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HomeMy WebLinkAbout0539 2. TMI, in order morc fuNy ~o p~wect the ~ecurity of IAis mon~a~e, the munp~w, to~e~her witA, am! in additwn to, the munthly payments unde~ the ~e~ms ot ~he note securcd hcroby, on ~he Snt day d each aanth uetil the ssid nole is tuNy paid. wiq pay to the monpsa the tolbw- ins su~a: ' ta) An aa~ount wAkient to Ptovide tht hoWe~ bercot with tuncis to pay the next mort~a~e inw?~nce prcmium it this i~strument and the note securcd he?eby arc inwred, or a monthly cAu~e lin Yeu of a morl~e inwraoce premiuml it they are held by the Secrctary ot Housi~ and Urban Development as tolbws: ll) It and w lo~ as :aid note d everi date aad Ihis inst~ument ue inwrcd or ue reinwred under the provisions ot ~he National Hausin~ Act, an amouat wlficienl ~o sccumub~te in the hands ot the holdt~ one 11) month ptior to its due date the annual mon- g,~e inw~anoe premium, in erder to provide such holde~ witA funds to pay such prcmium to the Socrstuy ot Housin~ and Urban Devebpment punuant to the National Housins Ac1, u amtoded. and applicabk Re~uW ioo~ the~eueder or - (Ip Ii and so bn~ ~ said note of even date and this instrument uc held by tAe Secretuy ot Housin~ snd Urban Devclopment. a monthl~r chuse fie litu of a mon~e inwrance pcemium) which ahall be in an amouot equal to one-tweltth (1112) o[ one-halt (1/21 per ceotum ot t1~e avuase outuandin~ balsnce due on the note computcd ~riUont tskin~ into account deli~quencies or PrcWY~nents: (b) A wm equal to the pouml reeta. it any. next due, plus the ptemiums that wiU next becane due and payabk on policies o( fire and aher hazard inwnnce coverirtg the mort~ai propeny, plus taxes and asxssiqents next due on tbe mortp~od propeny (dl u esti- mattd by the aeongaseel kss all wms already p~id there[or divided by the number ot months to elxpse beto~e oqe month prior to the date when wcA ~round rents, premiums, tazes, and assessments wiU become deli~que~t, wcb wms to be l~eW by a~ortga~ee in trust to pay said smund rcots, ptemiums, taxes, ud special asxssment:; and (c) AN payn~eMs mentio~ed in the two prcceding wbsections ot this pua~raph and all paya~eots to be made under the note secured herc- by shall be s~ided together a~d the aggregate amount tbercot shall be paid by the mortgagor esch munth in a singk payment to be ap- plied by the monp~ce to tbe tolbwine hems in the orde~ set fotth: (p premium char~es under tl~e contract of inwra~ce ~rith the Secretuy ot Housing and Urban Devebpmen~, or monthly chu~e rn licu ot awttp~e inwnnce premium). u the case may be: . (11) ground rcnta. taxes, usessme~ts, fue, and aher hazud insurance pnmiums: (111 interest oe thf note secuted hercby; and (11n amoAintion ot tbe princlp~! ot said note. Any deficiency in the a~nou~t of such a~gtepte mootldy psyment shall, unkss made good by the mort~agor prior to the due date ot the next such payment, constitute an event at detwk under thi: mort~e. The mqrtp~a may oolket a"late charge" not to excsed two cmts (2e) for each doUar lSl) ot each payment awrc than fiR«n (1 ~ day: in arresn to cover ihe eztn expense invdved 'm liandiin~ delinquent payments. 3. '11w if tAe totd ot the payments made by the monga~or under (b) ot pangraph 2 precedi~ shall exceed the amouat ot the payments actually made by tbe mort~te, for ground rents, hxa aad uxssments and iewranoe ptemiums, as the case may be. such eacess u the op- tion ot the matpsee, shall, be crrdited on subxquent paymenb to be made by the mon~or. or refunded to the mortgagor. lt, however. tbe monthyr payments made by the mortpgor under ot patagrap4 2 precedina shall not be wlGcient to pay eround rents. wces and assess~nents and inwrance premiums, u the cau may be. when the same shall become due and payaMe, then the mortgagor shall pay to tl~t