HomeMy WebLinkAbout2743 2. That, in order more IuUy to protect the security of this atonsap. tht atortsasor, together with, and in sddition to. tlt~ monthly pay~epq-.
under the terms of the note secured hereby, on the brat day d each month until the said note is fully paid, will pay to the mortsasee the folbw-
inswms:
la) An amount wllicieat to provide the holder bored with funds to pay the next mortsase inwrance premium i/this inurement and the
note secured hereby are inwred, or a monthly drupe (in Geu d a mortsase inwrattce premium) it they arc held by the Secretary d
Housinsand Urban Devebpmeat as (olbwa: r
(p It and so bag ss said note d even date and this instrument are inwred a arc reinwred under the provisions d the National
Housins Act, an amount wffkient to sccumulate in the bends of the holder one (q month prior to its due date the annual mon-
sase inwrance premium. in order to provide wch holder with funds to pay such premium to tM Secretary d Housins and
Urban Devebpment pursuant to the National Housing Act. u amended. and applicable Regulations thereunder; or
(If) If and so bras as said note of even date and this. instrument are held by the Secretary d Housing and Urban Devebpment. a
monthly charge (in Gee d a morlsase inwrattce premium) which shall be in an amount equal to one-twelfth (1112) done-halt
(IR) per centum of the averase outstanding balance due on the note canputed without talons into sccount delinquencies or
prepayments; -
(b) A wm egad to lbe around rents. if any, next due, plus the premiums that wiQ next become due~and payable on policies of fire and
other hazard iawrsnce coverins the mortsased property, plus taxes and asseuments next due on the mortsased property (a!1 as earl- ;
mated by the monsasee) less dl wms already paid therefor divided by the number d months to elapse before one month prior to the
date when such around rents, premiums, taxes, and assessments will become delinquent, wch wms to be held by tnonsasee intrust
to pay said around rents, premiums. taxes, and special assessments; and
(c) All payments mentioned in the two preceditts wbsections of this puasraph and dl payments to be made under the note secured here-
_ by shill be added tosether and the assresate amount thereof shall be paid by the mortsasor each month in a single paymnnt to be ap- ~
plied by the mortsasee to the folbwias items in the order set forth:, t
(1) premium charses under the contract d insurance with the Secretary d Housins and Urban tkvebpment. or monthly chuge `s
(in Gee d mortsase inwranoe premium). as the pee may be:
(11) pound rents, taxes, assessments, fire, and other hazard inwrance premiums;
(11I interest oa the note secured hereby: and
(Ih amorlitatbn d the principal d said note. .
Any deficiency in the amount d wch agpesate monthly payment shall, unless made seed by the mortsasor prior to the due date of the nett i
' such payment, constitute an event d defwk under this mortsrrse. The monsasee may eolkct a "late charse"not to exceed four aaµa (4d far
each dollar (tt) of each payment more than Meer (13) days in arrears to cover the extra expense involved in handling delinquent payments.
3. That it the told d the payments msde by the monsasor under (b) d parasraph 2 precedins shill exceed the amount d the payments
actudly made by the monsasec. for around rents, taxes and usessmenu and inwrartce premiums, as the case may be. such excesi if the loan is
current, at the option of the mortgagor. shall. be endited oa subaegaent paymeaa to be made by the mortgagor, ar refunded to the
mortgagor. If, 6owerer, the aiwthi~ payments made by the mortgagor oiler fb) of pangrap6 Y preceding shall not be sutficieat to
'pay ground rents, rases sad assessments wd iasanace pna?iams. ss the -cane ear be. whoa the setae shall become doe sad pay-
able. then the mortgagor shall par to-the mortgagee oar uwnt necessary to taake up the deficiency. oa or before the date when
par~eat of snch groaad rents, to:es;.assessmeats, a insurance preminttts shall be doe. If at oar time the mortgagor shall tender
to the mortgagee i, accordance with the provisions of the note aecnred hereby, loll parsteat of the entire indebtedness repreaeat-
ed thereby, the mortgagee shall, in competing the amount of sack indebtedness. credit to the account of the mortgagor all payments
made ender the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to par to the Secretary of
Honsiag and Urban Derelopmeat and oar balance remaining in the fnnda asx:smulated ender the provisiaas of fa) o[ aid
paragraph 2. 1[ there shall be a default wader nay of the provisions of this. sottgage, resulting is s public sale of the premises
covered hereby. or i[ the mortgagee acquires the property otherwise after de[aalt. the mortgagee shall apply. the the titae of the
comsenceatent of anch pcoceediags or at the tine the property is othenise acquired, the balance they remaining in the funds
acc>.otalated wader ib) of paragraph 2 preceding as • credit agaiaat the amonnt of principal then ressiniag sapaid ender said note
and shall properly adjust oar payments i.bich s?all have bees made ender oI said paragraph.
4. '[bat he wiU pay dl razes. asseuments, water rates, and other governmental or municipal charges, hoes. or impositions. for which pro- i
vision has not been made hereinbefore, and in default thereof the mortgagee may pay'the same: and that he will promptly deliver the official
receipts therefor tothe mortgagee.
