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HomeMy WebLinkAbout0216 •.i. ~ '1?ut, in wde? mure tuU w rolcc~ the xcurit ot this murt 1` Y P Y ~e. lhe motty,~ur, t~cther MitA. ~i~ in aatJiliun to, lhe monthlY pyymeota urwfrr tAe terms ot tAe twte stcurcd hereby, on tAe firat Jay euh munlA unal tAe u~d ~ate is (uQy paid, wiQ pyy to tbe mu~t~~ee the (ulbw- in` wms: (a) An um~wnt suf6cien! 1o providc the A~Wer hereot wi~h fun.is tu pay the nest mort~e inwrance premium if Ihic imtrument anJ ~he note securcd hueby are iowred, ix a munthly cAu~e (in lieu af a mo~t~t irtw~ance p~emiuml it ihey r~re hekl by Ihe Secatary u( Housir~ and Utban Oevebpment as fullow:: 11) 1t aod so bn~ u uid ~e of even d~te .nJ this insuument ue inwrcd or arc ~einwrni urnlu the provisions uf the Natiunal Housi~ Act, an amount wfficient to a~;cumulate in tbe hanJs ot tbe Aokier une (11 month pri~x ~o its Jue dyte Ihe aonual mun- ~e inwrance premium, io ~xder to p~oviJe such holder with furnls.to pay wch premium to ~he Secretary ot Hausin~ and Urban nevebpment pursuaot tv the tVational Housins Act, as amended. and applicabk Re~ulation~ ~hereunder: or ~ (111 If and so bne as sai~f note ui even date and this ins~rument ue Aeld by tAe Secrotary ot Housing a~d Urban Development, a ~ anonthly char~e (in tieu d a monga~e inwran~e premium) which shall be i~ an aa~ouM equa! to one-twdith i 1112) ot one-half (IR) per ceotum ot the aven~ oulslanJin~ Mdance due on the note computed without lakina into account delinquencies u~ , ~ prcpayments; ' ~ tb) A wm equal to the ~nwnJ rents, it sny, next due, plus tAe ptemiums that will next become due and paysbk on policies ot fire and o1Aet hatard insunnce coverin~ the mortgage~i property, plus tares and asussments next due a? the mortgaged property (a11 as esti- { mated by 1he mortp~ee) kss all sums al~eady paid therc(or divided by the number ot months to elspx beforo one month prior to the date when wch ~round rents, premiums, taxes, and assessments will becane delinquent, wch wm: to be held by mortg:~ee in trusl ; to pay said Qround ~ents, p~emiwns, taxes, an~ specia! asxssments; and (c) Al! payments mentaned in the two preceding wbsections of this paragraph and all payments to be made under the note xcureJ heta by shall be added t~ether anJ the a~re~ale xmount there.~f shall lie paiJ by the mon~agor exh month in a sin~k payment to be ap- plied by the mon~ee to the tolbwirt~ items in the order set tonh: (4 preinium clw~ees u~wler the cootnct ot inwrance with tlx Sccrctary ot Housing anJ Urban Devebpment, or monthly charge ~ (in 6eu ot mort~e inwrance premium), u ~he case may be; Ill) ~cwnd rents, taxes, useuments, fue, and othe~ hazuJ inwrance prcmiums: - (111 inte~est on the nate secured hercby: and qV) amortiution of the principvl ot said nota _ Any deficiency in the amount ot such a~gregate monthly payment shall, unkss made goai by the m~utgagor prior to the Jue date ut the ne~~ wch payment, constitute an event ai detauh under this moN~age. 7he mort~gee may collect a"hte clwrgo" not to exceed two cents (2c? tor each dollar (SI) ot each payment more than fitteen ( IS) days in arrcus to cover the oxtra expense invdved in handling Jelinquent payments. 3. Tlut ii the total ot the payments made by the mortgagor unJer Ib) of paragraph 2 prece~ling shall exceed the amount of the pyyments xtually made by the morigagee, tor ground renls, taxes ar.d asssssments and inwrance premiums, as the case may be. wcA excess ai the up- tion ot the mong~ee, shall, be crcdited on wbsequent payments to be made by the mortgagor, or refunded to the mongagor. 1t, however. the monthly payments made by the mortgagor undet (b) ot paragraph 2 preceding shall nat be sufficient to pay gruurnl rcnts, taxes and assessments and inwrance premiums, as the case may be. when thc same shall become due and payabk. then the mortgagor sha11 pay to Ihe mortgagee any ~ amount necessary to make up the dcficiency, on or be(ore the datc when payment of ~uch ground rents. taxes, asuscments, or inwrance prem- iums shall be due. It at any time the mortgagcx shall tender lo the mo~tgagee in accordance with the provisions ot the note seeured hereby. full ~ F payment ot the entirc indebtednesa represented thereby, the mongaget sball, in computing the amount of such indeb~edness, credit to the ac- ewnt of the mongagot all payments made under the provisions of la) of paragraph 2 he~eof which the mortgagee has not becume obligated tu pay to the Secrctaty ot Housing and Urban Development and any balance remaining in the funds accumulated under the pruvisians ot (bl ot , ~ ~ said puagraph 2. I( there shall be a defauh under any ot the provisions of this mongage, resulting in a pubiiC sale of the premixs covercd here- ~ _ by, or ii the mottgagee acquircs the ptoperty otlxrw~ix after default, the mortgagee shali apply, at the time of ihe commenoement ut such pro- '~eedings or at the time the prope~ty is otherwise acquired, the balance tF~en remaining in the furds accumulated under Ib)o[ paragraph 2 preced- ing u a crcdit agairut the amount ot principal then remainiqg unpaid under said ncKe and stnll proptrly sdjltst myr ~yments which shall have been made under f.~ ot said puagraph. - . ; _ ~ 4. That he will pay all taxes. asscssments. water rates. and other governmental or municipal cNarges, fines, or impo+itiona, for which pro- ~ vision has na been made hereenbeforc. anJ in delault thereof ihe murtgagce may pay the +ame: anJ that he wiii prompUy deli~•er the otTiciai ~ rcceipts there[or to the mongagee. # S. That he will permit, commit, or suHer no wastr. impairment. or deterioration ot said propeny or any part thereof: and in the event of thc ~ tailure af the mortgagor to keep Ine buiWings on said premisex and those to be erected un said premises. or improvemenK thcreoq. in g~w.i re- } pair. the mortgagee may make such rcpairs as in its discretion it may Jetm necessary for tlx proper preurva~ion thereof. artJ the full amount of f each and every such payment shall be immediately due and payabk. and shall be secured by the lien ot lhis mortgaga - 6. That he wi8 pay all and si~gular the costs, charges, and expenxs, including re+sonabk lawyer's fees. and costs of abstracls ot titk, in- ~ curred or paid at any time by tlx morigagee Ixcaux ot the [ailure on tl~e part of the mongagor promptly and fuUy to perform the agreements i and covenants ot said promissory note and thix mortgage, and said costs, chuges, and ezpenses shall be immediately due and payabk and shall be sccurcd by the 6en ot this mortgage. 7. Thai he wiU keep the improvements now existing or hereafter erected on tlie mortgaged propeny. inwred as may be required from time to time by ttx mongagee against bss by fire end other huarJs, casualties. and contingencies in such amoynts and fur .uch periods as may he rcquued by mortgagee, and witl pay promptly, when due, any ptemiums on such inwrancttor payment of which provision has not been madc hereinbefore. All inwrance shall be carrie~l in companies approved by mortgagee and Ihe policies and rc~ewals ihereo( shall be heW bY mon~- gee and have attached thereto loss payabk clauses in favor of and in torm acceptabk to the mongagee. In event of luss he will give immediate s ~ naice by mail to murtgagee, and mortgagee may make proof of bss it not made prompQy by mohgagor, and each insurance company con- ~ cerned is hereby auttwrized and directed fo malce payment tor such bss directly to mortg?gee instead of to mortgagor and mongagee juinUy. ! and tlx inwrencs pructeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebiedaess hereby ~ ; secured or to 1he restontion or repair of the property damagcd_ In event ot forecbsurc of this mortgage or other transfer of titk to the mort- ~ gaged property in exeinguishmcnt of the indebtedncss