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HomeMy WebLinkAbout1954 2. 'fl~at, io aJer morc fuqy to prolec~ the security d ~his mon~e. the mun~or, to~elhe~ with, and in addi~iun to, the nwe~hly paymcnls under the terms of the nde securcd hereby, oe the bnt day d esch nwnth until tAe s~id nute is tuqy paid, wili pay to the mo~t~ee the folluw- ins wins: Ia) An ~nount wl6cient ta pmvide ~he hoWe~ he~eot with tunJs to pay the next morty~e iowrance premium if ~his iostrument +nJ the note securcd hereby are inwrcd, ~x a monthly clwr~e (in Geu ot a mort~e inwrance premiuml i( they aro held by ~he Secretuy of Housin~ and Utban Oe~ebpment a: (olbws: (q If ~nd w lon~ ~s said note of evea date and this instrument ue inwrcd or ue reinwrcd un~kr ~he provisions of the National Housinj Ad, sn amount wlTicient to accumulate in the hands ot tAe AoWer une ( I) month prior to its due dste the anniwl mun- p~e insunnce ptemium, in order to pr+ovide wcA hoWe~ with tunds to pay such promium to ~he Sec?etary of Housing•and ~ U~ban Devebpment pu~suam to the Nsiional Housiryt Act, u amended, and applia~bk Re~ulatia?~ the~euader; or pl) If and so bn~ as said note ot eveo date and Ihis instrumeet are held by the Secrctary d Housing and Utban DevelopmcM. a monthly char~e (in lieu of a mon~e inwrance premium) whicA shall be in an amouM equal to w~e-~welflh (1112! ot one-halt lIR) pe~ centum ot ~he avenge outstandin~ balance due oo the note computed withom taking i~to account delioquencies or prepayments; Ib) A wm equal to the ~mund ~ents, if any, next due, plus the prcmiums that wi11 next become due and payabk un policies ot firc and other Au~rd inwnna covering the mon~ed propeny, plus taxes and asseuments nezt due on the mortga~ed property (all as esti- ma~ed br the mort~ee) kss all wms already paid thuetot divided by the oumber ot months tu efapse betore une mon~h ptior to the date whrn wch `round rents, prcmiums, taxes, and assessmcnts wiU becume delinquent. wch wms to be held by mort~ayee in truu to pay said ground rents, premiums, taaes. and special assessme~ts; and (ci All payments mentioned in the two precedi~ subsections ot this pansraph and all payments to be m.dc under thc ~o~e securcd here- by sha116e added tosether and tAe sggre~ste amount tAereot shall be paid by the mortga~or each month in a singk payment to be ap- plied by the matgasee to tAe tolbwin~ items in the order set torth: 14 ptemium chsr~es under the contact ot inwnnoe with the Secrctary ot Housing and Urban Development. or monthly charge (in tieu of mortgase insurance prcmium), u the cax may be; Ilp atound rents, taxes. assessments, fite, and other huard inwnnoe premiums; (111 inte~est on tMe note securcd hereby: and ll~ amoniution ot tbe principa) ot said note. Any deficiency in the amount of such aggregate monthly payment shall, unkss made good by the mohgagor prior to the due date oi the next such payment, constitute an event ot defauk under this mong,age. The mort~ee may colkct a"late charge" not to exceed two cents (2c) for each dollu (Sq ot each payment morc than fiftan 11~ days in utears to cover the extra~ expense invdved in handling detinqncnt payments. 3. That it the total ot the payments made by the mortgagor under (b) of pangraph 2 prcceding shall ezceed the amount of the payments xtually made by the mongaQee, tor ground rents, taxes and uussments and inwrance prcmiums, u the case may be, wch eacess at the op- tia? of the mortga6ee, sAall, be crcdited on wtuequent payments to be made by the mortgagor. or refunded to the mortgagor. lf, however, the monthFy payments made by the mortgagor under ot ~+aragraph 2 preceding shall not be sulBcient to pay ground rents, taxes and sssessmcnts and inwranee prcmiums, as the case may be. whcn the same shall bccome due and payabk. then the mortgaeor shall pay to the mortgagee any amou~n necessary to make up the deficiency, o0 or betorc the date when payment ot such ground rents, tazes, assessments. a insurance prem- iums shall be due. If at any time the mortgagor shall tender to the mottgagee in accordance with the provisions of the note secured hsreby, full payment of the entirc indebteJness represented thereby, the mongagte shall, in computing the amounl of such indebtedness. crcdit to the ac- count ot the mortgagor all payments made under the provisions ot (a) oi paragraph 2 hereot which the morigagee has not become obligated to pay to the Secretary of Housing and Utfian Dtvebpment and any bolance remaining in the (unds accumulated under the provisions of (b) of said paragtaph 2. If there st~aU be a detauit wder any ot the provisions of this mortgage. rcsulti~ in a public sak ot the premises rnvered here- by, or ii the mortg~gee scquircs the property othcrvrise after detauh, tl~e monpgee shall apply, at the time of the commencement ot such pro- ceedi~gs or at the time the property is otherwise acquircd. the balance then rcmairing in the tunds accumulated under ( b) ot puagraph 2 preced- ing u s credit against the aln~ou~ ot pneapal then rcmairring w~paid under said note and shall properlY ~dl~ ~Y P~Yu~ents which shall have been made undet (a1 of said puagTapb• 4. That he wiU pay all taxes, usessme~ts, water rates. and other governmenW or manicipal charges. fines, or impositions, for which pro- vision has not been made hereinbefore, and in de(ault thereot the mwtgagee may pay lhe same: and that he will prompUy Jeliver Ihe olficial rcceipls ~herefor to tlx mongagee. S. 71~at he wiN permit. commit, or suBet no waste, imp~irment. or dete~oration of said property or any part thereof: and in the event of the failure of Ihe mortgagor to keep the buildings on said premises and those to be erected on said premises. or improvemeets thereon, in good