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HomeMy WebLinkAbout2219 2. 'ihal. in wder mwe (uMy lu prolect tAe ticcurily d ~lu~ mwlp~e. the mort~ag.x.l~~etAer with. anJ in :Kidiliun tu, lhr munthlY payment+ under tbt tenws o( the ~wte st~ured hcreby. an thr 6nt Jay d tach month untillhe ~aid note i~ (ully paid. Nill pay to tl~e murtgaget ~he tolluw- in~ wms: lal M am~uuu~ wRicita~ to pmvide the IriMter hereut with tunJs w pay ~he netl mortgage insurancr prrmium i( ~hi. in~t~umtnt anJ lhe nole securcd hcreby are iawred. ~x a aw~lAly charge lin lieu ot a m+xtg:~ye in.uranct premium) i( ~hcy :ue Aeld by lhe tiecretary of Housin6 and U~baa Derelopu~tat u tol{ows: U aad w lo~ as said ~wte ot evea date and this instrumtnt ue insured or ue ~einwrcJ unJer Ihe provisions o( the Natiunal Housi~ Act. an ae~owM w~icieol to xcumuWc in ~he hanJs uI lhe ho1Je~ une 111 muMA priiu to its Jur date thc •rnnu:J murt- pa ~awran~e p~ee~iuw, in ader ~o pmvide wch Iwl~k~ with tunds lo pay wch prem+um lo the Secrctaty of Nousing anJ U~baw pevelopsent pursuam to tUe Natiwul Housi~ Act. as amenJed. and applicabk Regulation~ ~hereunder, or 111? !t aod w ioas u said awt d even Jate uwi this insttument are heW by the Secretary ot H~waing anJ Urbe~ Ikvelopment, a,. ~untl~ ~har~t ~in yeu o( a eHxtpst inaurance ptemium) whicA shall be in an amounl eQual to one-tweltlh 11/1'_l ut unahalf (1/21 pc~ cenpuo ~t t`e arera~e outst~ndiu~ba~snoe Jue ~n the nole cwnputeJ without taking inlu account delinquencies or prepsyeenK: Ibl A wm e~ual to 1he pounJ rents. d any nt~t due• ph?s the pcemiwns tAa1 will oext become due anJ payabk on policiec of fire anJ aha I~uard imurance covKiue tbe monpgal property. plus uxes ami asussments next due w~ the mong:~yed p~opehY lall as esti- mated by tbt sottp~oe) kss aq wms already pai~i tAereto~ Jivided ~y the number ut months to rlapu beture une munth prior to the date whcr wch gound rents. P~cm~ums. laaes. and 1'sessmenls wiU bccome delinquent, such wm~ to tx he1J by mongagee in trust ~o pay said goued ~ents, pamiums. tues. aad speciat usessments: and ~N AN payments u~entioaed ia tbe two proccrii~g wbsections ot this paragraph aml all payments to be maJe umier the notc ~ecureJ here- by shall be added to6ether and tbe agsre6ate amount thereot shall be paiJ by the mortgagor each month in a singk payment to be ap- plied by the mqtga`et to tbe fdb~ i~ items in the order set torih: (11 prea~iuw cAar`es under the coatrxt ot inwnnce with the Secrctary of Housing and Urban Development, or monthly charge . lea lien oi oo~tP6t iawnnce premiuml. as the case may be: Illt g~oued reats. tues. assessments. fire, and other huud inwrance premiums: llll inttrest oa tAt nott setured heteby: and - 11V) aa?ortintioa d the principal of said note. ,,~y ~~y ~o ~~o~oum o( such a~geEate monihly payment shall, unkss made goaf by thc mongagur prior to the due date ot the neXt ~~Y~Q~, an evro~ ot dC~wy unde~ ~his mort~e. 'i1rc mortgagee may cdlect a"late charge" not to ezcetJ two cents 12c) tor acb dollat (SI) of acA paYeeat sore tlm fdteen 11 ~ days in arrears to cover the exua expe~u involved in handling delinquent paymenls. 3. 'Itw it t6e total ot ~be p~ys~ents onde by the mortgaaor under Ib) of pangnph 2 prccaiing ~hall ezceed the amount of the payments xt~Dy made by ~1~e ~ort~et. (or gound rc~ts, tases and uxssments arn! inwranre premiums, as the case may be, such excess at the op- qp~ ~ ~ort~, sha~_ be credited on wbseqoent payments to be made by the morqragor. or rctu~ded to the morigagor. It. however, the ~n~hl~, p~yweots made bp the ewrt~a under t M of Para~raP~ = P~ecedin8 shal~ not be sul6cienl to pay gound rrnts, taxes and assessmentc and iawranoe pres~iuws. as tl~e case may be. wrhrn the same shall become due