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HomeMy WebLinkAbout0720 2. 'Ihat, in utder mure lully tu prulecl 1ht ucurily uf thi? murtY:~ye. lhe murtYa~ot, lu~tlhe~ witb, anJ in aJJ~liun tu. the muothl~ paymentti unJer tAe te~ms ot tAe nwe ~ecutcJ hereby. un the fi~~t Jay ot each munth until Ihe said nwe is fully paiJ. will pay to 1he martg•rgce the (otluw- ~ ing cums: ta) /1n amounl sufl'icienl to pravide the IwlJer Aereo( wilh tund~ 1u pay the next mongage i~surance ptemium if thi. instrynl~t anJ ~he nute xcurtd heroby arc insured. or a munthly charge (in lieu o~ a mortga~e inwrance prcmiumlif they are heW by.the S~cte~ary of Nousin~ and Urban pevelopment as (ollowi: ' t11 If and so lona as said rwte oI even dale and tbis instrument yre inwred or are ~einsurcd undu the provisions of the N:~tiun:,l Housing Act, an amount suflicient to accumulaie in the hands of ~he holder une l11 month prior to its due date Ihe annual mort- ~e inw~ance p~emium, in orde~ to proviJe such holdu with tuods to pay such premium to the Sec~etary of Nousing and Urban Development punuant ta the National Housing Act, as arriended, and appliubk ReYula~ions thereunJer: or lll~ !t and w lonr as said note ot even date ~nd this iostrument are held by the Secrctary ot Houting and Urban Oevelupment, a.~ monthly charge lin lieu ot a mon~e insuance premium) whicA shall !+e in an amount equal to one-twelfth (111?1 of ooe•halt 1112) per centum ot the average outstanding balance due on the nae computed without taking into accuunt delinquenciec ar prepayments; ~ !b) A sum tQual to the gound rents, it any, next due, plus the premiums that will next become dut and payabk oo {wlicirti ut firr and aher hazud insunnce coveriag the mortgagcd propeny. plus uxes and assessments next Jue on the mong.geJ properly fall as esti- mated by the mongagee) kss all wms alrtady paiJ therefa~ divided by tht number ot monlhs to el~pse hefore one month prior to thr date when sucA gound rents, premiums. taxes, and assessments will become delinquent. cuch sums to be held by mortgagee in uuct to pay said grouod re~~ ~emlums, taxe:, and special assessments: and lc) All payments mentioned in the two preceding subxctio~s of this paragnph and all paymtnts to 6e made uneier the note srcured here- by shall tx added tugether and the aggregaie amount thereot shall be paiJ by the mortgagor tach irtonth in a ~inglr {+ay ment to bc ap- plied by the mon$sgee to the (olMwing items in thc order ut tonh: 111 p~emium chuges under the conlract o( inwrance w•ith the Secretuy af Nousing and Urt+an Devtlopmeot, cx monthiy char~;. (in lieu ot mongage insurance p~emiuml, as the case may be; i'l11 ground rents, iaxes, assessments, fm. and other hazard insurance premiums; llll interest o~ the note secured hereby: and (lV) amortization ot the principal of said nota Any deficiency in the amount of such aggegate monthfy payment shall, unkss madt good by the mortgagor prior to the due date ot the ne~?t such payment. constitute an event of detault under this mongage. The mortgagee may collect a"late cAarge"~ a ex~eed bur cents (4~) (or each dollar ~SI) ot each paymont more than 6tteen (15) days in urears to cover the extra expense involved in handling delinqucnt payments. 3. That it tlx total ot the payments made by the mongago~ under (b) ot pa~agnph 2 preceding shall exceed the amount of the payment. actually made by the mortgagee, for ground rents, taxes anJ assessmtnls and insurance premiums, as the case may t+e. such eacess if the loaa is cnrrent, at the option of the mortgagor. shall, be credited on snbsequent payments to be made by the wortgegor. ot refunded to thc mortgagor. It. however. the monthlr payments made by the mortgagor nnder (e) ot paragrap6 2 precediag ahall not be snfticient to pay ground reats. taxes and asseasmenta and iasarance premioms, as the case may be. wheti t6F same s6a11 become dae and pay- abie. then t6e mwt6ago~ shall pay to the mortaagee any amount necessery to meke np t6e deliciency. on or betore t6e dete when payment ot sach gronnd rents. taxes, assessmeots. ar insurance premiums shall be dne. I( at any time the mortgagor ahall tender to the mongagee in accordance wit6 the provisions o[ the note secu~ed hereby. tull parment of t6e entin indebtedness represent- ed thereby, the mottgagee shall, in compoting t4e amount ot sach indebtcdneas, credit to tbe acconnt o{ the mortgagor all payment~ made unde~ the proviaiona o! ot paraaraph 2 hereot w6ic6 the mongagee has not decome obligated to par to the Secretary oi Housiug and Urban Development and apr balance remeiniog in t6e tands accumulated ander the Provisions of (e) o( said ~rasrap6 2. If there s6all be a de(ault under any o[ the provisions o[ t6is mortgage. resnlting ia a pablic sale ot t6e premises covered hereby, or i( the mortgagee acqnires the property othenvise altet detault, t6e mortgaRee sball ayply. t6e the time of the commencemeat o! socb proceedings or at tLe timc the property is ot6erwise acqnired. tne balance then remaining in the foads accumulated ueder {e) of paragreph 2 preceding as a credit against the amouat o[ principal t6en remainipg unpaid uader said note and s6ap properly adjnst any paymeats vnhic6 shall 6ave been made nnder of said panqraph. 