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HomeMy WebLinkAbout0833 2. That, in ixder mure fully ta prutc^~t Ihr ~rcurity uf ~hi. nx~rtgagr. ~hr nx~rtbagur. t~~gtthrr Mi~h, anJ in additiun ti~, thr munthly> paymrots under thc trrmx uf tt?r nut~ ~nur~~l hr~tby, un the first Jay uf e:Kh rtx~nth pntil the +aid nwr is fully paid. vrill pay to thr mo~tesgte lhe fulluwing wms: . (a? An anwunt wfficient to p~uviJe the Au1Jer hereof with fundi tu pay the neat mort~a~e i~sursnce {xemium if this instrument anJ the note securtd hereby are insu~ed, or a munthty charge lio lieu of a mortgage insurance prtmium) if they are hsld by the Sscretary of Nuusing and Urban Development. as folk~ws: (U If and so lon~ as said note of even date and this instrument are insurni or are reinsured unJer the aroviswns of the National Housing Act, an amount sut'ficient to accumulate in the hands of the holder one t 1) month p~ior to its due date the an~ual mort~age iosuranct premium, in orekr to provide such hdJer with funds to pay such prcmium to the Secretary of Housing a~d Urban Development pursuant to the Natiw~al Housing Act. as amerxied, and applicable Re~ulations ihereunde~; or 111) I[ and so long as said note uf even date and this i~utrument ue held by the Secre~ary of Housing and Urban Dtvelopme~t. a monthly charge (in lieu of' a mortgage insurance premium) v?•hich shall be in an amount equal to one-twelfth 1l112) oi one-half ('~i) per centum of the ave~age outs~andiog balance due on the nae computod without uting into aaount delinquencies or prepayments; (b) A wm equal to the ground rents, if any, ~ext due, plus the premiums that witl next become due and payable on policies of fire and other hazard insurance cove~ing the mortgaged property. plus taxes and asussments ~ext due on the moctgaged property (a11 as estimated by the mon~agee) less all sums already paid thercfor divided by the number of months to elapse before one month prior to the date when such g~round renls, prem~ums, taxes, and assessm~nts will become delinquent, such sums to be held by mortgagee in trust w pay said B~ound rents, premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding subsectiocu of this paragraph and all payments to be made under the note secured hereby shall bt added togelher and the aggregate amount thereof shall be paid by the mo~tgagor exh month in a singk payment to be applied by the mortgagee to the following items in the order ut forth: (U premium charga under the contract of insurance with the Secretary of Housing and Urban Development, o~ monthly charge lin lieu of mortgage insurance premium), as the case may be; (11) ground rents, taxes, assessments. fire, and other hazard insurance premiums; (111) interest on the ~We secureal hereby; and (1 V) amortization of the principal of said note. Any deficiency in the amount af such aggregate monthly payment sAall, unlns made go~xl by the m~xtgagor prior to the due date of the next such paymenl, constiwte an event of Jefault unclrr this mcxtgage. The m~Igagee may c~~llect a"late charge" not to exceed twu cents 12c) for each cbllar IS11 of exh Paymrnt more than fifteen 1151 Jays in arrtan to cover the exlra rxpense invulvrJ in hanJling detinquent payments~ _ " 3. That if the total of the payments made by the rtwngagor under Ib) of paragraph 2 preceding shall ezceed the amuunt of the paymrnts actually made by the mortgagee, f~~r grounJ rents, taxes ancf nscessments and insurance premiums, as the case may be, such excess at Ihe option of the mortgagee, shall, be credited on subaequent payme~u to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly payments made by the mortgagor under Ibl of paragraph 2 preceding shall not be ~ufficient ta pay grounJ renK, taxes anJ assessments anJ insurance premiums, as the cau may t+t. when the same shall t+ecome due arni payable, then the mortgagor shall pay to the mortgagee any amount necetsary to make-up_lhe defxiency, on or before the Jate w•hen payment of xu~h ground rents, taxes, assessments, or insurance