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HomeMy WebLinkAbout2475 2. "~ha1. ~n .Kder murc fully to pru~~Yl ihr .ecurity uf thi. murlgagr. 1he mu~tgag.•r. t.?grth~r w~1h. :uK1 in aJdili.~n lu. Ihc nx~mhl~ paym~nt. undar thr tzrm~ uf the nute .rcunvl hrr~hy, un ihr tir~i Jay ui rach nx~nth un~il Ih~ +aiJ nutr n fully p:~iJ, wdl pay ~o ihr nx?rtga~~ti Ihe fuUuwing .umx: ; • 1a1 An :?pwunt sutficient to provide 1hr huWet hercuf wi~h fu~xls to pay the next rtx?rtdagt insurance premium if this imtrument and ~he nute srcured hereby arc insured, ar a monlhly charge lin lieu uf a nwrtQage imurance premiuml if they are held by ~hr kcrtta~y of Housing anJ Urban Development, as tolluws: 111 If and so lon~ as said note of even dalo a~x1 tAis inztrume~t are insureJ or are reinsured under Ihe Drovisions of Ihe Natio~?al Housin~ Act, an amount wf'ficient to accumulate in the hands of the holde~ one month prior to its due date the annual mortgage in~urance premium, in ~xder to proviJe ~uch holJtr wilh funds to pay ~uch premium to ~he Secretary of Huwing and Urba~ Oe~elopment pursuant to the Nati~nal Nuusiog Act, as amenJrd, anJ applKSble Regulatiuns ~hrreundzr; or 111) If and w long as said nute of tvrn Jatr arxl this inst~ument arc held by 1he Secretary of Housing anJ Urban [kvelopnxnt, a momhly charge lin lieu of a mortgage insuranct premium) N•hich shall t+t in an artxwnt eyual to one-twrlf~h 11f12) uf one-half IS4) p~r centum of the average outslancling bala~x:e due on the note computed without taking into aocount delinqutncies or prepaYments; Ib) A sum equal to the g~aund rents, if any, next due, plus the premiums that ~vill next become due and payable on policies of fire and other hazard inw~ance covering the mortgaged property, plus taxes and acse~cments next due on 1he mortgaged property (all as estimated by the mortgagee) less all sums atready paid thercfor divided by the number of nwnths to elapse before one month prior to Ihe date when such gruu~xi rtnts, premiums, taxes, arxi assessments ~vill becnme delinquenl, such wm~ tn I+e he1J by mortgagee in trust to pay said ground rents, premiums, tazes, anJ special assessments; and tc) A~~ PaYments mentioned in the two preceding subsecliuns of this paragraph ancl all paymentc Co be made under the note secured hereby shall be added together a~d the aggregale am~.unt ~hereof shall be paid by the mortgaRor each month in a single payment to be applied by the mortgagee tu the following items in the urder set forth: (1) premium charges under the contract uf insurance with the Secretary of Housing xnd Urban Devclopment, or monthly charge lin lieu of mortgage insur~nce premiuml. as the case may be; IIU ground rents, tazes, assesSments, fire, and uthcr hazard ins~~rance premiums; 1111) interest on the note secure~l hereby; and (IV) amorlization of the principal of said note. Any deticieM:y in the amount af wch aggregate monthl~ paymrnt shall, unlr,~ maJe guixi by the murtgagur priur to the due date uf the next surh payme~~. canstiwtz an event ~~f JrfauU under this mortgage. I~he mortgagee may collctit a"late charge' not w rxcerd two cents 12c1 for each dollar ISI! of rach payment more than fifteen 1151 day~ in arrean to cover ~he extra rxPrnx invulve~l in h:~nd{ing Jelinyuent payments. _ 3. That if the tatal of the payments madr by the mongagor under Ih1 of paragraph 2 pr~~ceding ~hall exceed thr artwunt of the payments actually made by Ihe m~xtgagee. f~x grou~J rents, taxes anJ asses~ment+ anJ insurcmce premiumc, as tAe ~ase may be, such extess at the option of the mortgagee, shall, be cretilited on subsoquent payments to be made by the mortgagor, or refunded to the murlgagor. li, huwever. the rrxmthly payments made by the monga~r un~er Ibi uf paragraph 2 preceding shall not be sufficient to pay gruund rents, ta~es and ac.essmem~ and in.urance prrmiums, a.c the case may t+r, when the same shall become due anJ payabte, then thr murtgagor shall pay to the mor~gagce any atrwu~l nececsary to make up thr Jrficirncy, on ~x before the date when pa)'ment of wch