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HomeMy WebLinkAbout0236 t~ That. in ~xdet mo~e (uUy to p~olect the security of this murt~e, lhe mun~or, toeethe~ wi~h. arnf in :K1di~iun to. Ihc monthly paymem~ ` unde~ the lums of 1he note secured hereby, on tAe fint ~1ay ol each monlh unlil ~he said note is fuUy paid. will pay to the man~ee tAe tollow- in~ wms: (a) An amount wQcienl to provide the hoWet hereo( wjth (unds to pay iAe next mon~e insurance premium it this insuument anJ ~he note secured hereby ue inwrcd, o~ a moo~Aly char~e lin lieu ot a mo~t~e inwrance premium) it they are he{d by the Sccrctary ot Housins and Urb~n Devebpmeet u tolbws: (1) It and w lon~ as uid nde ot even date and this instrument ue inwred or are reinwrod under the provisions ot ~he Na~ional Hwsin~ Act. #n amount sul~icient to accumulate in the hands ot tAe holde~ une (1) month pria to its due dale the annual murt- pse inwrance premium, in order to provide such holder with tunds to pay wch promium to tAe Secrctuy of Nousin~ and Urbsn Devebpment punuant to ~he Nuional Housin~ Act, u amended, and spplicabk Re~ulations theteunJer: o~ (11) It aod so lon~ u said note ot eve~ date and this instrument ue held by the Secrotary ot Housi~ and Urban Development. a monthly chatse (in lieu of a mortya~e insuance premium) which sh~ll be io an amount equal to one-twelfth 111121 oi ot~e-halt (112) per centum ot the averase outstandin~ balance due oo the note computed without taki~ into account delinQuencies o? PnMYtnents: (b) A wm equd to the ~round rents, i[ any, next due. plu: the prcmiums thst will next betome due and payabk on policies ot fire and other hazard insurrnce coverins the mortQaged propeny, plus laxes and assessments nezt due on the mon~ed p~operty (all as es~i- ~ mated by (he monaagee) kss all wms already psid therotor divided by the number ot months to elspse betore one month prior to the date whe~ such ptiwnd reMs, premiums, taxes, and usessmenls will become delinquent. such wms to be held by mongagee io Irust to pay said ~round rents, prcmiums, tazes, and spccial asussments; and (c) All payments mendoned in the two precedina wbsectioas ot this puagnph and:ll payments to be made under the note securcd htre- by sAall be added to~ether and the aggre~ate amoant thereot shall be paid by the mongaeot each month in s singk payment to be ap- ~ plied by the mort~ee to the tolbwina items in ~he order set tonA: (U premium cAuges under the contract of inwrance with the Secretuy ot Housing and Urban Developmeni, or monthly cAarge (in lieu ot mortga~e inwnnce premium), ss 1he case may be: llp ground rents, tanes, usessments, fua and other hazud inwrance premiums: qll interest on the ~wtc secured hereby: and (1~ amori~zstion ot the principal o[ said note. . Any deficiency in the amount ot such a~gregate monthly payment shall, unkss made good by the mongagor prior to the due date o( the nea~ such payment, conuitute an event ot detauh under this mortaage. The mortgagee may collect a'~late charge"aot ~o esceed fonr «nts l4t) (or each dollu (St/ oi esch payment more than fitteen ( I~ days in urears to cover the extra expense invdved in handling delinquent payments. 3. Thu it the total of the payments msde by Ihe mortgagor under (b) ot paragraph 2 preceding shall exceed the amount of the payment~ actually made by the mongagee, for Qround rents, taxes and assessments and inwrance premiums, u the case may be. such eacess it the losn is carrent, at the optioo of tLe mott6agor, ahal:. be credited on aabsequent payments to be made by the mortgsgor. or retnnded to tAe mortga6or. If. 6owe~et, tAe mont6l~r payments made by the mort6egot nnder te) of paragap6 2 preceding ahali not be ao(iicieo~ to pay sronnd ~ents. ta:ea aud asaeasmeats and insarance preminms. aa the case mar be. ~r6eo the asme s6a11 become doe end pay- able. then t6e mort6agor s6e11 