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HomeMy WebLinkAbout0673 • T ` i 2. That, in order more tuqy to pratct the ucurity ot this mon~e. tAe mon~or, to~ether witA, anJ in aJdi~wn tu. the monthly psymants unJer the terms oi Ilx note xcured hereby, on tlx fin~ Jay ot escA mon~h until the said nole is tuUy paid. wiU pay to ~he mon~:y~ee the folbw- ~ ing sums: la) A~ amount wlFcient to proviJe the hoWer hereof with tunds to psy the next mon~a~e in~urance prcmium if this in~rumeo~ a~d ~he ~ note secured hereby are inwred. or a monlhty ~hatge (in li`u qt_a Snon~e inwrance premiuml it they ~re heW by the Secrelary Housins and Urban Uevebpment as tolbw's: ' ' s ll? If and so lon~ as uid note ot eNen datellhJ ~his instroment ue insurcd or ue rci~wrc~1 under the provisions ut tAe N~iunal i i Housin~ Act, ao amount w(ficieot to accumulate in ~he hands ot tAe holdet one ( I1 moneh priot to its due Jate the annual mort- ' ! ~e inwrance premium. in order to p~ovi~ie such holde~ with funds to pay such premium to the Secre~aty at Niwsin~ anJ ; ~ Utban Qevelopment punuant to the National Housing Acl, u amended, and applicabk Rc~ulatiooa thereunder: a (11) I! and so lon6 as said iwte ot even date and this~instrument are held by the Secrc~ary ot Housin~ arnf Urban Devebpmeot. a ~ monthly chu`e lio lieu ot a mongagc inwrance premium) vrhich shall be in an xmount equal to one-twelith 111121 of oneJWt (112? pe~ centum ot the average outstanding bplaoce due oe the note canputed without takin~ into account delinquencies or • _ prcpaymems; Ib) A sum equal ta lhe ~round rents, it any, oext due, plus the premiums Ibat wiQ next become due snd payat~k on policies ot 6rc and othet hazud inwra~ct covering the mongagai property. plus taaes und assessments next due on Ihe mort~aaged propeny iall as esti- ~ mated by the mongagee) kss all sums alreaJy paid therefor divided by the number of months to elapx before one monlh prior to the R date when such ~ound rents, promiumx. ~axes, and usessments will become delinqueot, wch wms tu be heW by mongagee in trust to pay said ~ound «nts, premiums, tazes, and special assessmeots: and ` . (c) All payments mentioned in thc two preceding wbsections ot this puaaraph and all psyments to be made u~wier Ihe nae secured herc- ~ by shall be added together and the aggrcgate amount thereot shall be paid by. the mortgagor each month in a single paymtn~ to be ap- plied by the mongagee to the tollowing items in the order set (onh: lp premium charges under the contract ot inwrance with the Secrctary ot Housing and Urban Development, or mi~nthly charge { (in deu of mongage inwrance premiuml. as the case may be: 3 (14 ground rents, taaes, usessme~ts, firc, and whe~ hazard inwa~ce prcmiums; (111 interest on the note securcd hereby; and QV) amortization ot the priocipal of said note. Any deficiency in the amoum of such a~grc~ale monthly payment shall, unkss made gaad by ihe mongagor p~ior to the ddqe daute~ot thq~~zt wch payment. conuitute an event ot detauh unde~ this mon e. The mortga~a may colkct a"late charge" not to excee ~ ts~l or each dollar ISI) ot each p~yment morc than 6tteen l IS) days in ur to cover Ihe txtra cxpense invdvsd in handiing delinquent payments. ~ 3. 'll~at it the total ot the payments made by the mortga~or under (b) ot pan~raph 2 preceding shall excetd the amount of the p~yments ~ xtually made by the mortgagee, for ground rcnts. tazes aad assessments and inwrance ptemiums, as ~t~e case may be. wch excess at the op- tion ot the mat~ee. shall, be credited on wbxquent paymen~s to be made by the mon~sgor. or retunded to ~he mongagor. 