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HomeMy WebLinkAbout2367 2, That, in order morc tully to prolect the sccuri~y ut tAia mon~t, the mort~agor. ~oeether with, and in adJitiun ta ~he munlhly payments y under the terms ot the note securcd hereby, on the first day ot each month until ~he said nwe is fully paid. will paY to the m~«~6K ing sums: (s) An amount wRicienl to provide the holder hereot with tunJs to pay the next mortgage i~wrance premium it thic i~suument snJ t note securcd hereby are inwred, or a monthly ~hatge lin deu of a mo~t~uye in~urance prcmium? if ~hey are hekl by the Secretary ot NouLng and lJrban pevelopment as (olbws: ~p and so long u said note ot even date and this inurument ue i~wrcd ur are reinwred under the pruvisions ot !he National Nousins Act. an amount wA'icient to accumulate in ~he hanJs ot the holde~ o~e ( Il month prior to its due date the unnua! morl- eage inw~ance premium, in order to provide such Aolde~ with tunds to psy such prcmium to tAe Secrctuy ot HousinS and „ Urban Development punumt to the National Housins Act, u ame~ded, and aPPlicabk Regulatan~ thereunder: or an ll4 It and w bng as ssid noce o( even date snd this instrumeot ue held by the Secrctuy ot Housin6 and Urban Oevelopmenl. a- y monthly chargs lin I+eu of a ~uongage insura~ce p~emium) which shall be in an amount equsl to w~e-tweltth 111121 ot one-halt , (1I2) per centum o[ the avemge outuanding balance due on the note coaqputed witMwt taking into account delioquencies or prepayments; (b) A sum equal to ~he ~round rents, it any, oext Jue. plus the premiums that will next becor~~e due and payabk on policies oi 6rc anJ aher hazud inwanoe covering the mortgaged propeny. plus taxes and uxssments next due on the moAgaged property la~~ as esti- mated by the mortgagee) kss all sums already paiJ theretor divided by the number ot months to elapse before one mo~th prior to the date when such ~ound reats, premiums, taxes, and assessments will become delinquent, wcb sums to be Aeld by mortgagee in trust to pay said ground ronis, premiums, taxes, and special assessments; and (c) AU paymenis mentioned in the two preceding wbsections ot this puagraph and all paYmeMs to tx made wxier the note secured here- by shall be added together aMi the agg~e8ate amount thereot shall be paid by the mongagor each month in a singk paYment to be ap. • plied by the mongagee to the tolbwing items in the order sct tonA: q) prcmium charges under the contract ot insunnce with the Secretary oi Housing and Urban Deve{opment, or monthly chuge (in Geu of mongage inwrance premium), as the cau may be: (~l? ground rents, uxes. usessments, fue, and other hazard insurance premiums; (111 interest on the note secured he~eby: and l1V) amortization ot the principal ot said note. Any deficiency in the amount ot such aggregate monthly payment shall. unkss made good by the mongagor prior to ~he due date ot the next wch paymeal, constitute an event ot detauh under this mongage. The mortBaRK may collect a"late charge" not to exceed two cents (2c) for each dollu (SI) ot sach payment more than fiiteen (15) days in urears to cover the extra expenu invdved in Aandlingdelinquent payment~ents 3. That if the total ot the payments made by the mortgagor under (b) ot paragnph 2 prcceding shall exceed the amount ot the pay actually made by the mortgagee. tor ground ~ents, taxes and assessments and inwrance premiums, as the case may be, wch excess at the oP- tion ot the mortgagee. shaU. be crcdited on wbsequent paymcnts to be made by tAe mongagor, or refunded t u~ re ts,gtaes and assessment monthi5+ PaYments m~e by tht cnarigagor ucsder ( 6) of Farag~~ 2 l~~ing shall not be sulficient to PsY Hro and inwranoe prcmiums. as ihe case may be. ~vheo the same shall become due and payabk. then tt~e mortgagor shaii pay ~o the mortgagee aoy amount necessary to make up the deficiency. on or before the date when payment of such gound rcnts, taxes, assessmcnts. or insurance prem- iums shall be due. li at any time the mongagor shall tender to the mongagee in xcordance with the Provisions ot ~he note securcd hereby. full payment of the entire indebtedness rcpresented thereby. the mortgagee shall, in computing thc amount ot such indebtedness, crcdit to the ac- count ot tlx mortgagor a11 paYments made under the provisions ot (a) of paragraph ? hereot which the mongagee has not become obligated to pay to the Secrctary of Housio8 and Urban Development and any belance rcmaining in the tunds accumulated under the provisions of (b) of said paragraph 2. if there shali be a defautt under aay of the provisions af this mortpge. resulti~ in a public sale ot the premises covercd hert- by, or it the mortgaSee acquires the property othen*'~se atter detault. the mortgagee shall apply. at the time ot the commencement of such pra cxtdings or ac the tims the property is otherwise acquired, the balance then remaining in the tunds accumulatcd under (b) of paragraph 2 preccd- ing as a credit against the amount ot principal then rcmaini~ unpaid under said note and shall properly adjust any payments which shall havc been made under (a) ot said paraSraPh. q. 