HomeMy WebLinkAbout0787 2. (ha1, in urdrr mure ({i~ly W prutru~Wr ururi~y uf thi~ murtgagt, thr nwttdagur, tugathrr w~~4 and ~n adJitii~n tu. Ih~ nw~nthly
paymrnts undrr the trrms of tht nutr +rCl~r~d~?r~rby, un thr finl Jay ul ra~h inunth until thr ,aid nun i. fuUy p:uJ. N~11 pay tu thc
nwrtQsgce the fulluwinY ~umc: ,
la) An amount wfficient to prov~ck the hulder hereof with funJs tu pay the next rtwrtgagt insuraocr prrmiu~ if this inctrument and
the note secured heteby are insured, ar a munthly char~e (in litu of a nwrtgage insuranc:e prrmiuml i1 ~hcy are held by the
Sec~etary oi Housin~ and Urban Develupmrnt, as folbws:
(D If and so tong as said tate of even date and this instrument are imureJ or arc reimurcd urxler the arovisiunx af the
Natio~al Housing Act, an amount sufCcient to aaumulate in ~he haixis oi the halder ~~ne (1) month priar to its due date ihe
annual morteage insurancO~~mium, i~ rxJer to proviJe such hoWt~ with fundc ta pay such premium to the Secrctary of
Housing and Urbun Dtvrlopmrrtt pursuant Io the Natiw?al Hou~ing Acl, as amended, anJ applicable Rreulatiuns
thereunder; or
111) If anJ so long as said note of even date aixl this iostrumtnt are hekf bythe Secrctzry of N~w~ing arx! Urban Ikveluptnent,
~ a nwothly charge lin lieu of a mortgage insurance premium) which ~hall be in an arn~unt equal to one-twrlfth 11112) ot
one-half per centum of the ave~age outstarnling halance due on the note computai without taking into aceuunt
delinquencies cx prcpaymants;
(b1 A sum equal to the ground rents. if any, next duo, plus the prcmiums that will nezt become due arxf payable on policies of fire
and other hazard insurance covering tht morlgagcd property, plus laxes and assessments next due on thr mortgaged property (all
as estimated by the mo~tgagee) less all sums already paid thcrefor divided by the number of months to elapx beforc one month
prior ro ~he daie when such gtound rents, prem~ums, taxes, and assessments will become delinquent, such sums ta be he1J by
mortgagee in trust to pay said ground rents, premiums, taxes, and special acsessments: and
lcl All payments mentioned in the two preceding subsectio~s of this paragraph and all payments to be made under the note securcd
hercby shal! be added together and 1he aggregate amount thereof shall be paid by the rtwrtgagor each month in a single payrnznt
to be applied by the mortgagee to the following itcros in the order set forth:
111 prcmium charges under the contract of insurance w~ith tht Secrctary of Hou+ing anJ Urban Development, or rtwnthly
charge (in lieu of mortgage insurance premium), as the case may be;
(11) ground rents, taxes; assessments, fire, and other hazard insurance premiums;
(111) intcrest on the note sccured hercby; artd
(!V) amortization of the principal of said note. `
Any deficierny in the amount of such aggregate monthly payment shall, un(c~s made g~wd by the m~tg:~gor prior a~ thr due date uf
the next such payment, cunstiwte an event of Jrfault uncler this mongage. Thr m~xtgagee may collect e"late charge" n~~t to e~ceeJ two
cents (2c) for each dollar 1SU of ra~:h payment m~?rc ihan fifleen (IS) Jays ~n arrean to cover ~he extra expense involvcYl in fi:~ndling
delinquent payments. .
. 3. That if the'total of the p:?yments made by thr martgagur under Ibl of paragraph 2 prrctJing ~hall rzrr~J thr am~~unt oC thr
payments actually made by Ihe mw~gagre, for gruund rents. taxes anJ atsessments and insurarkr prrmiums, ati the case may be, such
excess at, the.o~on of the mongagee, shall, be credited on wbsequent paymenu to be made by the mortgagor, or refunded to the
monsa~or. If, however, the munthly payments m:xle by the mortgagor under Ib) of paragraph 2 preceding shall not t?e sufficient to pay
gruurnl rerrts, iaxe~ and asse~sments ;uid in~urance premium+, ac the case may t+e, when the same shall t+ecume Jue anei payable, then the
rtxxtgegor;sty~lt p~y to thr mortgagee any amount necrs~ary to make up the deficiency, on ur hefore the date when payr?um uf wch
ground rents, taxes, assessments, or insuran~e premiums shall be due. If at any lime the mortgagor shall ternier to the mortgagee in
accordance witb the provisions of the note secured hereby, futl payment of the entire iadebteciness represented thercby, the rtwrtgager
shall, in computing ihe amount of such indebtedness, creciit to the account of the mortgagor aq payments made urtder the provisiuns of ~n?
