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HomeMy WebLinkAbout0912 2. Th~t. io otder more tuUy tu protect the secutily ot ~his mortp~e, thc mixty~ot, to~ethet with, and in sdditioe to, the monthlY paYment~ uoder ~he termi ot the ~wte securcd hereby. on the firsl day o~ e~cA mon~h un~il ~he said note is tuNy paid. wiN psy to the mort~ee ~Ae tollow- in~ sums: (a) An amouot wlricieet to provide the holder hereot with funds to p~y the ~ext moq~ inwrince p~ntium it Mi: iesuument arni the note securcd heroby ue inwred, or a monthly chu~e tin lieu of a monpje inwnrke promiuml it ~hey ue Aeld by the Secrctary of Housi~ u~d U~ban Developa~eet as tolbws: (p It and w bns u ssid note oi even date and tAis instn?ment ue insured or ue reinwrcd uode~ the provisions o( the Nstional Hwsi~ Act, an amount wfRcient to sccumulate in the hands of the holder one (1) anonth prior to its duc date the a~nual mon- p~e inwraooe premium, ie order to provide such hddu with tunds to pay wch promium to the Secrctuy ot Housi~ and Urban Developme~t punuant to tAe National Housin~ Act, n ameoded. and applicabk Rc~ulations thereunder; or , (111 It and so bn~ as said note ot eveo date and tlus instrument ue held by tAe Secntuy ot Housi~ and Urban Devebpment, a mootAly char~e (in qeu ot a mo~e inwnece premium) which shall be in an ~mouot equal to o~•tweltth (1112) ot one-hal( (112)~pe~ centum ot the aven~e outsta~din~ balanoe due on the note computed without takins i~to sccwnt delinquencies or P«MYme~ts: • i lb) A wm equal to the ~ound rents, it an~i, fiext due, plus the pren?iums thst will oext become due and payabk on policies of firc aod ahet hazard inwnnce coverin~ the mort~ed propeny. plus taxes and assessments next due on the mon~ed property (all as esli- mated by the mort~ee) kss alt sums iheady p~id theretor divided by the number of months to elapse beton ooe month prior to the date wheo wch ~round rents, pfemiums, azes, and uussmeets wiN become delinquent, such wms to be held by mortp~a in trusl to pay uid ~round rents, premiums, tazes. and spec W assessments; and . (c) All payments mention~d ia the two prccedin~ wbseclions ot this para~raph and all payments to be made under Ihe note sccured here- by shall be added to`ether and the s~re~ate amount the~eot shall be paid by the mongagor eacA mo~th in a single paymem to be ap- plied by the mort~ee to the tolbwin6 items in tAe order set torth: ~ (1) premium charQss under the contract ot inwwnce with the Secretuy ot Housing and Urban Development, or monthly chuge (in 6eu ot monaage insurancs premium). u tl~e case may be; (IU ground rents, taxes, usessments, fue, and other huud inwranc~ premiums; 1111 intcrest on tbe oote secured 1~ercby: and (IV) amortization ot the principal ot said nae. Any deBciency in tbe amount ot wch a~e~ate monthly payment shall, unkss made good by the mortp~or prior to tlx due date ot the nezt such payment, constitute an erent ot detault under this mortgage. The mortgaaee may collect a"late charge"aot m aceed bor oen?s (4d for ach dollu (S11 ot each payment more than fittee~ (IS) days in arrears to cover the extra expense invdved in handlins delinquent payments. 3.. That it the toW ot the psyments made by the monp~or under (b) ot pars~raph 2 preceding shall exceed the amount of the payments actually a~ade by the mortg~agee, tor ground rents. taxes and usessmenis and insunnce premiums, u the case may be, wch ezcess it t6e loan is cnrtent. at the optiaa ot t6e ~ort6a~. shall. be credited on sabseque¦t papoeats to be made by ehe mortsasor, or reEnnded to the mortsagor. If. horvever. the aonthlp papmeats made bp the mortsa6or under (s) of para~ap6 2 precedias s1a11 not be saificient to pay ~ooad rmts, u:es asa assessoents and insnraace preminms. as the ca~e m~r be. ~rhea t~e same ahall become dae and pay- able. t6en