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HomeMy WebLinkAbout2224 t nat. m uroer more tuuy w prwert ttre seventy w ems mortgage. tot tawtgagw. tugctt?er wort. atw to atwrtttrtt w. ttte arontnry p+ytrtents under the terms of the nwe stcureJ hereby. on the first Jay of each muntA until the sail nwe is fully paid. will pay to the munY:?gee the follow - itrg wmt: ia) An amount sufficient to provide the holder hereof with funds to pay the rase) murtY:rge inwrance premium it this instrument anJ the nwe secured hereby are inwred. or a monthly charge (in lieu of a mortgage inwrance premium) it they are held by the Secretary s?f Housing acrd Urban Deveompment as follows: lp It and w long ss said nwe of even date and this instrument are inwred or are reinsured under the provisions ul the National Housing Act, an amount wlTicient to accumulate in the hands ut the huldsr one 111 month pries to its Jut date the annual m~rt- gage inwrance premium, in order to provide such holler with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended. and applicabk Regulations thereunJer: or 1111 It and so lung as said nwe of even Date and this instrument art held by the Secretary ut Housing and Urban Development. a monthly charge (in lieu of a mortgage insurance premium) whis:h shall be in an amount equal to one•twelfth 1111'1 of one-halt 11/21 per centum of the average outstanJing balance due wr the note cumputeJ w•ithuut taking into account Delinquencies or prepayments; lb) A sum equal to the ground rents, it any, next due. plus the premiums that will next become due and payabk ore policies of fire anJ whey hoard inwtance covering the mortgaged property, plus taxes and assessments next Jue on the mortgaged property tall as esti- mated by the mortgagee) kss all sums already paid therefor Divided by the number of months to elapse before one month prior to the late when srnh ground rents, premiums, taxes, and assessments will become delinquent, such wms to be held by mortgagee in trust " to pay said ground rents, premiums, taxes, and special assessments: and (cl All payments mentioned in the two precediryt wbsections of this paragraph and all payments to be made under the nwe secured here- by shall be added together and the aggregate amount (hereof shall be paid by the mortgagor each month in a single payment to be ap- plied by the mortgagee to the tolbwirrg items in the order set forth: 11) premium charges under the contract of inwrance with the Secretary of Routing and Urban Development, or monthly charge (in lieu of mortgage inwrance premium), as the case may be: (Ip ground rents, taxes, assessment:, foe, and other hazard insurance premiums: (111 interest on the note secured hereby; and _ (IV) amortization of the principal of said note. Any deficiency in the amount of wch aggregate monthly payment shall, unkss made good by the mortgagor prior to the due date of the next wch payment, constitute an event of detauh under this mortgage. The mortgagee may collect a "late charge"not to exceed four rants (4tl fur each dollar ISI) of each payment more than fifteen (IS) days in arrears to cover the extra expense involved in handling delingnent payments. 3. That if the even) of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the payments actually made by the mortgagee, for grounJ rents, taxes and assessments and insurance premiums, as the care may be. such excess if the loan is current, at~the option of the mortgagor, shall. be credited on aabaegnent payments to be made by the mortgagor. or rcfnnded to the mortgagor. It. however. the monthly pay®eets made by the mortgagor Hader fs) of paragraph 2 preceding shall not be sufficient to psyground rents, loxes and assessments and insurance"pretbiurrra. as the case may be. when the same shall become due and pay- able. then the mortgagor shall pay to the mortgagee any amount necessary to make up the de[icieacy. on or before the date when .payment o[ such ground rents. lazes, assessments, a insatance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby. fall payment of the entire indebtedness represent- ed thereby. the mortgagee shall, in compnteg the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of fa) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development end any balance remaining in the funds accumulated under the provisions of ta) of said paragraph If there shall be a de[aalt Hader any of the provisions of this mortgage, resulting in a public sale of the premises covered hereby, or i! the mortgagee acquires the property otherwise surer default, the mortgagee shall apply, the the time of the commencement of such proceedings or at the time the property is otherwise acquired. eras balance then remaining in the (ands acemm~lated ender (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall Gave been made ender f~) of said paragraph. 4. "terse he will pay all taxes. assessments, water rates.'and other governmental or municipal charges. hoes- or impositions. far which pro- vision has not been made hereinbefore. anD in Default thereof the mortgagee may pay the same: and that ht will promptly Deliver the official receipts therefor to the mortgagee. 5" That he will permit, commit. or sutler no waste, impairment. or deterruration of said property or any pan thereof: anJ in the event of the / failure of the mortgagor to keep the buildings on said premises anJ those to be erected on said premises, or improvements thereon. in gu<>J re- pair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. anJ the full amount ut each and every such payment shall be immediately due and payabk. and shall be secureD by the lien of this mortgage. 