HomeMy WebLinkAbout0570 3. Ihat, in u~Jar mure i'ully ta p~utcv:t thr ,ecuruy uf thi~ nwrtgagr, thr mung:~gu~. tugrthrr Ni~h, arxl in aJJ~liun tu. ihe m~mfhl~.
paymrnlti unJtr thr trrm~ uf ~hr nuir utiur~Yl hrrrhy, un Ihr fint day uf c:kh munlh until ~hr .:uJ notr is fully paiJ, adl pay ~o thr
nw~tgag~r thr fulluwing ~unz~:
lal An anwun~ wfficienl to p~uv~Je ~he ho1Jc~ herrof wnh funJa tu pay ihe nrXl rtx?rt~age insurancc premium if this in.trumcnt anJ
' the nute xcureJ hereby are insureJ, ~x a monlhly charge lin lieu of a ma~tt~age imurance {xemium) if they.$re held by tAe
kcretary uf Housin~ and Urban Develupment, as fulbws: •
11) If and w(on~ as said nate of even date anJ this instrument are insured ur art reinwred under the provi~ions of the
National Nousin~ Act, an amounl suRicient to accumulate in thc hands of the holder one 11) month priur to its due date the
annual nwrt~augc inau~ance prcmium, in onlt~ to p~oviJe such holJcr with fu~d+ to pay ~uch premium to Ihe Secretary of
Housina and Urban Development pursuant tu the National HouNng Act, as amernleJ, anJ applicable Re~ulations
therewxler or
1113 1f and sa lang a> >aiJ notr uf evrn Jair arnt ~his in,uumen~ are hrlJ by ~he kcreta~y of Housing anJ Urban Development,
a monthly cha~ge lin lieu of a mwtgage insurance prrmium) which shall be in an amuunt equal to une-twelfth 11/12) of
one-half per centum of the average uutstarnling balance due on the nae computat wilhout taking into account
Jelinquencies or prepaymr~ts;
lb) A+um rqual to the gruurnt rents, if any. ~ext due, plus the premium~ that will next lxcome due arni payable ~ policies of fi~e
arni other hazarJ insurance covering the morlgaged property, plus taxrs and assessmrnts next due un the m~xtgaged prope~ty (all
as estimated by the mortgagee) less all sums already paid therefor divideci by the numtx~ of munths to elapse before one month
prio~ ta the date when such ground rents, prem~ums, taxes, and asses..menls will become Jelinqucnt, such sums to be heW by
mortgagee in trust to pay said g~ound rents, premiums, taxes, and speci:.i acsc~smcnt~; and
!c? AI! payments mentioatd in the t~m Frectding su~seclions of !his psrsg:aph a~ al! paynscats to bc ma.ic un.ier it?e ~K,tr x~;ured
herebyshall be addni together anJ the aggrrgate amount thereof shall be paiJ by the morlgago~ each month in a singte payment
a~ be applied by the mortgagee to the folluweng items in the order set forth:
ll) premium charges unde~ thr coouact of'insurance wilh the Src~etary of Houaing and Urban Ikvelopment, or munthly
charge lin lieu of mortgage insurance premiuml, ac 1he cace may be;
!!1) grcwed rentS ta~~a, acc4cS[~ft~t~. .rl~E, arxl aher hazard insu~anct prtmiums;
II II1 interest on the nde secured hereby; and ~
IIV) amortiZation of the principal of said ix~te.
:~ny deficiency in the amount uf such agg~rgatr mc~Mhty payment chall, unlc~c made gixxi by thr mortgagix prior to thr due Jate of
!h~ next such payment, constiwte an rvent of defautt u~xfer this mortgage. '(he mortgagee may ruUect a°latr ch:.rge" not to rxcerd twu
cents ~2c) for each Jollar IS11 of each paymen~ more than fifleen 1131 days in arrean to uover the extra ex~nu im•olvai in harxiling
delinyuent payments.
