HomeMy WebLinkAbout0370 2. Thut, in uNrr mure lully tu prutcct the ~ecurity uf thi~ mur~~aYe, the munYagur, t.qtr~hcr w~th. and in :~Jdhiun tu. Ibr munthl~ p.~~ mrm :
u~xtrr the ~erm. uf ~he n~ur ucureJ hercQy. an ~Ae fir.~ Jay rach munth until IAe ~aiJ nutr i~ (ully paiJ, will pay 1u ~he murtgagrr thc tol~uw -
ing .ums:
lal An umuunt sulficicn~ to ruviJe ~Ae hoWrr hereut w i~h (und+ tu 4
D pay the ne~1 mvrlgage in.urancr premium if Ihi~ imt~umrnt .~ni! tFec N'
owe ucureJ hereby rre inwreJ. ur s munihly cfwrge 1io lieu uf a murtyage in,urance premiuml i( ~hey are hcW by thc Srcrrtar~ u(
HousinY and Urban Develapmcnt as folluws: •
(11 It a~xi w lon~ as saiJ nWe o( rven date aod this in.~rument are insureJ or arc rel'6surc~l urnkr ~he pruvi~ian. af ~he N.~tiun:J
H~wsing Act, an amount sufTicient tu accumula~e in the hands ut the hal~er unr 1!1 munth priut 1u et~ Jue Ja~r thc annu:J mu~t-
gage insurance premium, in order tu proviJe cuch hulJer with (wxls to pay iucA prcmium lo Ihe Secrciary of N~w+ing auJ
Urban Development pursuaot ta the Natianat Hcwsin~ Act, as amenJed. a~d applicubk Regulatiuns thereunder, ar
lll) It enJ so lung as said nwe of even date anJ ~his in~trument are heW by the Secrcl~~y uf H~w.ing anJ Urban ikvetupment, n 1,;
muMhly charge (in iieu ot a mortgxge in+ur~nce premium) whirh shall t+e in ao amuunt equ:?1 tu one-lwel(~h l l/l'1 of une-h~li
111:) per eenWm ot tht avetage outs~a~ding hal•rnce Jue un tAe note compuled withiwt takieg i~tu accuunt Jalin~ueacie. or •
prcpaymenls;
lb) A sum equal to the ground rents, if any, next due, ptus the premiums tlwt will neat becume Jue ~rn! payaAk on pnlicie~ of fire and
Wher hatud inwranct covsrin~ the morlgagea propeny. plus taxes and assessments next due o~ the mu~tKaged pruperty lall a~ esti-
ma~ed by the mottgagee) kss al) sums already paid therefor divided by the number of monthx to el~pse txforc one munth prior to Ihe
Jate wAen such ground rents. premiums, tazes, and assessments w~ill become delinyuent. such sums to t,e held by mo~tgagce in tru~t
to pay said ground rents, premiums, tazrs, and specid assessments; and •
!c) AN payments mentioned in the two prcceding wbsections ot this ~r-egtaph and all paymcnts tu t+e made undc~ the note +ecurrd here-
by shall be added together and the aggregate amount thercot xhall t+e paid by the mortg:?gur earh month in s singk pay mrnl tu i+~ ap-
plied by the mort~ee to the tolbwing items in the order xt fonh:
f4 premium ehuges under the coaract ot insurancr with tlx Secrctary ot H~x~.ing and Urb:~n Devdupment, ur munlhly chrrgr
(in lieu ot mongage inwrance premium), as tAe case may be:
(11) ground ronts, taxes, usessments, fire, and other hazard inwrance premiums;
111! interest on the note xcured hereby: and
q V> amortizatan ot the principa) ot said nae.
Any deficiency in the amount ot such aggrcgate monthly payment sAall. unless made goal by 1ht mortg•agor prior to the due date ot ~he nett
such payment, constitute an event ot de(ault under this mortgage. The mortgagee may colkct a"late charge"aot to ettceed bur ..rats (4t) (or
each doltar (SI) of each payment morc than fifteen ( fS) days in arrcars to cover the exlra expense invdved in handlmg Jelinquent payments.
