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HomeMy WebLinkAbout1562 i ~ 2. That, in ixdtt muro fully w pru~rc~ ~hr sccu~ity uf ~A~~ nwng~~t. thr muriea~~y tu~et11C1~wi1~, a~l~ i~uun w. thc nwnthly paymenu undc~ the terms ol' thr note srcurctil heteby, un tht fint J•ry uf ra:h m.~nth until t~e s~~d iwtr ~c fully paiJ. Nill pay to thr murt~;?~cr the [ulluwi~~ sums: " la) .~n amount wffx~c~t tu p~uviJe tt?q hdder hereot v?~th furnls w pay the ncx~ mwt~~~e insurance prCmium if ~his instrumen~ and tAe ne~te xcurrd t~unby a~e insureJ, or a munthly ch:u~e lin lieu of a murt~ase insu~unce prcmium) if lhey are held by the tiare~ary of Huusin~ and Urban Develupnxnt, as fulluwr: ~ 11) It and w lo~ as sxid ~wte d eveo date and ~his instrument ere insureJ or are ~einsured unJer the p~uvisiuns af the Nstiunal Housin~ Act, a~ amcwnt wfTicient to accumulate in the hanJs d'the holder one 11) month prior to its due date the i annual mon~x~e imurance premium. io ~xJer to proviJt ~uch holder with funds to pay such premium to the Secretary of Nousins and Urban Development pursuant to th~ National Housing Ac~ as amenJrd, aixl applicablc Regulauuns i thc~eunda; or 1 (11) If and so long as said note of cvea date and ~his insuument ue held by the Secretary of Housi~ and Urban Developmen~ a monthly charge Iin litu of a mort~age in~uranee prtmium) which sAall be in an am~wnt equal to one-twelRh (1112) of , une-half 1~~) per centum of the average uutstat?ilins balance due un the note computai without taking into aceuunt delinquencies or prepaYments; : (b) A wm equal to the gr.~und rents, it any, t~ext due, plus ~he premiums that will aext beoome due and pyyable on policics of bre ~ arn1 other hazard insurarne cave~ing the mor~gagr~l properry, plus ~axa and assessments next due on the mort~agcd p~operty laU as esamsted by the mortga~ee) less all sums alrcady paid thercfor divided by the number of months to elapse before one month ! i prior to the date when zuch ground rents. prem~ums. taxa. and assessments will become delinquent, such sums to be held by ~ mortgagce in trust to pay said Stound reots, pcemiums. taxa. and special asscssmrnts: and . Ali paymenu mentioaed in the two proceding subaections of this paragraph and all paymcats to be made under the note secured ~ hereby shall be added to~ether and the a~gregate amount thereof shall be paid by the mortga~or each month in a single payment to be applied by the mortgagee to [he fotlowing items in the orde~ set torth: (I) premium tha~ses under the contrnt of insurance with the Secretary of Housing and Urb.n Developme~t, or monthly charge (in lieu of mongs~e inwranee premiuml, as the case may be; (11) gnw~xl rents, taxes, asussments, fire, and other hazard inwrance premiums; (IIU interest un the nae securcd hereby; and 11V) amoniaation oithe principa{ of said nde: Any deficiency in ihe amaunt of ~uch aggregate monthly payment ~hall, unlesc maJe goa! by tht mortgagor E?rior to the due date of the next such payment, cunstitute an event of detault under Ihis mongage. The mongagre may collect a"late charge' not to exceed two cents 12c? for each ~Mllar IS11 of each payment more than fiticen 1131 Jays in arrears to cover ihe extra expense involved in handling delinqu~nt payments. 3. That if the total of the payment~ made by 1he mortgagar under 16) of paragraph 2 preceding shall exceed the amount of the payme~~c actually made by the mortgagee, for ground rent~. taxes and accessments anJ insurance premiums, as the case may be, sucF. excesa at the option of the mortgagee, shalt, be credited on subso4uent paymenu to be made by the ~rartsaaor. or rcfunded to ihe mortgagor_ If, however, thc mon~hly payments macie by the nwngagor under Ibl of paragraph 2 preceding shall not be sufficient to pay grourxf rents, tazes and ass~sments and insurance prrmiums, as the cau may be, when the same shall become due and payable, then the rtwrlgagor shall pay to the mortg•rgee any amount nececcary to make up the deficiency, on or before the