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HomeMy WebLinkAbout0367 2. That, in ~xder mute tuUy to protect the srcurily u( ~his murt~e. the mort~a~or, w~e~her witA,.nd in aJdi~ion to, die munthly payments unJe~ the terms of tlx nWC securcJ heteby, un tl~ flrat Jay of each month until the s~id n~te is luliy paid. wiU pyy w tAe mortY:+~se the (ultiiw- in~ wms: (a) An am~?un~ sulCKient to provide lhe M>Wcr hereu( wilh tundc to pay the next matt~e incur~nce ptemium ii this ins~rumem anJ the note securcd bereby ue insuied, or ~ monthly chu~e (in litu ot a awn~e inaurance premium) i! they ue held by the Secretary o( Housin~ and Urban Development u tolbws: lp It and so bn~ as ssid note ot eveo date and this instrumeM ue inw~cd ot arc teinsured unJer ~he provisions ot the Natiunal Housin~ Act, an amount wfficien~ to accumulate in the hanJs ot ~he hokler one (1) month prior to it: due date the a~nual mu?t- ~e inwrn~e premium, in order to provide wch holder with tun~ to psy such promium to the Secretary of Housin~ and U~ban Development punuant to the Natia~al Houain~ Act, as amended. aod appNcabk Re~ulation~ thereunder; or (Ip It and so bns as ssid note ot even date and tAis inun~ment ue held by the Secrctary ot Housins and Urban Development, a monti?ly chu~e (i~ Geu ol a mun~aee inwwnce premiuml which ahall be in an amounl equal to one•twelflh llllZ) ot one-half 1112) pet ceatum ot the aver~e outstandin~ bola~ce due o~ tAe note computaf without taki~ into accouot delinquencies or ~wrme~~s: Ib) A sum equal to the ~round rents, it any, next due, plus the premiums Ihat will oext become due and payabk on policies ot fire and ixl?u hazard inwrance covering the mottg~ged propeny, plus taxes and asxssments nest due on the mortQ:?ged p~operty lall as esti- • mated by the mortgatee) kss all wms alrcady paid tAerefor divided by the numDe~ ot months to elspu betore one month prior to the date wheo wch ~ouod reats. premiwas, taxcs, and asussments wiU becane delinqueot, suc~ wms to be held ~y monjaga in trust to pay said grounJ rents, premiums, ta.ties, and special asxssments: and ~ (c) All payments memioned in the two preceding subsections ot this puagnph and all paymenis to be made under the note secured here- by shall be added to~ether and the a~gre~atc amount thercof shall bs pxid by the mortg,~gor each month in a singk payment to be ap- plied by the mortga~ee to the tolbwing items in the order set [orih: (I) premium charges under the coniracl ot inwrance with the Secretary of Housing and Urban Development, or monthly charge . (io Geu o( mortgage inwr+nce premium), as the cax may be: , (11) ground rents, taxes, assessmeots, fue, anJ wher hazard inwrance premiums; (111 inte~est on the noic secured hereby; and (M ~unonintion of the principa) of said note. Any deficiency in the amount ot such aggrcgate monthly paymeet sl~all, u~less made goai by the mongagor prior to the due date ot the next such payment, coostitute an event ot defauh under this mortgage. 71~e mongaQee may coUect a"tate chuge" not to exceed two cents (2c) tor each dollar (Sl) ot each payment more than fiiteen ( IS) days in arreus to cover the extn expense involved in handling delinquent payments. , z. 71~at if the total ot the payments made by the mortgagor under (b) ot paragraph 2 preceding shall ezceed tAe amount ot ~he payments xtually made by the moneagee. forground rents, taxes and assessments and inwrance premiums, as the case may be. wch excess at the op- ~ion ot the mortgagee, shalt, be credited on subsequcnt payments to bc made by the mortgagor. or rctunded to the mongagor. It, however. Ihe monthly payments made by the mon~agor under (b) o( paragraph 2 preceding shall not be wR~cient to pay ground rcnts, taxes and assessments and inwrance premiums, u the cue may be~ hen the same shall become due and payabk, then tAe mongagor shall pay to the mongagee any amouM necessary to make up the deficiency, on w lxtore the Jate when payment ot such gewnd rents, taxes. assessments, or inwrance prem- iums shall be due. lf at any time the mottgagor shall tender to the mortgagee io xcordance with the provisions ot the nute secured hereby, full payment of the entirc indebtedness rcpreunted thereby, the mongaget shall, in computing the amount of wch indebtedness, credit to the ac- count ot the mortgagor all payments made under the provisions of la) of puagraph 2 hereof which the mongagee has not become obligated to pay to the Secrelary ot Housing and l~rban Development and any balance remaining in the furnls accumuFated under the provisions of (b) of said paragraph 2_ If there shall be a detauh unde~ any ot tlx provisions ot this mortgage, resulting in a public sak of the premises covertd here- by, or i( the mortgagee acquires the propeny othervuise atter detault, the mortgagee shall apply. at the time ot the commencement of cuch pro- ceedings or at tlx time the propeny is otherwix acquircd, the balanoe then remaining io the funds accumulated under 16) of paragraph 2 preced- ing as a credit ~gainst the smount ot principal then rcmaining unpaid under said note and shall properly adjust any payments which shall have been made unde~ (a) ot said puagaph. ' 4. That he will pay all taxes, asussments, water rates, and other governmental or municipal charges. firtes. or impositions, (or which pro- vision has not been madt hercinbefore, and in defauh thereof the mortgagce may pay the same; u~d that he will promptly deliver the official receipts therefor to the mortgagee. 5. 71~at he wiN permit. commit, or sufier no waste. impairment, or deterioration ot said propeNy or any part thereof ; a~d in the event of the failure ot the mortgagor to keep the buildings o~ said premises and tlwse to bt erected oa said premises, or impruvements thereon. in good re- pair, the mortgagee may make such rcpaits as in itsdiscretion it may deem necessary tor the ptoper preservation thereof.:+nd the full amount of each and every wcb payment s6a11 be immediatdy due and payabk. and shall be secured by the lien ot this mortgage. 