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HomeMy WebLinkAbout1200 2. That, in order m~xe (uUy to protect Ihe security o( this mon~e, the mortg:~or, toRethe~ with, anJ in aJditiun iu. ihe mun~hly payme~ts : under the terms o/ tAe oWe ucured hereby. oo tAe 6n~ day o( eacA aantA unpl the uid nwe ia lully p~id. Mi0 pay ~o tAe mortgaYce thr fulluw- ` ~ ing wms: (a) An amount wl&ienl to provide the hdder heteot witA fumis to pay the nexl murt~t inwtance prcmium i( this imtrument anJ Ihe ~ note securcd hereby ate inwred, or a monthly charse lin lieu o( a mun~e inwnnce premiuml i( Ihcy are hekt by Ihe Secreuuy bi ~ HousinQ and Urban Developmen~ as tolbwr. . lQ It and so bns as said note ot even date aod lhis inslrumenl are inwrcd ot ue rei~surtd under the provisions of the N:Uiunal ~ Housi~ Act. an amoun! wl6cient to accumulate in the hands uf the huWer une 11) munth priix to i1s Jut Jate the xnnua! mutt- , ~ge inwranoe prcmium, in order to pmvide wch holde~ with tuods to pay such premium to the Secrctuy ot Housing and ' ~ Urban pevebpment punuant to the Natiooal Housi~ Ac~. u ameoded. and apMicabk R~Bulatiu~~ ttxrcunder, or i (11) It and so b~ ss uid note of eveo da~s and ~Iws instrument are beld by ~be Secrcury ot Housing anJ Urban [kvek~pmen~, a monthly chu~e lin Neu o[ a monga~e inwnncc ptemiuml which shall be in an ap~ount e~wl w une•twzltth l 1112) ot une-halt (1/2) per ccnwm o[ lhe avera~t oulstandi~ badance due on the ~wte computed withuut bki~ into account delinqueocie~ ot . a~wr~~~s: ° lbl A wm equal to the tround rcnt:, it aay. ~ex1 due. ph~s the premiwas lhat wiM next becane duc aad paYable on Polkies ut fire anJ other huard iowrance covering the mortaagcd propertY- P~us taxes and assessments nex~ due u~ the mortgaged property laU as esti- mated bz the mortgaE~el kss all sums already paid theretor divided by the number ot moattu Io elapse betore une munth prior to the date when such grourd rcnts, premiums, taxes. and usessments wil! becaae delinquent, such wm~ to !+e held by mortgagee in trust to pay said graund rents, premiums, taxa, and special assessments; and ;(cl All payments me~tiooed in the two precedins wbsections ot this parasraph and a11 paYments to tx maJe undrr ~he nae secured here- by shall bc added to~etAer and the aggrcBAte amounl theteot shall be paid by the mortgagor eac6 month in a singk payment to tx ap- plied by thc mohgasee to the tolbwit~ itcros in the order set torih: (1) promium cAarges under the co~ttact ot inwnnce with the Secretary ot Housins and Urt?an Development, or monthly charge (in 6eu ot mongase inwnnce premiuml. u the case msy be: . (11) gtound rents, taxa, asussments. Cue, and aher hazanl insuranoe premiums; 1111 interest a? the note secured l~erebp: and (l~ amonization ot the p~ncipal ot said nace. Any deficiency in the amouM oi wch ag~regate mo~thly psyinent shall, unkss made good by the morigagor prior to the due date of the next such payment, conuitute an event ot deiauh under this mongaae- The mongagee may colkct a"late charge" ~t to exceed two cents 12c) tor each dollar (SI ) ot each Q~ayment morc than 6ttten (1 S) days in arreus to cover the extra txpenx invdved in handling delinqueot payments. t. 'i1~at it the idal of tfrc payments made by the mortg,agor undt~ (b) ot puagtaph 2 pteceding sha~~ exceed the amount ot the payments actuatly made by the morigagee. tor Bround rents. ta~es and usessments and inwrance premiwns, u the case may be. such excess at the op- I~on o( lhe morigagtt, snaii. re cteoitni vi. ~b~cq:;e:.t ~sa~.;nr.i; e.^. !x ^.^.~t ~Y !ht ~!!