date when payrtxnt of such gruund rents, taxes, asscs~ments, or insurance premiums sh:?11 tx due. If at any time the m~xtgagor shali ternfer to the mortgagee io acconiance ~+•itb the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in computing the amount of tuch indeMedness, crrciit 1o the account of the mortgagor all payments made under the provisions of fa1 of paragraph 2 hereof which the mortgagee has not become obligated to pay to 1he Secretary of Housiag and Urb-an Developme~it and any bafance rcmaining in the (uncis accumulated under the provisions of' Ib/ of said paragraph 2. If therc shall be a default under any of the provisions of this moctgage, resulting in a public sale of the prcmises cuvereci hereby, or if the mortgagee aoqaires ihe property atherwise after default, the mortgagee shall apply, at the time of the commencement of such proceedings ex at the lime the property is otherwise acqu~reJ. the balance then remaining in the funds accumulateci under /b? of paragraph 2 F?receJing as a creJit against ihe amuunt of principat then remaining unpaid under said nate arxl shall properly adjus~ any payments ..hich shall have t+een made unJer 1~+) ~~f said paragraph. ~ 4. Thut he will pay all taxrs, a+sec~ments. water rate+, and other guvemmrntal or municipal charges, fine+. or impositions, for which provisiun ha~ not been maJe hrrrinbefore, and in default thermf the mortgagec may pay the same: and that he will promptly deliver the ofrcial receipts therefor to the mortgagee. 5. That he will permit, commit, or wfTer no w a,tr, impairment, or Jetrriora~ion of said property or any part therrof; ~nei in Ihe event of the failure of the mortgagor to kecp thr buiWings un saiJ premists and th~nr to t?e ernted on said premises, or improvements thereon, in good repair, the mort6agee may make weh repairs ac in its discretion it may deem ~"ecessary for the proper preservation thereof, and the full arrwunt of each and every such paymenl shal{ be immediately. due and payable, and shall be secured by the lien of this mortgage. b. That he will pay all anei ~ingular tht costs, charges, and expenses, including reasonable lawyer s fees, and costs of abstracts of title. incurreJ or paid at any timt by the mortgagee because of the failurc on the part of the mortgagor promptly and fully to pe~f~rm the ~ agreements arni ..ovenants uf saiJ promis,ory nute and Ihis mortgage. and said costs, charges, and expenses shall be immediately due and i i payable and shall be se:.ured by the lien of this mortgage. ; 7. That he will kcep the irprovements now• existing or hereatter erectrJ un the rrwrtgaged proptrty, insured as maY be requirecf from j time to time by the mortgagee against lou hy fire and other hazards. cawlaties. an.l cuntingencies in such amounts and for such periods as F inay be required by mcxtgagee, and will pay prumptly, when due, any premiums on `uch insurance for payment of which provision has not f ' been made hereinbefo[e. All iasuraace shall be carriod in compania approved by mortgagee and t1~e Po~ic~es and renewals thereof shall ; ~ be he1J by murtgagee and have attached thercto losc payable clauses in tavor of and in form acceptabk to the mortgagee. In event of loss ~ he will give immediate nutice by mail lo murlgagee, and mortgagee may make pnwf uf Irns if not made prompUy by mortgagor. a~ each i ~ insurance company concerneJ is hereby authorized and directed to make payment for such loss directly to mortgagee instead ot to • mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mongagee at itc option either to the ~ ~ reduaion of the imlebtednets hereby secured or to the restwation ix repair of the property damaged_ In event of foreclosure of this j morigagr or other transfer uf title to the mortgaged property in eatinguishment of 1he indebtrciness secured hereby. all right, tide, and ; interest of the mortgagor in anJ to any insurance policic~ Ihen in force shall pass [o tht purchater or grantee. ' 8. That the mortgagee may, at any time