of paragraph 2 hereuf v?hich the mortgagee has not become obligateJ to pay t~i the Secr~tary of Housing and l?rban Development arxi ~n~•
' balanet remaining in the funds accumulatctil under the prov?sions of (h? of +aid paragraph 2. If there shall be a defauh urxler any uf the
provisions of this morlgage, resulting in a public sale of the premists cover~vl hrrcby, or if the mortgsgre acquires the pn~erty other.. is~
after default, the mortgagee shall apQly, at the tim~ of thr rummcr?~ctr~cnt uf sucn pnxeeuin~ w at t~e ume thr pro~rty i, utherMise
acquired. the balance then remaining in the funds accumulatrd under rb? of paragraph prec~Yl~ng as a credit agaimt the amuunt uf
principal t~~en remaining uhpaid under wid nute ansi shall properl~ adjust any payment~ Nhich +hall havr been made unJer lu) uf wiJ
paragraph.
J. That he will pay all taxes, assessments, water rate~. SnJ olher governmental or mumcipal charge+. finrs, ur im~xnition+. for uhich
provision has not tKen maJe hercinbeforc, and in default therruf the mortgagee may pay thr ~ame: :ind ehat he ~ill prumptly del~~~rr the
official receipts therefor~to the mortgagee.
5. That he will permit. commil, or wfter no waste, impairmznt, or deterioration of said pro~xrty or any part thereuf; and in the cvent
of ihe failure of the ntortgagur to keep the builJings un said premiu~ and tFwse to t~ rrected on said prrmises. ur impruverrients thereon.
in giwJ repair, the mortgagee may er~ake such repairs a+ in its discrcti~.n it mny deem nctiet+ary for the pr.~r pre~er~ation thrreoG ~nd
the full artwunt uf each and every such pa~~ment shall be immc~iiately dur anJ payahle. and ch:?U be,ecured by thc lien of this moregagr.
f 6. That he Nill pay sll and singular ihe costs, chargr~, an.i exprncr~, inctuding rr:~sunable I~Hyer's fec~, anJ cost, of ab~tracts of tiUr.
incurred or paid at any time by the rtwrtgegee txtiaux of the failure on the part of the rrwrtgagur promptly dnd fully~ to ~rfi~rm the
agreements anJ covenants of said promissory note and thi~ murlgage, and said co~t~, chargr~. anJ expemes ~hall t+e immediately dur anJ
payable and shall t+e secured by the lien of this mortgage. -
~ 7. That he will Aeep the improvements nuw existing or hrreafter erecteJ un the murtgagrd pro~erty. insurcd ati may t+e rcyuir~tii from
time to time by the rtwrtgagee againct I~a by fire and other hacsrds. casulatirs. anJ contingenties in such amuunt, and fi~r w.:h prr~exi+ u+
may bt reqaired by mortgagee, and will pay promptly, ~hen due. any prem+ums on cuch insurance for pa} mrnt of which pruvi,iun hu~ nul
bcee made hereinbefore. All insurance shall be carriod in companies approved by mortgagec and the policies and rene~vals thereof shall
, be held by mortgagee and have attached thercto I~~ss payable clauses in favor uf and in form acceptable to the nx~rtgagee. In evrnt crf lots
hc will give immcdiate n~~tire by mait to mortgager, anJ mortgagee may make prcwf of I~+ i( nus made promptly by mixtgagur, anJ ~a~h
~ insurance company concerned is hereby authorezed and directed to make payment for such li»~ direclly t~~ mortgagee in.tead ~~f w
~ mortgagor •rnd mortgagee jointly, anJ the insurance proceeds. or any part thereof, may be applied h~ tm~rtgagre at its u~tinn r~ih~r iu the
reductiun of the indrbtednecs hereby utiureJ ur to thr re.t~xateon ix repair uf the property damageJ. In e~'ent uf furedu~i~rr of thi~
E rrxartgage ur othrr transfer of title to the m~~r~g;?grd prupert} in cxtinguishmeM ~~f the indehtrJne~s ,«ured herehy. all right, utle. :in~
interest of thr mortgagor in and to any inwrance polieirs then in force chall pacc tu the purcha+er or grantee.