the mort~a6or shall pay to tAe mortg~ee ~nr amount• neceas~ry to make up the deticicacp. oa or betore t6e dete ~?6en payoeat o( sach gonad reats. ta:es. assesamente. or insaraace presinms sL~ll be doe. lt et asy time tbe mottse6ot sh~ll tender to t6e mort~6ee i~ accordance with t6e provisions of t~e note secnred derebp. tall payment oi the eatire indebtedneaa repreaent- ed therebr. the mott~aee s6all. ia compatin6 the amonnt ot snch indebtedaess. c~edit to t6e accoant oi tlte mongaaor all payments made nnder the provisioss ot (y oi para~aph 2 hereoi w6ich t6e mortgagee Sas not become obli~ted to pay to t6e Secretary of Houaing and Urbaa Development and ~ny balance remaining in tLe Innds accumalated onder the pro~?isiaas oE (e) o( said puagrap6 2. I[ t6e~e s6a11 be a deiault aader any oi tLe pwvisiona o( this aortg~ge, resolting in a pablic sale o[ t6e ptemises co~ered 6ereby. or if the mottga~ee acquirew the pwpeny ot6erwise aiter de[salt. the mortgsRee ahall apply, t6e the time of the cor~encement oi aach proceedings or at tAe time the property ia otberwiae acqaired, tne balance then remaining in t6e jueds ecenmulated under (6) ot paragraph 2 p~ecediag as a crcdit ~gainat the amouat oE principsl tben remaining mpaid ander said note and shall pcoperlr adjoat any p~ynents wbich shall 6ave been m~de oader of aaid pangaph. 4. 'llw he will wy all taxes, usessments, water rates. and other governmental or municipal charges. hnes, or impositions. tor which pro- vision hu no1 betn made hereinbefore, and in detault thertof the mungagee may pay the same: and that, he will promptly deliver the olficial receipts tAere(or to the mortgagee. ~ 3_ Thu ht will permit, commit. or suffe~ no wute. impairment, or deteriontan ot said property or any part thereo(: and in ~he event ot the failurc ot the mortgagor to keep the buiWings on said premises and those to be erected on said premises. or improv~ments thereon, in good re- pair. the mortgagee may make such repain as in its discrction it may deem necessary tor the proper preservation thercoi. and ttrc tull amount of euh and every wch payment shall be immediately due and payabk. and shall be secured by the lien of this mortgage. i 6_ That he wilt pay sll and singulu the costs, chu6es. and expenses, including rcuonabk lawyer's tees, and costs of abs~racts ot titk, in- i wrred or paid at any ume by the mortgagee becwse ot the tailurc on the part of the mortgaaor promptly and fully to perform the agreements i and covenants ot said promissory note and this moriga~s. and said costs, char~es, and ezpenses shall be immediately due and payabk and shall ~ be secured by the lien ot this moRgage. 7. That he will keep the impmvements now ezisting or hereatter erected on the mortgaged property inwred as may be rcquircd from time E to time by the mortgagee against loss by fire and other hazards, casualties, and contingencies in wch amounts and for wch periods as may be ~ required by mongagee, and will pay promptly. when due, any premiums on wch inwnnce for payment o! which provision has not been made hereinbetore. All inwrance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortga- ~ gee and have attsched thereto bss payabk clauxs in tavor of and in torm acceptabk to the mortgagce. ln event oE loss he will give immediate ~ notice by mail to mortgssee. and awrtgagee may make proof of loss it not made promptly by mortgagor. and esch inwrancx company con- cerned is hereby wthoriud and directed to make payment tor such bss directly to mortgagee instead of to mort~agor and mortgagee jointly. and the inwtance proceeds, or any paR thereot. may Ix appGed by mortgagee at its option either to the reduction ot the indebtedness hereby secured or to the restontion or repair of the propeAy damaged. In event ot torecbsurc of this mortg~ge or other