and payabk, then the mongagor chall pay to the mongagee any amouat necessary to aalce up tbe de6citncy. oe or beiote the date when Qayment ot such grourni rents. taxes. assessments, or insurance prem- iwes sball be due. U at any ti~e tbe ~ao~tEa6a sl~1 tender to tAe mortgagee ~n accordance with tlx provisions ot the rtae secured hereby. tull payment of tbe eatire indebtedness rrpresented thereby. the mong,tBet sha0. ~n computing the amount of such indebteelness, crcdit to the ac- count o( the mort~ a1! payoents made under the provisions of (a) of paragraph 2 hereot which the mortgagee has not become obligated 10 pay to the Secr~eury ot Housia6 and U~bm Derebpment and any t~alaace rem:tining in the funJs accumulatnl urxfer the provisions ut (b) ~t ~ ~J be ~ de(wk unde~ aay ot ehe provisions of this mortgage. resulting in a puMic sale ot Ihe premises co~ered here- b,y, a~~~~eC xq~ies t6e property aherwise atter detauh, the mortg,+gee shall apply, at the time ot the commenceme~t of such pro- a~~~ p~~ty is otl~r~~se acquired, tbe balanc~ then remaining in the funds accumulated under 16) of paragraph 2 preced- "s~ u a cTedii a~inst tbe aa~ou~K ot P~ac~l t~c~ rcmy~g w~p~d ~~e and shall properly adjust any payments which shall have been made wder 1~ ot said p~n~ap6. 4_ 'ilut he ~?iY Qay all tixes_ usessa~e~ts, ruer ntes. and dhcr govemmenul or municipal charBes, fines, or impositions, for which pro- vision hu not betn made hcreiobefore. aoJ in ~ietauH thcrcof the mon~ee may p~y the same: and that he wi~l promplly Jeliver the official receipts thcrcfor to tbe mortgagee. S_ 'ILat I~e wn/ ptrmit, caomil. a wBer no ~raste. impairment, or ~icterioration ot saiJ property or any part thereot; and in the event of the (ailu~e of the mort~ar to keep the bdidin~s on said premises and thoae to be erected on said premise+, or improvements thereon. in gu~xi re- pvir_ tbe mort~ee may malce wc6 repairs u in iu discretio~ it may deem necessary fur the proper preservation thereof. anJ thz tutl amount ot ach md ev~ry wch payaent shal{ be ieaediately due and pvyabk. and shall be securcd by the lien of this mortgage- 6_ 'i1~1 ht wid pvy a11 and sin~uhr t6t costs. charsts. and expenses, including reasonabk lawyer's fees. and costs of abstracts of titk, in- ' a paid u any time by tLe ~o~tg~e becwse ot the tailure on the part of thc mortgagor prompUy and fully to perform the agreemenls ~ and coven~ts of said provissory nole and this mongage. aed said costs• char8ec• an~1 ~aP~nses shall be immediately due and payabk and shall I ; 1+e secvrcd by the lien ot this wat~e. E 7. Tha1 be ~iU keep the i~pmve~ents no~r eaistiuE or heteafter erectal on the mortgaged property. inwred as may t+~ requircd from time € ~o hy tbe mon~a~ee a~uast bss bp (re and olher 6azuds. casualties. anJ contingencies in wch amountc and for wch periuJs as may tx ~ t~quved by a~ort~ee_ arwl ~iY pay promptly. rrhen due. any premiums on wch inwrance for payment of which provision has not been maJe pq ~~R~ ~1~ ~e ~uried companies approved by mongagee and ~he policies and reoewals thereof shall be held by monF:?- gee and have attxhed tberrto bss payabk chuses in tavor of and in torm acceptabk to ~he mortgagee. In event of loss he will give immediate by ~y~ ~o ~~ott~a~ee ~ay make proof o( lou if not made promptly by mortgagor. and each insurance company con- nmed ~s herrby audiorized and directod to make Qayment [or wch bss directty to mortgagee instead ot to mortgagor and mortgagee join0y. and the ~~uranae proceeds_ aa any pan thereof. uaY be applied bY ~BaBK at its optiae either to the reduction ot the indebtedness hercby secwed ar to tbe restoration or repair of tfk DropertY dam~8ed• ~n evcnt of torccbsure of this mongage or other transfer of ~itk to the mon- p~1 