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HomeMy WebLinkAbout0973 , 2. That. in o~der mo~e tully to protect the ucurity o/ this mort~e. the mcxtgagw, togethe~ with. arni io «idiliua tu, d~e oanthlY DaYn~nM ~ unde? the terms ot the note securcd hercby, on ihe 6nt day ot each month until tAe uid note is fully paid. will pay to ~Ix mort~ce tho tolk~w- ins wms: \ (a1 An amount wlGcieni to provide tAt holder bercot with tuods to pay the nexl mon~e irtwrance premium it this inaltumenl and lhe oote sccured hereby are insured, o~ a mo~thly char~e !io lieu of s mon~e insunnce premiuml it ~hey ue held by the Secrctuy of Housins and Urban Developme~t ss totbws: _ (U It ar~d so lon~ u said oote ot even date aod this instrument are inwrod or ure reinwr~d uoder the pruvision: of the Nuionsl Housin~ Acl, an amount wfbcieal tu aca~mulate in the hands ot tAe holder one l I1 month ptiot to its due dste the annual mort- p~e inwrana prewium. p~ order to provide wch holder with tunds to pay wcA premium to the Secrcary ot Hwsing ynd Urban Devebpmeat purs~w~t to the Nstional Housiu~ Act, u amended, and applicabk Re~uhtion~ thercunder ot (111 It xod so lon~ u said ~wte ot even date and this instrument are held by the Secrotuy of Housin~ arn! Urban Devebpmen~, a monthly char~e (in deu ot a mon~e i~?wnece premium? which shall be in an amount equal to one-tweltth l Il12) of ons-halt (l/2) per centum ot the avenje outstandin~ balance due on the note computed without tskin` into ~ccount de6nquencies or propaymenis: (b) A sum equal to the tround ~e~ts, if any. ~ext due. plus the premiums tbat wiU next become duc and payabk on polieies ot Gre and other hazard iosurance coverin~ the mon~aged propenY• plus tazes and xssessments next due on the mon~aged propeny (all u esti- mated by the mon~ee) kss ~all sums already p~id theretor divided by the number of mo~ths to elapse betore ooe month priar to the date wAen such srounJ re~ts, prcmiunu, axes, and usessments wiQ becane delinquent, such wms to be held by monga~ee in trust to pay said ground rcnts, premiums, taxes, and specia! usessments; and (c) All payments mentioned in the two prccedinQ subsectans ot this puagraph and all payments to be made unde? ~he note secured Aere- by shall be added together and ~he aggregate amount thereof sAall be paid by the mongagor cach month in a singk payment to be ap- plied by the mort~ee to !he tolbwing items in the order set torth: (p promium charges under the contract or insu~ance with the Secrctary ot Housing and UrDan Devebpmem, or montAly charge (in litu ot mortgase inwrance premium), u the case may be: (lq ground rcnts, taxes, assessments, frce, and otl~er hazard inwranee premiums: (111 interest on the note secured hercby; and (11~ amortization ot the prinripal of said ~wte. Any deficiency in the amount ot such ag~egate monthly payment shall, unkss made good by the mortg,agor prior to the due date of the next such payment, constitute an event ot detauh under this mortgage. 'tl~e mongagee may colket a"late charge" not to exceed two cents (2c) tor cach dollar (SI) of each payment mora than fitteen (1~ days in arrears to rnver the extra ezpense involved in handli~g delioquent payments. 3. 'll~at if the total ot the payments made by the mortgagor under (b) nt paragnph 2 preceding shall exceed the amount ot the payments actually made by ihe mongagce, tor ground rents, tues and assessments and inwrance premiums, ss the case may be, such excess at the op- tion ot the mortgagee, shall, be credited o~ subsequent payments to be made by the mortgagor. or rctundcd to the mongagor. It, however, the monthty paymeots made by the mortgagor undsr (b) ot paragraph 2 preceding shall not be sulHcient to pay ground ~ents, tues and usessments and inwrance premiums, as thc case may be. when the same shall bccome due and payabk, then the mongagor shall pay to the mortg~ee any amount necessary to make up the deficiency. on or before the date whrn payment of such ground rcnts, taxes, asxssments. or inwnnce prem- iums shall be due. lf at any time the mortgagor shall tende~ to the mortgagee in accordance with the provisions of the note securrd hereby, tuU - payment of the entire indebtedness rcpresentcd thereby, the mortgagee shall, io computing tbe amount ot such indebtainess, crcdit to the ac- count of the mortgagor all payments made onder the provisions ot (a) ot pangraph 2 heroof which the mortgagee has not become obti~ated to pay to the Secrctary ot Housing and Urban Developmcnt and aay balance ~emaining in the funds accumu{ated under the provisions of (b) ot said paragraph 2. lf there shall be a detault under any of the provisions ot ttas mortgpge, resuhic~g ia a pu6tic sak of the premises covered here- by. or it the mortgagee acquires the propeny othe~vvise after defauh. the mortgaga sha0 apply. at the time ot the commencemrnt of such pra ceedings or at the time the property is otherwise acquired. the bolance then rcmaini~ in the tunds accumulated under ot paragraph 2 preced- ing as a cre~it agpinst the amount ot principal theq remaining unpa~d under said note and shall properlY edl~ ~Y WY~nts which sluill have been made under (a) ot said para~aph. 4. 'Ihat he will pay all taaes. assessments, water rates. and other gavernmental or municipa) chatges. 6nts, or impositions. for which pro- vixion has not be6n made hereinbefore, and in detauh thereot the mortgagee may pay the same: and that he witl promptly deliver the ol6cial rrccipts tMerefor to the mongagec. S. That he wiU permit, sommit, qr sutfer no waste. impajrment, or deterioration o! said property or any par! thereof: and in the event ot the tailurc ot the morlgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon. in good re- pair, the mortgagee may make sucti repain as in its discretion it may deem nectssary for the proper prcservation thereo(, and the full amount of each and every such payment shall be immediately due and payabk, and shali be secured by the lien of this mortgage. 