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HomeMy WebLinkAbout1210 2. That, in order more f ully to protect the security u( this mortgage, the mortgagor. together with, d in adAitii~rt lb; lht~o ~hly p~ F under the terms of the note secured hereby. on the first day of each month until the said note is tully;pa~.~wM ~ tq~no~gago~ the foll~w- ingsums: (a) An amount wgicient to provide the holder hereof with funds to pay the next mortgage insurance premium it this instrument end the note secured hereby are inwrcd. or a monthly charge tin lieu of a mortgage inwrance premium) if they ue Aeld by the Secretary of Housing old Urban Development as follows: (11 It and so long as said note of even date and this instrument ue inwred or ue reinwred under the provisions of the National Housing Act, an amount suRtcient to accumulate in the hands of the holder one 11) month prior to its due date the annwl mort- gage inwrance premium, in order to provide such holder with funds to pay such premium to the Secretuy of Housing and Urban Devebpment pursuant to the National Housing Act, as amended. and applicable Regulations thereunder: or (111 If and so bug ss said note of even date and this instrument are held by the Secretuy of Housing and Urban Development. a monthly chugs (in lieu of a mortgage insurance premium) which shall be in an amount equal toone-twelfth (1112) of one-half • (112) per centum of the average outstanding balance due on the note computed without taking into account delinquenciec or prepayments; (b) A sum equal to the ground rents, it any, next dot, plus the premiums that will petit become due anJ payable on policies of fire and other hazard insurance covering the mortgaged property, plus fazes and assessments nett due on the mortgaged property (all ss esti- mated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse Ixtort one month prior to the date when wch gourd rents. premiums, taxes. and assessments will become delinquent, wch sums to be held by mortgagee intrust to pay said ground rents, premiums, taxes, and specW asxssments:and ' ' ' (c) All payments mentaned in the two preceding wbsections of this puagraph and all payments to be made under the note secured here- by shall be added together and the aggegate amount thereof shall be paid by the mortgagor each month in a single payment to be ap- plied bythe mortgagee to the tolbwing items in the order xt forth: (1) premium chuges under the contract of inwrance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage inwrance Premium), as the cax may be: (Ip gourd rents, taxes, asxssments, fire, and other hazed insurance premiums: (111 interest on the note secured hereby; and IIV) amortization of the principal of said note. Any dtficiency in the amount of such aggegatt monthly payment shall, unless made good by the mortgagor prior to the due date of the next wch payment. constitute an event of detauk under this mortgage. The mortgagee may rnllect a "late chugs'"not a exceed lour Dents (4r) for each dollu ISI) of each payment more than fifteen (IS) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor udder lbl of paragraph 2 preceding shall exceed the amount of the payments actually made by the mortgagee, for gourd rents, taxes and assessments and inwrance premiums. as the case may be. such excess it the loan is carrent, at the option of the mortgagor. shall. be trcdited on sabsegaent payments to be made by the mortgagor. or refunded to the mortgagor. 1t, hoxever. the monthly payments made by the mortgagor ander fs) of paragraph 2 preceding shall not be aafticient to pay groand rents. taxes sad assessments sad insoraace premiums, as the case may be. when the same shall become due sad pay- able. then the mortgagor shall pay to the mortgagee any amosnt necessary to make up the deficiency. oa or before the date when payment of arch ground rents. to:es, assessments, a insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions oI the note secured hereby, [nll payment of the entire indebtedness represent- ed thereby, the mortgagee shall. in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of of paragraph 2 hereof which the mortgagee bas not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining is the funds accamnlated under the provisions of (b) of said puagrap6 2. !f there shall be a default under any of the provisions of this mortgage, resulting in a pablic sale of the premises covered hereby. or it the mortgagee acquires the property otherwise after default, the mortgagee shall apply, the the time of the commencement of sack proceedings or at the time the property is otherwise acquired. the balance then remaining in the funds accmm~lated under fb) of puagrap6 2 preceding as a credit against the amount of principal then remaining unpaid ander said note and shall properly adjaat any payments which shall Gave been made ander f.) of said paragraph. 4. 'that he will Day all Taxes. assessments. water rates, and other governmental or municipal charges. hoes. or impositions. for which pro- vision has not been made hereinbefore. and in default thereof the mortgagee may pay the same: and that he will promptly deliser the othcial receipts therefor to the mortgagte_ S. 'That he will permit. commit. or suffer no waste. impairment. or deterioration of said properly or any pan 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. or improvements thereon. in giwd 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 j each and every wch payment shall be immediately due and payable. and shall be xcured by the lien of this mortgage. 6. That he will pay all and sirtgetlu the costs. charges, and expenses. including reasonable lawyer's tees, and costs of abstracts of title. in- f curied or paid at any time by the mortgagee becaux of the failure on the pan of the mortgagor prortlptly and fully to perform the agreements and covenants of said promissory mote and this mortgage. and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the tmprovements now existing or hereafter erected on the mortgaged property insured as may be required from time to Time by the mortgagee against bss by fire and other hoards, casualties. and contingencies in such amounts and for such periods as may tie s required by mortgagee. and will pay promptly. when due. any premiums on wch insurance for payment of which provision has not been made tiereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortga- gee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company con- , earned is hereby authorised and directed to make payment for such bss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the inwnnce proceeds, or any part thereof, may he applied by mortgagee at its option either to the reduction of the indebtedness hereby t secured or to the restoration a repair of the property damaged. In event of forecbsure of this mortgage or other transfer of tick to the mort- gaged property in extinguishment of the indebtedness ucured hereby. all right. tick. and interest of the mortgagor in and to any insurance poli- cies then in force shall pass to the purchaser or erantee. g. That if the premixs. 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 upon this Mortgage. and the Note secured hereby remaining unpaid. ue 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 or not. 9. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the coon having jurisdiction thereof for the appoint- ment of a receiver. and such court shall forthwith appoint a receiver of the premixs 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 expressly understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by wch coup 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 mor+- gaged or to the ,olvency or insolvency of said mortgagor or the defendants. and that such rents. profits. income. issues. and revenues shall be applied Icy wch receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the pan of the mort- gagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (11121 of the aggregate of the twelve monthly installments payable in the then current year plus the actwl amount of the annual taxes, acxssmentc. water rates. and inwrance Drem~~tms for such year not covered by the aforesaid monthly payments. 10. That la) in the event of any breach of Min mortgage or default on the part of the mortgagor. or (b) in the event that any of said sums of money herein referred to bt not promptly and fully paid without demand or notice. or (c) in the event that each and every the stipulations. agreements. conditions. and covenants of said note and this mortgage. are not duly. promptly. and fully performed: then in either or any such event. the said aggegate sum mentioned in said note then remaining unpaid. with interest accrued to that time. and all moneys secured hereby. shall become due and payable forthwith. or thereafter. at the option of said mortgagee. as fully and completely as if all of the said sums of mop- : ey were originally stipulated to bt paid on wch day. anything in~said note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter. at the option of said mortgagee. without notice or demand. suit at law or inequity. may be prosecuted as if all moneys secured here- by had matured prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so declared due and payable. and the said r~: premises shall be sob to satisfy and pay the same together witrcosts. expenses. and allowances. In cax of partial forccbsure o thts mortgage. the mortgaged premises shall be sold subject to the continuing Tien of this mortgage for the amount of the debt not then due and unpaid. In wch ~ case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. BUDX ~U`'r r