HomeMy WebLinkAbout0022 2. That, in ocder more luliy to pro~ect the sctiuri~y u( Ihis mun~a~e. lAe mu~t~or. t~elhtr wilh. and i~ vdJitiun to, the, ~nt~ly paymcni~ "
unJer the terms ol Ihe note cecureJ Aereby, on ~Ae fi~si Jay d e~?ch momh until Ux snid note i~ fully p:~id, will pay to Ihe mM~ III< <QIIUW
inQ ~ums: •
!a) An amount wd'icitnt to provide Ihe hoWer Aereot with tunds Iu pay IAe neXt mon~e inw~ance p~cmium ii this imtrume~t ~J the
nae secured heteby are insured. o~ s monthly rhuge (in fieu ot a murt~e insuraoce premium) it iAey are held by tAe Sccretary of
Housin~ and Urr ~ Oew'aome~t u tolbws:
111 It and • wte ot eveo dale aod this instrumenl Yre insurcd or are reinsutcd unde~ Ihe provisions of the Nutional
Nausi•,~ • - ~ wlGcient to accumutatc in the hsnds of the holder one (11 month priw tu it: due date ~he ~nnual mun-
~e inw.. .n. in ader to ptovide wch holder with [unds to pay such p~emium to the Secrctary ot Housing and
Urban Developm.. . punuant to the Nata ~lousin~ /1ct. as amended. and applicabk ReYulations theceunJtr; or
(Ip It and w bn~ as said nWe ot eve~ date a~~his instrumcnt ue hetd by the Secreta~y of Housing and Urb.n ikoelopment. a
' munthly chuse (in lieu ot a monga~e insu~~nce premium) which shall be in an amount cqua! Io one-twclt~h 11/12) of onc-halt
t 1/21 per centum ot the avera~e outstanding bslance due on the note computcd witMwi ~aking i~to sccount delioquenciec or
P~~wr~nc:;
(b) A sum eQual to the ~rouml ronts, i( any, next due, plus tht premiums that will next become Jue and payabk un policicc ot fire aod
other huud inwrance corerin~ the mort~ed propeny, plus uzes snd assessmenls nezt due on the mo~tga~ed property (all as es~i-
mated by the mortYagee) kss all sums alresdy paid thereto~ divided by the number ot monlhs to clapse.betore one month prior tu the
date wAen such ground rents, premiums, aaes, and asussments will become delinquent. auch wms to be held by mortgagee iri truzt
to pay uid ground re~ts, premiums, nxes, and special asussments: and
tcl Al! payments mentioned in the two precedin~ subsections of this paragr.~ph and all payments to be made under the note secured here-
by shall tx added togethe~ and the aggrtgate amount thereot shall be paid by ~he mortgagor each month in a cingk payment to Ae ap-
plied by the mon~ee to the tollowina items in the order set tonh: •
(4 premium charges ander Ihe coatnct ot insurontt with Ihe Secreluy at Housing and Urban Developmenl, cx monthly chardr
(in lieu ot mortg~e inwance premium), as Ihe case may be;
111) ground ~ents, taxes, asussments. 6re, and other hazud insurance premiums;
(III intcrest o~ tlx note securod hereby: and
(!V) unonization of ~he principal ot ssid nae. ~
Any de6ciency in the amount ot wch sggtegate monthly psyment shall, unkss made good by the mongagor prior to tho due date of the neat ~
wch payment. constitute an event of detauh under this mongage.'Il~e mortgagee may collect a"late chuge"not b e~ceed four oents (4~l (w
eacA dotlar (SI? of tach payment more than 6fteen (!S) days in ureirs to covcr the extn expenu involved in handliqg delinqutnt payments. +
3. 'il~at if the total of ~he payments made by the mongagor under (b) of pangraph 2 preceding shall cxcced Ihe amount ot the paymemc
xtually made by the mongagee, for g~ound rcnts, taxes and asxssments and inwnnce premiums: as the case may be, such etcoss I( the loan is
current, at t6e optioa o( the mortgagor. ahall, be credited on aobseqoent paymenta to be mede by the mott~agor. or refunded to tLe
mortg~gor. [f. bowerer. the moathly Psrmeats made by tbe mor~gaaor onder (e) ol pan~aph 2 preceding s6a11 not be anificien~ to