pay to the mortgagee any amouut necessary to mske np the de(iciency. oa or belore t6e date w6en payment of anc6 ground renta, ta:es. assessments. or insuraace premiums ahall be dne. If at any time the mongagor s6ap tcnder to t6e mortgagee in accordpnce ~rith the pto~isions oi the note secn~ed 6ereby. [ul{ paymcnt of the entire indebtednesa represent- ed t6eroby. t6e mort~6ee s6a11. in compating the amoant ot snch iadebtednesa. credit to the acconnt of the mortgagor all payments made ander tLe provisiona of ot para~¢ap6 2 hereot w6ic6 the mongagee 6aa not become obli6ated to pay to eLb Secretary o( Houain6 ~nd Urban Developmeat end any balance remaining in thc fnnds accamaleted under t6e proniaions o[ {e) of said parag~ph 2. (f tLere a6e11 be a deianlt ander any of t6e pmvisions oi this mortgrage. resalting in a pablic sale ot the premises covered 6arebp. or it the oortgagee acqaires t6e pwpeny ot6enviae atter defaolt, t6e mort6aRee s6a11 apply. the the tio+e o( the com~eocement o! aacL proeeediaga or at the time the pwpecty is ot6erwise acqnired. tee balaace thea rem~ining ia the Eaads accumulsted ander (s) of paragraph 2 preceding as a credi[ against the amonat oE pcincipd t6e~ remsining nnpaid nndcr said note and ahall pwperl~ adjast eny paymeats ~+r6ich shall have been made ander oi said. para~aph. 4_ '(hu he will oay alt taxes. usessments. water rates. and other governmental or municipal chuges. hnes, or impositions, tor which pro- vision has not been made hereiqbetore, and in detault thereot the mungagee may pay the same: and that he will promptly deliver the otficial receipts thercfor to the mortgagEe. S. That he wiH permit, commit, or wtter no waste, impairment. or deterioration of said propeAy or any part tl~ereof: and in the event of the tailure of the mort~gor to keep the buiWings on said premises and those to be erected ort said premisei. or improvements thereun. in good re- pair, the mortga~ee may make such tepairs as in its discretion it may deem nocessary for the proper preservation thereof. and the tull amount oi each and evcry wch payment shall be immedis~tely due and payabk. and shall b~securod by the lien ot this mongage. - 6_ That he wiU pay all and singulu the costs, charges. and expenses, including rcaso~abk lawyer's tees, and costs of abstracts ot titk. in- curred or paid at any time by the mongagee because of the failure on the part ot the mortgagor promptly and (ully to pertorm the agrcements and covenants of uid promissory note and this mortgage. and said costs, charges, and ezpenses shall be immediately due and payabk and shall be securcd by the (ien of this mortgage. I 7. That he will keep the ~mprovements eaw existina or hereafter erectod on the mortgaged property insured as may be requircd from time ~ to time by the mortgagee agtinst bss by fire and ott~er hazards, cswalties, and contingencies in wch amounts and (or such periods as may bt required by mortgagee. and will pay promptly, when due. any premiums on such inwrantt for payment of which provision has not been made hereinbetore. All inwnnce shall be carried in companies approved by mortgagee and the policies and rcnewals thereot shall be held by mortga- ' gee and have attacbed thercto bss payabk ciauses in tavor of and in Torm acceptabk to the mortgagee. In event ot bss he will give immediate ~ naice by mail to mon~ee. and mortgagee may make proof oi {oss if not made promptly by mortgagor. and each insurance company con- € cerned is hereby wtAorized and directed to make payment for such bss directly to mortgagee instead of to mongagor and mortgagee jointly. ~ and the inwrance proceeds, or any paR thereof, may he applied by mortgagee at its option either to the reduction ot the indebtedness.hereby ~ xcuad or to the restoration or repair ot the property damagcd. In event ot torecbsurc ot this mortgage or other transfer ot titk