xcured herchy. all right, titk. and interest of the mortgagor in and to any in~urance poti- E cies then in torce shall pass to tlx purchaxr or grantea f 8. That if the premises, or any part thereof. tx condemned urxler any power of eminent domain. or acquired tor a public use. the damagt+. i proceeJs, and the consideration for such xquisition, to the extent ut the tull amount of indebtniness upon this Mortgage. and the Note secured ~ ~ hereby remaining unpuid. are hereby assigned by tF?e Mortgagor to Ihe Mortgagee and shall be paid torthwith to ~he Mortgagee to be applied by i. ~ it on account ot the indebleness ucured hereby. whether due or not. 9. That the mortgaget may, at any time pending a suit upon this mortgage. apply to the court having jurisdiction Ihereof tor the appoint- ( ment of a receiver. and"such coun shatl forthwith +ppoint a recciver of the premises covercd hereby all and singular_ iectuding all and singu~ar E the income. profits, issues. and reveoues from whatever source derived, each and every of which, it txing ezpressly understood. is hereby ' mongaged as if specifically se[ fonh and descritxd in the granting and habendum clauses hereoi. and such rectiver shall have all ~he broad and ; elTective tunctions and powers in anywise entrusted by a cwrt to a receiver. and such appointmenl shall tx made by wch court as an aJmitted ; equity and a matter of absolute right to said mongagee. and wilhout reference to the adequacy or inadequacy oi the value of the property mort- ; gaged or to the solvency or insolvency of saiJ mortgagor or the defendants, and that such rents. profits, income. icsues. and revenues shalt oe ~ applied by such receiver according lo the tirn of Ihis mortgage and the pnctice of such coutt. In the event of any defauh on the part of the mort- _ ~ p,~gw hereurnkr. tbe mongagor agrees to pay to the mongagee on dcmand as a reasonabk monthly rental for the premises an amount at kast equivalent to one-twelfth (1112) of ihe aggregatt of the twelve monthly installments payabk in the then curtent year plus the actua! amount of , the annual taxes, ascessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) in Ihe event ot any breach of this mortgage or default on the pan ot the mortgagor. or 16) in the event that any ol said sum, of money herein reterred to be not promptly and fully paid without demand or notice, or (c) in the event tha~ each and every the stipulations. ~ agreements, conditions, and covenants ot said nute. and this mongage. are not duly. prompNy, anJ fully performed: then in ei~het o~ any wch event. the said aggegate sum mentaned in +aid note then remaining unpaid. with intutst accrued to that time, and all moneys secure~ hereby. ~ shal! become due and payabk forthwith. or Ihereafler. at 1he oplion of said mortgagee, u tully and complttely as it all ot the said sums ot mon- ey were originally stipulated to be paid on wch day. anything in said note or in this mortgage to the contrary notwithstanding; and tlxreupon or 3 ~ thereafter. at the option ot said mongagee. wi~hout notice or demand. wit at law or in eQuity. may be proucuted as it all moneys xcurcd hcre- ~ ~ by had matured prior to its inslitution. The mongagee may forecbse this mongage. as to Ihe amount so dectarod due and payabk. and the uid ~ ' promixs shall be sold to satis(y and pay the same together w~ith costs. expenses. and allowances. In case ot partial forecbsurc of this mottgage. ~ ~ the mortgaged premixs shall be sold subject to the continuing lien of Ihis mongage for the amount of Ihe debt not then due and unpaid. In such ~ , case the provisions of this puagraph may again be avaikd ot thertafter trom time to time by the mortgagee. i Iwf Msx , a R ` ~}s ~n : • ~ ' ~ BeC!c FAr,E '~16 f ~ ~ t ! ~ sy~ .+~c~~r.+.d. ~ ~cy ' ..ir ° ^~`.F"'~, ~,u~~..v,~'SG ~.Y«~.""mk „'`r "~d' y",x~... -_'~t~~ : . . .,~Y ,E.~e avs. _ ' . . v--r- J`f~~~ .