3_ That if the 1ota1 ot the payments made by the mortg~agur unJer (b) of paragraph 2 preceding shall exceed ~he amuunt o( Ux payments
actually made by the murtgagee, tor ground rents, taxes and assessments end inwrance premiums. as tlx case may hc,, wch e~cesc i( the loan is
curtent, at the option ot the mottgagor, shsll. be credited oa sabaequeut paymeuts to be made by ehe mortgagor, w refunded to the
mortgagor. If. howrever, the monehlr paymenta made by the mortaagor noder (e~ o( paragraph 2 preceding s6a11 not be snfiicient to
pay groand rents, texes and aaseasments and inanrance p~emiums. as t6e caee may be. when the same shall become due and pay-
able, t6en the mottgagor eball pay to t6e martgagee aay amouot necessary to meke up t6e deficieucy, on or before the dete when
payment oE snc6 ground reots. texes. assessmeats. or insuraace premiums sha11 be due. It at any time the mortgagor shall teoder
to the mortgagee in accordance wit6 the provisions of tbe note secured hereby. tull payment oi the entire indebtedness represent-
ed thereby. t6e mottgagee shall. in computing the amount of such indebtedness, credit to the account ot the mortgagor all payments
made under t6e provisious o( ot patagtaph 2 hereoi which the mortgagee hes not become obli6ated to par to the Secretary o(
Houaing and Urban Uevelopment end any balence remainiag in t6e tunds accumulated under the ptovisious ot (b) oi said
paragrapA 2. 1! tLere shall be a delanlt uudet any of the provisions ot this mortgage, resulting in a pnblic saie oi the p~emises
covered hereby, or i( the mortgegee acquires t6e property ot6erwise aiter de(ault, the ~ortgaRee shall apply, the t6e ti~e o( the
commencement of sucL proceedings or at the time the property is ot6erwise acquired, tne balaece tken remaeoing in the funds
acenmulated under ~b) of patagraph ~2 preceding as a credit egainst the amount o( principal then remaining unpaid under seid note
end shall properly adjust any payments which sltall Aave been made nnder (e) o[ said paraqraph. ~
4. 'Il~at tx will pay all raxes. asussments. w•ater rates. and other governmental or municipal ctwrges. hn~s. or impositivns. for which pro-
visioo has not been made hereinbefore. and in default thereut the mungagec may pay the .ame: anJ tAat he will prumptly drli~er thr uffirial
reccipts theretor to the mortgagea
S• That he v?i11 permit. commit. ot sufter no waste, impairment. ur detenoratiun of saiJ property or any pan thereot: anJ in the e~eot ~~f the
failurc ot Ihe mortgagor lo keep the buiMings on said premises and thuse to be erected un said premi,es. or improvemcnt~ thereon. in g.wxi re-
pair. the mortgagee may make wch repain as in its discretion it may drem necessary for the pruper preservatiun thercot. anJ IFx full amuum ot
each and every wch payment shaq be immeJietely due a~n1 payabk. and shall be secured by ttx li~n u( this murt~e_ ~
6_ 'll~at he will pay all and singular the costs, charges, and expcnses, including reasonabk lawyer's (ees. and cost~ of a~~tr•rcts ot title. in-
curted ur paid at any timt by the mortgagee because~uf the failure on the part of the mortgagor prumpNy •rnd tuily to perfurm tAc :+greementc
and covenants of said promissory note and this mortga~te. and said costs_ charges. and expenus shall he immediately due anJ payabk and ~hall
be secured by the lien ot this mortgage.
7• That he will keep the improvemtnts nuw cxisting or hrreafter erectcJ un the mortgageJ pwperty inwrrJ as may 1x rtquireJ from time
to time by the mortgagee a~ainst bss by fire anJ uther ha[arJs. casuatties. and contingencies ia wch amuunt~ and for ~uch perit~J~ a~ may tx
requir~d by mortgaget. and will pay promptly. when Jue. :~ny premiums un wch insurance for payment of v?hich prwicion has not txen made
hereinbeture. All insurar?ce shall be carried in companies approveJ by mon~ee and ihe policie+ anJ renewals thereot chall he helJ by munga-
gee anJ have attacheJ thereto loss payabk cl•ruxs in (avor o( and in (orm acceptabk to ~he mortg:~ee. tn event of lo~c he wiii give immeJiatr .
notice by mail to mortgagee, and mortgagee may make proo/ of foss it not madt promptly by mongagor. and each insurance company con-
cernrJ is bereby authorized and directed to make payment tur such bss directly to mongagee inctead of to mongagor and murtgagee jointly.
