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HomeMy WebLinkAbout2608 ~ • ~ Tha1, in orJer mure fully w pru~ec~ thc ~erurily ot thia murt~e. IhC muttY:?Yur. Uq~elhe~ witA, and in aJJition ta, Ihe monthlq p:~ymenta ~ unJe~ the trrmc ot thr note secu~cJ hrret+y, on lhc firot Jay of e:~h munth unul ~he +aiJ iiwe i~ lully paid. will pay to the mun~rr ihe (ulk?w- ' ; ing ~um~: ~ t~) An amiwnl wffi~ient tu proviJt the IwWet he~eu( wi~h tuoJ~ u~ {+ay 1he nc~l mortg;~r imuranct pamium i( ~hic in~lrumra~ aoJ Ihe . ~ nwe xcured hereby are inwreJ. ~x a monthly charge lio liru ~~t a mungaye imu?ance p~emiuml i~ ~hey are hcW by the ~reiary of H~wsinY s~nd Urt+an Ikvek~pment ~s tolbwi: ' lll and w lung ac saiJ nwe ot even d.te and ihi+ inatrumenl rue insurcd or are reinwreJ u~ulu,the provisia?s uf Ihe Natiunal Htwsing AcR an amount wQicienl to xrumulate in the hanJc af the holder ooe ( U month prior to its Jue Jti~e the annual murl- ° gaQe in.uraoce premium, in ~vde~ to pn.viJe such holJer with tu~1s tu pay wch premium lo IAe Secrelrry uf Housing and - U~ban Devrlopment pyrsurqt to ~Ac National Nuusir??~ Acl. as amenJed, anJ applicabk Regulatwns thercun~kr; or ; 1111 If anJ so bng as said nwe ot eve~ date an~i Mis instrume~t art heW hy ~he Secrctary of Hpusing and Ufian Development, a mun~Aly clwr~e ti~ lieu ot a mortgage inwrance premiuml w•hich ~hall !+e in an ~moum equal to one-twelfth 111121 of une-half 11121 per re~tum ot Ihe ave~age outsundin~ b•rlance due un Ihe awe computed witMwt taking into accounl delinquenciec ur p~opayments: - Ibl A.um eyual Io ihe g~uwxl rents, it any. next Jue. pluc tht p~emiums ~hat will nexl become due and payabk on pol+cies ot Rre anJ othr~ hatard insurance covering the mortga~af propeny, plus ta~es •rnd assts~menls ne~t Jut on the mu~Igaged properly 1a1) as esli- ma1eJ by the martgageel kcs all ~um~ already peid therefor diviJed by Ihe number u( muMhs to elapse befort one muMh ptior to 1he J~le when wch gnwnJ rents. premiumc, Ia+ees, anJ a~sessmeots will becume delinquent, such sums to be heW by murtgagee in trusl tu pay wid gruuml renls, premiums. lates, an~1 s{+ecial asussments; and Ir1 All p:iyments mentional in the Iwu preceding subsecliuns o( this par•rgraph anJ all payments to be made urnler the note cecureJ herr by shall be :+Jded t~tNher arxl the aggregaie •rmount thereuf ~hall lx paid by Ihe mangagor each month in a.ingk paymenl to tx ap- plitJ by 1he murtgagee to the following items in thc order se1 torth: ll) premium charges unJu the contract ot inwrance with the Secretuy ot Housing and Urban Qevek~pment, or monthly cFurgt (in lieu of mortgagt inwrance premiuml. as the caxe may l+e: 111) growxi rents, taxes, as,essments, fire, and other hazard inwrance premiums; 1111 intetest on the note securcd hereby: and (IV) amunizatiun of tlro principal oi said note. Any deficiency in the amount o( such aggrcgatt monthly payment shall, unless made good by the morlgagor prior to 1he due Jate of Ihe next surh p:iymtot, conititute a~ event of detault under this mongage. The mortg,agee may colket a"late charge" not to exceed two cents l2c) for each J~illar (S11 of tach payment morc Ihan fifteen ( ISI days io urears W co~•tr tt~e ertra eapense involved in handling Jelinquent payments. Tha1 if the total o( the paymrnts maJe by the mongagor under (b) ot par~graph 3 preceding shall exceed tt~e amount ot 1he payments actuaHy made by the murlgager. for ground renls, taxes anJ assessments and inwtance premiums, as the case may be. such excess at the op- tion ot the mortgagee. shall, t+e crcditcvi on wt~sequent payments to 6e made by tlx mortgagor, or refunded to the mongagor. If, however, the monthly payments maJe by tix mungagor under Ib) o( paragnph 2 preceding shal) not be sutl'icient to pay grou~ rents, taxes and assessments and inwnnce Fremiums. as the cau may be. when the same shall become due and payabk, then the mongagor shall pay to the mongagee any •rmount necessary tu make up Ihe deficiency, on or before