6. That he will pay all and singular the costs, chuges, and expenses, including reasonabk lawyer's fees, and coctc of abstracts of titk. in- curred or pail at any time by the mortgagee because of the failure un the pan of the mortgagor pru~nptly and fully to perform the agreements and covenants of said promissory nwe and this mortgage. and said torts. charges, and expenux that) t?e immediately Due anD payabk anD shall " be secured by the lien of this mortgage. 7. 'prat he will keep the improvements now existing or hereafter erected on the mortgagcJ property imureJ as may be requireD from time to time by the mortgagee against bss by fire anD other hazards. cawaltiet. and contingencies in such amounh anD for wch periuJt as may be j required by mortgagee. and will pay promptly, when Due. any premiums un wch insurance for payment of which provision hat raw been male hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies anJ renewals thereof shall be held by mortgr- gee anJ have attached thereto loss payabk clauses in favor of and in form acceptabk to the mortgagee. In event of lost he will give immediate novice by mail to mortgagee, acrd mortgagee may make proof of loss if raw made promptly.by mortgagor. and each insurance company con- i earned is hereby authorized and directed to make payment for such bss directly to mortgagee instead of to mortgagor and mortgagee jointly. anD the inwrance proceeds. or any pan thereof, may he applied by mortgagee at its option either to the reduction of the indebtedness hereby t secured or to the restoration or repair of the property damaged" In event of forecbsure of this mortgage or other transfer of titk to the mo~- gaged property in extinguishment of the indebtedness secured hereby, all right, titk. and interest of the mortgagor in and to any insurance poli- cies then in force shall pass to the purchaser or grantee. ' g. That it the premises. or any pan thereof. be condemned under any power of eminem Domain. or acyuircD for a public use. the damages, } proceeds. and the consideration for such acquisition. to the extent of the full amount of indebtedness upon this Mortgage. and the Nwe secured hereby remaining unpaid. are hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgagee to be applied by it on account of the indebteness secured hereby. whether drre or nut. " 9. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the coup having jurisdiction thereof tot the appoint- ment of areceiver, and such court shall forthwith appoint a receiver of the premixes covered hereby all and singular. including all and singular r the income. profits. issues. and revenues from whatever wurce derived. each and every of which, it being expressly understood. it hereby j mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall h:?ve all the broad and effective functions and powers in anywise entrusted by a coon to a receiver. and such appointment shall be made by xuch court as an admitted equity anD a matter of abwlute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the property morr- gageJ or to the .olvency or insolvency of said mortgagor or the detenDants. and that such rents, profitx. income. ixtues. anD revenues shall be applied Fy wch receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the pan of the mort- gagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reawnabk monthly rental for the premises an amount at kast equivalent to one-twelfth (1!121 of the aggregate of the twelve monthly installments payabk in the then current year plus the actual amount of s the annual taxes. accettmenrc. water rates, and inwrance prem~~tms for such year raw covered by the aforesaid monthly payments. 10" That (a) in the event of any breach of this mortgage or Default on the part of the mortgagor. or (b) in the event that any of raid sums of t money herein referred to be rave promptly and fully paid without demand or notice. or Ic) in the event that each and every the xlipulations. agreements, conditions. and covenants of sail nwe and this mortgage. are raw duly. promptly. and fully performed: then in either or any wch event. the snip aggregate sum mentioned in said nwe then remaining unpaid. with intuest accrued to that time. and all moneyx secured hereby. shall hecome duo and payabk forthwith. or thereafter. at the option of said mortgagee. as fully and completely as if all of the said sums of mo~- ey were originally stipulated to be paid on wch Day. anything in said nwe or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option of xaiD mortgagee. without novice or DemanD. wit at law or in equity, may be prosecuted as if all moneys secureD here- a by had matureD prior to its institution. The mortgagee may foreclose this mortgage. ax to the •amounl srr declare) Jue and payabk. and the raid premises shall be xoW to xatixfy and pay the same together with costa. expenses, and allowances. Incase of partial forecbcure of this mortgage. a the mortgaged premises xhall be sold subject to the continuing lien of this mortgage for the amount of the Jebt not then Jue and unpaid. In such case the rovisions of this era ra h ma D D" B P Y again be avaikd of thereafter from time to time by the mortgagee. - ~ 30 zzss gC~,~K 1 r,1;~ i { _ . ~