HomeMy WebLinkAbout2023 2. That. in order more fully to protect the security ut this mortgage. the mortgagor, together with. and jn addition to. tier tnumhly payments
u+>,Itr the terms of the nine secured hereby, on the fine day of each month until the said note is IuNy py~l. ~N pay It+the mortgagee the tallow- •
ing sums:
la1 An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium it this instrument and the
note secured hereby are inwred, ur a monthly charge tin lieu of a mortgage inwrance premium) it they are held by the Secretary of
Housing and Urban fkvebpment as follows:
111 If and so brag as said note of even date and this instrument are insured or art reinwrtd under the provisions of the National
Housing Act, an amount sufficient to accumulate in the hands of the holder one 111 month prior Iu its dot date the annual mort-
gage insurance premium. in order to provide .wch holder witA funds to pay such premium to the Secretary of Housing and
Urban Development pursuant to the Natiunvl Housing Act. as amended, and applicabk Regulations (hereunder; or
1111 If and so long as said note of even date and this instrument are held by the Secretary of Housing and Ufian Development. a
monthly charge tin lieu ut a mortgage insurance premium) which shall be in an amount equal to one-twelfth l If 131 of one-halt
l l/31 per stratum ut the average outstanding balance due on the note computed without taking into account delinquencies ur
prepayments:
Ib? A sum equal to the ground rents. it any. next due. plus the premiums that will next become due and payabk on policies of fire and
other hazard insurance covering the mortgaged property. plus taxes and assessments next due on the mortgaged property tall as esti-
mated by the mortgagee) kss all sums already paid therefor divided by the number of months to elapse betort ant month prior to the
date when such ground rents, premiums, taxes. and assessments will become delinquent. such sums to be held by mortgagee in trust
to pay said ground rents: premiums. tapes. and special assessments: and
lc1 All payments mentioned in the two preceding subsections ut 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 singk payment to he ap-
plied by the mortgagee to the following items in the order set torah:
Ip premium charges under the contract of insurance with the Secretary of Housing and Urban (kvelopmcnt. +x monthly charge
Tin lieu of mortgage insurance premium). as the case may be:
1111 ground rents, taxes. assessments, fire. and other hazard insurance premiums:
1111 interest on the note secured hereby: and
IIV1 amortization of the principal of said note.
Any deficiency in Iht amount of such aggregate monthly payment shall. unkss made gaud by the mortgagor prior to the due date of the next
wch payment. constitute an event of default under this mortgage. The mortgagee may collect a "late charge"not to exceed four cents (del for
each dollar ISI I of each payment more than fifteen 11 Sl days in arrears to cover the extra expense involved in handling delinquent payments.
i. That it the total of the payments made by the mortgagor under Ihl of paragraph 2 preceding shall exceed the amount of the payments
actually made by the mortgagee. for ground rent,. tares end assessments and insurance premiums. a, the case may br. such excel, it the loan is
current, at the option of the mortgagor, shall, be credited nn subsequent payments to be made by the mortgagor, or refunded to the
mortgagor. If, however, the monthly payments made by the mortgagor under (e) of paragraph 2 preceding shall ant be sufficient to
pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and pay-
able, then the mortgagor shall pay to the mortgagee any amount neces.ary to make up the deficiency. on or before the date when
payment of such ground tents; taxea, assessments, or insurance premiums shall be due. It 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 computing the amount of such indebtedness. credit to the account of the mortgagor all payments t
made under the provisions of of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of
(lousing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said
paragraph 2. If there shall be a default un+ler any of the pros•icions of this mortgage. resulting in a public sale of the premises
covered hereby, or if the mortgagee acquit+~. the property otherwise after default, the mortgagee shall apply, the the time of the
commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining is the foods _
accumulated under (e) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said Dote
and shall properly adjust any payments which shall have been made under of said paragraph. -
4. "that he will pay all t:ne,. a,st„mrnh. water rate,. and other government:d or municip:d charge,. nor,. ur imp++,itium. for which pro-
v+,iun h:+s nut been made hrrrinhrfure. and in default thereof the murtgagrr may pay the ,amt: anJ that hr will promptly deliver the official '
tl,rrP rnr I++IhP TI+/It!af`+'a'
S. That hr will permit. a+mmit. ur wtter no watee. impairment. ur Jrterioration of ,aid property ur any p:+rt thereof: and in the event of the
failure of the mortggor t++ keep Iht building, un ,:+id premise, and thus to he erected on ,:+iJ premi,es. or improvement, thereon. in gcwJ re-
pair. the mortgagee may mar wch repair, a, in its Discretion it may Jrrm nrces,ary fur the proper prr,rn•ation thereuf.:md the full :+muunt of
rich :+nJ every wch p:+y mane ,hall he immediately Jur :mJ payable. and ,hall he secured by the lien of rhi, mortgage.
b That he will pay :+ll and singular the costs. charge,. and espen,es. including reawnahk lawyer's fees. and co,t, of abstracts of tick. in-
sorted or paid at any rime M the mortgagee because of the failure un the part of the mortgagor promptly and fully to perform the agreement, d
anJ coven:+nt, of ,aid prrmi„Dry note and rhi, mortgage. ;md ,aid a+st,. charge,. and espen,e„hall he immediately due and payabk end shall
s he ,feared by the lien u( rhi, mortgage.
