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HomeMy WebLinkAbout0303 2. Thxt, ie urJe~ m~xs lully 1u prwec~ ~Ae serurily ol this murt~e. ~be monsa~or, t~ethe~ wi1h. +uw! in aJJition w. the munthly p:~yment. umler ~he lerma of the note secured hereby, on the fl~st day d each monlh until tl~ siid note is fuNy p~id. ~iU pay Io ~he ~rt~ce the tulluw- r in~ sums: . ~ . .~i (a) An aieount wlbcieot to provide tAe AoWer hereof with /enJs to pay tAe next mortp~e iawrence premium it this ins~~umen~ and ~Ae ~wte sccured hereby we inwrcd, or a monthly char=e (in beu of s mott~e inwrance premium? if tAey ue held by Ihe Secrcia~y of ~ Housins and U~b~n Developaiset u tolbwi: ' •M lp It and w lo~ as s~~id nols of evee d~te and tAis inurument sro insurcd or ue ~einsurod under the provisions ot lhe N:dionat Housir~ Aet, an uaount wlhcien~ Io accumubte in the Aands ot the holder one ( q month prior to i~s due date the.nnwl mon- " p~e inwnna oremiwa. a~ order to prnvide wch hdder with tunds to pay wcA ~emiun to the Scerc~uy ot Housin~ ~x! Ufian D~webpment punuant to the Nuional Housi~ Act, a ameoded. ~nd applicabk Re~ulatio~s therounder; or ([I) tt snd ip.lpotas~ ~ott~(~.vtn ~at~ ~~1 this insttuAN~t ar4 !~eld by !he Secntary ot Housins and Urban DeveMpment. a i%;~ montl~ly chuse (in litu ot a mort~aje inwtance premium) whicA shall be in an amount equsl to or~e•tweltth (1112) ot one-Aalt ! ~ (1!t) pe~ centum of the aven~ee outuandi~ balance due oe the note canputed witlKwl hkina inW accw~t delinquencies or , otcvaqme~a; ~ ' (bl A w~a oqual to the pound rent:. if any, next due. plw ~be premiums th~t wip nest becone due and payabk o~ policies ot firc and ~ othCr bazard inwrance covcri~ tbe mort~a~ed property. plus tues and asseume~ts.next due o~ tAe mon~ed propeny lall as esti- ~ mated by the mort~qee) ku all wms alresdy paid the~etot divided by the nuaibe~ ot months to elapx betorc one month prior to the ~ date when wch itound rents, ptemiums, wce:, and usessments wiN becoq+e delin~ent. wch wms to be held by mon~ee in trust ~ to pay said pound rcets. premiums. wces, and specisl r~saessments: and ' - ~ (c) All payments a~entionod ie the two precedlog wbsections ot this panpap6 and all payments to bt made under the note secured here- ~ by ahall be added to~ether and the a~grepte amount thenot shall be paid by the mortp6or each month i~ a sin~kk payment to be ap- i plied by the mortp~ee to tbe tolbwin~ itea~s in the order xt tortA: 11) promium ch~rses under the contra~t ot inwrana with the Secretary d Hausing and Urba?n Development, or monthly chugc (in tieu of a~at~,a~e inwranoe poemium), as the case may be: ~ (lp ~round rents, tues. usessments, fae, and aher huud insurancx premiums; { (!1! inte?a! oe the note secured hereby: snd ~ ~ tl~` amo~tization o[ the principa! ot said note. ~ ~ Any deficiency ie the amouM ot wch ag~regate monthly payeient shall, unku made ~ood by tbe mai~ priot to the due date ot the nezt wch p~yment, oonuih~te an event ot defauh under this mortpst. The mang~see euy rnllect a"bte cAarae~~AOt b aceed four oeata (4t) ~or each dopar (Sl) ot esch payment moro tAan fiftee~ ( IS) days in arrean to corer thrextra expense iavdved in handGns delinquent payments. 3. 'I1~at it the tota! ot the payments made by the mort~a~or under (b) ot para~aph 2 prcceding shall exoad the amount ot the payments actwlly made by the monpgee, tor snwnd rcnts, tsxes and uxssments and inwnnoc premiums, u the case may be. seech excess i f t6e loaa is cnn~eat. ~t t6e optioa ot fLa eottp6or, shall. be credJted oa aab~seqae,t ps7s~aats to be made bp t6e vott6asor. or refYnded to tee ; oortaa~or. II. Aowever, t~e sonthly peJnsents made bp the sott~sor uAder [a) of pan~~ph R ptecedi~s ahall not be saEflcieot to ~pay sroand reats. ta:es ~sd asaesamcata and iaaorance prosiams. ws the case ~up bs. «6ea cke same eh.lt becane dne and p.r- ~ able. et~ea t6e