•+~±g'~• ~ retunded to the matRaSo~. If, however. the monthly payments madt by the mortgagot ~nder (b1 of P~'+Br+Dh = P~~~~6 wRicient to pay grouod rents, taxes and asstuments acxi insurance premiums, as the case may be, when the same shaN become due and payabk. then the mortggor shall paY to the mortgaget any amouni necessuy to make up tlx deficiency. on or betorc the date when payment o[ such gound rents. taxes, asussments, or insuraocc prem- iums shall be due. If at any time ~!?e mortgagor shal~ under to the moriBaBee in xcordance with the provisions o( the note securcd hereby. full payment ot the entire indebtedness rcpresentod tlxrcbY. the aartg~8ee sl~l~• tn uomP~«~E ~pOU°~ °f such indebtedness, credit to the ac- count ot the mongagor all paYments made under t1~e provisions ot la) ot paragraph' hereaf which the mongagee has not become ~ligated to pay to the Sccrctary of Housing and Urt+an Devebpment and any balanee remaining in the tunJs accumulated under the provisions of 161 of said paragraph 2. If there shatl be a detauh under any ot the provisions ut tlris mortgage. rcsulting in a pubtic sale o[ th~ ptemises cuvered here- by, or it the morigagee acquires 1he property otherv?ise after detault, the mortgagee shall apply. at the time ot the commencemtnt oi such pru- ctedings or at the time the propeny is othetwise acquued. the balanoe theo remaireqg in the funds xcumulated under 1 b) of paragraph 2 preced- ing as a credit against the amount ot PrinciPal then remainin6 unpaid under said note and shall propetly adjust any paYments w•hich shalt have txen made under of said puaBnph- ' q_ 'il~at he vv~~~ p~y aU ta~?es. asstssments, water rates. and other governmental or mu~ipal ctwrges• fines. or impositions. for which pro- vixion has not been m8de hereinbeforc: and in defauh thcrtof Ihe mortgagee may pay the wme: aod that he v?ill prompUy deliver the official rcceiptc thtre~or to the mortgagee. . 5_ 'il~at Ae will permit, commit. or suHer no waste. impairmcnt. or deterioration o( seid property or any part lhcreof: and in the event of thc failure of the ~ortga~or to tceep t6e builAis~ ow said prem~sesaod thou to be erected on said prcmises, or improvements thereun. in g«id re- pair, the mortgagee,may make suc6 repairs as in its discrciion it may deem necessary for the proper prescrvation thereot. and the ful{ amount ot ' cach and eve~r such paye~ent shaD be immediately due and payabk. and shall be securedfiy tlx lien o( this mottgaEe. ; 6. 'mat he w,iq pay atl and sin~ulu the costs. char6es. and expenxs. including reasonabk lawyer's fees. and costs of abstracts ot titk. in- ~ wrred or paid at ai+y time by the mort6a6ee beca~se ot the tailurc on the patt ot thc uwrtRaBa P~~M~Y ~ fully to per[orm the agrcements ! and covenants ot said promissory note and this mortgage. and said costs. charges. and expenxs st~all be immediatdy due and payabk and shall ~ be secured by the Gen of this arortgage. ~ 7. That he will keep the improvements now ezisting or hereatter erectcJ on ~he mortgaged property. insured as may be requircd trom ~ime to time by the moriggee agains~ bss by firc and olher hazards, casualtits. and contingencies in wch amounts and for ~urh prriod+ as may be ~ reqoired by mortEagee. and w~iB pay promplly, when due. any premiums on wch insurance tor payment of which pruvision h•rs out txen made hereinbetore_ All inwranct shall be cartitd in companies approved by mortgagte and the policies and rcnewals thereot shall t+e held by mortga- ~ gee and have attached thereto bss payabk clauxs in favor of and in form acceptabk to the morlgagee. in event ot los. he will give immediate ~ notice by mail to mortg~get. and awrtgaBee may make proof of loss if ~wt made promptly by mort~agor. and cach insarance company con- cerned is hereby wttwrized aad dirceted to make payment tor sucb bss direcUy to mortg~gee instead of to m~~rtgagor and mortgagce jointly. and tlx inwrance proceeds, or any part thertot, may be applied by mortgAgee at its uption tither to tlx rcduction of the indebtednes~ hereby secured or to the restoration or repair of the proptrty damaSed• 1n eve~t ot fwecbwre of this mortgag~ or other transfer of titk to tix mort- gaged property in extinguishment ot tlx indebtedness secured hereby. all right. titk. and interest ot the mongagor in and to any insurance poli- cies then in torce shall pass to the purchase~ or grantee~ 8. 