1f, hoMrever. ~he monthly p~yments made by the mongagor un~kr (b) ot puagraph 2 precediog shall not be wR'icieot to pay ground rcnts, ta~ces and assessments and inwrance premiums, as the case may bt. when the same shall become due and payabk. then the mortgagor sAall pay to the mongagre any amount necessary to make up the deficiency. on or betore the date when payment of wch ground rents, taxes. usessments, or insurance prem- iums shalt be due. lt at any time the mongagor shall tender to the mortRagee in accordance with the provisions ot the nde xcurcd hereby. full payment of the entire indebtedness rcpresented thereby. tl~e mongagee shall, in computing the amount ot such indebtedness, credit to the ac- count ot the mongagor all payments made under the provi~ions of la1 of paragraph 2 hercot which the mortgagee has nd become obligated to pay to Ihe Secretuy of Housing and Ufian Development and any balance rcmaining in the (unds accumulated under tAe provisions of lb) of ~ said paragraph 2. It tlxre shall be a detauh under any ot the provisions otttrs mortgage, resulting in a pubdc sale ot 1he premise~ cavered here- ~ by, or it the mortgagee acquires the property otlxrwise atter detauh, the mottgagee shall apply, at the time of the rnmmenrement ~~t +urh pru- ceedings or at the time the property is otherwise acquircd. the balance then remaining in the tunds accumulated under 1 b) of paragraph 2 preccd- ; ing u a credit agaiiut the amount ot principal thcn remaining unpaid under said note and shall properly adjust any payments which shall have ~ been made,under at said pus~aph• ' 4. That he qrill pay o111azes, assessments, wate~ rates. and aher govemmental or municipal charges. fines. or imposiians. tor which pro- vision hac not been madt hereintxfore. +nd in Jef~4 thertof the murlgagee may pay tht same; and that he will promptly deliver the uf~icial receipts theretor,tothe mongagee: _ ' S. 'Iha1 he wiQ permit, commit. or sufter no waste, impairment, or deteriontion o( said propcny or any part thereof: and in the evem of Ihe s failurc of the mortgagor to keep the buiWings on saiJ premises and lhose to be erected on said premiseti. or improvementx thereon, in good re- pair. the mortgagee may make such rcpairs as in its discrction it may deem necessary for the proper preurvatioo thereot. and the full amount of tach and every such payment shall be immeJiately due and payabk. and shall be ucured by tbe lien ot Ihis mortgage. 6. 71~at he will pay all and singular 1he costs. charges. and expenses. including rcasonabk lawyer's fets. and costs of abstracls ot titk, in- curred or paid at any time by the mortgagee because of tht failure on the part of the mortgagor prompdy and tully to perform the r~greements and covenants oi said promissory note and this mortgage. and said costs, chuges, and expenses shall be immediately due and payabk and shall be securcd by the lien of this mortgage. 7_ 7Tal he will ktep the improvements now existing on c~rtafter erected on tlx mortgaged propeny. inwred as may be required irom time to time by the mortgagee against bss by fire anJ other hazarJc. casualties. and contingenciec in such amounts and tor such periods as may be ~ rcquircd by mortgaget, and will pay promptly. whcn due, any p~emiums on such insurance (or payment of which provision has not been made hercinbefore: All insunnce shall be carried in companics approved by moAgagee and Ihe polecies anJ renewals thereof shall be heW by mortga- gce and havt attached thereto bss payabk clauses in tavor o( and in form acceptabk to the mon~agea In event ot bss he wiU give immediate ~ ; notice by mail to mongagee. and mottgagtt may make proot of loss if na made promptly by mongagor. and each inwrance compaAy con- ; cerned is hereby authoriud and directed to make payment tor such bss directly to mortga~tee instead of lo morigagor and mongagee jointly. ` j and the inwrance proceeds. or any part thereof. may be applied by mortgagee at its option either to tF~e reduction of the indebtedness hereby i secured or to the restoration or repair ot the property damaged. In event ot (orecbsure o[ this mongage or olher transfer ot titk to the mort- ~ gaged propert~ in extinguishment of the indebtedness secured hereby, all right. titk. and interext of the mortgagor in and to any insurance poli- cits then in torce shall pass to tlx purchaser or grantee. - ~ S. 