mort~ee any amount nccessuy to make up the deRciency. on or betore the date when pvyment ot wch 6round rcnts. tazes, assessments. a inwrance prcm- iums shall be due. tf at any time the mortgagor shall trnder to the monga~gee in accordance with the provisi~ms ot the note securcd hereby, tuG paymeni ot the entin indebtedness repreuoted thereby. the mongagee shall, in computing the amount ot such irtdebtedness, crcdit to the se- count ot the mottasgor all payments made u~?der the provisions ot (a) ot puagraph 2 hereof w~hich the mortgagee has not become obtig,ated to p~y to the Secrctary of Hausing and Urban Devebpment and any b~alance remaining in the tunds accumutated under the provisions of (b) of said parapaph 2. If tbere shall be a detauk wder any of tLe proviaions ot ttis mort~age, rewlti~ in a pubiic sak ot the premixs coveted here- by. or if the mortgasoe acquires tbe property otherwise after defauh. the mortga~ee slall apply. at the time of ttrc commenament of such pro- ceedi~s or at the time the property is othervrise acquircd. the balance then remainir~g in the turds acannulated under of paragnph 2 preud- u~g u a crcdit against the amount ot principal then romairine unpaid wder said note and shall properly adjust anY paYments wl~idi shatl Mve bcen made under ot said ParagraPh• . 4. 'Il~at he will pay all taaes, assessmenls, water ntes, and other govemmental or municipal charges. fines, or impositions, tor which prw - vision hu not bee~ made hereinbefore, and in default thertot the mongagee may pay the same: and thal he wiq promptly dcliver the olficial rcceipts theretor to the mongagee. S. That he will permit, rnmmit, or suHer no waste. udpairmrnt. or deterioration of said properiy or any part ~hereot: and in the event of the tailurc ot the mort~ to keep the buildin~gs on said premises and tlase to be erected on uid premises. or improvements therean. in g~wd re- pair, the mort~ may ~aake wch rtpairs u in its discrction it aay deem necessary tor the proper preservuion thereot. and ~he (up amount ot ach and every such payment shall be immediately due and payabk. and shall be xcured by the lien of thia mortgage. 6. 'It~at he wiU pay all and sin~ulu the costs, clwr6es, and ezpenses, including reasonabk lawyei s tees, aod costs ot abstracts ot titk. in- curted or paid at any time by the mortgagee becwse of the (aid~re on the part ot the mortgagor promptly and fully to pertorm the agretments and covenants ot said promissory note and tAis morigage, and said costs, charges, and expenses shall bt immediatety due and payabk and shall be securcd by the 6eo ot this mort~e. 7. That he ~riN keep the improvements no~r existinaor hereafter ertctod on the mongaged property: imured as may be required frum time to time by the mort~ee against bss by firo and otber hazards, cawalties, and contingencies in such amounts and tor wch periods as may be ; requirrcd by mortgagee, and will pay promptly. when due, any premiums on wch inwrance (or payment of which provision has not txen made hercinbefore. All insurance shall be carried in companies approved by mortgagce and the policies and renewals thereot shall be held by monga- i ~ee and have attxhed thereto bss payabk chuus in favor ot and in form xceptabk to the mongagee. In event of bss he will give immcdiate , ootice by mail to mortgagee. aad mort~ may make proof o( bss if not made prompll~ by mortgagor. and each inwrance company con- ~ ctrned is hereby aud~oriud and ditected to maice payment tor wch bss dircetly to morigagee instes~l ot to mortgagor and mortgagte jointly. ~ and the insurance proceeds, or any part thereot, may be appliod by mortgaste al its oplia? either to the reduction o( the indebtedness hereby ~ xcured or to the restoration or repair of the property damaged. In event ot torecbsure of this mortgage or other tnnsfer.of tilk to the mort- ~ gased property in extinguishment of the indebtedness secured hereby. all right, titk. anJ interest of the mortgagor in and ta any inwrance poli- cies tf~en in torce shall pass to the purchaser w grantee. f 8. 