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HomeMy WebLinkAbout1085 ~ 2. Thai, in order more tully to ptotcct the ucurity of ~hia mon~e.lhe mort~or. to~e~her with, anJ in •aJdition ta. the mun~hly pay ments under the terms ot the nwe serurcd hereby. on the first Oay ot euh month until ~he saiJ note is fuqy psid, will p:~Y tu the mor~~ee the follow- ~ i~ sums: An amount wflkieot to proviAe the M~Wer hereol with fwxls t~ psy the next mott~e inwrance premium it this instrumeol a~1 the : note secwrd hereby are inwred, or a monthly chuge (in lieu ot a mon~a~e inwrance premium) il they ue h~id by thcSecrctuy o( j Housin~ and Urban Devebpment ss tolbws: ~ (1) It and w bns as uid nole ot even date and this ins~rument arc inw~ed or ue ~einwttd unJe~ the p~ovisions o( the National ~ Housin~ Ac1, an amoum wQ~cient to accumulate in the t+ands of ~he holder one 11) month prior 1o its due date Ihe annual mon- p`e inwrance pre~a~um, in aide~ to ptovide wch holdet with tunds to pay such prcmium to the Secrctuy ot Housin~ and Urban Devebpment punuam to :he Natiooal Housin Act. u amended. snd aPplicabk Regulation~ thercunde~: or . ~ llll ' It and so bng as uid note ot eva~ dste and this instrumeM are held by the Secreury d Housin~ anJ U~ban Development, a monthly chu`e (in iieu ot a mortsa~e insuraace premium) which shall be i~ an amount oqual to one-tweltth /1~121 ot onalialf ~ 11121 per centum o! the aversse outuanJine bal~na due oa the note computed without taking into accou~t delinquencies or P«MY~nts; Ib) A wm equat to the sround rent:, it any, oezt due, plus the p:emiums that wilt oext become Jye and payat+k on poticies ot 6re :u~d aher hazard intorance eave~iM ~he mort~ed propeny. plus taxes and assessments ne~t due on the mortp8ed propetty (atl as esli- mated by tbe wortia~ee) ku all wms already paid therefa divided by the number ot moaths to elapse betore une month prior to the date whsn wch grouod ~ents, premiums, tsues, and usessments wiU becane delinquent, such wms to be held by mongs~ee uust to pay said tround «nts, premiums, wces, and special ssxuments; and (c) All payments mentioned in the two preceding wbsections ot this puasraph and al~ paYments to be made under the note secured here- by sha1~ be added together and the a~reBate amount thereot shall be paid by the mongagor each month in a singk payment to be ap- plied by the mortga~ee to tFie folbwina items in ~he order set totth: 11) premium charges under the contnet ot inwrance with ihe Secrctary o[ Housing am1 Urban Devebpment, or monthly charge (in dtu ot mongage inwrsnce Premium), u the case may be: QU ground rents, tues. uussments, fue, and other huud inwrance Premiums; 1111 interest on the note secured hereby: and (Ih amwtization of tbe principal ot said note. Any defic'~ency in tlx amount ot such aggrcgate monthly payment shall, unkss made good by the mortgagor prior to the due date ot the neat wch payment, constitute an event ot detauh under this mortgags. The mongagee may colkct a"late chargi ' not to exceed two cents (2c) tor each dollar (Sq ot each paymen~ more than 6tteen ( IS) days in urean to cover the extra e 2pe ~~n~ c~~d~ ~ amountnof the payments 3. 'll~at if the total ot the payments made ~y the mortgagor u n d er ( 6) o t paragra p h p actwlly made by the mortgagee. for ground tents, taxes and asussments and inwrance premiums, as tMe case may be, wch excess at the op- tion ot the mortgagee. shal~. be crcd~ted on subsequent payments to be made by the mort~agor. or retunded to the mortgagor- If, however, the monthly payments made by the mortgagor under (b) ot paragraph 2 preceding shall not be sutficient to pay ground rents, taues and usessmrnts and inwranoe premiums, as the case may be, when the same shall become due and payabk, then tl~e morigagor shall pay to the mortgagee any amount necessary to make up the deficiency. on or before tt~e date when payment ot such gouod rcnts, taxes. uussments, a inwrance prcm- iums shall be due: U at any time the mortaagor slwll tender to the mortgaBes in xcordanoe with tAe provisions ot the note secured hereby. tull payment ot the entire indebtedness reprcuntcd thereby, the mortgaBee shall, in computing the amount ot such indebtafness, credit to the ac- count ot the mottgagor all paYments made unde~ the provisions of (a) ot paragraph 2 he~eo( which the mortgagee has not become obligated to / pay to thc Secretary of Housing and Urban Development and any balance remaining in the (unds accumulated under the pravisions of (b) o( } said paragraph 2. It there shall be a default under any ot tUe provisions ot tlus mongage. rcsulting in a public sale of the premises cuvered here- ; by, a J ~he mortgagee acquircs the propeny otl~erwise afte~ defauh, the mort~a8ee shall spply, at t6e time ot the rnmmencement ot such pro- ( ceedings or at the time the property is otherwise acquired• the balance then remai~tine in the tunds accumulated under (b) ot paragraph 2 preced- ~ ing u a credit ag~irut the amouM of Pn~apal thert~ nmaining unPaid under said note and sha11 properly adjust anY paYments which st~all have f been made under (a) of said para~raph• - 4. Thal he wifl pay all taxes, assessments, water ratcs, and othcr governmental or municipal charges, fines. or impositions. for which pro- vision has not been made hereinbetore, and in defauh thereof the mongagee may pay tlie same: arn1 that he will promptly dcliver the official rcceipts thercfor to tbe mortgagee. S. That he will permit, commit. or sufter no waste. impairment, or deterioration of said property w any part lhereof; and in tlx event ot the ~ tailurc ot the mortgagor to lceep the buildings on said premises and those to be erected on s•rid premises, or improvements thereon. in good re- pair, the mortgagee may make wch repairs as in its discrction it may deem necessary for the proper preservation thcreof, and 1he tull amount ot rach and every such payment sha{I be immediately due and payabk. and shall be secured by the lien ot this mottgage. 