to the mon- .gaged propetty in eadnguishment of the indebtedness secured hereby, all right, titk. and intercst of the mortgagor in and to any insurance poli- cies then in torce shall pass to the purchaser or ¢rantee. ~ 8. That it the premises. or any part thereoL be condemned under any power of tminent domain, or acquired for a public ose. the damages. proceeds, and the consideration for wch xquisition. to the extent ot the tull amount ot indebtedness upon this Mortgage. and the Nde secured ~ hereby remain~ng unpaid, are hereby assigned by the Mottgagor to the Moctgagee and shall be paid tonhwith to the Mortgagee to be applied by it on xcount of the indebteness secured hereby. whether due or na_ ~ 9. That the mottgagee may, at any time pending a suit upon lhis mortgage. apply to the coutt having jurisdiction thercot tor the appoint- ment of a receiver, and wch court shall torthwith appoint a receiver of the premises covered hereby all and singular. including all and singular ~ the income. profits. issues. and reve~ues from whatever source derived, each and every ot which. it being expressly understood. is hereby mortgaged as if specifically xt forth and described in tlx granting and habendum ciauses hereof, and such receiver shall h•rve all the broad and ~ effective functions and powers in anywiu entruued by a court to a receiver. and such appointment shall be made by such coun as an admitted = equity and a matter ot absolute right to said mortga~gce. and without reference to Ihe adequacy or inadequxy ot the value ot the propertv mon- ~ g~gnl or to the ~Ivency or insolvency of said mortgagor or the defenJants. and that such rents. profits, income. issues, and revenues shall be ~ applied hy such receiver according to the lien of this mortgage and the pnctice ot such court. In the event ot any default on the put of the mort- ~ gasur hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reawnabk monthly rental tor the premises an amount at kast $ equivalent to one-twelfth (1l12) of the aggregate~of the twelvt monthly installments payabk in the then curtent year plus the actual amount ot : ~ the annual tues. acsessmentc. water rates, and inwrance O~em~nms for such year not covered by the aforesaid monihly payments. ; 10. That (a) in the event of any brexh ot this mortgage or default on the part ot the mongagor, or (6) in the event that any ot said sums of ~ money hertin rctetred to be not promptly and (ully paid without demand or notice. or (cl in the event that each and every the stipulations_ ~ ~ agreements, conditions, and covenants of said note aod this mortgage. are not duly, promplly. and fully performed: then in either or any such ; ~ event, the said aggregate sum menlioned io said note then remainir~g unpaid. with interest xcrued to ttwl time. and all moneys secured hereby. ~ shall become due and payabk forthwith. or thereafter, at Ihe option of said mortgagee, as tully and compktely as it all of Ihe said sums of mon- ~ ~ ey were originally uipulated to be paid on wch day. anything in said note ot in this mortgage to the contrary notwitAstanding: and thettupon or ~ ~ thereatter. at Ihe option of said mortgagee. withoul notice ot demand. wit at law or in equity. may be prosecuted as if all moneys secured herc- ~ by had matured prior to its institution• The mortgagee may torecbse this mortgage. as to the amount so declared due and payabk. and the said ~ premises shall be wld to satisty and pay tNe same together with costs. eapenses. and albwances. ln case of partial forecbsure of this mortgage. a ~ the mottgasod premises shall be sold subjecl to the continuing lien ot Ihis mortga~e tor the amount ot the debt not then due and unpaid. ln wch 4 ~ case the provisions ot this paragraph may again be avaikd of ~hereafter trom time ~o time by the mortgagee. i G ~ - ~ ~K 295 ~~E ' ~35 ~ ~ : _ : - - - - - - ~ .~r.~ ~ ~