pay around reote. ta:ee aad assessments end insareace premiuma, aa the case may be, v~rhea the same a6a11 become due aad pay-
able. then the mortgagor shali pay to the mortgagee any asount necessery to oake op the de(iciency. on or before the date when
payment oI soch gronnd renta. ta=es. asaessments. or iuanrance premiums e6e11 be drte. If et any time the mortaagor s6a11 tender
to the mottgagee ia accordance with t6e provlsions of tbe note aecored 6ereby, tall payment oI the eatire indebtednesa represent-
ed t6ereby. the mortgagee shall. in computing the amount oi soc6 indebtedness. credit to t6e aceuaat of tbe mott6agor all payment~
made under ehe proviaiona o( ot paragraph 2 hereof whic6 the mon6agee has not become obligated to pay to the Secret~;,~t of
Housing wd Urban Deveiopment end any balance rema~aing in t6e (nads accamdated onder the proviaions oi (e) o[ said
paragraph 2. 1! there sball be s detault aader any oi the pwviaeons of this mort~6e. reealtin6 ib a poblic sale ot t6e oreniaes
covered hereby, or it t6e mortgagee acqoirea the property otherwise a[ter deiault, t6e mortgaRee s6a11 apply, the the time o[ the
commenccment oi sach proceedings or at t6e time the property is otherwise acquited, tne balence then remeining in t6e ~aads
accamalated nnder (b) ot paragrapti 2 preced'eog as a credit against tbe amonnt of principal then remaining unpaid nnder said note
aed a6a11 properly edjost any paymenta ~rhich shall Save been made uader o( said pareqrapA.
4. 'fhat he will pay all taxes, assessments, water ntes. and olhcr governmental or municipal charges. fines. or impositions, for w•hich pro-
vision has not heen madc htreinbefore, and in defauft thereof tF~e mun~agee may pay the same: anJ that he xiU prompdy dcli~•er the officiat
receipts therefor to ~he mortgagee.
S. That he will permit. commit, or wfter no waste, impairment. or detenoration ot said property or any pari thereot: a~x1 in the event ot the
tailure ot tlx mortgagor to keep the buiWings on said premises and those to be erectal un said premises, or improvements thereon, in Rood re-
pair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper prexrvation therrof. and the tull amount uf
each and every wch p~yment shall be immediately due and payabk. and shall be secured by the lien of this morigage.
6• That he will paY all and singular the costs, chsrges, and expenses, including reasonabk lawyer's tees, and costs ot abstncts of title. in-
curted or paid at any time by the mortgagee because ot the failure on the part of tlx mortgagor promptly and fuUy to perform the agrcements
and covenants of said promissory nWe and lhis mortgage. and said costs, charges, and e;penus shall be immediately due and payabk and shall
be secured by the lien of this mong,age. . ~
7. That he will ktep the ~mprovements now existing or hereatter erected on the mortgaged property insurcd as may be required (rom time
to time by the mortgagee against bss by firc and olher hazards. casualties, and contingencies in such amounts and tor soch periods as may he -
rcquired by mortpaget. and will pay promptly. when due. any premiums on wch insurance tor payment oi which provision has not been made
hereiobetore. All insurance shall be catried io companies approved by mortgagte and the policies and renewals thereuf shall be held by mortpa-
ges and have attached thereto loss payabk ciauxs in tavor of and in (orm xceptabk to the mongagee. In event of bss he will give immediate
notice by mail to mortgagee, and mortgagee may make proof of bss it nW made promptly by mortgagor, and each inwrance company con-
cerncd is hereby authoriud and directed to make payment tor such bss directly to mongagee instead ot to mortgagor and mongagce jointly.