proptrty in exdn~shment of the indebtodness securcd Aercby. all right. titk. and interest ~f the mongasor in and to any inwrance poli- cies then io torce slull pus to tbe purchuer or ~rantee_ g Tyut J ti~e prcotises_ or any part thereof. be co~demned under any pow er of eminent domain, or acquired tor a public use. the damages. ~oceeds, and the eonsideratan tor wcl~ xquisition. to tt~e ettent of the full amount oi indebtedness upon this Mortg:sge. anJ the Nae ~ecured hereby ~emai~ unpvid. are 6ereby ~signed by the Mortgagor to the Mortgagee and shall be paid torthwith to the ylortgagee to be applied by it on xcount ot tbe iodebtarcss securrcd heneby, whether due or not. 9. ~e ~wrt~i~e may, at y~y tie~e pending a wit upon this mortgage. appiy to the court having jurisdiction thereof for Ihe appoint- me~~ of a receiver. and s~ch court shali forthwrith appoint a recciver ot the premises covered hereby all anJ singular. including all and singular the inc~oa~e. profits, iswes. and rerenun trom whatever source derired. each and evtty uf which, it being expressly underst~wd. i~ hereby mortga~ed as spoc~ly set (orih and describod in the granti~ and habenJum clauses hereof, and such receiver shall have all the btoad anJ efiative tunctions and po+ren in any~ise enuusted by a couri to a receiver_ and such appointment shall tx made by tiuch court as an admitted equity aad a matter ot absolute riaM to said morigagee. aod without reicrence to the adequacy or inadequxy oE the value ot the property mort- g~ged or to the sotveocy or insdvency ot said mortgagor or the defe~dantc. and that wch rents. profitc. income. iti.ue.. and revenues shall ne apptied by such teceirer acco~dina to the fien ot tlrs mort~a8e aod the P~actic~ ot such court_ In the event ot any default oe tht part oi the mort- ~ g~ot hcreundcr. ~1m mqtEaaor agees to pay to the mottga~gee on demand as a reasonabk monthly renta! tor the prcmius an amount at kast cquivaknt to one-tweNth /1/12) ot tbe agareg~te of 1he twelve mon~hly instaltmants payabk in the then currcnt year plua the actual amuunt of ~ theamwul taaes. assessaienb. w~ter ntcs. and iewnnce premiums tor such ycar not covered by ihe aforesaid monthly payments. ~ ~p_ -Iwt in ehe evrnt ot any l+rexh of tlxs mort~ge or defauh on tlx p•rn ot the mongagor. or I6) in t1~e eveot that any ot saiJ sums of money herein rrferred to be na promWlY aod tu0y Paid without demand or naice. or Ic) ia the event that each and every ~he stipulations. a~teemeois. cuoditwns. and corenants of said nwt and this mongage. ue not duly. promptly. and tully performed: Ihen in either or any wch e~•ent. the said aigegate wm mentia~ai in Said note then remainir~g unpaid. with inte~est accrucd to that time. and all money~ secured hereby. shal~ lxcome due and payabk (orthr+~h• a ~~reaftcr. at tl?e option of said mort~8te• u tully and completely as if aU of Ihe saiJ sums of mon- M,~t~ originaln; ~ P~ q~ such day, anythiog in said note or in this mortgage to tht contrary notwithstanJing: and thereupon or thereatler. a~ the option d said mortg.~ee- w~thout notice or demand. wit at law or in equity. may be prosecuted as if all moncys secured here- by had matured prior to its iintitution. The mort~agce may (orecbse this mongage. as to Ihe amoum so declated dut and payable. and tF~e caid ~ premixs slnll be sold to satis(y and p~Y the same togtlher w ith cosls. e~penses. and albwances. In cau of partial toreclosurc uf this mongage. ~ ~he ~ort~Cd pnie~srs sha1~ be so{d wt?ject to the cootinui~ :en ot ~his mortgage for the amounl ot tlx debt not ~hen dae and unpaid. In suc ~ t~ provisions ot thiS w~a~raph maY again be avaikd ot thereafter from time to time by ~he monp,agce• ` > BOOK ~~S PACE - < - = ~ ' : ; ~~w~ ~ ~ , z ~ . _ .