premiums shall t+e due. If a1 any time the mortgagcx sha0 ternier to the mortgagee in acconiance w~ith Ihe provisions of the note secured hereby, full payment of' Ihe entire inJebtedne~cs r~presented therrby, the mortgagee shall, in computing the amount of such irxlebiednecs, credit to the account of the mongagor all paymrnts made under the provisions of (al of paragraph 2 hereof which the mortgagee has not become obligated to pay to ~he Secretary of Housing arni Urban Development and any balance remaining in the funds accumulated u~xler the provisions of Ih) of said paragraph 2. li there shall be a Jefault uncier any uf the pruvisions of this mortgage, resulting in a public wle of thr premise+ covered hereby. or if the mixtgagee acquires Ihe pr~pen~• otherw ise aRer Jefault, the mortgagee shall apply, at the time uf Ihe commencement of such prceeedings cx at the time the pro~rty is utherwise acquired. the balance then rrmaining in the funds accumulat~d under Ib? of paragraph 2 prcYrJing as a creclit againsl the amount of principal t~~en remaining unpaid unJer wid nute atxl ~hall pruperly aJjutit any payments which shali have been made under la) of said paragraph. 4. That he w~ill pay all taxes. a~x•.sments, water rate,, anJ uther governmrntal ur municipal charges, fine~ or imp..sitionc. for which , provision has not t+een maJe h~reinbefore, anJ in Jefault iherrof the mortgagee may pay the ~ame; and tha[ he wiU prortsptly deliver the official receipu theretor to the mongagee. 5. That he K•ill permit, commit, or suffer r.o waste, impairment, or deterioration of saiJ propeny cx any part thereof: and in the event of the faiture of the rtwngagor to keep the buildings on said premises and those to t+e errcted on said premises, or improvements thereon. in g~wd repair, the mortgagee may make such repairs as in its discretion it may Jeem necessary for the proper preaen~ation thereof, anJ the full amount of each and every such payment shall be immctiiiately due and payable, and shall b~ xcurzYi by the lien uf this mortgxge. 6. That he will pay all and singular the crnt~. chargec, anel etpensrs, including reaconable lawytr s fers, and costs uf abstraets of title. incuned or paid at any time by the mortgagee because of the failure on the part of the nwrtgagor promptly and fully to perform the 4 agreements and covenantc of s:iiJ promissory nwe anJ this mongage, anJ said costs, charges, anJ e~penses shall t+e immediately due anJ : ' payable and shall be secured by the lien uf this mortgage. - 7. That he will keep the improvements now existing or hercafter erccted on the mortgaged property, insured as may be required from ~ time to time by the nwrtgagee against lo,s by fire arxl other hazards. casulstics. anJ contingencirs in such anwunts and for such periuds at : ~ may t+e r uired b mort a ee, and wil) a rom U when due.:~ny premiums on such insurance fcx payment ofwhkh provision has not t eq Y B" 8 P Y P P Y. ' been made hereinbefora All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall f be held by mortgagee and have altached thereto loss payable clauses in favor of and in form acceptabk to the mortgagee. In event of lo~ti ~ he will give immediate notice by mail to mortgagee, anJ rn~rtgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is heret?y authorized and directed to make payment for such I~+ direcdy to mortgagee imtcad uf to nwrtgagor and mortgagee joinUy. :+rx1 the intiurance pmceeJs, or any part therc~~f, may be applied by nx~rtgagee at its option either to the reJuction of the indebteclness hereby secured or to the restoration or repair of the property Jamaged. In event of fureclcxure of this - mortgage or other transfer of tiUe to the mortgaged property in extinguishmcnt of the inJebtrJnes~ sccured hereby, all right. tiUe. and = interest of the mortgagcx in anJ to any insurance pulicies thrn in force shall pass to the purchaser or grantee. ~ 8. '17iat if the premises, or anp part thereo(, be condemned under any poher o( emioent domain, or acquired (or a public use, the