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HomeMy WebLinkAbout1313 . . . unJtr ~At tirm. ot ~he nwr ~ecurcd hercby. un thr first Jay uf tach munth u~til ~he +aiJ nuit is (uUy paiJ. w~ll pay tu tbe murt~;:~ra t u uw- ing ~umt: la1 An amuunt wfficitn~ ro pruviJc 1ht huiJrr hereof wilh twxls to pay Iho ne~t m.utg:+ge iowranre prrmium if ~his imtrumrnt anJ ihr „ n~?te ucurcd hrret+y arc inwrrd, or a munlhly charge lin liru ~~t a mortgxgr imurancc p~emiuml if they are he1J hy thr Srr:r~ary ut ~ H.w.ingar?J Urbao lkvelupmcnt as fulluws: lU (f and su long ac wiJ nwe ut tveo date arui this imt?ument art insurcJ or arc reinsureJ urxler ~he proviuom af the Naliun:d H~w.ing Ac1, an amount sufTicient tu arcumulate in the hanJ. uf thr huWtr onc 1 U month prior to its due J•rte thr annual murt- Krgr in~ursmY premium. in ~xJtr ta provide wrh IwWer with (unJ~ to pay wch premium to the Sccatary o( Noucing and ~ B Urban [kvelopment pur~uant to lhe National H~~using Ac1. a~ amtnJed, and applicabk Regulali~~~~ Ihtreunder: ur ~ 1111 If anJ .o lung ac wiJ nole oi even datc anJ lhis insinimenl are held by ~he Secrctary ot Houtiing anJ U~t?an [kvelopment, a~: ~ monlhly charge lin lieu of a mortg:~e inwrance premiuml which shall be in an amount eyual tu une-twrlfth 1111?1 ot ont•h:?It 111'1 pe~ ce~tum of Ihe avtraRe out~t•raJin~ t+al~nct Jue un the nwe cumputeJ without taking inlo :+ccuunt Jelinquencie. ~x ; prcpayments; Ibf A wm tqual to the grounJ rcnts, it any. ne>t dut. plu~ the p~emiums that will nexl t+ecame due and pay•rbk on ~wlicirc of firc :+nd o~hcr hatarJ insurance covering the martgaged property. plus Iaaes and a~us~ments ne~t due on the mortgagevt propeny lall esti- ; ma~atii by the mortgageel kcs all sums alreaJy paid ~herc(ur divided by the numtxr uf month. to etapse lxfore one month priar tu the j da~e when surh gruun~i rente. premiums, ta~es, and ascessments will become Jelinyuent. ~uch sums to t+e heW by mortgagee in trus~ to pay said grou~xl rents, premiums, taxes, anJ ~peci:+l assesiments: anJ lc) All paymtnts mt~tional in Ihe two prcceding wbuctiom o( ~his paragraph and al) paymenl~ lu tx made under the nota ucurcd here- ~ hy shall be added togethtr anJ the ~ggregate amounl thereo( ~hall be paid by the murt~or tach mon~h in a cingk paymem w tx ap- plinl by the mongagee to the tullok~ing items in the order set [onh: 11? premium charges under Ihe cuntracl uf inwrance with the Secrttar~~ ot Huu~ing and Urb:+n [~vetopment. ur monthly charge lin lieu ot murtgage insurance premium). as the case may be: t111 grournl reMs, taxes, asuscments, 6re, anJ other hazard inwrance premiums: 1111 intarest on lhe note xcured hereby: anJ IIV 1 amortization ut the principal ot wiJ nae. Any deficiency in the amount uf such :~gregate monthly payment shall, u~less maJ~ gwxl by 1he mortgagur prior to the due Jatr ~~t Ihr ~txt wch p:+ymen~ cunstitute an event of default mxler this mortgage. 'il~ mortgagee may collcct a"late charge" not ta exceeJ two cents i?c1 for each Jollar lSll of each payment morc tfian fitte~n 1 IS) days in arrears to co~er the e~1ra e~pense involvrJ in Iwndling delinquent p:+ymentc. Thal it the t.xal ot lhe peymcnls made by the murtg:+gor u?Kter (b) of paragraph 3 preceJing shall eareed the amount ut the payments xlually made by tlx mungagte. for ground «ntc. ta~ec anJ assessments anJ inwranre premiums, as the cace may tx. wih e~cess al the op- tion of the mortgagee. shall, bc crcditeJ on wbseyuent payments to be made by the mortgagor. or refunded to ~he mortgagor. If. huwever. Ihe munthly payme~ts made by ~he mortg:+gor under 1 b> uf paragraph 3 prcceJing shall not t+e ~utTicient tu pay ground rems, taxes and assessments and in.urence premiums, as the case may be. whrn the same shall txcume due and papable. ~hen the morty„asur shall pay to the morigagee any amuunt necessary to make up lhe detici~ncy. on or lxture 1he Jate whrn paym~nl af such gruunJ rcnts. taxes, asses~ments. or imurance prem- iums shall be due. If at any Iime ~he mort~or ,hall tenJer to thr mortgagce in accorJance with the provisiuns ot the note secureJ hereby. full paymrnt ot the entire inJebteJnrss representeJ Iher~by. the mortgagee thall, in computing the amuunt of such indcbtedness, credit to ihe ac- awm of the mongagor all paYments maJe u~xier ~he provi~ions ot !al ot paragraph 2 hereot whirh the mortgagee has ~ot tx~:ome ~~bliy,atc~vl tu pay to the Secreta?y of Housing and Urt+an Developmenl and apy tulance remaining in the tunJs accumulated u~xler the provisions of Ih) o( said paragraph 2. If there shall be a dtfault under any ot tlx Provisions uf Ihis mortgage, resulting in a puMic sale ot tFx premi,e~ covered here- by. or if the mottgagee acquires tfx property otfxtwise after default. the mort~+gee shall apply, at the timt of the commencement of wch pru- ceedings or at the time tlx propeny is otherv?~iu acquireJ. the balance then remaini~ in the fu~xts accumulated under (b) of paragr:~ph' preced- ing as a credit agairut the anwunt ot p~inripal ttxn remaini~ unpaid under said note snd shall properly adjust any payments w•hKh shall have bten made under (a) of said paragraph. -l. That he will pay all ta~rs. a~cessments. water rates anJ other govunmenta! or municipal ch:~rges. fines. or im~+c~sitions, tor which pro- vision h:?s not been made herrinbe(ure. and in de(ault thereo( 1he morlR:~ee may pay the same: anJ that he wiU promptly Jcliver the official receipt. theretor to Ihe mortg:+gee. 5_ That Ix wi11 permit. commil. or sutier no N•asla impairment, or deterioration uf ~aiJ property or :~ny pan thereot: and in the event ot thc tailure of the mortgrgor to keep the twikiin~es o~ said premises anJ ihosr to t?e erecteJ on ,aid prrmises_ or improvemems thrreon. in ga~d re- pair: the mortgagee may make such repairs as in its discretion it may deem nece+sary tor the proper prexervatiori thereut. anJ ~he full amuunt uf exh and eveh• wch p~aymertt shall be immediately Jue and payabk. anJ shall t+e securtJ by the lirn o( this mortgage. 6_ That Ix will pay all and singular the costs, charges. and expeases, including rensonabk lawytr'ti fees. aoJ custs of abstract+of tide. in- curred or paid at any time by ttx monp,agee because ot Ihe failure on the p:+n of the mortgagor prompUy and fully to perform the agrcements I~, and covenants of said proinissory note and lhis mortgage. and said costs. charges. anJ expense+ shall t?e iinmediately Jue anJ payable and shall ; be securcJ by tFx lien of tfiis mortgage. ~ 7. That he will keep the improvemenlc now exicting on c~reafter erec~ed on the mort~ged property. i~wred a~ may tx requirrJ from time ~ to time by Ihe morl~ec against bss by fire and other hazards, cacualties. anJ contingencies in wch amuunls anJ for wch periaic a+ may be ' required by mortFegee. and wilt pay prompdy. when Jue. any premiums on such incuranre for payment of which provi.ion Iwc oot heen made ~ hereint+etvre. All in.urance shall tx c:+rried in companirs appruve~ by mort~gee aod the ~wlicics anJ renewah thereqf shall t+e held by mortp- ~ gee and have allacheJ thereto locs payabk cl•ruses in favor of and in torm acceptabk to the mortgagec. In event ot loss he will give immeJiate notice by mail to mortgagee. and morlgaget may make proof of lo+~ if not maJe prompUy by mort~agur. and each inwrance compnny con- cerned is hereby aWiwrized and directed to make payment for such bcs Jirectly to mort~gce insteaJ ot to mortp,agor :~nd mortgagee j~intly. ~ anJ the insurance proceeds, or any part thercof. may be applied by mortgagee •at its option either to the reduction of the indebteJness hereby secured or to ~he restoration or rcpair of the property damaged_ In event of foreclosure of this mortp.age or other ~ranster of titk to the mort- ~ g.~ed propeN)~ in extinguishment. of the indebtedness secured hereby_ all tight. titk. and interesl o( the mortgagor in and to any insurance poli- cies the~ in forcr shall pass tu the purchaser or grantee. S. 