'll~at if the prcmises. ot any part thertof. be condemned undcr any power o( eminent Jomain. or acquired for a public use. the damages. j proceeds. and the consideratan tor such acquisition. to the ettent of the full amount of irniebtedness upon thix MortFage. and lhe Note ucured ~ hereby remaining unpaid, are hercby assigned by the Mortgagor to the Mongagee a~x! shall be paid tonhwith to the Monpagee to be applied by ~ it on account o( the indebteness secured hercby. whether due or not. ~ 9. That the mortgagee may. at any time pending a suit upon this mortgage. apply to tlx couA having jurisdiction thereof (or the appoint- i ment of a receiver. and such court shall torthwith appoint a receiver ot the prcmises covered hereby all and singular, including all and singular ~ the income. profits. issues. and revenucs from whatever source derived. each and every o( which. it being expressly understood. is hereby I mortgaged as if specifically ut forth and described in the granting and habendum clauses hereof. and such receiver shall Aave all the broad and ~ eHective tunctions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by wch court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to Ihe adequxy or inadequacy of ~he value of the property mort- gaged or to the solvency or insolvency ot wid murtp,agor or the detenJant~. and that such rems. profits. incume. issues. and revenuec shall tx applied by wch receiver according to the licn ot this m~rtgage and the practice of such coun_ In the event o( any default on the part ot the mort- gagor hereunder, the mortgagor agrees to pay to !he mongagee on demand as a reasonabk monthly rcntal for the premises an amount at kast equivaknt to one-twelt~h (111:1 of Ihe ap,gregate of the twelve monthly installments payabk in the then current year plus the actual amount of the annual taxes, assessments. water rates. and insurance premiums for such year na covered by the aforesaid monthly payments. 10. 71~at Ia) in the event of any breach of Ihis mortgage or dcfault on the part ot the mortgagor. or Ib) in the evenl that any of said sums of money Frcrein rcterred to be not promptly and fully paid without demand or notice. or Ic) in the eve~t that each and every the stipula~ions. agreements. conditions. and covcnants ot said note and this mortgage. are nd duly. promptly. and tully pertormed: then in eitl~er or any wch eveol. the said aggregate sum mentioned in said nole lhen remaining unpaid. with interest accrued to Ihat time. and all moneys ucured hereby. +hal{ becume Jue and peyabk forthwith. or thereafter. at tht option ot said mortg.+gee. as tulty and completely as it all of the said ~ums af mon- ~ ty were originally stipulated to be paiJ on such day, anything in said note or in this mortgage to Ihe contrary nolwithstanding: and thereupon or s lhereatler. at the option ot said mortgagee. wilhout notict or demand. wit at law or in equity. may be proseculed as it all moneys ucured here- ~ by had mawred prior to its institution. The mortgagee may foreclose this mortgagt. as to the amount so declared due and pay~bk. and 1he said ~ premises shall be sold to satisty and pay the same together with costs, expenses, and albwances_ In case o( pattial torecbwre of this mortgage. the mongaged premises shall be sold subject to the continuing lien of this mortgage tor the amount of tbe debt not then due and unpaid. In wch cau the provisions o( this paragnph may again tx avaiied of thereatter trom time to time by the mortgagee. . , I I_ 'I1~at the mort~tor will givc immediate notice by mail to the morigagee of any conveyance. trans[er, or change ot ownenhip of Ihe • premises. 12. Tha! no waiver of any covenant he~ein or of the obligation secure~, hereby shall at any time therea(ter be held to be a waiver of the ~ terms hereot or ot the nae secured hereby. ' ~ - I t_ . ' %K~ ...~.r E