6. 71qt I~e will pay sll and sin~ular 1he costs, chuges, and expeases. inctuding reawnabk iawyer's fees, and costs of abstracts of titk, in- curred or paid ai any time by the atortgsgoe because ot tNe tailurc on the part ot the mortgagor promptly and tully to pertorm the agrcements and covenanu ot said promissory note and this mortgage, and said costs. charges, and expenses shall be immediately due and payabk and shall bc securcd by the lien of this mortgaga ' 71~at he will kesp the improvements now existing or hercatter erected on the murtgaged property. insured as may be rcquired trom time j to time by the mortgagee against loss by fve and other hazards. casualties, and contingencies in wch amounts an~1 tor such periods as may be E rcquircd by aartgsgee. and will pay promptly, when due. any premiums on wch insurance for payment of which provision has not bcen made ~ hereinbefore. AB inwrance shall be catried in companies approvtd by mortgagte and the policies and rcnewals thereof shall be hcld by mortga- gee and have atuched thertto bss payabk cMauses in tavor of and in form acceptabk to the mortgagee_ In event of loss he wip give immediate notice by mail to mottgx~ee, and mortgaga may make proot of bss if not made prompUy by mongagw. and each insurance company con- cerned is hereby authorized and directtd to make payment for such bss directly to mortgagee instead of to morigagor and mortgagee jointly. and the imurance proceeds. or any part thercof, may be applied by mortgagee at its option either to tlx reduction of the indebtedness hereby securcd or to tAe rcstoratan ot rep~ir ot the property damagod- In event of fortclosurc of this mortgagt or other transfer ot titk to the mort- gaged property in extinguishment ot the indcbtedoess securcd hereb~ all right. titk, and interest ot the morigagor in and to any inwi~nce poli- cies then in force shall pass to tl~e purchaser or gantee. • - 8. That it the premises, or any part tlxrcot. be condemned under any power ot eminent domain. or acquired for a public use. the damages. proceeds, and the consideration for such acquisition, to the extent of the tull amount of indebtedness upon this Mortgage. and the Note securcd hereby remaining urtpaid. ue hereby assigned by ihe Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgaget to be applied by it on xcount of the indebteness secured Aereby, whether due or not. ~ 9. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdiction thereof for the appoint- ment of a receiver, and wch court shall fohhwith appoint a rceeiver of the prcmises covered hereby al{ and singular. including al! and singular the income. profits, issues, and revenues from whatever souree derived. each and every of which, it bcing expressly understood, is hereby mortgaged as if specifically xt foRh and described in the graoting and habtndum clauses hereof, and wch rcceiver shall have afl the broad and etiective functions and powen in anywise entrusted by a court to a receiver. and such appointment shal! bt made by wch court as an admitted equity and a matler of absolute right to said mortgagee. and without reterence to the adequxy or inadequacy of the value ot the property mort- gaged or to the wlvency w in~olvency of said mortgagor or the defendants, and that such nnts. pro6ts, income. issua. and revenues shall oe ~ applied by such receiver according to the lien o( this mort$age and tf~e practice ot such court. ln the event of any defauh on tl~e part of the mort- gagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonabk monthly renta! (or the premiscs an amount at kasl ~ equivaknt to ont-twelfth (II~2) ot the aggregate oi the twelve monthfy installments payabk in the thcn current year plus the utual unount of the annual taxes, uussments, water rates, and inwrance premiums for wch yeaz not covered by the aforesaid monthly payments. ~ 10. That (a) in tht event o( any brexh ot this moRgage or defauit on the part o( the mortgagor. or (6) in the event that any ot said sums of money berein reterred to be not promptly and tully paid without demand or notice, or (c) in the event that cach and every lhe stipulations. ~ agreements, conditions. and covenants ot said note and this mort~ge, are not dufy. promptly. and tully pertormed; then in either or any wch ~ evrnt, ihe said aggregate sum mentioned in said note then remaining unpaid. with intercst accrued to that time. and all moneys secured hereby. shall become due and payabk forthvrith. or theteafter, ai the option of said mortgagtt. as tully and campktely as if all ot the said sums of mon- ey were originally stipulated to be paid on wch day, anything in said note or in this motigage to the contrary notwiihstanding: and thereupon or Ihereafter. at the option ot said mortgagee. without nWice or demand. suit at law or in equity. may be proucuted as if all moneys xcured Aere- by had maturod prior to its inuitutron. 7be mongagee may torecbse this mortgage. as to the amount so dec{ared due and payabk. and ihe said premises shall be sold to satisfy and pay Ihe same toBtther with costs. ezpenses. aod allowances. In case of putial toreclosurc ot this mortgage. the mongagod premises shall be sold subjecl to the continuing lien of this mortgage tor the amount ot the debt not then due and unpaid. !n wch case the provisions ot this puagraph may again be avaikd ot thereatter from time to Iime by the mongagee. _ , aoo~ ~33 ~ 97'2 ~ ~ _ ~ ~ , . _ - . _ ~ ~ : ~ ~ ~ . ~ - ~