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HomeMy WebLinkAbout2633 2. That, in order more (uNy to pwtect the security of this mortgage. the mortgagor, togsther with, ul in addition to: the montMy payments under the terms of the rase secured hereby, on the first day d each month unfit the said note is fully paid. wiN pay. to the mortgagee the tolluw- ing wms: ~ ' (a) An amount wAcknt to provide the holder hereof with funds Io pay the next mongagt inwnnce premium if this instrument and the note secured hereby ue inwred. a a monthly charge lira lieu oI a fnottgrage inwnrrce premium) it they ue held by the Secretary of Housing and Urban lJtvebpmeat a folbws: ' lq It and ao brag u said note of even date and this instrument art irwtred or arc reinsured under the provisions of the National Housing Act, an aroouat wAkient to accumubte in the hands of tlrt holder Dram 1 U month prior to its due date the annual morl- grtgt inwrance premium, in ordu to provide such bolder with funds to pay such premium to tbt Secretary of Housing and Urban Devebpmeat puncwnt to the National Housing Act, as amended, ud applicable Regulations thereunder: a (Ill It and so bag as said soft of even date and this instrument ue held by the Secretary of Housing and Urban Devebpment. a monthly charge lira lieu of a mortgage inwnnce premium) which shall be in an amount equal to one-twelfth (1112) done-half (112) per centum of the average outstandir~ balance due on tlrc ode computed without taking into account delinquencies or prcpaYmenq; (b) A wm equal to the ground rents, if any. next due. plus the premiums that will next beware due and payable on policies of fire and other hazard inwtanct covering the mortgaged progeny, plus razes and assessments next due on the taortgaged property (all as esti- mated by the mortgagee) less all sums already paid therefor divided by the number of months to ebpse before one month prior to the date when such ground rents, premiums, woes, and uussments will become delinquent, such wms to•be held by mortgagee intrust to pay said ground rents, premiums; taxes, and special assessments; and (c) AU payments arentbrred in the two preceding wbsectioas of this paragraph and all payments to be made under the note secured here- by shall be added together and the aggregate amount thereof 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: (p premium charges under the coatrset of insurance with the Secretary of Housing and Urban Devebpment. a mouthy chugs (in lieu of mortgage iawnnce premium), u the case may be: (II) ground rents, taxes, assessments. fm, and other hazard inwnnce premiums; (11I interest on the note secured hereby: and (11n amortization of the principal of said note. Any deticieney b thcamount o/ such aggregate mouthy payment shall, unku made good by the mortgagor prior to the due due of the next such payment. taonstitutc an event of defauk under this mortgage. 'lire mortgagee may collect a "bee charge"not to exceed foar Dents (4d for each dollar (SI) of tech payment more than fifteen (IS) days in utears to cover the extra expense invdved in hulling delinquent payments. 3. That it the total et the payments made by the mortpgor under (6) of puapaph 2 preceding shall exceed the amount of the payments actually roads by the mortgagee. for ground rents. taxes and assessments and insurance premiums, as the cue may be, such excess it the loan is earnest. at the optics of the sortgagor. shall. be credited oa sabsegaeat payments to be sale by the mortgagor. a rohnded to the mortgagor. 1[, however, the soathly payseats Bade by the sartgagor'aader fa) oI paragraph Z preceding shall not be safticient to pay-gronad rests. taxes sad asseasseats sad iasaraace presioms. as the case say be. vritea the sass shall becose dae and pay- able. then the mortgagor shall pay to the mortgagee say ascent necessary to sake ap the deficiency. ea ar before the date when paysent of mach ground teats. tares. asaessseats, or insaraace pKemisma shall be dae. If at say time the sortgagor shall tender to the sortgagee is accordance with the provisions of the note secarod heroby. tall payment of the entire indebtedness rcpeeaent- ed thereby. the sottgagee shall. is comparing the ascent of each indebtedness, credit to the accoaat of the mortgagor all paymeata made wdec the provisions oI of paragraph 2 6eroot which the sortgagee bas sot beeose obligated to pay to the Secretary of 12oasiag sad Urban Derelopseat and any balance remaining L the tends accasalated seder the pcovisians of te) of said puagrap6 Y. If there shall be •detaalt ender uy of the provisiots of this mortgage, roaalting is a pablic sale of the premises covered heroby, or it the mortgagee acgaires the property otherwise after detaalt, the sortgaf;ee shall apply, the the rise of the - cosmencesent of each proceedings or at the tine the property is otherwise acquired. tae balaage then remaining in the fords accasalated seder is) of paragraph 2 preceding as a credit ¦gaiaat the ascent of principal then remaining mpaid order said note and shall properly adjust ear payseats which shall have been made seder of said paragraph. 4. 