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HomeMy WebLinkAbout2489 That. in auJer more fully to protect the security ut this mortya1le, the mortgagor. together with, and in aalditiwt to. the monthly payments under the terms of the note secured hereby. on the fine Jay of each month until the sail note is fully paid. will pay to the mortgagee the follow ing wms: (a1 An amount sudx:itnt to proviJe the holder he«ut with tunJs to pay the next mortgage inwrance premium if this imirument and the note secured hereby are inwrcd, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary ut Housing and Urban fkvebpment as (olbws: (U It and so bng as said note of even date and this instrument art inwrcd or are reinwred under the provisions of the National Housing Act, an amount wifia:ient to accumulate in the hands of the holder one 11) month prior to its due date the annual m~rt- gage inwrance premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urban Devebpment pursuant to the National Housing Act, as amended, and appliwbk Regulatwns thereunJer: ur 1111 It and so brag as said note of even Jate anJ this instrument are held by the Secretary of Housing and Ufian Ikvebpment, a monthly charge (in lira of a mortgage inwrance premium) which shall t+e in an amount equal to one-twelfth (11121 of one-halt 1112) per canton of the average outstanding balance due on the note compute) without taking into account Delinquencies ur prepayments; (b) A sum equal to the grand rents, it any. next Jue, plus the premiums that will next become due and payable on policies of fire and other hazard inwrance coveting the mortgaged property, plus taxes and assessments next Jue on the mortgaged property tall as esti- mated by the mortgagee) less all sums already pail therefor divided by the number of months to elapse before one month prior to the date when such ground «nts. premiums, taxes. and assessments will become delinquent. such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding wbsections 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 tolbwing items in the order set forth: (1) premium charges under the contract of inwrance with the Secretary of Housing and Urban Development. w monthly charge (in fitu of mortgage inwrance premiuml. as the case may be: (IU ground rents, fazes, assessments, fire. and other hazard inwrance premiums: - (111 interest on the hate secured he«by: and (IV) amortization of the principal of aid note. Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the mortgagor prior to the due date of the next wch payment, constitute an event of detach under this mortgage. The mortgagee may collect a "late charge"not to a:ceed four cents (fit) to each dollar (SI) 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 under (b) of paragraph 2 preceding shall exceed the amount of the payments actually made by the mortgagee. for ground rents, taxes and assessments and insurance premiums. as the case may be. such excess it the loan is current. at the option of the mortgagor. shall. be credited on snbaegaent payments to be msde by the mortgagor. or refunded to the mortgagor. li, however. the monthlp payments made by the mortgagor ender ib) of paragraph 2 preceding shall not be snfticient to pay ground rents. taxes and asaessmenta 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 necessary to make rap the deficiency, on or before the date when payment of snch ground rents. taxes, assessments, or insnrance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby. tall 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 nnder the provisions of of para®reph 2 hereof which t)?e mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the (tends accumulated nnder the provisions of (u) of said paragraph 2. It there shall be a default nnder any of the provisions of this mortgage. resulting in a public sale of the premises covered hereby, or iI the mortgagee acquires the property otherwise otter default, the mortgagee shall apply, the the time of the commedcement of such proceedings or at the time the property is otherwise acquired. tee balance then remaining in the innds accumulated under ib) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made nnder of said parag¢aph. 4. "Brat he will pay all taxes. assessments. water rates. and other governmental or municipal charges. hues, or impositions. for which pro- vision has not been made hereint+etore. and in default thereof the murtg:?gee may pay the same: and that he will promptly deliver the official receipts therefor to the mortgagee. S. That he will permit. commit. or suffer no waste. impairment, ur deterioration of said property or any part thereat: and in the event of the failure of the mortgagor to keep the buildings on said premises anJ those to bt erected un said premises, or improvements thereon, in goof re- pair. the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereat. and the full amount of each and every such payment shall be immediately. due and payable. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges, and expenses. including reasonable lawyer's fees. and cotes of abstracts of title. in- curred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly 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 of this mortgage. 7. That he will keep the improvements now existingur hereafter erected on the mortgaged property inwrcd as may Ix required from time to time by the mortgagee against bss by fire anJ other hazards. casualties. and contingencies in such amounts and for such periods as may bt require) by mortgagee. and will pay promptly. when due. any premiums on wch inwrance for payment of which provision has not been made hercinbetort. All insurance shall be carried in companies approved by mortgagee and the p~liciesanJ renewals thereof shall be held by mortga- gee and have attached thereto bss payable clauses 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 if not made promptly by mortgagor. and each insurance company con- corned is hereby authorized and di«cted to make payment fur such bss di«ctly to mortgagee instead of to mortgagor and mortgagee jointly. s and the inwrance proceeds, or any part thereof, may bt applied by mortgagee at its option tither to the «ductiun of the indebtedness hereby t secure) or to the restoration or repair of the property damaged. In event of turccbsure of this mortgage or other transfer of title to the mort- gaged property in extinguishment of the indebteDness secured hereby. all right. title, and interest of the mortgagor in and to any insurance puli- ties then in torte shall pass to the purchaser or ¢rantee. g. That if the premises. or any part thereof. be condemned under any power of eminent Jumain. ur 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 tF.e Note secorcd ~ hereby remaining unpaid. are hereby assigned by the Mortgagor to the Mortgagee anD shall bt paid forthwith to the Mortgagee to bt applied by it on account of the indebteness secursd hereby. whether due or nut. 9. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdiction thereof for the appoint- ment of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular ~s the income. profits, issues. anJ revenues from whatever source derived. each and every of which. it being expressly understood. is hereby mortgaged as it specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall h:we 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 court 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 property nor- - gaged or to the .,?Ivency or insolvency of said mortgagor or the defendants. and that such rents, profits. income. issues. and revenues shall tx applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mort- gager 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 (Ilt2? of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes. assessments. water rates. and inwrance prem~~fms for such year not covered by the aforesaid monthly payments. n 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor. or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or Ic) in the event that each and every the stipulations. w~ agreements. conditions, anD covenants of sail note •and this mortgage. are not duly. promptly. and fully performed: then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid. with interestacctued to that time, and all moneys secured hereby. shall become due anti payable forthwith. or thereafter. at the option of said mortgagee. as fully and completely as if all of the said sums of mon- ey were originally stipulated to be paid on such 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. wit at law or inequity. may be prosecute) as if all moneys secured here- by had matured prior to its institution" The mortgagee may torecfose this mortgage. as to the amount so declare) due and payable. and the sail premises shall be sold to satisfy and pay the same together with costs. expenses. and allowances- Incase of partial torecbsure of this mortgage. the mortgaged premises shall be sold subject to the continuing lien ut this mortgage for the amount of the debt not then due and unpaid" In such case the provisions of this paragraph may again be availed of thereafter from time Io time by the mortgagee.