sort~agor sball pay to ehe asort6aaee ~ny daount neceasarr to eake ap t~e delieieacy, oa or before ehe date «r6en p+r~eat of saca gooad reats, ta:es. asaesamwts. ot insorance premiooa sAall be due. lf u~ar time the mortgasor ahal) teader to the ~sort6a6ee i~ accord~nce ~vith t6e provis[ons ot the note aecured hecebp. tnll papaeat ot t~e eetire indebtedneas represent-• ~ ed t`ereby. tLe mottgasee shall. In compoting tAe aooaat o~ soch inde6tedaess. etedlt to the ~cconat ot the mort6agor al) pa~nseats ooade oader t6e provieioas of of paragrap6 2 6ereot w6ic~ t6e voctgasese has oot becose obliaatcd to pay to the Secretsry ot ~ 8onsisg and Urb~ Developmeat aad anr bslmce remainina in t6e foads aecnnaluea mder the provlatons of (e) o( said ~ par~gapb 2. It there ahall be a de(~alt nadet aay of the pro~isioos o{ tdis roct~~e. resoltlaE ~ a pnblic sale of tbe premisea co~reted hereby. or i[ the mon~~ee acqa~ree the properqr ot6enrise a[te~ def~rlt. the eortsaRee shall apply. tbe t6e tiwe of ehe ~ com~eaceseut oi sach proceedin6s or at the time the ptoperty is otbenrise acqaired, tae balance tben remainin6 in t6e f~da accnmalated uader (b) o! paearapk 2 preceding as a etedit a6ainst tLe aoooat ot priacipal then remainin6 anpaid nnder ssid note and shall properlp adja~t any payaents ~vhic6 shall have beeu made oader o[ satd paea~¢aph. 4. 'Il~at he will wy al1 rsx~s, assessments. water ntes, and other governmental ot municipal charges, hnes, a impositions, for which pro- vis~on has na 6een made hereinbetort. and 'en default ihereof the mun~a,gee may poy tl~e same: and that he will prompdy dNiver the official receipts theretor to the mongagee. ' S_ That he will permit, commit, or sufter no waste, impairment. or deteriontion of said property or a~y part tFiereof: and in the event ot the tailure of tix mortgaaor to keep the buildings on said premises and [I~ose to be erected on said premiscs, or impmveaitMs tlxreon. in good re- poi~. the mortgstgee may make such repairs ss in its discrction it may acem necessuy tor the proper prexrvation thereof, and the full amount ot ~ each and every such paymertt shal! be immcdiately due and payabk. and shall be securod by the lien ot.this mortgase. 6. That he wiq pay all and siogulir the costs. charges, and expenses, including rcawnabk tawyer's kes, and costs of abstracts of titk. ir~- curred or paid at any time by the mortg,agoe because of the faihirc on the part ot !he mon~ promptly and tuRy to pertorm the agreements and covenants ot said promissory note u~d this mortgage, and said costs, charKs, and expeuses shall be immediately due aod payabk and shall be secured by the licn ot this awrt~,~ge. 7. That be vriU keep tbe uaprovements now existing or he~after erectcd on drc mort~aged propeny i~sured as may be requ'ued from time to time by tt~e mortgagee against lou by fin and other hazuds. casualties. and continaencics-in such amounts and for such periods as may be rcquircd by mortgagee, and wi11 pay promptly. when due, any ptemiums on such inwnnce tor payment ot which provision has oot been made hereinbeforc. All inwrance shall be camed in companies approved by mortgasee and the policies and renewals thercof shatl be hetd by mortga- gee and have attsc(xd ti~ereto bss payabk clauus ia favor of and in form-acceptabk to tAe a+ortgagee. In evsnt of bss he will give immediate r+otice by mai! to mort~a. and mort~aga may malce proof of bss if nat made pmmptly by mort~or, and each inwrance company con- cemed is hereby wthoriud and directed to mak~ payment [or such loss directly to mort~ee instzad of to mortgagor and mortgagee joinNy, and the inwrance proceeds. ot any part thereot, may he applied by inortga~ee at its oplion either to the ~rcduction ot the indebtedness hereby ~ sccurcd or to the rcstoration or rcpair ot the property damaged. In evrnt ot foreclosurc of this mwtgage or other trans[er ot titk to the