and the inwrance procceds, or any part thereof, may Fx applied by mortgagee at its option tither to the reduction of the indebtedness hereby
xecured or to the restoration or repa"v ot the property damaged. In event of forecbsure of this mortgage o~ other transfer of titk to the mort-
gagevi property in eatinguishment o! tbe indebtedness secured hereby. all right. titk. and interest of the mongagor in and to any insurance poli-
cies then in force shall pass to the purchaser or ¢nnice. ~
8. That it the premius, or any pan theteof. be condemned under any power of eminent domain, or acquired tor a put?lic ux_ the damages.
proceeds. and the consideratio!i (or such xquisition, to the extent o( the tutl amount ot indebtedness upon this Morigage. and the tVde secured
hereby remaining uepaid. aie hereby usig~ed by Ihe Mortgagor to the Mortgagee and shall be paid forthwith ~o the Mortgagee to be applied by
it on xcount of the indebteoess secured hereby, whethet due or not.
9. That tlx mortgagtt may, at any time pending a wit upon this mortgage, apply to the court having jurisdiction thereot for ~he appoint-
ment of a receiver. and such coun shaH forthwith appoint a receiver ol tht premius covered hereby all and singular. incfuding all and singular
~Me incume_ profits, issues. and revenues from wAatover source derived. exh and every o( which. it being expressly understood, is hereby
mortg•rged as it specifically set forth and described in the granting and habendum clauus hereo(_ and such receiver shall have all the broad and
eHective functions and powers in anywise entrusted by a coun to a receive~. and such appoinlment shall be made by xuch coun as an~admitted
equity aod a mstter of absolute right to saed mortgager, and without reference to the adtquacy or inadequxy of tix value of the propenv mor~-
gageS ur to tix .ulvency or insolvericy ot said mortgagor or the defendants_ anJ that wch rents, profits. income. iswes. and revenues shall Ix
applied by such rectiver accordieg to the lieo of this mortgage and the practice of wch court. In the event of any default on the part ot the mort-
gas.x hertunder, the mortgagor ag~ees to pay to 11x mortgagee on demand as a reasonabk monthly rental tor tbe premises an amount at kast
equivalertt to one-twelflh 11/12) of the agg?egate of 1be twelve monthly installments payabk in the then cuRent year plus the actual amount oi
the annual taxes, a~aessmenta. water rates. and inwrance prem~~~ms for such year not covcrcd by the aforesaid monthly payments.
10. That la) in the event of any brexh o( this mongage or default on Ihe pan ot tF~e mortgagor. or 1 b) in the event that any of said sums of
money t~erein reterred to be nd promptly and (utfy paid without demand or notice, or (c) in ~Ae event that tach and every the stipulations.
agreements. conditions. and covenants o( said note and this mortgage. are not duly. promptly. and fully pertormed; then in either or any such ~
event, the said aggegate sum mentwned in said note then remainins unpaid. with interest accrued ta Ihat time. and all moneys secured hereby.
shall become due and payabk torthwith. or Ihereafter. at the optian of uid mo~tgsgee, as fully and completely as if alt of the said sums of mon-
ey vrere originaity stipulated to be paid on wch day. anythertg in said note or in this mortgage to tbe contrary notwilhstanding. and thereupon or
thereatter. at tf~e oplion ot s~id morlgagee. without notice or demand, wi~ at law or in equity. may be prosecuted as if a11 moneys secured herc-
by had r.~atured ptior to its insli~ution. The mongagte may torecbst this mongage. as to Ihe amounl so declared due and payabk. and Ihe said
premises shall be sold to satisfy and pay Ihe same togtther withcuf[~ ex(1ens~s. and altowances. (n case of panial forecbsurt oI this mortgage.
the mortgased premises shall be sold subject to Ihe continuir~ titn of tAis mortgage for Ihe amount ot the debi not then due and urtpaid.ln such
case the provisioos ot this piragraph may again be avaikd ot therea(ter from time to lime by the mortgagee.
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