S. Thu he wilt permit, canmit, or wffer no waste. impairment. or deterioration o[ said property a any part thereof: and in the event of the
failure of the mortsasor to keep the buiklirtss on said premises and those to be erected on said premises, or improvements thereon. in good re-
pair. the mortgages may make such repairs as in its discrctiat it may deem necessary for the proper preservation thereof. and the fuN amount of -
each and every wch payment shdt be immediately due and payable. and shill be
secured by the lien d this mortgage.
6. That he will pay dl and sirtsular the costs, charses. and expenses, including reasonable lawyer's fees. and costs d aburacts of title. in-
tarred or paid at any time by the mortsasee bepuse of the failure on the part d the mortgagor prosptly and fully to perform the agreements S
and covenants of said promissory note and this mongase. and said costs, charges-and expenses shill be immediately due and payable and shall
be secured by the Gen d this mortsase. '
7. That he will keep the improvements now existing or hereafter erected on the mortgaged properly- inwred as may be required from time
to time by the mortgagee against bas by fee and other hazuds. psudties. and contingencies in wch amounts and for such periods as may be
required by mortgagee. and will pay promptly, when due, any premiums on wch inwrance for payment of which provision has not been made
hereitrbefore. All insuranoe shall be curitd in companies approved by mortgagee and the policies and renewals thereof shall beheld by monga-
gee and have attached thereto bss payable clauses in favor of and inform acceptable to the mortgagee. In event of bas he will give immediate
notice by mail to tnonsasee. and mortgagee may make proof of bss if not made promptly by mortgagor. and each inwrance company con•
I~ ccrned is hereby authorized and directed to make payment for such bss directly to morisagce instead of to mortgagor and mortgagee jointly,
and the insurance-proceeds, or any pan thereof, may Ix applied by mortgagee at its option either to the reduction d the indebtedness hereby
secured or to the reuoration or repair of the properly damaged. In evrnt of forecbwre of this mortgage or other transfer of title to the mon-
sased properly in extinguishment d the indebtedness secured hereby- all right, title. and interest d the mortgagor in and to any inwrance poll-
; ties thrn in force shill pass to the purchaser or srantee.
8. 71st if the premises. or any pan thereof. be condemned under any power of eminent domain. or acquired for a public use. the damages.
e proceeds. and the consideration for such acquisition, to the extent d the full amount d indebtedness upon this Morlsage. and.the Nde secured j
~ hereby remaining unpaid. arc hereby assigned by the Monsasor to the Mongasee and shill be paid forthwith to the Mortgagee to be applied by
it on account d the indebteness secured hereby, whether due or not.
i 9. 71st the tnortsagee may, u any time pendirtga wit upon this mortgage, apply to the coup having jurisdictionthereot for the appoint- -
moot of a receiver. and such coup shill torlhwith appoint a receiver of the premises covered hereby aU and sittgttlar, including all and singular
the income. profits. issues. and revenues from whatever source derived, each and every d which. it being expressly understood. is hereby
mongased as if specifically set forth and described in the grantitts and habendum clauses hereof. and wch receiver shall have dl the broad and
t effective (unctions and powers in anywise entrusted by a coon to a receiver. and wch appointment shall be made by wch courl as an admitted -
Wuity and a matter of absolute right to said mortsasee, and without reference to the adequacy or inadequacy of the value of the properly mor*-
! gaged or to the wlvency or insolvency d said mortgagor or the defendants, and that wch rents. profits, income, issues. and revenues shall be
} applied by such receiver according to the Gen d this mortgage and the practice of such coon. In the event d any detauh on the pan d the men-
? gager hereunder. the mongasor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount u least
equivalent toone-twelfth (1112) d the aspegate of the twelve monthly instdlments payable in the then curtent you plus the actual amount of i
the annul taxes. assessments. water rues, and inwrance prem~~tms for such year not covered by the aforesaid monthly payments. ;
10. That (s) in the event of any breach d this mortsase or defauh on the part d the mortgagor. or (b) in the event the any of said sums of _
money herein retorted to be not promptly and fuNy paid without demand or notice, or tc) in the event that each and every the uipulations.
agreements, conditions. and covenants of said note and this mortgage. ue trot duly, promptly. and Cully performed: then in either or any wch
event, the said agsrcgate wm mentioned in said note then rcmttinins unpaid., with interest accrued to that time, and all moneys secured hereby. s
~ shill become due and payable forthwith. or thereafter. at the option d said tttortsasee. as fully and completely as if all of the said wms of men-
ey were orisinally stipulated to be paid on such day. anythins in'said note or in this morlsage to the contrary notwithstanding; and thueupon or
thereafter, at the option of said mortgagee. without notice or demand. wit at law or inequity. may be prosecuted as if all moneys secured here- _
by had matured prior to its institution. The mortsaset rtp,y forecbset~ismoris~e. u to the amount so declued due and payable. and the said
premises shill bt sold to satisfy and pay the ttitnle ta~rjthsaatsatt~iaMssrdaik+wances. Incase of panic) torecbsure of this mortgage.
the tnortsased premises shill be sold wbject to the continuins Gen d this morlsase for the amount d the debt not then due and unpaid. In wch
pee the provisions d this paragraph may again be availed of thereafter from time to time by the mortgasee.
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