penJing a suit upon this mortgage, apply to the court having jurixiiction thereof for the ; appointment of a receive~. ~rtd such court shall forthw•ith appoint a receiver of tfie premises covered hereby all anci singular, inclading all ~ and +ingular the income. pruftts, issues. and revenues from whatever source derived, each and every of which, it being expressly ` underu~wd, i; hereby mortgaged is if specifically set furth and described in 1he granting and hatxndum clauses hereof, and such receiver , shatl have all the broad and :?ective functinns and powers in anyv~ice entrusted by a court to a receiver, and +uch appointment shall be made by such court as an aJmiucd eyuity and a matter of abwlute right to said mortgagee, and without refererke to the adequacy or ~ inadequacy of the ~alue of the pruperty mortgageJ or to the wl~ency or inwlvency of said mortgagor or the defendentt, arn1 that such rents, profits. income, issues, anJ revenurs shal~ be aPP~ied by such receiver accurding to the lien of this mortgage and the practice of such court. In tht event ot any default on the part of the mortgagor hereunder, the mortgagur agrees to pay to the mortgagee on demand as a rtawnable monthly rental for the premises an amount at least equivalent to one-twelfth 1I1121 of the aggregate of the twclve monthly ' installments payable in the then current year plus the acwal amount of the annual taaes, a~.sessme~ts. water rates, and insurance preneiums f ~ for s~xh year not covered by the aforesaid monthly payments. ' 9. That (a) in the event of any t+reach of this mortgage or default on the part of the mortgagor, cx (h) in the event that any of said ; ~ surns of money herein referred to he nut prompUy and futly paid v`ithout demand ur notice. or Ic-} ~n the event that each ancf every the ; ~ stipulatiuns. agrecment~. conditiunt, anel covenants of said note anJ this mextgage, are m?t duly, prompUy, xnd fully perforo~d: ~hen in ; ~ either or :iny .uch eveot. the w~d a~regate ~um mentioned in said note then remainig unpaid. with interest acerued to that time, and al{ ; rtx~neys setiureii herehy. ~hall bea~me due and payable fcxthwith, cx thereafter. a~ the optiun of said murtgagee. as fully and completely as ' if all of the wid sum+ of money werc nriginally slipulateJ to be paid on wch day. anything in said oote or in this rrxirtgage tu the contrary ~ notw ithtitarxiing: and thercupon ur therr:tfter. at the optiun uf said nwrtgagee, witt?uul nutice or demarxl. ~u~t at law or in cquiry. may be -z,~~ prosecuteJ a~ if all rrx,neys securni hereby had matureJ prior to its institution. "Il~e inortgagee may foreclose this rm~rtgage. ati to the arrwunt so declartJ due and payable. anJ the saiJ premi~eti ~hall t+e suld to saU~fy and pay the wme tc~Cether with cc»ts. ex{xnses. and ~ allowances. In ca+e of partial fvreclmure uf ~his mextgage, the mortgaged premises +hall t+e wld wbje~:t to ihe continuing lien of this murtgage for thc amount of the Jebt nut thcn due anJ unpaiJ. In cuch ca~e lhc pn?vi~ionc of this paragraph may again hc availed of ~ therrafterfrom time tu dme by the murtgsgee. 10. That Ihe rrK?rtgagar K il{ gi~e immediate nutice by mail to the mortgagee of any conveyance, transfer. or change of ownership of the premises. 11. "~hat nu w~i~er of any cuvenant hercin or of thr obligation secured hereKy shall at ~ny time thereafler tx helJ ta be a ~raiver of the tcrms hereof ~ of the note c~cureJ herrby_ 12. That i! the nKxtgagor default in any uf thr covrnantti or agreements cuntaineJ herein, or in said txne, then the mortgagee may ~ periorm the same, anJ ~II cxpenditur~ ~ irx:luJing rrasunable atturney'c fcesl made by thr mortgagee in w Joing shall draw interest at the rate set kxth in the note ucured hereby, and shall be repayable immcdiately and w•ithout demand by the mortgagur to the mortgagee, and. together wilh interesl and ecnts accruing thereun. shall be cecured by this mortgage_ . ~ • BCOK ~.J~ PAGE 1~/V~? = ~ ~ - ~ ~ - ~ ~ ~ : ~ ~ ~ ~ ~ ~ ~ . : s~ .