8. That i( the premises, or an}• part thereof, be condenmed under any power o( ~minent ~fumain, ur acyuir~~~i tor a public u~r,
the damage~, proceeds, and the.cunsideration for such acquisitioa, to the ectrnt of the full amount of indrbtedne~s u~n thi~
\lortga~e.andthe~iote secured hcreLy re~naiuinR unpaid,atr hereb~ assigned bv the \lort~~?gor tothe ~~urt~a~rc• and ~hali be pnid
I (urth~cith to th~ ~1ort¢aRe~• to be applicd by it on account of the indebtedoPSC sccutPd hrrchy'; wheiher due or not.
9. That the +n~rtgagee may. a1 any time prnding a suit upcm thic murtgage, apply to thecourt having jurixiictiun thrreuf fur thr
appointment of a rrceiver. and such coun th:+ll fonhN~iih ap~int a receiver of the premi~es «~vereJ hereby ~II atxl sin¢uiar, inctuJing al!
and singular the income, ptufits, issucw. and revenucK from whatever wurce derivrd, rach arxi every of which. it heing e~prcti.ly
understoaf. is hereby mortgagnl as if specificatly set forth and drtcritx~l in ihe granting ~nd habendum clauseti hereof. and such receiver
~ shal! have all the broad and effective functions and powers in anywiu emrusted by a eoun to a receiver. and such appointment ch:.l1 t+~
made by such court as an admitted oquity anJ a matter of ahwlute right to said mortgagee, and witho~t reference t~i thr adequacy or
inadequacy of the value of the property mortgaged or to the solvency or insol~~ency of said mortgagor or the defendents. aoJ that w~h
r rents, profits, income. issues, and revenues ~hall be applied by such receiver accorJing to the (ien of this rrxirtgage and the p~actice of .urh
court. In the event of any default on the part of tt~e mortgagor hereLnder, the mortgagor agrees to pay to the mortg~gee otl.~iemand as a
r reasonablr munthly rental for the premises an amount at least equivalent to one-twelfth 111121 of tAe aggregate of the tNelve monthly
installments payable in the then current year plus the actual amuunt of the annual [axes, assessments, water rates. and irtsur:+ncr prrmiums
for sach year not covered by the aforesaid monthly payments.
~Q. That 1a) i~ !he event ot any t+reach of this mortgage ur Jefault on the part of the mongagor, or (h) in the e~ent that any af wid
sums of money herein referred to be not promptly and fully paid without demand or notice, or Ie 1 in the event that each anJ every tAe
stipulations, agreements. conditions, and covenants of said note anJ this mortgage, are not duly. promptly. arxl fully perfiirmeJ: then ~n
either or any such event. the said aggregate sum mentiuned in said nute then remainig unpaiJ. w ith interest accrued to that time, and all
rtwneys secured hereby. shall become due and payable forthwith, or thereafler, at the option of saiJ mcxtgagee, as fuNy anJ completFly a+
if all of the said sums of money v~cre originafly stipulated to be paid on such Jay. anything in said note or in this mortgage tu the contrary
notwethstanding: and thereupon or thereafter, at the upuun of said murtgagee. without notice or demarxl. suit at law or in equity. may t+e
proucuted a~ if all moneys secured hereby had matured prior to its institution. The mortgagee may forecluse thic mortg:?ge. ac to ihe
amount so declared due and payabte. and the said premists shall be u~ld to satisfy and pay the same tugether with cosic, expense~. and
allowances. !n case of partia) foreclosure of this mortgage, the mortgaged, premises sh:~ll be wld subject to the continuiog lieo uf this
r mortgage for the amount of the debt not then due arn1 unpaid. In such cace the provision~ of this paragraph may again be availed of
th~reaftu from time to time by the mortgagee.
] l. That the mortgagor w ill give immediate notice by mail tu the mortgagce of any conveyanca transfer, or change of owriership ot
the premises.
12. That no waiver of any covenant herein or of the obligation sctiurcd hereby tihall at any time thereafcer t+e held to tx a w•aiver of
the terms hereof or of the note secureJ hereby. ~
soc~c2~~ fbr~-~.~ Boo~~ ~ ~
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