re- peir, tl~e mortgagee may make such repairs u in its discrclioa it may deem necessary tor thc proper preurvation thereot, and the tull amount of tach u~d evtry such payment shall be immediately due and payabk. and shall be securcd by ihe lien of this mottgaga 6. That he will pay all and singular the costs. cbarges, and expenses, including reasonabk lawyer's fees, and costs ot abstracts ot titk, io- curred or paid at any time by the mortgagee becaust ot the failure on the part ot the mortgagor promptly and fully to perform the ag~eements and covenants of said promissory note and this mortgage, and said costs, cbarges, and expenses shall be immcdiately due and payabk and shall I; be securcd by the liea ot lhis mortgage. ~ 'Il~at he will keep the improvements now existing or hercafter erected on the morigaged property, inwred as may be required (rom time i € to time by tlx mongagee against bss by fire and other hazards. casualties. and contingencies in wch amounts arxi for such ptriods a~ may bc ~ rcquircd by mortgagee, and will pay promptly. when Jue, any premiums on such insur•,nce tor payment of which provisiix? has not been maJe hereinbefore. A{I insurance shall be carried in companies approved by mortgagee and tht policics and renewals thereof shall tx held by monga- gee and have attached thereto bss payabk clauses in tavor of and in torm acceptabk to tlx mortgagee. In event of loss he will give immeJiate ~ notice by mail to mortgagee. and mwtgagee may make proot ot bss it not made promptly by mortgagor. and each inwranct company con- cemed is he~eby authorized and directed to make payment for such bss directly to mortgagee instead of to mortgagor and mongagee jointly. ' and the ~nsurance proceeds, or any part thereut, may be applied by mortgagee at its uption either to It~e reduction d 1he indebtedness he~eby securcd or to tlx rostoration or repair o( the property damaged. fn event ot foreclosure of this mortgage or other transfer of titk to the mort- gaged property in extinguishment ot the indebtedness secured hereby. all righl, titk. and interest of the mortgagor in and to any insurance poli- ~ cies then in force shall pus to the purchaur or gnntee. ~ S. 71wt if the premises, or any part t{xreo(, be condemned under aoy power of eminent Jomain. or acquired for a public use. the damages. procads, and the consideralion for such xquisition. to the extent of tbe full amount of indebtedness upon thi~ Mortgagt. and the No1e ucured hereby remaining unpaid. are hereby usigned by the Matgagw to 1he Mongagee anJ shall t+e paid tonhwith to Ihe Mortgagee to be appfied by it on account ot the indebteness secured hereby. whether due or not. 9. 'Il~at the moAgasee may, at any time pending a wit upon this mortgage. appty to the court having jurixdiction thereof tor the appoint- ment of a receiver, and such coun shall torthwith appoint a rcceiver ot the premixs covered hereby all and singular. including all and singular ~ the income. profits, issues. and revenuss trom whateve~ source derived. cach and every of which, it being expressly understood, is hereby mongaged as it specifically set forih and described in the granting and hatxnJum clauses hereof. and such receiver shall have all the broad and ~ efTective functions and powers in anywise entrusted by a court to a rcceiver_ and wch appointment shall ix made by such court as an admiued equily and a matler o( absolute right to said mortgagee. and withcwl referenca to ~he adequxy or inadequacy of the value of the property mort- ~ gaged or to the solvency or insolvency of taid mortgagor or the deknJanls. anJ that such rents, profits, income. issues. and revenuec ahall ee i " applied by such rectiver aecording to the leen of lhis mortgage and the practice ot such court. ln the event of any defauh on the part of the mort- ~ ~ gagor hercunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonatsk monihly rental tor the premises an amount at kast ~ ; equivalem to one-tweltth (1112) of the aggregate of the twelve monthly installments payabk in the lhen cvrrent year plus the actual amount of ~ the annual taxes, acussments, wate~ rates, and insurance premiums tor such year nol covered by the atoresaid monthly payments_ 10_ 'flwt lal in the event of any txcach of this mongage or default on thc part of the moripgor. ot 1~ in tlx event that any ot said sums of ~ money herein rcferred to be not promplly and (ully paid without demand or notice. or Ic) in the event that each and tvery the slipulations, ~ agreements, conditions. and covenants of said note and this moRgage. are nd July_ promptly.~and tufly performed: then in either or any such # ~ event. ~he 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 tonhwitb. or thereafte~. at the option of said mortgagee, as fully and campletely as if all of the said sums ot mon- ~ ~ ey were originally stipulated to be paid on such Jay. anything in said note or in lhiz mortgage to 1he contrary no~withstanding: and tt~ereupon or thereatter, at tlx option of said mortgagee. without ~atice or demand. wit at law or in equity. may tx prosecuted as if all moneys ucured here- ~ by had maturcd prior to its institution. The mortgagee may forecbse this mongage. u to the amount so dectared due and payabk. and the said premises shall be soW to catisfy and pay the same logether with costs. expenses, anJ allow~ances. In case ut partial toreclowre of this mortgage. ~ tlx mongaged premises shall be soW subject to ~he conlinuing lien of this mongage (or t1rc amount ot the debt not then due uid unpaid. In wch case the provisions of this paragraph may again tx avaikd ot lhcrca(ter from time to tirt~e by the mongagee. . ~ ~Q~x~4~ Pa~1951 ~ ~ _ . ~ ; ~ x ~ _ _ . . _ ~ ~ ` ~ -N-J~ ~ . ~ ' r~„ : ~ . ~..s~~