'drat he wiQ Day all taxes. usessments, water rates, and other governmental or municipal charges. hoes, or impositions, for which pro- vision has not been made hereinbefore. and in detauh thereof the mortgagee may pay the same: and that he will promptly deliver the official meipts therefor to the mortgagee. t, 'mat Ire will permit. canmit. or suffer no route. impairment. or detenontion of said property or any part thereof :and in the event of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises. a improvements thereon, in good re- pair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment shall bt immediately due and payable. and shall be secured by the lien of this mortgage. 6. That he wiq pay all and singulu the costs, charges, and expenses, including rcasonabk bwyer s fees, and costs of abstracts of title. in- curred or paid at any time by the mortgagee because of the failure on the part of the mortgagor prorgpUy and fully to perform the agreements i and covenants of said promissory note and this mortgage. and said costs. charges, and expenses shall be immediately due and payable and shall be secured by the lien a{ this mortgage. - I' - 7. That he wilt keep the improvements now existing or hereafter erected on the mortgaged property inwred u may be required from time to time by the mortgages against bss by fire and other hazards, cawalties. and contingencies in wch amounts and for such periods as may tx required by mortgagee. and will pay promptly, when due- any premiums on such inwrance for payment of which provision has not been made hereinbetore. All inwranee shall be carried in compahies approved by mortgagee and the policies and renewals thereof shall be held by mortga- f gee and have attached thereto bss payable chosen in favor of and in form acceptable to the mortgagee. In event of bss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss it not made promptly by mortgagor. and each inwnnee company con- ! cenred is hereby authorised and directed to make payment for such bss directly to mortgagee instead of to mortgagor and mortgagee jointly. { and the insurance proceeds. or any part thereof. may lre applied by mortgagee u its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged: In event of forecbwrc of this mortgage or other transfer of title to the mon- ~ gaged property in extinguishment of the indebtedness secured hereby, all right. title, and interest of the mortgagor in and to any inwrance poli- j ties then in force shall pass to the purchaser or axantee. ~ ll. That it the premises, or any pan thereof, be condemned under any power of eminent domain, or acquired for a public use. the damages. proceeds, and the consideration for such acquisition. to the extent of the full amount of indebtedness uprn this Mortgage. and the Note secured hereby remaining unpaid. arc 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 due ornot. - 9. That the mortgagee may. at any time pending a wit upon this mortgage. apply to the coup having jurisdiction thereof for the appoint- l meet of a receiver, and wch court shall forthwith appoint a receiver of the premises covered hereby all and singubr. including all and singubr - the income. profits. issues, and revenues from whatever source derived, each and every of which. it being expressly understood. is hereby mortgaged as it specifscally set torah and described in the granting and lrabendum chosen hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a coon to a receiver, and such appointment shall be made by such coon as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the propene morr- gaged or to the wlvency or insolvency of said mortgagor or the defendants, and that wch rents. profits. income. issues, and revenues shall be applied t.y such receiver according to the lien of this mortgage and the practice of such court. In the event of any detauh on the part of the mort- gagor hereunder, the mortgagor agrees to pay to the mortgagee on demul u a reasonable monthly rental for the premises an amount u least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly installments payable in the then current yeu plus the actual amount of the annual taxes. assessments. water rates, and insurance prem~~rms for such yeu not covered by the aforesaid monthly payments. 10. That (a) in the event of any breach of this mortgage or defauh on the part of the mortgagor. or (fi) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the uipubtions. agreements. conditions. and covenants of said note and this mortgage. ue not duly. promptly. and fully performed: then in either or any wch event, the said aggregate sum mentioned in said note thrn remaining unpaid. with intuest scented to that time, and all moneys secured hereby. ~ shall become due and payable forthwith. or thereafter, at the option ot.said mortgagee, as fully and completely u it all of the said.wms of mon- ey were originally stipubted to be paid on wch day. anything in'said note or in this mortgage to the contrary notwithstanding: and thereupon or 1 thereafter. at the option of said mortgagee. wittrorrt notice or demand. wit at law or inequity. may be prosecuted as it all moneys secured here- by had matured prior to its institution. The mortgagee may forecbse this mortgage. as to the amount so declued due and payable. and the said premises shall be sold to satisfy and pay the same together with costs. expenses. and albwances. In case of partial toreclowrc of the mortgage. the mortgaged premises shall be sold wbject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such cue the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. E nr~ 9GOr JV~ ~src 2U~ _ - ~,k