4. '(l~at he will oay all razes. assessmerits. water ratrs. and olher government~l or municipal charges, hnes_ or impositions, for which pro- vision has not been made he~einbe(ore. and in default thercat the mongagee may p•ry the same: and that hc Mi~l promptly delivcr the ofTicial rcceipts therefor ta the mongagee. _ S- 71iat he will permit. commit. or sufier no waste. impairment, or detenoration o( said propcrty or any part thereof: and in tF~e e~•cnt of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon. in goai re- pair. the mortgagee may make wch ropain as in iK discretion it may d~em oecessary for the proper preurvation thereoE. and the full amoun~ ot each and evcry wch payment shall be immediately dut and payabk, and shall be securcd by the lien of this mongaga 6. That he will pay all and singutar the costs, charges, and expenses. including reasonabk lawyer's fets, and costs of aburacts of titk. in- curred or paid at any time by the mongagee because ot Ibe failure on the part of the mortgago~ prort~ptly and fully to perform the agrtements and covenants ot said promissory note and this mongage. and said costs, charges, and expcnxs shall be immedialely due and payabk and sha!! be secured by the lien ot this mortgage. . 7_ ThaI he will ktep thc ~mprovements now existingon c~reatter erected on the mortgaged praperly insured as may be requi~ed trom time to time by the mongagee against loss by Bre and other hazards, cacualties, and contingencies in such amounts and for such periods as may tx required by mortgagee. and will pay promptly, when due, any premiums on wch insuranc~ for payment ot which provision has not been made hereinbetore_ All inwrance ihall be carritd in companies approved by mortgagee and the policies and renewals thereof sball be held by mortga- ga and have attxhed ~Ixreto loss payabk clauxs in tavor of and in torm acceptabk to ihe mongagee. In event of bss he will give immediatc nolice by mail to mortgagee, and mortgagee may make proof o( loss it not made promptly by mortgagor, and each insurance compaoy con- cerned is hereby authorized and directed to make payment for such bss directly to mortgagee instead of to mortgagor and mortgagee joinily. and the inwrance p~oceeds. or any part thercof, may he applia! by mortgaget at its option either to the reduction of the indebtednoss hereby secuad or to tlx restoration or repait of the property damaged. In event of torecbsure of this mortgage or otixr transfer of title to the mort- gaged propetty in eatirtguishment of the indebtedness secured hereby, all right, titk, and interest of the mortgagor in and to any insurance po(i- cies then in force shall pass to 1he purchaser or ¢rantee. it. "il~at it the prtmises. or any part thercol. be con~lemned under any power of eminent domain. or acquired for a public ux. the damages. proceeds. and the consideration for such acquisition. to the extent of the full amount ot indebtedneas upon this Mortgage. and the Note secure~ . hereby remaining unpaid. are hereby assigned by the Mortgagor to the Mortgagee and shall be paid torthwi~h to the Mortgagee to bc applied by it on xcount of the indebteness secured heteby. whether due or not. 9. That thc mortgaget may. at any time pcnding a suit upon this mortgage, apply to the coutt having jurisdiction thereof for the appoint- ment ot a receiver, and wch court shall forthwith appoint a receiver of the premises covered hereby all and singular. incluJing all and singular t(x income, profits. issues. and revenues from whatever source derived. each and every of which, it being expressty understood_ is hereby mortgaged as i( specifically ut forih and described in the granting and habendum clauses hereof. and such receiver shall h•rve all the broad and etTective tunctions and powers in anywise entrusted by a courl to a rcceiver. and such appointment shall be made by such coun as an admittcd eQuity and a matter of absolute right to said mortg~gee. and without reference to the adequacy ot inadequacy ot the valuc ot Ihe propertv mor~- gaged or to the .ulvency or insolvtncy of sa~d mortgagor or the defenJants, and that such rents. profits. incume. issues, and revenuts shall be app!ied Fy such receiver according to the iien ot this mortgage and the practice of such coun. In tbe event ot any default on the pan of the moh- gagor hercunder. tt?e mongagor agrees to pay to the mortgagee on demand as a reasonabk monthly rcntal for the premixs an amount at kast equivalent to one-twelfth ( f 112) ot the aggregate of the twelve monthly installments payabk in the then curtent year plus tlx actual amount of the annual taxes, accessmenrc. water rates, and inwrance prem~~ims for such year not covered by the atoresaid monthly payments. _ 10. 71~at (a) in the evcnt of any breach of this mongage or default on the part ot the mortgagor. or 1 b) in the event that any ot said sums of money hercin rcterred to bt not promptly and fully paid w~thout demand or notict. or (c1 in the event 1ha1 each and every the stipulations. agreements. conditions. and cov~nants o( said note and this mortgage. are not duly, promptly, and fully performed: then in either or any such eveot. lhe said aggegate sum mentioned in said note Ihen remaining unpaid. with interest accrued to that time. and all moneys secured hereby. - shall become due and payabk torthwith. or thereaftet. at If~t option ot said mortgagee. u(ully and completely as it all oi the said sums of mon- - ey were ori~nally stipulated to be paid on wch day. anything in said note oc in this mortgage to the contrary nolwithstanding: and thereupon or thereafter. at the option of said mortgagee. without notict or demand. wit at law or in equity. may be prosecutcd as if all moneys secured herc- by had matured prior to its institution. The mortgagee may toreclose lhis mortgagt. u 1o the amount so declared due and payabk. and the said premius sha!! bt sold to satisty and pay the same together with costs. expensts. and allowances. In cast of partial torecbsure of this mortgage. the mortgaged premixs shall be sold subject to the coolinuing lien of this mortgage for the amount of the debt nW then due and unpaid. In wch case the provisions of this paragr.~ph may again be avaikd of tf~ereafter from time to time by the mortgageo. _ ~ ags ~ 709-~