6. 'Ibat he will pay all aod singular the costs, charges, and expenses, including reasonabk lawyer's tees, and costs of abstrac[s of titk. in- curred ot paid at any time by the mortgagee bocause of the tailure on the part o( the morigagor promptly and fully to perform the agrcemenis and covenants of said promissory note and this mongage, and said costs, charges, and expenses shall be immediately due and payabk and shall i be secured by the lien ot this mortgage. ' ~ 7. 'Il~at he will keep the improvements no~r existi~g or hereafter erected on the mortgaged property. inwred as may be ~equired from ~ime j to time by the mortgagee against bss by fue and other hazards, casualties, and contingencies in wch amounts and for such periods as may bc i rcquired by mortgagee, and will pay promptly. when Jue, aay premiums on wch insurance for payment of which provicion has not been made i Ixreinbefore. All insurance shall be carried in companies approved by mottgagee and the policies and renewals thereof shall be held by monga- i gee and have auached thereto loss payabk clauses in favor of and in form acceptabk to the mortgagce. In event of losc he will give immediate ~ notice by mail to mortgagee, and mongagee may make proof ot bss it not made promptly by mottgagor. and cach inwr~nce company con- i cerned is hereby authoriud and directed to make payment [or sucb loss directiy to mortgagee instead ot to mortgagor anJ mortgagce jointly, ~ anJ the inwrance proceeds, or any part thereo(, may be applied by morigagee at its option either to the reduction ot ~he indebtedness hereby ~ secured or to the restoration a repair of the property damaged. In event ot forccbsurc of this morigage or other transfer of titk to the mort- gaged propeny in eztinguishment of the indebtedness xcured hereby, all right. titk, and interest of the mortgagor in anJ to •any insurance poli- ~ cies then in torce shalt pass to the purchaur or gantee. ~ S. 77~at if tMe premises. or any part thertof, be condemned under any power o( eminent domain. or acquired for a public use. the damages. ~ proceeds, and 1he consiJeration for such xquisition, to the extent of the full amuunt ot indebtedness upon ihis Mortgage. and the Note xcureJ ~ hereby remaining unpaid. ue hereby assigned by the Mortgagor to the Mongagee and shall be paid fonhwith to the Mortgagee to be applied by ~ it on xcount of the indebteness secured hereby, whether due or not. 9_ That the mongagee may, at any lime pending a suit upon this mortgage, apply to the court having jurisdiction lhereo( for the appoint- ~ ment of a receiver, and such court shall forthwith appoint a receiver of tlx premises covered hereby all and singular, incluJing all and singular the income. profits, issues, and revenues from whatever source demeA, each and every of which, it being expressly understood. is hereby ~ mortgaged as it specifically ut forth and described in the granting and I~bendum clauses hereot. and such reeeiver shall have all the broad and ~ eHective functions and powers in anywise entrusted by a coun to a receiver. and such appointment shall be maJe by wch coun as an admitted s ~ equity and a matter of absolute right to said morigagee. and without [eference to the adequacy or inadequacy of the value of the property murt- ` gageJ or to the ~olvency ix inwlvency ot caid mortgagor or the defendants. and that wch rcnts. profits, incame. iscues. and revenuec shall ce applied by such receiver xcording to the lien of this mortgage and tlx practice of such court. ln the event of any default on the part of the mort- 3 ~gor hereunder. Ilx mongagor agrees to pay to the mongagee on deman.i ax a reasonabk monthly rental for the premixs an amount at kast ~ cyuivalent to one-twelfth 11/12) of the aggregate of the twelve monthly installments payabk in the then current year plus the actual amount of = thc annual taacs, ascessments, water rates, and inwrance premiums tor wch year not covered by 1he a(oresaid monthly payments_ ' 10. 77~at (a) in the event of any breach of this mortgage or default on the part ot the mortgagor, or 16) in tFK event thal any ot said sums of ~ money herein rcterred to be no1 promptly and fully paid without demand or notice. or (c) in the event that each and every the stipula~iuns. agreements, conditions, and covenants ot said note and this mongage. are not duly, promplly. and tully performed; then in either or any such ~ evem, the ~aid aggregate sum mentioned in said note then rcmaioing unpaid. with interest accrued to that time. and all moneys secured hereby. ~ shall become due and payabk forthwith_ or Ihereafter, at the option of said mortgagee, as fully and completely as if atl of the said sums of mon- ~ ey were originally slipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithslanding: and thereupon or ~ thereatter. at the option ot said mongagee. without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured here- ~ by had maturcd prior to its instilution. The mortgagee may fortcbu this mongage. as to the amount so declued due and payabk. and the said premixs shall be sold to satisfy ~nJ pay the same together with costs. eapenxes. and allowances. In case o( partial torecbsure ot this mortgage. ~ ~he mortgaged premises sliall tx sold subject to the continuing lien of this morl~e (or tlx amount ot the debt not then due and unpaid. In wch case the provisions o( this paragraph may again be avaikd ot lhereafter trom time Io time by Ihe mongagte. ~ goa~245 P~ 36S ~ ~ ~ ~ ~ , : : - - T ~ - ~ . . ~ " .i;~, - _ . _ _ . s. d . Y..F~'~~k , . _ _