3. That if the total of the paymmt~ maJe hy the morlgagur urnier Ihl of paragraph 2 precrding ~hall rcceeJ ~hr amuunt of thz
paymentc actually maJe by the mortgagre, i~x gr~wnd rentc, taxes arxl a+ses~ments anJ imur•rnce premium+. ac the case may be, such
excess at thc option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or rcfunded to the
mungagur. If, how~e~•er, the monthly paymentc maJe b~• the mortgagor under Ibl of paragraph 2 precrJing ~hall not be s~fficiem 1o pay
gruurxl r~nlx, taxrs and a~tiecsments and insurance prrmium:, as the case may br, when thr ssme chall lnxome due ancl payahle, then thr
fllUflR:1$Of SII:III (1:ly IO Illt mortgagee any am~wM nrcrtwry to makr up the Jeficiency, on .x hefore ~he d3te whrn pa~~ment of ~uch
grounJ rrnt,, taxr~, acx.smrnts, or imuranre premi~ms tihall he Jue. If at any time the mixtgag~x thall tr~xier to the murtgagee in
xcurdance with the pruvisiom of the note srcured hereby, full paymem of the enure irnirhteJnecc reprrcented ~hereby, the mortgagee
.hall, in computing Ihe amouM nf such iixiebtecine,s, crrdit to ihe acevunt of Ihr mortgagor all paymrmc maJt under Ihe provicions of Iu1
,i uf par~graph 2 hereof which lhe mor~gagee has not t+ecume ~t+liga~ctii tu pay to thz Srcrctary of Huu~ing anJ ('rban Ikvrlopment arxi any
balancc remaining in the funJs accumulatrJ ur?drr the pro~•i.iunt of Ih~ of .~id paragraph 2. If thcre .hall f+r a drfault unJer any of thr
I pruvisiuns of this mcxtgage, resulting in a public ,alr uf the premis~ covrnrf hrreby, ur if thr m~xu •¢rr ~cquire. ~h~ (1f/IPCf1~' OlF1CEN ISC
after drfault. ~hr mortgagee shall apply, at the time of thr cummencrmem uf ,uch pmcerding. ~ the t~me thr pru~rty iti othrra ise
:xquirrJ. thr balance thro remammg in thr fund~ ~ccumulatrd unJrr ~h/ of paragraph 2{+rerru.ng a~ a credit agaiml thr amuunt uf
principal thrn remaining unpaiJ urxler said nutr and ,hall pruperly aJ~ust any payment~ ahi.h .h~ll havr hern maJr undtr lu) of reid
paragr•rph.
4. That he will pay all taxr~, a~tir„mrnt.. watrr rat«. anJ uther gu~rrnmrnlal ur mun~cip•rl chargn. finr,_ ur ~mpusitiun~. for which
~I pruvi~iun has nut t+ecn maJr hereinl+efurc, anJ in Jrfault ther~ti?f the murtgag~r may pa} thr ,:~me; anJ th~t he w~11 prumptly Jcliver the
official rece~pts thrrefor ta Ihr mortgager.
i 5. That he will permit, commit, or ,utTrr no Ka~t~_ impairment. ~N drtcriuratiun uf caiJ pn~peny or any part thereof: arxl in 1he rvrnt
~I uf the failure of the murtgagor to keep the builJings un t:?iJ prcmixti anJ ~hu~c tu t~ errcted on +aid premise~, or impruvrments thereun.
in gixxl repair, the nwrtgagee may mrkr such rrpair~ a~ in itti di~rretion it may drem necnsary fcx ~he p~oper preservauon thereof, ~nd
the full amount uf rach and e~•ery cuch paymrnt ~hall t+e imm~til~ately due and payat?la a~xi ~hall t+e seeured by the lien uf ~his mortg~gr.
6. (hat he M ill pay all anei ~ingular Ihr c~»t~_ charg~w, anJ e~~xox5, including reasonablt lawyer s fees, anJ costs uf aMlracts uf titlr.
incurreJ nr paid at sny time by thr mortgagre becau~e of thr faiturc un the art uf thr murt i
p gagor pn mpUy anJ fully tu pcrform the
agrrrmenta arni ro~•enants of wiJ prom~ti.ory nute :uxf thiti m«rtgage, and ~aiJ cu+t+. rharg~~. :~nJ rxpenseti shall be rmmeJiatrly due and
payable and cfiall tx secured by the iien of thi+ m~xtgage.
~I 7. That ht v?ill krep the impro~•emrot. n.rw rii,t~ng or hrre.~fler rrectcYi un Ifir murtgagrd proprrt}~, inwrrJ a. may he reywreri frum
umr tu time by the rtwrtgagee agaimt lotic by firr anJ other ha~arJ+. ca~ulaties. and contingerki~-+ in such anwunt~ anJ fi~r w~h prriixl~ as
ma}• t+e required by miutgagee, and w~U p~y prumptly. when Jue, any premiums on wch imurance for pa~ment uf which proviciun ha~ not
been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
F+e held by mi~rtgagee anJ h:~vr attacheYf thertto I~ni peyably dauses in favor uf and in form accrptahlr tu thr nxxtgager_ In evrnt uf lu~,
he wi11 givr immediate nuticr by mail to mortgagee, arxi rrx?rtgagee may make pn~uf uf lin~ if rn~t m:~de prompdy b}• mungagor. •rrnf each
II ~nwrance a~mpany concerneJ u h~reby author¢eJ anJ J~rectcd to mal:e paym~nt fur ~uch lu.~ dircY~l~ to rtx~rtgagee intitraJ of to
mortgagor and mcxtgagre.~indy, anJ tht imu: snce proceeds, or any part Ihereuf, may hr applied M nu~rtgag~r ~t its option rither tc~ thr
reductiun of the indebtrdne+s herehy cecurrd ur to the restoratiun ~.r repair uf the prupert~ d:~magrd. In evrnt uf f~~recluwre .~f thi,
murtgage or other transfer of title to the mortgageJ propert~~ in extinFui~hmrnt uf the inJchtednr.. ,ctiurcd herehy. all right, tiUe. :~nd
interetit of the mortgagor in arxl to any incurance policits thrn in force sh:sll pass to thr purchsser ur grantee.