'il~at it the pretaises. a any part thereo(. be condemned under any power of eminent domain, or acquired tor a public use, the dameges. proceeds. and the consideratan for such xquisition• to the extent of the (ull amount ot indebtedness upon this Mortgage. and the Nae xcured hereby remaining unpaid. are hereby usignzd by the MortgaRor to the Mang;4eee arn1 shall tx paid forthwith to the Mortgagee to be aPPlied hy it on account of the i~debteness secured htreby. w~hether due or not- 9. 71~at the mortga6oe may. at any time pending a wit upon Ihis mortgage. apply eo Ihe court having junsJictan thcrcot for tlx appoint- ~ ~ ment of a receiver. and such court sdall tonhwitb appuint a receiver of the premises covered hereby all and singular. incluJing all and smgu r the income. profits. ~ssues, and revenucs irum wiiai~vcr sui.r:.~ :~~i:t~• ~xi ~~~~s zF !"'-'p "~`~`cl_y understood. is hercby ~ mortgaged as if specifically set forth and desaibed ~M 8~+~~~6 ~ h~ndum clauxs hercof. and such receiver shall have all Ihe broad and 4~ eHective iunctions and powers in anywist entrusted by a coun to a receiver. and such appointment shall t+e made by such court as an admitted - equity and a muter of absc~lute rigl?t to said mongagee. and without re(erence to the adequacy or inadequxy of the v:Jue of ~he propcrty mon- gaged or to the solvency ~x insolvency of said mortgagur or ttie detetKiantc. and that such rents. pn?fits. income. i+weti. and re~•enues shall tx applied by such receiver according to the lien of this morSEagt anJ the practice of wch couR. In the cvent ot any dcfault on the part of the mort- gagor hereunder, the mortgagor agrees to pay to Ihe mortgaga on demaeHi as a reasonabk monthly rcntal for the premises an :unount at kast equivaknt to one-twelfth 11112) o( the aggregate ot the twelve monthly installments payabk in the then curreot year plus the actual amount ot p y ments. the annual laxes, asussments. water rates. and inwrance remiums for wch year not covered b the afo~esaid mont y pay ~ 10. That (a1 in the event of any breach of this mongage or default on the pan ot the mortgagor. or 1 b) in the e~~em ~hat any ot caid sums of ~ money Ixrein rcterred to be nd prompUy and fuqy paid without demand or notice, or Ic) in the evrnt that each and every the .tipulations. agreements, conditions. and covenants of said note and ~his mortgage. xe nd duly. prompUy_ anJ tuHy periormed: tlxa in either or any wch evenl. the said aggregate sum mentioned in said note then remainin6 unptid. with interest accrued to that time. and all moneys ucured re y. ~h chall txcome due and payabk torthwith. or tixreafter. at the optioo oi stid monsagee. ai fuUy and cwnpktely as if •rll of tAe said sums o mon- ty were originally stipulated to be Paid on wch Jay. anything in uid ndt or in this mortgage to the contrary nolwithstanding: anJ thereupon or ~ ~ thereafter. at the option of said mortg,-?gee. witlxwt ratice or demand. wit at I~w or in equity. may be prosecuted as if all moneyc secured here- by had matuted prior to its inslitution. The mortgegee may torecbu Ihic mottgage. as to tlx amount so dectared d~e and paYabk. and the said ~ tlx ~ame t dht~ with costs. eape~uc. and -albwaneet. In cax of partia) forecbsurc of this morlgaLte. prcmixs shall be sold lo satisfy anJ pay oB ~ tlx mortipged premises thall tx sold wbject to Ux continuiog lien of thi~ mortg~ge for the amount ot tht debt not then due arni unpaid. In wch cax ti~e provisions of this paragnph may again be avaibd ot lhetcaftcr trom time to time by the murtgagee. - 99 ~ ~~K 235 P,~1i rx . ~ _ ~ _ _ _ . _ .