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HomeMy WebLinkAbout2232 2. That. in order more f ally to /rp~tleeurity'b~s~~partsage. the mony~or. together with. and ie a0ditia+ to. the monthly payments under the terms of the note sec hgre? op)lie lint di~j~ell~ntonth until the said ode is fully paid. will pay to the mortaagtti the tolbw• f}_ trtg wms: ' la) An amount wlficient tp+wvede the holder hared with funds to pay the next mortpge inwrance ptemiurtt ii This inslruasenl std the note secured hereby ue inwred. a a monthly charge tin lieu d a tnortgtge inwrance premium! it they ue held by the Secretuy d Housietg seed Utbsn 1]evebpment as tolbws: ' III If and so bug as said note d even dale and this instrument are insured a are rcinwred under Ilse provrsions of the National Housing Act, an amount w~icicnt Io sccumulate in the hands of the holder one 111 montA prior to its due date the annual mort- gsge inwrance premium. in order to provide such holder witb funds to pay wch premium to Iht Secretary d Housing sod Urban pevebpment punuant b the National Housing Act. u amended. and applicable Regulations thereunder: a 1111 If and so brtg as said nee d even date and this instrument ue held by the Secretary d Housing and UtbaalQetrebpment. a monthly chuge tin lieu d a mortpge inwrance premium! which shall be in an amount equal toone-twelfth 11112! done-halt . l 1121 per centum d the averse outstanding balance due on the nose computed without taking into account deGagttencies a prepayments: lb) A wm equal to the ground rents. if any, next due. plus the premiums That will next become due and payable an policies d fare and other hoard inwrance Covlrits?J~'n~ed property. Plus taxes and usessments next due on the mortgaged property fall as esti- mated by the tnortgageel leis all wms al'rcady paid thereto divided by the number d months to. elapse before one month prior to the date when wch ground rents. premiums. fazes. and assessments will become delinquent. such wms to be held by metytgee intrust to pay said `round rents. premiums. taxes. and special assessments; and lcl All payments rttentioned in the two precedent wtnections d this paragraph and all payments to be msde under the note secured here- byshall be added together and the aggregate amount thereof shall be paid by the metgage esch month in a sirtale payment to be ap- plied by the monattgee to the tolbwing items in the order set forth: 11l ~ premium chuges under the contract d inwrattee with the Sccrctuy d Housing and Urban Development. or monthly chugs (in lieu d mortgage inwrance premium). as the case may be: 1111 around rents, taxes, asxssments. 5re. artd other hazed inwrance premiums: 1111 interest on the note secured hereby: and IIV1 amortitalion d the principal of seed note. Any deficiency in the amount d wch aggregate monthly payment shall. unless made Good by the mortgagor prior to the due date d the next wch payment. constitute an event d detauN under this metaage. The mortgagee may collect a "late charge"got to exceed bor cents l4d for ;y each dollar ISI1 d esch payment more than fifteen I IS) days in arrean to cover the extra expense involved in hmtdGrtg delietgttent payments. i. That if the total of the payments made by the mortgaaa under tb1 d paragraph 2 preceding shall exceed the amount d the payments s sctually made by the mongaate. for ground rents. taxes and assessments and inwrance premiums; as the case may be. wch excess it flee loan is r•nrrent, at eke option of the mortgagor. ghat!, be credited on sabsegrent payments to be made br de mortgagor. or refanded to eke mortgagor. lf. however. eke monthly payments made by eke mortgagor ender fa) of paragrapk Y preceding skall got be srfGcieat to pay ground rents, foxes and assessments gad iasorance premiums, as eke case mar be. wken eke same skall become dye gad par- able, then eke mortgagor shall pay to the mortgagee any amount necessary to make rap eke deficiency, w a before the date when 1 payment of such ground teats. taxes, asscasments, or insurance premiums shall be dpe. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note scented hereby. full payment of the entire indebtedness repteseat- ed thereby, the mortgagee shall, is competing the amount of such indebtedness. credit to eke aecoaat of eke mortgagor all parmeata made under eke provisions of of paragraph 2 hereof which the mortgagee leas got become obligated to par to the Secretary of housing and Urban Ucvelopmeat and gar balance remaining in eke lands accmm~lated ruder eke proviaions of tor) of aged paragraph 2. It there shall be a default ender asy of the provisions of skis mortgage. rearlting is a public sale of eke premises covered hereby, or it the mortgagee acquires the property otherwise alter defaalt, the mortgagee skall apply. eke eke time of eke commenoemeat of such proceedings or at the time the property is otherwise acquired. the balance tken remaiaiag ie eke irrds accumulated wader te) of paragraph 2 preceding as a credit against the amount of principal tkea remaining unpaid Hader said note and shall properly adjust any payments which shall Gave Lemma made radar ta) of said pararuapb. s 4. Thal Ire will pay all taxes. assessments. water rates. and abet Governmental or municipal charges. Hues. a impositions. for which pro- visisvn ha. not been made hereinhetore. and in default thereof the murtgyzee may pay the same: and that Ire will promptly deliver the official receipt. therefor to the mortgagee. That he will permit. commit. or wHer no waste. impairment. a deterioration of said properly ur any part thereof: and in the event d the failure of the mortgagor Ia keep the buildings on said premises and thou to tx erected on said premises. a improvements thereon. in Good re- pair. the mortgagee may make wch repairs as in its discretion it may deem necessary for the proper preurvation thereot.:uxl.the lull amount of each and every wch payment shall be immediately due and payable. and shell tx secured by the lien d this mortgaGe. 6. That lie will pay all and singular the costs, charges. and expenses. including reasonable lawyer's tees. and costs of aburacts of title. in- curred or paid at any time by the mortgagee becauu of the failure on the pan of the mortgagor promptly and fu0y to perform the agreements and covenants of said promisse4ry role and this monGage_ and said costs. charges. and expenses shall he immediately due and payable and shah tx ucured by the lien of this mortgage. 7. That he will keep the improvements now.existinG or hereafter erected on 1hC mortGaGed property inwred as may tat required from time Io time by the mortgagee against bcs by fire and other hazards. cawallies. and cuntinpencies in such amounts and for such perigee as may tat required by mortgagee. and will pay promptly. when Jue. any premiums on wch inwrence for payment d which provision eras nd lveen made hereinbefore. AId inwrance shall tx carried in companies approved by mortgageernd the policies and renewals thereof shall tat held by monGa- Gee and have attached thereto loss payable deuces in favor of and inform aeceptabk to the mongeget. In even) of bss tic veil! give immediate noti:e by mail to mortgagee. and mortgagee may make pnvof of bss it nd made promptly by mortgage. and each inwrance company con- cerned is hereby authorized and directed to make paymem for such bss directly to mongagte instead of to mortgage and mortgagee jointly. and the insurance proceeds. or any pan tlxreof. may tx applied by mortgagee at its option either to the reduction d the indebtedness hereby I secured or to the restoration sx repair of the property damaged. In event of forecbeure d this mortgage a other tnnsfEr of title to the mort- gaged properly in extinguishment of the indebtedness secured hereby. all nGht. leek. and interest of the mortgagor in and to any insurance poli- cies Ihen in force shall pass to the purchaur or grantee. i Thal if the premises. a any part thereof. tx condemned under any power of eminent domain. a acquired for a public use. the damages. proceeds, and the consideration far wch acquisition. to the extent of the full amount of irtdebtedttEss upon this Mortgage. and the Note secured ' hereby remaining unpaid. are hereby acsiGned by eht Mortgagor to the Mortgagee and shall bt paid tonhwith to the Mortgagee to be appiden! by it on account of the indebtenexs ucured hereby. whether due a not. 9. Thal the mongegtt may. at any time pendinG a wit upon this mortgage. apply to the coon having jurisdiction thereof to the appant- ment of a «ceiver. and wch coup shall tonhwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. profits. issues. and revenues from whatever source derived. each and every of which. it being expresdy understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum chuxs hereof. and wch receiver shall have all the broad and ettective functions and powers in anywise entrusted by a coup to a ieceiver. and such appointment shall be made by wch coup as an admitted equity and a matter of ahwlute right to said mortgagee. and without reference to the adequxy a inadequacy d the value of the property mort- f gage) or to the wlvency w inwlvency of s:iiJ mongrgor or the defendants. and shat wch rents. profits. income. issues. and revenues shall be applied by wch receiver acceding to the lien of this mortgage and the practice of such coup. In the event of any detauh on the pan d the mort- gagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount a1 kart , equivalent 10 one-twelfth t 11121 d the aggregate of the twelve monthly installments payable in the then cantor year plus the actual amoum d the annual taxes. asxscmenls. water rates. and inwrance premiums for wch year not covered by the aforesaid monthly payment's. 10. That l al in the event of any breach of this mongagt a default on the pan d flit mortgagor. a I b) in the event that any d said wms of a money herein retened to bt nd promptly and fully paid without demand or novice. a Ice in tlx event that each and every the uipugtions. ~ agreements. conditionx. and covenants of wed note and this mortgage. ut not duty. promptly. and fully performed: then in either a any such event. the said aggregate sum mentioned in wed note then remaining unpaid. with intutst accrued to that time. and all moneys secured hereby. ; shall tvecome due and payable forthwith. a thereafter. at the option d said mortgagee. as fuNy and completely u if all d the said wms dmo~- i ey were originally stipulated to be paid on wch day. anything in said note a in this mortgage to the contrary notwithstandiria: and thereupon e thereafter. at the option of said mortgagee. without ratite a demand. wit al taw a in equity. may be prosecuted as if all moneys secured here- by had matured prior to its institution. The metgagee may forecbse this mortgage. as to the amoum so declared due and payable. and the said premises shall be sold to wtisfy and pay the same together with costs. expenses. and albwantes. In ase of partial toreclowrc d this mongaat. ,r~, the mortgaged premsxs shall be sold wbject to the continuing Gen d this mongagele the amount d the debt rat then dot and unpaid. In such case the provisions d this paragnph.may again tx availed of thereafter from tune to time by the mortgagee. f , Boor rAC~2~~ ~ _ _