'Il~at he will pay all taxes. asiessments. water rates, and other governmental or municipal chargcs, fines, or impositions. tor which pro- vision has not been made hercinbefore, and in detault thereot lhe mortgagee may pay the same: and Ihal he will P~~mP~~Y de~rver the otficial rcceipts therctor to the mortgagee. S_ That he will permit, commit. or sufler no waste. impairment. or deterioration of caid propeny or any part thereof: and in the event of the tailure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvcments thereon, in good re- pair. the morigagee may make such repairs as in its discretion it may deem necessary for the proper preservation thcrcof, and the full amount of I each and every such payment shal) be immediately due and payabk. and shall be secured by the lieo ot this morigage. ~ 6. '11u~ he wip pay al~ and sittgular the cosls, charges. aod exP~nses, including reasonabk lawyer's tees, and costs ot abstracts of ti(k. in- curred or paid at any time by the mortgagee because ot the tailure on the pari ot the m~ngagor promptly and fu0y to perform the agreements and covenants of said promissory note and lhis mortgage. and sa~d costs, charges, and expenses shall be immediately due and payabk and shall be securcd by the lien ot this mortgage. 7_ 71~at he will keep the improvements now exfsting or hereatter erected on the mortgaged proPehY• ~nwred as may be reyuired from time to time by the mortB~Bae againsl bss by fire and other hazards, casualties, and contingencies in such amounts an.i for such perials as may tx ~ rcquircd by mortgagee. and w~~~ PaY Premptly. when due. any premiums on such insurance for payment ot which provision has not been made Ixreinbefore. All insurance shall be carried in companies approved by mongagee and tlx policies and renewals thercot xhall tx held by mortpa- gee and have attached thereto bss payabk clauses in (avor of and in torm acceptabk to the mortgagee_ In event of loss he will give immediate notice by mail to mortgagee. and mortBaBK may make proot of bss if not made promptly by mortgagor. and each inwrance company con- cerned is heroby autlariud and direcled to make payment tor such bss dircctly to mort$agee instead ot to mortgagor and mvrt8a8K lantly. y and the ~nsurance prceteds, or any part thereot. may be applicd by mortgagee at its option either to tlx reduction of the indebtedness hereby ~ secured or to the rcstoration or repair of the property damaged. In event of foreck>sure of this mongage or other transfe~ of titk to the mort- ~ gaged property in extinguishment of the indebtedness secured hereby. all right. titk. and interest of the mortgagor in and to any inwrance poli- ~ cies then in torce shall pass to the purchaser er 8rantee. 8. That if the prcmises, or any pan thereof. be condemned under any power ot eminent domain, or acquireJ tor a public uce. the damages. proceeds. and the consideration tor such acquisition. to the extent of the tull amount of indebtedness upon this Mortgage. and the Note ucured ~ Ixreby remaining unpaid. ue hereby assigned by the Morigagor to the Morigagee and shall be paid fonhwith to ~h~ Mortgagee to be applied by f it tm xcaszt at the iiedebltr.t~.s securrl htrehy_ whether due or not. ~ i 9. "Il~at the mortgagee may. at any time pending a suit upon this mortgage.•apply to the coun having jurisdirtion inercoi for tiric ap~aint- ~ ment of a ~eceiver. and such court shall forihwith appoint a rtceiver of the premises covered hereby all and singular. including all and singular the income, profits. issues. and rcvenues trum whatever source derived. each and every of which. it being eapressly understood. is hereby mongaged as if specifically set torth and described in the granting and habendum clauses hereuf. and such receiver shall have all the broad and efiective tunctions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by wch court as an admitted equity and a matter of absolute right to saed mongagee. and without reterence to the adequacy or inade9uacy o( the value of the property mort- gaged or to the solvency or insolvency of said mortgagor or the detendants. and that ~uch rents, profits. income. ic.ues. and revenues shall oe ~ ~ applied by wch rcceiver xcording to tht lien of this mortgage and the practice o( such court. In the event ot any default on the part ot the mort- gagor hereunder, ihe mortgagor a8rces to pay to the morigagee on demand as a reasonabk monthly rental for tlx premises an amount at kast ~ t equivaknt to one-twelfth (1112) of the aggegate of the twelve monthly installments payabk in the then currenl year plus the actual amount of i the annual tues. usessments, water rates, and insunnce premiums for such year not covered by the aforesaid monthly payments. s Ip. 'ii~at (s) in the event of anybreach of this mortgage or default on the part of the mortgagor. or (b) in the e~ent ihat any ot said sums ot ~ money herein rcterred to be nd promptly and tully paid without demand or nolice. or (c) in the event that tach and every the stipulations• ~ agnements. conditions. and covenants ot said note and this mortgage. are not duly. promptly. and (ully performed: then in either or any such eveM, the said aggegate sum mentioned in said note tlxn remaining unpaid. with intercst accrued to that time. and all moneys secured hereby. shall become due and payabk tutthwith. or ~hereafter, at the option ot said moRgagee, u fully and compktely as it all of the said sums o( mon- ey were originally stipulated to be pa~d on such day, anyihing in caid note or in this mortgage to the contrary ratw~~hstanding: and thereupon or thereaftsr, at the option of said mortgagee. witt~out notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured here- by had maturcd prior to its institution- The mortBaBK may torecbse this mortaage. as to the amount so declared due and payabk. and the said - premises shall be sold to satisfy and paY the same together with costs. expenses. arnl allowances. In case of partial torecbsure ot this mortgaSe. the mort~aged Dremises shall be sold subject to the continuing lien of thic mongage for the amount of the debt not then due and unpaid. In wch case the provisions of this paragraph may again be avaikd of thercatter trom time to time by the mongagee. f n~ PACE~~S ~ ~.=.w.~~-~,~: ~ - ~ ~ z~ $ ~ - ~ _ , ~ -