grounJ rents, taxes, a~~essments, or insurance premiums shall t+e due. If at any time 1he mortgagor shall ternier to the mortgagee in a~curJance with the provisions of the note sccured hereby, fuU payment of the entire inJebteeineu represented thereby, the rtxxtgagee tihall, in computiog the amount of such irxiebt~lnrss, crniit to the accuunt of the mcutgag~x all payments made under the provisions of lu) uf paragraph 2 hereof whkh the mortgagre h•rs nat t+ecome obligate~i to pay to the Se~retary of Housing anJ Urban [~velopment arnl any b:~lance remaining in the funds xcumulated urxier the provisiom uf lhl of said pa~agrsph 2. If thrre shafl be a Jefault urxler any of the provi~ions of thic mcxtgage, resulting in a public sale uf 1he premises coverecl hrreby, or if the mortgagee acquires thr pr~?erty otheraisr aftrr def:~ult, the mortgagee shall apply, at the timr uf the commcncement of wch procecdings ur al the timr the pr~~perty is olherNi~ :Kquired. the balance then rrmaining in the fanJs accumulat~tii under Ih? of paragraph 2 preecding as a credil agaimt the amaunt uf principal then remaining unpaiJ unJer said note anJ shall pru~+rrly adjust any payment. Kh::h tihall havc M:rn made unJrr lu) of said paragraph. 4. ~fhat he Nill pay all taxrs. :~~se~smenu, watrr r:ites, anJ uther governmental or municipal chargr~. finc~. ~x im~xisitions, for which pru~~ision hac not t?een madr Aereinbrfurr, anJ in Jefault ther~ti?f the m~xigaKee may pay ~hc same; and thal hr will prumpll~~ del~ rr the ofticial receipis lherefor to the mong:+gre_ S. That he will permit. commit, or suffer no ~~:?ste. impairment, or Jeteriuration of ~aiJ property or any part thcreuf: :~~i :b'::._ event of the failure of the nx~rigagor to keep the building~ on caid premises artd those to be erected on +aid premiu~. or improve~~t~ thereon. in gixxi repair, the mortgagee may make such repain as in it~ diacretiun it may deem :iecetsar}• for the proper preservation th~f, and thr full amount of e:~h and every such paymrnt shall t?e immnliately due snJ payable, anJ shal! be securc~l by the lien of this mu gage. 6. Tha~ he will pay all :~nd singular the_co.t~. charges, and ex~nce,, inclu~!i~g reasonable IaKyer's iec~, and cocts of abctracis f title. incurreJ or p:~id at any timc by the nx~rtga~lre t+ecause of the failure on 1he pari uf C: rtxxtgagur prumptly anJ full~~ to perform the agreem.,nts anJ covenants of said promissury note and ihis morigage, and saiJ costti, chargeti, arxi expeme~ shall be immrdiately du~ and i payable anJ .hall be ctcured by the lien of thii murtgage_ 7. That he will ?:eep the improvemenic now e~isting or hereafter erectcd nn the mortgageJ property. insured as rr°y be requirc~f from E time to time by the rrwrtgagee against loss bp fire an~~ other hazarJs, casulaties. and contingencies in such armwntt and for su•:h perii~ds as z may he requirc~l by mortgager, and aill pay promptly, whrn due, any premiums on wch insurance fur paym~f which pro~•ision has not ~ been made hereinbefore. All iasurance shall be carriod in companies approved by mortgagee and the poiicies aY~d renewals thereof shall ~ tx he1J b~• mortgagee and have attached thereto lixc pay•rble clauses in favor of anJ in fcxm acceptable to ihe rtxirtgagee. !n event of loss he w ill give immediate notice by mail to mortgagee. arxi mortgaFee may make proof of loss if tx~t made promptly by mortgagor. :~nJ each imurance company ccicerneJ is hereb~ •~horizeJ and Jirerted to make payment for wch los, directly to rtwrtgagee insteaJ of to nwrtgagor and mcxtgagee joinUy. and th: ,isurance proceeJs. or : oy part therc~f. may t~ applied by mortgagee at its optiun either to the reJuctiun of the indebteJnets hereby secure:l or to the restoration cx repair of the properry Jamaged. In evem of foreclmore of this mortgage or other transfer of tide to the mungaged propeny in ectinguishmcnt of the indebtedne+s .ecure~i hereby, all right. title, and intercst of the mortgagor ire and to any insurancc policies then in force shall pass to the purcha~er or grantee. 