the date when payment ot such ground rents, uxes. assessments, or inwrance prem- iums shall be due. If at any time the mongagor shall tender to the mort~ee in accotdance with the provisions of the rate securcd hereby, tull payment of the entire i~xiebtedness represented thereby. the m~~rtgagee shall, in computing the amount ot such indebtedness. credit to the ac- count of the murt~w all payments made under the provisions of (a> of paragraph 2 hereot which the mortgagee has not txcome obligated to ~ pay to the Secrctary ot Housing and Urban Development and any balance remaining in the tunds accumulated under tht provi~ions ot (b) of said paragraph 2. It therc shall be a default under any ot the provisions ot this mort~pge, resulti~g in a public sak ot thc premix~ covered here- ~ by, or if the mortgagee acquires the property otherwise atter detault. iF~e mortgagee sf~al! apply, at the time ot the commen~:emrnt uf ~u~:h pru- reedings or at the time the propeny is otlxtwix arquired, the balanoe ttxn remaining in the tunds accumulated under (b) of paragraph 2 preced- ing as a credit against the amount o[ principal then remaining unpaid under said nott and shall properly adjust any payments which shall have, ~ bten made urder (a) ot said paragraph. j 4_ 'll~at he will pay all taxes. assessmentc, water rates. and other governmental ur municipal charges, fines, or impositions, for which pro- vision has not t?een made h~rcinhetorc. ~nJ in default thereot the mortg~gee may pay thc same: anJ that he will prompt(y deliver the oflicial ' aceiptctherotor to 1he mor~~ee. S. 71~at he will permit. commit. or sutTer no wasle, impairment. or deterioration of saiJ property or any pan thercof: and in the event of the I tailurc of the mongagor to keep the buiWings on caiJ~premises and those to be erected on said premius, or improvements Ihereon. in ga~d rc- ~ pair. the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereoi. and Ihe full amuunt of ~ each and zvery wch payment sball be immediately Juc and payabk. and shall be secured by the lien of this mongage. 6. That he will pay all and singular the costs. chargec. and expenxs. including rcasonabk laveyer's tees, and costs of abstracts of titk, in- curred or paid at any time by the mortgagee lxcause of Ihe failure on the part of !he mortgagor promptly and fully to perform Ihe agreements and covenantc of said promissory note and this mongage. and said cosls. charges, and expenses shall tx immediattly due and payabk and shall bc secured by the lien uf lhis mortgage. 7_ That he will keep the improvements nuw existing or hereafter erected on Ihe mortgaged property. insured as may be required from time to time by the mortg:?gee against luss by fire and uther hrzards. ca;ualties. and contingencits in such amounts and for such perials as may be rcquired by mort~tee. and will pay promptly. when Jut_ any premiums on wch insurance for paymenl of which provision has not been made trcreinbe(ure. All inwrance shall t+e carried in companies approved by mongagee and Ihe policiec artd renewalx thereot shall be held by mortga- gee and have attached ~hercto loss payabk clauses in favor of and in torm acceptabk to tht mortgagee. In event oi bss he wil! gi~•e immediate notice by m:?il to mortgagee. and mortgagee may make proof of loss if nM made promptly by mongagor, and tach insurance company con- cernnl is hereby autb~rized and directed to make payment tor such bs~ dircetly to mortgagee instead ot lo mortgagor and mortgagee jantly. and the inwrance pmceeds. or any patt lhereof. may be applied by mongagee ai its option either to the rcduction of the indebtedness hereby secured or to thc restoration or repair of the propeny damaged. In event ot torecbsure ot this morigage or other transfer of titk to the mort- p,aged prapert~~ in eztinguishment of the indebtedness secured hereby. all right, titk, and interest of the mortgagor in and to any insurance poli- ~ cies then in force shall pass to 1he purchaur or grantee. ~ R. "I?iat if IIx premises, or any part therecf. tx condemned under any power of eminent domain, or acquircd tor a public use, the damages. ~ proceeJs. and tFrc consideratiun (or such acquisition. to the extent af the (ull amuunt ot indebtedness upon this Mortgage. and the No1e securcd ' hereby rem•rining unpaid. ue hereby acsigned by 1he lllortgagor to tbe Murtgagee anJ shall be paid forthwith to Ihe Mortg-rgee to be applied by ~ u on account of the indebleness secured hereby. whether Jue or not. " 9. That the mortgagee may. at any time pending a suit upon this mungage. apply to the court having jurisdictiun thereo( tor the appoint- ment of a receiver. and such court shall fonhwith appoint a receiver of the premises covered hereby all and singular. including all and si~gular the income. profits. issues. and reveoue~ trom whatever source derived. tach and tvery of which. it being expressly understood. is hereby ~ mortgaged as i( ~pecifically set fonh and described in the granting and habeodum clauces hereot. and such receivtr shall have all the b~oad and ~ eiTective functiuns and powers in aoywise entrusted by a rourt to a receiver, and cuch appoinlment shall be made by.ucb coun as an admitted ~ equity and a matter of ahsoiute righ~ to said murtgagee. anJ withoul reterence to tfx adequacy or inadequacy of the value of the property mort- ~;a~;rd or to ihe .alvency ur imolvenc~~ o(.aid murtgagor or tF~e defendants, ~nd thet such rents. profits. incume. issuex. and revenues shatl t+e ; applied by such receiver according to the lien of this mortp,age anJ the practice ot cuch court. In the event of any detault on the part oi the mart- i gagor hereunder. the mortpagor agrees to pay to 1he mort~eee on demand as a reasonabk monihly rcntal (or Ihe premises an amount at kast j equivalent to one-twelfth 11/121 ot ~he ap,gregate ot the twelve monthly inslallments payabk in the lhen curcent year plus the actual amount o( the annual taxes. assessments. water rates. and iosurance premiums for such year not covered by the aforesaid monthly payments. 10. That la) in the event oi any breach o( this mortgage or default on Ihe part of Ihe mortgagor. or (b) in the event that any of said sums o( money herein rcferred to he na prumptly anJ fully p:?iJ without demand or no~ice. or Ic) in the event that each and every the stipulations. agreement~. condi~ions. and covenanlc of caiJ note and ~hia mongage. are na July. prompUy, and tully pertormed: Ihen.in either or any such ~ evenl. the said ap,~uegate sum mentiuneJ in said note then remaining unpaid. with interest accrutd to that time. and all moneys secured hereby. } chall hecome due and payabk (~rthwith. or Iherea(ter. at the option ot said mortgagee, as tully and comptetely as i( all of the xaid sums of mon- i- ey werc originally stipulated to Ix paiJ un sucb day, anything in said oote or in this mortgage to Ihe contrary rwtwithstanding: and thereupon or ~ thereafter. at the optiun uf caid mort~r?gee. without notice or demand. suit at law or in equity. may be prosecuted as if all moneys xcured here- by had matured prior ~o its institution. The mortgagee may forecbu this mortgage. ax to Ihe amount so declared Jut and payabk. and the said premius shal{ t+e sold to sa~is(y anJ pay tlx same tvgether wilh costs. expenux. and alluwances. In case o( partial (orecbsure of this mort~tatage. the mongaged premises shall lx sold ~ubject to the continuing licn of Ihis mortp.age tor Ihe amount of the debt not then due and unpaid. In wch case 11~e provisions ot thi~ paragraph may again be avaikJ of thereafter trom time to time by the mortgagea ~ I. That the mortgagor will give immediate notice by msil to IAe mortgagee of any cooveyance. transfer, or change of ownership ot the premises. I?. 71ia~ no vraiver of aoy covenant herein or of the obligation secured hereby shall at any time tF~ercaftu be held to be a waiver o( the termc hereot or of the oote stcured hereby. • • BUGx~~~ PACE~VI?fl ~ - - - - _ _ _ : ~ _ . . . _ - .v.~,.