'i 6. 'ilwt he wiU pay all and sing+ulu the costs. charges. and eapenses, including reasonabk lawyer s fees. and costs ot abslncts of titk. io- ! cuaed or paid at any tia~e by the mortgagee because ot 1he tailurc on tlx part ot the mortgagor promptly and [uUy to perform the asreements j and covenants ot said promissory note and this mortgage. and sa~d cozts, chargcs, and expenxs shall be immediately dut and psyable and shall ~ be secured by the lien ot this mortgage. - ~ 7. That he will keep thc ixtprovements now existing or hereafter erected on the mortgaged propeRy. inwred as may be required trom timt ~ to time by the mortgagee agaiAst bss by fire and olher hazards. cawalties. and contingencies in such amounts and tor such periods as may be required by raortgagee. and wi8 WY Promptty. when due. any premiums on such ~osur+nce for payment of which provision has not been made ~ hereinbe(ore. Alt inwnnee shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by monga- gee and have attached thereto bu payabk chuses in favor of and in form accepiabk to the mortgagee- In event of bss he will give. immediate ~ notice by mail to mortgagee, aod mortgagee may make proof of loss if not made prompUy by mortgagor. and each insurance company con- cerned is hereby autl+oriud and directod to make paYment for such loss directfy to mortgagee instead of to morig~gw and mortgagee jointly. ~ ~~n~ce pra~ds, a any pui ther~o(, may be app6ed by mortgagee at its option either to the reduction ot the indebtedness fiereby . securcd or to the restoration or repair of the property damaBed- In event of forecbxure of this mortgage or other tra~sfer ot titk to the mort- gaged propeAy in eatinguishment ot 1he ~ndebtedness secured hereby. all right, titk, and interost o( the morigagor in and to any inwrance poli- cies then in force shall pass to the purchaser or grantee. 8_ 71~at if the premises, or any pert thereot, be condemned under any power ot eminent domain, or acqui~ed for a public use. the damages. proceeds, and the consideration for such acquisition, to the extent o( the full amount ot indebtedness upon this Mortgage. and the Note secured hereby remaining unpaid, are hercby assigntd by the Mortgagor to the Mortgagee and shall be paid torthwith to tF~e Mortgagee ta be aPP~~ed by it on xcount ot the indebteness securcd hereby. whether due or not. 9. That the mottgaget may, at any lime pending ~„uit upon this moRgage. apply to the court havirtg jurisdiction thereof (or the appoint- ment o( a receiver, and wch court shafl forthwith appoint a receivet ot the premises covered hereby all and singular. including all and singular Ihe income. profils. issues, and revenues trom whatever source derived. each and every ot wh~ch• ~1 be~ng expressly understood. is hereby mortgaged as if specifically set (orth and dexribod in the granting and habendum clauses hereof, and such receiver shall have all the broad and eHective functions and powers in anywise entrustrd by a court to a receiver. and such appointment shall be made by such couA u an admitted equity and a matter of absolutt right to said mortgagee. artd without refercnce to the adequxy or inadequacy ot the value of the property mort- gaged or to ihe solvency or insolvency of said mortgagor or the detendants. and Ihat wch rents. pro~its. income. issues, and revenues shall ce applied by wch receiver ucording to the lien ot this mortg~ge and thc practice of such court. ln the event o( any detault on the part of the mort- ~ gagor hereunder, the mortgagor agrtes to pay to the mortgagee on demand as a reasonabk manihly rental tor the premises an amount at kast ~ equivakni to one-twelfth (1112) of the aggregate ot the twelve monlhly installments payabk in the then current year pbs the actual amount of ~ the annual tanes, assessments, water rates, and insurance premiums tor such year nol covered by the aforesaid monthly payments. 10. 71iat la) in the event of any breach of this mortgage or de(ault on ~he part of the mortgagor. or (b) in the event that any ot said sums of ~ muney hercin reterred to be nd promptly and tully paid without demand or notice. or (c) in the event that ear.h and. every the stipulations. ~ agrcements, conditions. and covenants of said note and this mortgage. are na duly. promptly. and fully performed: tf~en in tither or any wch ~ event, the said aggegate sum menlroned in said note then romtining unpaid. with interest accrued to that time. and all moneys ucured hereby. ~ shall become due and payabk torthwith. or thereafter. at the option of said mortgagee, as tully and completely as it all of the said sums ui mon- ~ ey were originaily stipulated to be paid on wch day, anything in said note or in this mortgage to the contrary notwithstanding: and thercupon or ~ tMercaiter. at the option of said mortgagee. without nolice or demand. suit at law or in equity. may be prosecuted as if ap moneys secured here- ~ by had malured prior to its institution. The mortgagee may forecbse this mortgage. as to the amount so declared due and payabk. and the said premises shall be sold to satisty and pay the same together with costs, expenses, and allowances. In case of putia! torecbsure o( this mortg~ge. the mortgaged premises shall be sold subjec! lo the continuing lien ot this mortgage tor Ihe amount ot the debt not then due and unpaid. In wch , case the provisions of this par~groph may again be avaikd ot thereafler from time to lime by the mortgagee- o R 1 8g . u.: s oox 232 ~ 0 ~ - _ ~ ~ _ - - ~ ~ # ~'r r>. .r „ _ _ _ : _ ~ ~