~ o. inat ii trtF prem~ses, or ang part tAereot, ~e c~~ndemned under an~- po~.Pr ot ~•minent domain. or aryvir~~t (or ~ pui~lic n.c•,
~ !!:e •~amaFrs, grocccds, an~ •he e-nsidcrati.~n fur ~u~L acyui+itiun, to the extrn~ oi t6e iuli amount of in~~•i,t~•~lness upc,n this
I \1ort~agr,andthe\ote secured hereb~~ remaioine unpaid,arr hereb~• assi~rn~d Ga thr ~tort~aeor ~othP 1lnrtqa~<~e and ~:hall be paid
(urth~sith to the• ~IortRaRe~~ to be applii~d b~• it un accuunt of the i~debtedne~ti secure~d ht~r~•t+c, ~~hether ~lue~ or not.
9. That the mortgagee may, at any time penJing a wit uExin this mortgage. :~pply !o the court ha~•ing jurixiictiun therrof for the
ap~~inlment of a receiver, and ~uch court ~haN fcuthwith appoint a receiver of the premiset covrreJ hrreb} all arxl tiingular, irxluding all
arKi xingular thr income, prufits. i~~ue.. and revenues from Khatever wurce deriveel, rach arn1 every of which, it being e~pre.stp
~ unJersuwd, i~ h~reby murtgaged as if spe~:ifically set forth and Jc~scriixYl in the granung and habendum clausr, hrreoL and +uch re~eiver
shall haYe all the braad anJ cffective functions and powen in anywise eMrusteJ by a court to a receiver, and cuch appointment chall t?e
made by wch court as an admitted equity and a matter of' at~lute right to said mortgagee, anJ withum reference to the aJeyuacy or
inadequacy of the value of the property mortgaged ur to the solverky or insoh~ency u( saiJ mortgagor or the defenJents, anJ that such
, rents, profits, incume, itisuec, anel revenues shall be applied My such rectiver accurding to the lien of this morlgage and 1he practicz of such
I court. In the event of any default on the part of th~ mortgagor hereunder. the mortgagor agrees to pay tu the mu~tgagee un dem•rnJ as •r
~ reasonable munlhly rental for the premiseti an amount at least equivalent to une-twelfth 11/12? of the aggregatr uf ~he tN~elve monthly
installments payable in tbe then currcnt year plus the actual amount uf the annual tax~, atses~ment~. ~ater ~atet, anJ imurance prrmiums
for such year not covered by the aforesaid monlhly payments.
10. That tn) in the event of any brrach of Ihis mortgage or defauft on the part uf the rrwrtgagor, ur Ih) in lhe event that any of said
sumc of money herein referred to be not prompUy and fully paid without demanJ or notiee, cx Ie1 in the evenl that rach arni rvery~ the
stipulatiuns, agreements, conditions, anJ covenants of wid note anJ this mortgage. arr not July, promplly, anJ fully prrfurmctil: then in
either or any such event, the s:iid aggreg•rte sum mentioneJ in saiJ note Ihen remainig unpai~, with interest accrued to that time, and all
rrwneys xcured hereby, shafl become Jue anJ payable forthwith, cx thereafler, a~ the option of wid m.xtgagee. as fully and compfetely as
if all of the said sums of money were originally stipulated to tx paid on such Jay, anylhing in said note or in thiti rtx~rtgage ta the contrary
notwithstanJing; and thereupon or thereaRer, at the option of said mortgagee, without nut~ce or JemanJ. suit at law• or in cquity. may be
proucuteJ as if all moneys secured hereby haJ m•awred priur to its institution. 71ie mortgagee may foreclose this nwrtgage, as to the
arrwunt so declared due and payable, and the said premises shall be sold to satisfy anJ pay ~he same together with tc»ts, expenseti. and
allowances. In case of partial for~closure of this mortgage, the mortgaged premi~es shall be x~ld subject to the continuing lien of Ihic
mortgage for 1he amount of the Jebt not then due ancl unpaiJ. In such cace the provisions of this paragraph may again be a~•ailed of
thercafter from time to ~imr by the mixtgagee.
l l. That Ihe mongagor will give immeJiate nwice by mail to ~hc mortgagee of any conveyance, transfer, or change of ownenhip of
the premises.
12. That no waiver of any wvenant herein or of the ubligatiun secured hereby shall a1 any time thereafter be held to t?e a waiver of
the tcrms hereof or of the note SecureJ hereby.
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