mort- ga~cd property in extin~uishment o[ the indebtedness securcd hercby. all right, titk, and intereu ot the mottaagor i~ and to any insurance poli- . cies tben in force shall pass to the purchaser or arantee. ' 8. That if the premises. a any pan thereof. be conAemned under any power of eminent domain. or xquired for a public use, the damages. proceeds, and the considerafion for wch acquisitan, to the extent of tlx !uH amount ot indebiodness upon this Mortgage. and the Nwe securcd } hereby rcmaini~ unpaid, arc hercby assigncd by the Matgaga to the Mortgagee and shall be paid forthwith to the Mortgsgee to be applied by 3 it on account of the indebuness ~cuted hereby. whether due or na. ~ 9. That the mortgsgee may, at any time pending a suit upon this man~e, apply to the coert havirtg jurisdiction thereof for the appoint- ~ ment of a receivet, and such court shaU tortbwith appoint a receiver ot the prcmises covered hercby all and singular. including all and singular = the iecome, pro6ts. issues, and revenues trom whatever source derived, each and every ot which, it being expressly understood. is hereby mortgsgod u if specificaily set forth a~sd desc~bed in the granting and habendum clauses hereot, and such receiver shall h:~ve all the broad and effcetive funetions and powen in anywise entrusted by a coutt to a rectiver. and weh appointa~ent shall be made by such court as an admitted ~ epuity and ~ mattu of absolute riaht to said mort~et, and without rcterena to the sdequacy or in~dequacy ot the value ot the propertv mor*- gaged or to the :olvency or insolrency ot said mortgagor or the defendants, u~d that wch rcnts, profits. income. issues. and revenues ~half be ~ applied ~y wch receiver according to the lien o[ this mortgage and tbe practia ot wch court. ln the eve~t of any defauk on the part of tbe e~on- gasor hereunder. thc mort~or agrees to pay to the mortgagee on demand as a reasonabk monthly rcntal for the premiscs an amount at kast equivaknt to one-tweltth ! 1112) of the ag~regate of the twelve monthly insWlmenu payabk in the then current year plus the actual amount ot the amm~l tues, aesessment~. water rates, and insurance prem~nms for such yar na covered by the aforesaiA monthfy payments. - 10. 'Il~at (a) in the event o( any breach of this mortgage or defauK on t6e part of the mortpgor, or (b) in the event that any of said sums of money berein r+eterred to be not promptly and fuqy paid without demand or nwice, or (c) in the event that each and every the stipulations, ~ agreements. conditions. and covenants of said note and this mort~age. ue not duly, promptly, and fudy performed: then in eithe~ or any such ~ event, the said aagegste wm mentioned in said note then romaini~ unpaid. with intercst xcrued to that time. and a{I moneys secured hereby. shall become due snd payaMe [onhwith. or ti~trea(ter. at the option ot said mortp~ee. a~ luqy and canpkttly as if al! of ~he said wms oi mon- ~ ty werc oreginally siipulated to be paid on wch dsy. anything in'said note or in tlm mortpge to the contrary notwithstanding: and thereupon or ~ thereatter. at the option ot said mortp~ee. witFaut notice or demand, wit at law ot in equity, may be prosecuted as if all moneys secured here- f by had matured prior to its institution. 7The mortgagee may farecbse this mortp~e, u to the aatouM w dtclued due and payable. and the said + premises shaU be sofd to satisfy and pay the same together with costs, expe~ses. and albwances. In case ot putisJ torecbsurc of this mortgage. t!x awrtp6ed premises shall be sold wbject to the continuing lien ot 4his~notip~e for the amount of the debt not then due and unpaid. In wch cax the provisions of this parasraph may ~gaio be avaikd of the~attu from tiene to time by the mon~a. ~ ~ ~0"~~67 ~ 34~2 ;~r~ _ i` 4 " ~4 ~r. Y,. ~ - . . _ _ ' _ ' _ . . =w .v " _ ~.~~^-a'waA. 3"'~.~'~SC . 5„ ~ . _ : - _ " .y^~,.v+-~.~%t~F .