7. Than hr will Leep rhr improvement, now rsi,ting ur hereafter rrecred on rhr mortgaged property inaurrJ may hr rryuurd from time
to time by the murtgagrr again,t lo„ h)• fire anJ other haruds. ra,u:dtie,.:mJ contingencir, in such amount, anJ for wch ptri+d, as may hr
required by murtg:+gee. and will pay promptly. when due. any premium, un ,uch inwrance for payment of which pn+si,iun ha, our been made
~ herrinhe(orr. All inwr:mcr sh:+tl he carried in companies :+ppruvrd by mortgagee and the pulicie, and renewah thereo(,h:dl hr held by murtga-
gee and have attached thereto lus, payabk clause, in (:our of :md in form acceprahk to the mortg:+gce. In event of lus hr will give immediate
1 notice by mail to mortgagee. and mortgagrt may maAe pnwf of lus if our made promptly by mortgagor. and each inwrance company cun-
~ earned i, hereby authunzrd and directed to make payment for such k+,s directly to mortgagee in,trrd of to mortgagor anJ mortgagrt jointly.
and the imurance proceed,. ur :+ny part thereof. may t•r applied by mortgagee :d it, option either to rhr reduction of the indehtrdne„ hereby
,ecured or to the re,a+r.+tiun ur repair of rhr property damageJ. In event of kxeclowre u( rhi, mortgage or other transfer of ti11e to rhr murt-
gaged property in ruinguishmcnt u(the indrhtednr„ ,rcurrJ hereby. all right. title. and intereu of the mortgagor in and to any imurance p++li-
cirsthen in force ,hall pa„ k+rhr purch:+ser ur grantee.
K. That if rhr premi,r,. or any part thereof. t+r cundrmnrJ under any power of eminent Jumain. or acquired for a public u,e. the damage,.
pnxeed,. anJ rhr comideratiun fur wch acquisiuun. to rhr rstrnt of the full amount of indehtrdne„ up++n rhi, Mortgage. and rhr Lute secured
hereby remaining unpaid. are hereby asigneJ by rhr Aturrgagar to rhr Mortgagee anJ ,hall he p:+id forthwith to the Mortgagee to he applied by
h un account of the indehtene„ ,ecured hereby. whether dot ur not.
4. "ih:d the mortgagee may. at am time pending :+,uit up++n rhi, mortgage. apply to rhr court basing juri,diction thereof for Ihr appuint-
mrm of a receiver.:+nJ such court sh:df forthwith appoint a receiver of rhr premi+es covered hereby all and ,ingular. including all and ,ingular
the income. profit,. i„ue,. and revenues from whateser ,uurce devised. rich :md every of which. iP being rrpre„ly under,t+xxl. i, hereby
mortgaged :n if ,pacifically ,et forth and de,crihed in the grmting and habrndum clau,r, hereof. and wch receiver shall have :+fl the hroaJrnd
effective function, :+nd powers in anyw isr entru,ted by a court to a receiver. and wch app++intment ,hall he made by wch court as an admitted
equity and a matter of ahu+Iute.right to ,:+id mortgagee. anJ without reference to rhr adequacy or inadequacy of the value of rhr property mort-
_ gagrJ ur to the s++hrncy ur +nsolvrncy of ,aid mortgagor ar rhr defendants. and that wch rent.. profits. income. i,wrs. anJ revrnurs ,hall he
applieJ by wch receiver according to rhr lien of rhi, mortgage and rhr practice of wch court. In the event of any default on the part of the mort-
~ gager hereunder. the mortgagor agree, to pay to the murtgagrr un Jcmand a reasunahk monthly rental fur the premi,e, an amount at kale
eyuisalent to one-Twelfth t 1/131 u! the aggregate of the tweh•e monthly imtallment, payabk in the then current year plus the actual amuum of
the annual tact,. awe„ment~. water rate,. and inwrance premium, for ,uch year n+N covered by the aforesaid monthly payments.
Ile. 'that r:0 in the event of any breach of rhi, mottg:+ge or default on the part of the mortgagor. or Ih? in the event that :+ny of ,aid sum, of j
_ money herein referred to he nut promptly and fully paid without demand or notice. or Icl in the even that each and every the ,tipulation,. ?
agreement,. condition,. and cuvcnants of ,:+id note and rhi, mungage. art not duly. promptly. and fully performed: then in tither ur any wch _
event. the ,aid aggregate sum memioned in ,aid note then remaining unpaid. with interest accrued to that time. and all moneys secured hereby.
- ,hall become due and payabk forthwith. or thereafter. at the option of said mortgagee. as fully and completely as it all of the ,aiJ wms of mo~-
= ey were unginally stipulated to ht paid un wch day .anything in said note or in rhi, mortgage p. rhr contrary nutwith,tanding: and thereupon or }
thereafter. at the option of ,aid mortgagee. with+wt r?+gice or demand. wit at law or inequity. may be prosecuted as if all moneys secured here-
- by had matured prior ro it, imtitutiun. "f ht mortgagee may forecMse this mortgage. as to the amount so declared due and payabk. and the ,aid
+
premise, ,hall he sold tu,ati,fy and pay the ,amt together with costs. espen,es. and allowances. Incase of partial forecbsurt of this mortgage.
the moreg:+ged premi,e, ,hall he ,old subject to the continuing lien of this morlgageJor the amount of the debt not then due and unpaid. In such
case the provisions of this paragraph may again tx availed of thereafter from time to time by the mortgagee.
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