dama~es. proceeds, and the coosideration [or such acquisitiou, to the extent ot the full amount of indebtedness upon tiiis ~ 1lortgage,andthe\otc secured hereb~~ ren~ainin~t unpaiJ,are hereby assi~ned by the ~1ortRagor tothe ~Iort~aRee and shall be paid ~ torthNith to the \IortRa~ee to be applied b}' ie on account o( the indebtedness secured hereby, ~shether due or not. : 9. That the mortgagee may, at any time perxling a suit upon thic mortgage. app~y to the court having jurixliction thereof for the = appointment of a receiver. and such court shall fonhw ith appoint a receiver of the premices covereJ hereby all and singular. incluJing all a~x1 singular the incume. profits, issues, and revenues from whatever source JeriveJ, each and every of w~hich, it being eapressly ~ understoexi. is hereby mortgagerl as if specific•rlly set forth snJ describeJ in the granting and habendum clauses hereof. and such receiver shall have all the broad arxi effective functions anJ pow•ers in anywise entrusted by a court to a rective~, and such apFwintment shall be : maJe by such court as an admitteJ equity and a matter of absolute right to saiJ mortgagce, and w~ittwut reference to the adequacy ur ~ inadequacy of the value of the property mortgageJ or to 1he solvency or insolvency of said mongagor or the defendent~, arxi that such ~ rents, profits, income. issues, artd revenues shall t+e applied by such receiver according to the lien of this morigage atxl the praetice of such ~ ~ court. In the event of any default on the part of Ihe mortgagor hereunder, the mortgagor agrees to pay to the mortgagee un demand as a ~ reasonable monthly rental for ihe premises an amuunt at Ieast equiva{ent to une-twelfth 111~ 2) of the aggregate of the twclve rtwnthly installments payable in the then current year plus the actual artwunt of the annual taxes, acsessments, water rates, and insurance premiums ~ for such year not coverecl by the aforesaid monthly payments_ _ ~p, That la) in the event of any breach of this mortgage or default on the part of the mortgagor, or Ib? in the event that any of +aid ~ sums of money herein referred to be not promptly and fully paid vrithout demanJ or notice. or in the event that each arxi every the ~ stipulations, agreements, conditions, and covenants of said noie and this mortgage, are twt duly, prompdy, arxl fully performed: then in ~ either or any such event, the said aggregate sum mentioned in said rx~te then remainig unpaid. w•ith interest accrued to that time. anJ all ~ moneys secured hereby, shall become due and payable fwthwi~h. or thereafter. at the option of saiJ m~xtgagee, as fully and completely as if all of the said wms of money were originally stipulateJ to be paiJ on such day. anythine in saiJ note or in this mortgage to the contrary ~ notwithstarxling; and thereupon or thereafter, at lhe option uf said morigagee, without twtice or demand, suit at law or in equity. may t+e prosecutec! as if all moneys saured hereby haJ matured prior to its imtitutiun. The morigagee may foreclose this mortgage, as to the amount so declared due and payable. and the said premises shall be sold to satisfy and pay the same together with cost~, expenses, and ~ albwances. In case of partial foreclosure of this mortgage, the mortgaged premises shall t+e sold subject to the continuing lien of this mortgage for Ihe amount of the Jebt not then due and unpaid. In such cace the provisions of this paragraph may again be availeei of . thereafter from time to time hy the mortgagec. 11. That the mortgagor will give immediate notice by mai! to the mortgagee of any cooveyance, transfer, or change of ownership of ~ the premises. ~ ~ 12, That no waiver of any covenan~ herein or of the obligalion secured hereby shall at any time thereafter be held to t+e a waiver of the terms hereof or of 1he note secured hereby. - - eoac225 ~ 8~S F V~~ _ - _ _ _ _ ~.T~.. ~ ~`4' w~+i• ~,'~"i+.,':" ~S" ~.i-~K ~ i' ~ - _ ~y i ^ ~i?h~.Y'LL w ~c _ , ~ . . ~ ~ .e.3rc. . 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