'fhat it the premius, or any pan thereo(. tx cunJemned unJer any ~x~wer oi eminrn! Jomain. or acquireJ for a putslic u.e. the damages. proceeds, and the consideralion for such xquitiition, to ~he e~tent ot the tult amount of inJeb~ednesc u{wn this Mun~e. anJ the Nv~e secureJ ~ hereby remaining unpaiJ. art hereby acsigneJ by the ~lurtgagor tu the :~1ort~:?gce anJ shall be paid torthw~ilh t~ Ihe Mortg:~gee to he applicd by it on account ot the inJebteness secureJ hercby_ whether due or not. 9. 77?at Ihe mort~gee may. at any timt penJing a suit upon this mortgage_ apply to the court having jurisdiction Ihereof for the apEx~int- ment ot a receiver. and such cewn ~ha0 forthwith appoint a receiver o( the premisec covered hercby all and singular. inciuding all and cingular the income. profits. iscues. a~xi revenues trom whatever scwrce derived. each and every of which. it being exprecsly underu~wd. is hereby murtgageJ as it specifically se1 forih and dexcrit?ed in the granting anJ h:?t?endum clauses hereof. and ~uch receiver ~hall have all tlx bro:+d •rnd eHecliv~ tunciions and pnwen in •rnywix entructed by a court to a recei~•er, anJ ;uch appoinlment shali be made by such court as an aJmitted equity and a matter o( abwlute right to .aiJ morlp,agce. anJ withwu reterence to the aJequacy or in:Hlequacy of Ihe value of Ihe property mort- ~geJ or to the .alvenCy or incolvency ot ~aid mortgagor ur the Jetendanl+. ~nJ ~hat ~uch rent~_ profite. income_ is~ue+. and rtvenue~ .hall he applied by such receiver according to the lien of this mortgage anJ ~he practice of wch ccwn. In the event o( any default on the part of the mort- ~or hereunder. the mongagoragrees to pay to the mortg:?gec on demand as a reaconabk monthly rental (or the prcmices an amr.unt at kast equivalent to ~ne-tweltth 11~1'1 of Ihe a~regate ot IF~e twelve monlhly installments payable in Ihe then current year pluc the aclual •rmount of ~ the annual taies. asus~ments. water rates. and inwrance premiums fur such yc:~r ~ot covered by the aforesaid monthly payments. ~ 10. Thal la) in the event of any breach o( Ihi~ morty.age or defauh un Ihe part of the mortgagor. or 16) in the event that any of caiJ wms o( money herein referred to t+e not prumptly and (ully paid with~wt dem-rnd or nWice. or Icl in the event that each and every Ihe ~tipulations. ~ agreement~. conditionc. and covenantc o( ~aiJ nu[e and Ihis monp.afLe. are not duly. prompdy. anJ fully performeJ: Ihen in either or rny such ~ event. the ~aid a~tregate wm mentioneJ in .•rid note Ihen rcmaining unpaiJ. with iNereit accrued !o Iha1 time. and :JI money+ secureJ hereby. ,~,,3 sh:+ll l~ome Jue anJ payabk (orthwith_ or thereatter. at the uptiun of said mortgagtt. as tully and completely as if all of the s:?id sums o mon- ty werc originatly ttipalated ~o t?e paiJ on wch Jay. anything in said note or in this mortEt-age to ~he contrary notwilhttanJing: and thereupon or ~ therrafter. a~ the optiun ot caid m~~rt~gee. wilhout notice or demand. suit at law or in equity. may be prosecuted a~ if all money~ secureP ubre- hy haJ m~tured prior to ils imtitution. The murtgagee may (orecMse lhis mortgage. :~s to 1he amount w declared due aod pryab~e. and the said ~ premix~ shall tx soW to satisfy and pay the tame aogNher with costs. expensec. anJ aU~iwances. In case of partia) forecbsure of this mortgage. the mortp,ageJ premise~ chall he .oW wbject to the continuing lien of ~his mortgage for the amount uf ~he debt not then due and unp:?id. In wch cast the provisions o( Ihic paragraph may :?gain tx avaikd Qf tfxrt~fter from lime to time hy Ihe mort~gee. 1 L That the mor~gagor wiU give immeJi•rte n~ice by maii to ~he murt~ee of ~ny conveyance. transfer. or change of ownership of the premises. I?_ That no wai~•er o( any covenanl herein or of Iht obligation secured hercby shall at any time therea(!er be held to tx a waiver ot Ihe termc hereot or of the note ucurcd hereby. ~ ~~K232 P~Ei3i3 _ - - x ~ " = ~ ~r y'sx a , ' $ ~ d AAt4~''Y ~.Y~-~ '~.p ~ . ~ ~ ~ _ ~ . ~ .i. r . ~ , . _ . s .r.a . _ ~ .