transter of titk to the mort- gaged property in extinguishment ot the indebtedness secured hereby. all right, titk. and interest of the mortgagor in and to any inwrance poli- cies then in force shall pass to tl~e purchaser or ~rantee. S_ That it the premixs, or aoy put thereot, be cond~mned under any power ot eminent domain, or acquired tor a public ux. the damages. proceeds. and the consideration ior wch acquisition, to the extent of the tup amount of indebtedness upon this Mortgage. and the Note secured hereby remainiog unpaid, ue hereby assi~ed by the Mortgagor to ~he Mortgagee and shall be paid forthwith to the Mortgagee to be applied by it on xcount of che indebteneu securcd hereby. whether due or not. 9_ That the mortgasee may, at any time pending a suit upon this mortgage. apply to the cwR having jurisdiction thereof tor the appoint- ment ot a receiver, and wch court shall torthwith appoint a receiver of the prcmises covered hereby atl and singular, including all and singular the income, pro6ts, issues, and rcvenues from whuever source derived, each and every of which, it being ezptessly understood. is hereby mongaged as it specifically set forth and described in the gnnting and habendum cfauses hereot, and wch receiver shall h•rve all the broad and I eBective tunctions and powers in anywise mtrusted by a coun to a rcceiver. and wch appointment shall be made by such court as an admitted ~ equity and a matter o( absolute right to said mortga~ee. and without reference to the adequacy or inadequxy of tF~e value of tF~e propertv mor+- ~ gaged or to the wtvency or insolvency ot said mortgagor or the defendants, and that wch rents. profits, income, issues, and revenues shall tx ~ applied hy wch receiver according to the lien ot this mortgage and the pnctice of such couR. ln ti~e event of a~y default on the pan of fbe mort- ~ ~or hereunder, the mongagor agrees to pay to the mortgagee on demand as a reasonabk monthly rcntal for the premises an amount at kast equivalent to one-twelith (1112) ot the aggregate of the twelre monthly installments payabk in the then current year plus the actual amount ot ~ the annual taxes, acsessments. water ntes, and inwrance prem~~~ms for wch year not covered by the aforesaid monthly payments. 10. That (a) in the event of any bresch o( this mortgsge or detauh on the part of the mongagor. or (b) in the event that any oi said sums of money herein reterred to be not ptomptly and tully paid witF~out demand or notice. or (c) in t1~e event that rach and every the stipulations. agreements. conditions, and covenants ot said note and this mortgage. ue not duly. promptly. and tuUy performed: tt~en in either or any wch event, the said aggregate sum menlioned in said note then remainin~ unpaid. with intuest sccrued to that time. and all moneys secured hereby. shall become due and payabk forthwith. or thereatter. at tt~e option of said mortgagee. u tully and canpktely as it all of the said sums of mon- ty were originally stipulated to be paid on such day, anythi~ in'said note or in this mortgage to the contrary notwithstanding: and thereupon a ~ thereafter. at the option of said mortgagee. without notice ot demand. wit at hw ot in equity. may be prosecuted ss if all moneys xcurcd herc- by had matuted prior to its institution. 7be mortgsgee may forecbse this mortga6e. as to thc amount so declared due and payabk. and the said premises shall be sold to satisty and pay the same tosethet with costs. expenses, u~d albwances. ln pse ot partial toreclowre of this mortgsgt. the mortga~ed premises shall be so{d wbject to the continuing lien of this mortgage tor the amount ot the debt not then due and unpaid. ln wch case the provisions ot this paraQnph may again be avaikd of thereatter trom time to time by the mortp,a~ee. _ fl g t . . gooK ~ ~~E g~