'Ihat 7 the prem+ses, or any part thereot, be condemned under any power ot eminent domain, or acqwred tor a public use. the damages. I proceeds, and the consider+lion for such xquisition, ro the eztent of the tull amount ot irnlebtedness upon thi~ Mortgage. and the Nde secured ~ hereby rcmainina unpaid, ue hereby usigned by tt~e Mortgagor to the Morl~+gee and shall be paid fonhwith to the Mortgagee to be applied by it on accouM ot the indebteness secured hereby. whether dac or nd. ~ 9. 'i6at the mortgagte may. at any time pending a suit upon this mortgage. apply to !he court having jurisdiction thereo( for the appoint- ~ ment ot a«ceiver. and such court shall forthwith appoint a recciver ot the premises covered hereby all and singular. including all and singular ~ the income. profits, issua, and revenues from whatever source derivod. cach and every of which, it being expressly understood, is htreby ~ mortgaged u if specifically set fonh and described in the granting and habendum clauus hereof, and such receiver shall have all ~he broad and etiective functions and powers in anywise entrusted by acourt to a receiver. and such appointment sl~all be made by such coun as an admitted ~ equity and a matter ot absolute right to said mortgagte, and without reterence to the adequxy or inadequxy of the value of the ptoperty mort- ! gaged or to the solvency or insolvency af said mortgagor or 1he dettnJants. and that such rents, profits, income. issues. and rcvenuts shall tx .pplied by sucb receiver accordi~g to the lien of Ihis mortsage and the practice of such court_ In ihe event ot any detauk on the part o( the mort- ~ gagor hereunder. the mortg~gor agrees to pay to the mortgag~ee on demand as a reawnabk monthly rental tor the premises an amount at kut i equivaknt toione-twelfth 11112) of lhe aggtegatt of the twelve monthly installments payabk in the then current year plus the actual amount of ; the annual taxes, uussments, water rates, and inwrance premiums for such year not covertd by tl~s aforesaid monthly payments. t 10. 7'hat (a) in the event of any brcach of this mortgage or detault on thc part of the matgagor. or (b) in the event that any ot said sums ot money herein reterred to be not promptly and fully paid witlwut demand or notice. or (c1 in the evrnt Ihat each and every the stipulations. ' agreements, tonditions, and coveriants of said note aod Ihis morig~ge. ue not duly. promptly, and fuUy pertormed: then in either w any wch event, the said aggegale sum mentioned in said eote then remaining unpaid, with inte~est xcrued lo that time. and all moneys securcd hereby. E shall become due and payabk forthwilh. or Ihercatter, at tlx oplion ot said mort~agee, as fully and compktely as if all o( ttrc said sums ot mon- ~ ey were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary nawithstanding: and thereupon or - ~ thereafter. at tMe option ot said mortgagee. without notice or demend, suit at law or in equity, may be proucuted as if all moneys securcd here• ~ by had matured prior to its institution. The morigagee may (orecbse this moAgage. u to tlx amount so decfared due ~nd payable. and 1he said a premises shall be sold to satisfy and pay the same togelher with cosls, expenses, a~ albwances. In case o( partial forecbsurc of this mortQage. i tbe monaaged premixs shall !x sold subject to ~he continuing fKn o( this mortgage for Ihe amount ot ttrc debt not then due and unpaid. !n wch ~ case the provisions ot this paragraph may again be avaikd o(lhereafter trom time to time by tF~e mongagee. f ~ t . ; _ eoox ~57 r~ 5~ ~ _ _ . _ _