8. That if 1he preroises, or ant part thereo(, 6e condenmed under aoy porier af eminent domain, or :?cquired for a public uGe, the damage~, proceeds, and the consideration for euch acyui~ition, to the extent o( the full amount of ind~btedness upon this \lott~:.~F,andthe\ote sccured hereb}' rr ~inin~ unpaid.are hereby assigned by the ~lortgagor tothe JlortgaRF~ and shali be p.iid _ torth~.~ith to thf• ~lortgaRee to be applied b~• it on account o( the indebtedness tit~cureJ hereby, whether due ur not. ' 9. Tha~ 1he mortgagee may. at any time penJing a~uit upon this mortgage, apply to the court having jurixliction thereot for the i ap~wintment of a recei~~er. and such court shall forthwith appoint a reteiver of the prem~ses co~ereJ hereby all arni singular, including all ,1 anJ singular the income. profits, issues, anJ revenun from N'Il'AlrYtf suurce derived, cach arnl every uf which, it t+eing t!(QfCiSIy understex~J. is hereby mortgaged as if specifically set forth and desc~it+ed in the granting and habenJum clauses hereof. :~nd such receiver chall have all the txuad and effective functions and poN~ers in anywise entrusted by a court to a receiver, anJ such appointment shatl be : made by wch court as an admitted equity and a matter of at+si~lute right to said mortgagee, anJ witFwut refererke to the adequacy ur # inaJrquacy of the value of the property mortgaged or to the wlvency or insolvency of said rm~rtgagor or the defendents, and tfiat such rrnts. profits, income. issues. arxi revenues xhall be applieJ t+y such receiver accorJing w the lien of this nx~rtgage arxi the practice of such ~ court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agreec to pay to the mortgagee on demand as a rrasvnahle monthly rental for the premisec an amount at least equivalem to une-tw~elfth 11J121 of the aggregate of the tw~elve rrwnthly ~ intitallmrnts payable in the then current year plus the actual amount of the annual tazes, assessments. Hater rates. and inwrance premiums '~i,: for such yrar not covered by the afore~aid monthly payments. _ ~i ~p, That lu) in the event of any breach of this mortgage or Jefault on the part of the rrr~rtgagur. or Ih1 in the event that any of wiJ ~ sums of money herein referred to be not promptly and fully paid aithout demand ur notice, or Ic) in the evenl that each and every the stipulations, agreements, conditions, and covenants of saiJ note anJ this mortgage. are not duly, prumplly, and fully perfi~rmeJ; then in ~ either or any such event. the said aggregate sum mentioned in caid note thea remainig unpaiJ. Hith interest accrueJ to that time. and all ~z rtx~neys secured hereby, shall become due anJ payable forthw ith, or thereaiter, at the uption of caiJ mixlgagre. as fully anJ completely :~c - if all of the saiJ wmc of rtxmey were originalty stipulated to be paid un such Jay. anything in said note or in Ihis rrartgage to the contrary nutwithstanJing; and ~he~eupon or thereafter, at the oplion ~~f said mortgagee, withuut notice or demanJ, suit at law~ or in equity, may br prcxecuted as if all moneys secured hereby had mawred prior to it+ institution- The mortgagee may foreclose Ihis tmxtgage, as to the arrk~unt w declared Jue and payable, and the ~aiJ premises shall be sold to tatisfy and pay the ~ame together wilh co,ts, rxpenses. and allowances. In case of parteal foreckKUre of this mortgage. the mor~gageJ premi~ sh•rll be wld subjcct to the continuing lien of this ` rtwrtgage for the amount of the debt no~ then due and unpaid. In wch cace the provisiuns of this par:~graph may again be availeJ of thereaRe~ from time to ~ime by the mortgagee. ~ I 1. That the murtgag~~r w ill give immediate notice by mail to Ihe mortgagee of any conveyancr. transfer, or change of ownership of the premise+. 12. That no waiver of any covenant herein or of ~he ohligatiun secured hereby ~hall at any time thereafter t?e helJ to t+e a waiver of the termc hereof or of Ihe note secured herehy. ~ e~K228 ~~24?0 . .4 _ - - ~ i _ T ~ ~ I ~"~T'~2T-~..~: ~ ~ ,~s,i?f~~a's~".'~`~s.='~f~.~~~~~~:~-.~ ~.'~r.[.~xl.,1-.