anJ the inwrance proceeds, ix any part thereof, may be applicd by mortgagee at its option either to the reductioo ot the indebteJness herebv
xcured or to the restoration or repair of 1he property Jam:?ged. In event of furecbsure ot thiz mortgage or other transfer of titk to the mort-
gaged property in extinguishment ot the +rtdebiedntss stcured Aereby. all right. li1k. and interest of the muttg;?gar in and to any insurance poli-
cies then in force shall pass to the purchaser or ¢rantce.
it. "fhat i( the premises, or any part lhereo(. be conJemned under any po~er of eminent domain. ur acyuired for a public u.e. the damage~.
proceeds. and the consideration for sueh xquisition. !01he extent ot the full amount of inJebtednesc upon this Mortp,~te. and tF.e Note secureJ
!!trcby rEmainin~ u~~raid. are hereby usigned by the Mortg•sgor to tIx Mongaget and shall be paid forthwith to Ihe Mortpagee to be applied by
it on account ot tht indebteness secured hereby. whether due or not. '
9. That Ihe mongagee may, at any time pending a suit upun this murtgage, apply to the court having jurixliction Ihereof (or the •rppoint-
ment of a receiver, and such cuurt shall furthw•ith appuint a receiver of the premises covered hereby a!I and singular. irxluJing all rnd ~ingular
the irrcome, profits. issues. anJ revenues fram whatever source deriv~d. each and every of which. it being expres~ly unJerstoal. iti herehp
mortgaged as if specifically set tonh and describeJ in the granting and habenSum clauses hereof. and cucb receiver shall h:~ve all the bruad and
eHective funetions and powers in anywix entrusted by a cuurt to a receiver. and such appointmcnt shafl be maJe by wch court as an admitteJ
equity and a matter of absotute rigiu to said mortgagee, and withcwt rcterrnce to Ihe aJequaxy nr inadequacv uf ~he v:Juc oF the propertv mor~-
g:~ged or lo tht ,olvency ur inwlvtecy o( said mottg:ueor or the defenJants, and that such rent~, profitc. incume. is.ue~. anJ revenuc. chall t+e
applied hy such rcceiver according to ~he lien ot this murtg:qee and the practice of such court. In the event ot any Jefault on the part ot the mort-
pagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonabk monthly rental for the premities an •rmourtt at kact
equivatent to one-twelfth (!!12) ut ehe aggregatt of the tw•elve munlhly installments payabk in the Ihen current year plus ~he actual amuunt of
the annual tazes. accesxmentc, water rates. and insurance D~em~vms for such year not covered by Ihe atoresaiJ monthly payments. j
10. That (a) in the event ot any breach ut ~his mortleage or default on the part of Ihe morigagor. or 16) in ~he event that any of said sums of
money herein raerred to be not promptly and fuliy paid without demanJ or notice. or (c) in the cvrnt tha~ each anJ every the .Ii~+ulaiions.
agreements. conditions. and covenants ot wid nole and Ihis mongage. are not July, promptly. :md tolly pertormed: then in either or any .ucA
event, the said aggregate xum mentioned in wiJ note then remaieing unpaid, with intuest accrued to that time_ •rnJ all muneys ~ecured hcreby~.
shall become due and payabk for~hwith. or therea(ter. at the option of said mongagee. as fully and cumpletely as if all of the wiJ sums c?f mon-
cy were originally stiputateJ to be paid on wch day. anything in said note or in this mor~gage to !he runtrary nviwithsl •rnding: and thcreu~xm or
lhereafter_ at Ihe option ot said mongagte. without nwice or dematxl. suit at law or in equity, may be proxecWeJ as if all moneys ucureJ here-
by haJ matured prior to its institution. The mortg:~ee may forecbse ihis morlg.~+ge. ac Io the amount w dcclareJ due and payabk. and the wiJ
ptemixs shall tx wW to sa~is(y anJ pay the ~ame togettxr with costs. expenses. and alluwance~. tn case ot partial forecki~urc of this mor~gage.
the mortgaged premixs shaH E+e soW ~ubject to the cuntinuing lien ot ihis mortgage (or It~e amount of the Jebt not Ihe~ due and unpaid. In cuch
case the provisions of thic paragraph may a~ain be avaikd ot thereatter from ~ime to time by the mortgngee.
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