.e.~ .~s~,~' . ~a~". z . r r°=~, - - ' x.~.: