HomeMy WebLinkAbout2589 Tlwl. in txdrr mart fully to protect the +n•uriq• ttf this moHgagt. the murtg.+Kar. tt>,tethet with, attJ in additiwt Iu. the month. t~.tym. nt+ '
under the terms of the n+de secured hereby. on the first d:?y of each month uail the wid note iv (ally paid. will pa) to the muugarr+ +t« fallow
irtg sums: .
la) An amaum +uflis•ienl to pa?side the hokkr hereof w ith fund. k? pay the erect murtyage in+uranrr premium if thi+ in+uumrot :+nd the
note secured hereby are invited. a a monthl> charge tin 6cu of a mortKape inwratKe premium? if the) err held by Ilir Srctctaiy of
N+wsiryt and Urh:tn Ikwcbpmcnl as (olk?wx:
111 if and so bog as wid n+?te of even dale and thi+ in.torment are inured +sr art reimurrd un+kr rhr pn?s i+iun+ of the hi:Ni+~n,d
Housing Act. an amount u+lftcient to :+ccumulate in 11+C Aatxl+ of the holder or?c 1 U month pour to it+due date the annual mnn
ga}~e inwranre premium. in order to prosidt arch holder witA fund. U? pay .etch premium a? the ticcrrtar) of Hwt+i n} .m+l
Ufian llrveMpmem peer+uant Iu the National H+wsing Act. ac;tmended..+nd applicable Regul:diun+thrreurnkr: ar
1111 If and so bt?)t uc .aid n+Ne of even date and thi+ instrument are held by the Secretary +sf Ho+++ing :m+l t hh:m ly+•s cl.?pmc+?t
mValhly charge tin lieu of a. mortgage inwrunce premium) which shall he in an am+?unl equal a. rnc•n+cifth t 1/1`1 nl arts h.al
11/21 per centum of the average outstanding ledance Jut on the nWr computed wilh+wt t:+l •n~ u+ta ar+uunt dcloup,.•n+i:.
prepayments;
Ih) A cum equal In the grouts) rents, if any, next due. plus the premiums that will next bec+?mc Jut .~•~d p;,~.d•k on p+,lirir+ of tier :+nd
Whet hatard incurartce covering the mortgaged property. plu+ t:.tire and a++t+vment+ nett Juc +?n tA.• m.?,tg.+grJ pruperlr I.dl r:u-
mated by the mortgagee) less :dl sums already p:+id therefor divide) Ay the number of month. to eL+p+c before ant month prior to rhr
date when such gr+lurt+l rents. )utmiums. Iaxes.:trNt assesamenls will become delittyuent. +uch ,um+ u? hr held by monEagce in uu+t
t++ pay s:+id ground rents. premiums, taxes, and special asstssmentc; and
Ic1 /111 payments mentioned in the two preceding wMections of ehi+ paragraph and :dl payments to M m:,Je under the note orate) hcrr-
• hy,h.~ll hc:ulded together and the aggregate am+wM thereof sh-rll be p:+id by the mortgagor r.+ch month in :++intk payment tv t?r ap-
plied b) the mortg:?Fre to the folbwing items in the order set forth:
II1 pu mium charges under the contract of iawrance with the Secretary of Housing and Urban lkvrlopmem. ur monthly rh:+rgr
tin lira ul n,+.t tg~age inwrance premium). ac the case rrtay be:
' flll ground rent.. t:ur+. asussments, Rre. and Whet hazed inwrance premiums;
1111 interact +tn tlte,rt+,ttr secured hereby: and -
IIV1 amortisation of the principal of said note.
An)• dcfx iency in the amount of such :yegregate monthly payment shall. unkw made gsxxl by the mortgagor prior to the due dart of the nest
stK•h p.+)ment. runstiutle :m event of defauq under this mortg:+ge. The mortgagee may collect a "late charge'ba to exceed four «~ntx l te) fur
each Dollar 1S11 of rarh p;!) men) more than fifteen 1ISI days in arrears to cover the extra expen+e involved in handling delinquent payment..
'fh.•+t it the t+Nal of the ptymenes made by the mortgagor underlhl of paragraph 2 prcceding.hall excced the am+wm of the payment.
s•wall) made by the mortgagee. for ground rents, taxes and :++se+smenes and inwrance premiums. as the case may t?r, wch exces+ i( the loan is
torrent. at ebe option n1 the mortgagor, shall, be credited on sobseq~ent payments to be made by the mortgagor, or rcfuoded to the
morlFagor. If, however, the monthly p.•tyraenta made by the mortgagor under (a) of paragraph 2 preceding shall not be sufficient to
pa) Rrouad rents, taxes and assessments and in~uranrc prentiu+as, 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 deficiency. on or before the date ?vhen
payment of such ground rents, taxes, assessments, or in.urance premiums shall be dec. If at any time the mortgagor shall tender
to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represent-
ed thereby, the mortgagee shall, in romputiag the amount of such indebtedness. credit to the account of the mortgagor all payments
made under the provisions of (a) of paragraph 2 hereof ?chich the mortgagee has not become obligated to pay to the Sc+-retary of
Iluucing and Urban 1)cvelopmeot and any balance remaining, in the funds accumulated under the provisions of (e) of said
paragraph 2. If there shall be a default nnder any of ehc provisions of. this mortgage, resultiaq is a public sale of the premi.es
covered hereby, or if the mortgagee acquires the properly otherwise after default. the mortgagee shall apply, the the time of the
commenccmeot of such proceedings or at the time the property is othensise acquired, the balance then rcmaioing io the funds
accumulated under (e) of paragraph 2 preceding as a reedit against the amount of principal then rcmaioing unpaid under said note
and shall properly adjust any payments which shall have been made under of'said paragraph.
4. Tlut he will pay all testa. assessmemc. water ntes.:md other governmental or municipal ch:uges. fines. or impoaitiens. f+?r which pr+i-
vi+i+m h:++ nut hero made hereinhefort. and in default thereof thc_ mortgagee may pay the f:+tM::+od that hz,will p~umpl?,y Jfljvrr the ul6csd
rereipt+ lhrreGx lathe mortgagee.
'fh:N he will permit. commit. or surfer no waste. imf+:,irment. or detcrior.+tion of +ai~r
ppeHy of a'r~ytian tfi2<rc~t!sind•in the etrrll'otlhe~
failure of the mnrtgag+?r M keep the httiWings nn s:+id premises and tho+e to I+e erecteJ an stiid~tneriljlC'di'itttl+ftl'6tihennrtiblraan.~et ga?d rep
pair. the mortg:gee may make wch repair. as in its discrctiort it map Jetm nece+sary for the proper presersation thereof. anJ the full amoum of
each and every wch payment .hall ht immediately due and pap:+hk.:md .hall he.ucured by the lien of thi+ mortgage.
6. That he wdl p:q• all :?nd singular the costs. charges.:md espen+ts. inxluding rea+unahk.lawyer's fees.:md co+t+ of ah+tr.?ct+of tick. in-
carted or paid :+t any time by the morlg:+gee because of the L+ihtre on the part +.f the mortgagor promptly and fully to perform the agreements
.md rovenant+uf .aid promi+,ory rx?te and this mortg:+ge. and .aid roses. charge., and rsptn+e+ shall he immediateh Jar and payable anJ .hall
tx .crated by the lien of this mortgage.
~ 7. That hr will keep the improvements rx~w existing or hereafter erected nn rhr murlgaLed pn?prrty in+urrJ a+ may t?e rryuirrJ from Time
~ a? time by the mortgagee again+t la+s by fire and other hazard+. raa+:dties. and rontingenrie+ in +uch amuunl+:md fur +uch period: a+ ma) hr
required by mortgagee. and will pay primptly. when due. any premiums on +uch inuuance for payment o(w bleb pu?s i.tart ha+ not been made
hereinhefore. All insar:mre shall he tarried in companies approved by mortgagee and the pulirie+ :md renewal. thereof .hall 1?r held h) murtg:r
gee and have attached thereto loss payable clauses in favor of and in form acceptahk Io the mortgagee. In event of I+.++ ht w ill gist immediate
nutlet h) mail to mortgagee. and mortgagee may make proof of los+ it nut made promptly by moreg:+gor. and each in+urmce comp:+ny con-
cerned i+ herehy'authori~ed and directed to make paymem fur +uch k.+c directly to mortgagee in+tt:al of to mortgagor and mortg:gee jointly.
and the insurance proceeds. or any part thereof. may he applied hp mortgagee at its option tither t+s the reduction of the indehtedne++ hereby
+ecured or to the restur:dion or.repair of the property damage). In event of foreclo+ure of ehi+ mortgage or other tramfer of title to the mort-
gaged properly in extinguishment of the irtdehtedness secured hereby. all right. title. and intere+t of the mortgagor in :mJ to any in+urmre puli-
cicsthen inforce shall pass to the purchaser or grantee. -
tt. Th:N if the premises. or any parr thereof. he condemned under any power of eminent Domain. or aryuireJ for a public use. the Jamagr+.
pr+xced+. and the consideration for +uch acquisition. to the estent of the full amount of indehtedne++ upon thi+ hlnngagt.:mJ the ~+Nr .start)
hereby remaining unpaid. are hereby a+,igned by the Mortgagor to the Mortg:+gec :md +h:dl ht paid forthwith t+s the Mortgagee to t?e :,pplicJ by
it on account of the indehteaess secured hereby. whether due or not.
9. That the mortgagee may. at any time pending a suit upon this mortgage. apply Io the r+wrt having jurisdiction thereof for the app+» nt-
ment of a receiver. and wch c+wrt shall forthwith appoint a receiver of the premises covered hereby :dl and singuk+r. including aN anJ +ingular
the income. profits. issues. and revenues from whatever source derived. each and every of which. it being espre++ly urxler+to+xl. i+ hereby
mureg:+ged as if specifically set forth and described in the granting and habendum rl:+uses hereof. and +uch receiver .hall have ail the hru:ul :mJ
clfective functions and powers in anywise entrusted by a coup to a receiver. and wch appointment .hall he m:+de by wch roan :in admitted
equity and a matter of absolute right to said mortgagee. and wiltnwt rcferenct to the adequacy or inadequacy of the value of the properly murt-
~ g:yed or to Iht solvency or insolvency of-said murtg:+gor or the defendant.. and that +uch rent.. profit.. income. i++ue+. and rrvenur+ .hall hr
rt' applied by such receiver according to the lien of this mortgage and the practice of wch coon. In the even) of any default on the part of the mon-
gagor hereunder, the mortp,:tgor agrees to pay to the mortgagee on demand a reawn:+hk monthly rental for the premiu+ an amount at least
equivalent to one-twelfth 11!12) of the aggregate of the Twelve monthly inst:dlments payable in the then current year plus the actual amount of
• the annual teals, assessments, water rates. and inwrance premiums for such year nW emceed by the aforesaid monthly pa) menu.
fo. Thal Ia) in the event of any breach of This montrage or default on the part of the mortgagor. or If?1 in the event that any of .aid +um+ of
1 money herein referred to he not promptly and fully paid without demand or mice. +x tc) in the event chat each and es•ery the +tifstl:,tion+.
agreements. conditions, aril covenants of said rtote and this mortgage. art not duly. promptly. aril fully performed: then in either or any +uch
event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time. anJ all muney++erured hereby.
shall become dire and payable forthwith. or thereafter. at the option of said mortgagee. as fully anJ completely ac if :dl of the .aid +um+ of mon-
ey were originally stipulated to be paid on wch day. anything in said note or in this mortgage to the contrary nW withstanding: anJ thereupon +a
thereafter, at the option of said mortgagee. without nWice or demand. wit at law or inequity. may he prosecuted as if all moneys secured here-
by had matured prior to its institution. The mortgagee may forecbse this mortgage. as to the amoum w declared due and payable. and the .aid
premises shall be sold to wtisfy and pay the same together with costs. expenses. and allowances. In rase of partial foreck?sure of this morgg:gge.
the mortgaged premises shall ere sold wbject to the continuing lien of this morig:tge for the am+wnt of the debt MH Then due and ?~np:+iJ. In wch
case the provisions of this paragraph may again tx availed of~~tffhe~~reafter from time to time by the morlg:+get.
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