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HomeMy WebLinkAbout2844 2. That, in order more fully to prwect the security of this mortgage. the mortgago?. together with. and in addition to. the monthly pay menu under the term: of the note secured reb , oa the bet da of esch month until the said nwe is tuU td, wi8 y to the mutt ; k Y Y r W w gagee the follow- ing sums: r la) An amount wfikient to provide the holder htreot withlunds to pay the next mortgage inwnnce premium if this instrument and the note secured hereby are inwred, a a monthly charge tin lieu of a mortgage inwrance premium) it They are heW by the Secretary of Housing and Urban Development as follows: ~ 111 II and so bng as said note of even date and this instrument src inwrcd a are rcinwrcd under the provisions of the Nation:d ; Housing Act, an amount wt(kient to accumulate in the hands of the holder one l l) month prior to its due date the annual mutt- 1 Pge ituurantx premium. in order to provide sash holder with funds to pay such premium to the Secretary of Housing and ; Urban Development punuant to the National Housing Act. u amended, and applicabk Regulations thereunder: or 1111 II and so bng as said note of even date and this instrument are held by the Secretary of Housing and Urban Deveopment. a monthly charge tin deu of a mortgage insunrtct premium) which shall be in an amount equal (pone-twelfth 11112) of one-halt (1121 per centum of the average outstanding balance due on the nwe computed without taking tnto account delinquencies or prepayments: Ib) A wm equal to the ground rents. if 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 )all as esti- mated by the mortgagee) kss all sums alresdy paid therefor divided by the number of months to elapse betort one month prio( to the date when wch Bound rents, premiums, taxes, and assessments wiU become delinquent, wch wms to be held by mortgagee in trust • to pay said ground rents, premiums. taxes, and special assessments: and lc1 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 I+e ap- plied by the mortgagee to the folbwing items in the order set forth: lp premium charges under the contract of inwnttee with the Secretary of Housing and Urban Development, or monthly charge tin lieu of mortgage inwnnae premium), as the case may be: (III groltnd rents. taxes, assessments. lire. and other hazard inwnnce premiums; 1 1111 interest on the note secured hereby: and lIV) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the mortgagor prior to the due dale of the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a "late charge"not m exceed bur cents (4e) for } each dollar IS1) of each payment more than fiReen (IS1 days in arrears to cover the eztn expense involved in handling delinquent payments, i That it the twat of the payments made by the mortgagor under Ih) of paragraph 2 preceding shall exceed the amount of the payments actually made by the mortgagee. for ground rents, taxes and assessments and inwrance premiums, as the case mey he. such excess it the loan is ' current, at the o lion of the more or, shell, be credited on snbae ent a mentor to be made b the more a or, or refunded to the I P 6aB qu P Y r B 6 ! mortgagor. It. however. the monthly payments made by the mortgagor nnder te) of paragraph 2 preceding shall not be sntticient to ~ pay gronnd rents, taxes aed asaessments and insnnnce premiums, as the case may be. when the same shall become doe and pay- able, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency. on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. It at any time the mortgagor shall tender to the mortgagee ie 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 made under the provisions of of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of + Housing and Urban Development and any balance remaining in the funds accumnlated under the provisions of fe) of said paragraph 2. 1t there shall be a default under any of the provisions of this mortgage. resulting in a public sale of the premises covered hereby, or it the mortgagee acquires the property otherwise after detaslt. the mortgagee shall apply. the the time of the commencement of such proceedings or at the time the propenr is otherwise acquired, the balance then remaining in the (ands accumulated under fe) of paragraF.ti 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 under of said paragraph. l 4. That he will pay all taxes. assessments. water rates. •rnd other governritental or municipal charges. fines. or imposition.. for which pro- vision has raw I+cen made hereinhefore. and in deL•+uh Ihereot the mortgagee may pay the same: and that he will promptly deliver the uHirial I i receipts therefor to the mortgagee. S. That he will permit. commit. or sutler nu waste. imprirment. air deterioration of wid property ar any part thereof:rnJ in the event of the j failure of the mortgagor to keep the buildings on wid premises and those to tx erected on wid premises. or improvements therron. in good re- pair. the mortgagee may make wch repairs as in its discretion it may deem necessary for the proper preservation there+f. and the full :+mount of each and every wch payment shall tx immediately due and payabk. and shall be secured by the lien of this mortgage. 6. That he will pay alt and singular the costs. charges. and expenses. including reasonable lawyer's tees. •rnd costs of abstracts of tick. in- } curved of paid at any lime by the mortgagee txcause of the failure on the part of the mortgagor pioiaptly and fully to perform the agrerments i and covenants of said promissory note and this mortgage. •rnd said costs, charges. •rnd expenses shall toe immediately dot •and payabk •rnd shall ; toe secured by the lien of this mortgage. 7. That Itt will keep the improvements now nisting or hereafter erected on the mortgaged property inwred as may !+e required from time to time by the mortgagee agair}ti bss by fire and other hazards. rasuahies. and contingencies in wch amounts and for wch periods a. may he I required by mortgagee. and will pay promptly. when due. any premiums un wch inwranct for payment of which provision has not teen made herrintxfurt. All inwranct shall be carried in cumpanits approved by mortg:q;te and the policies and renewah thereof shall t?e helJ by murtga- gee and have attached thereto bss payabk clauses in favor of and in form acceptable to the mortgagee. In event of loss ht will give immediate voice by mail to mortgagee. and mortgagee may make proof of loss it raw made promptly by mortgagor. and each inwranct company con- ; corned is hereby authorized •rnd directed to make payment for wch bss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the inwrance proceeds. or any part thereof. may For applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to Iht restoration ax repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the more- gaged property in extinguishment of the indebtedness secured hereby. all right. ti1k. and interest of the mortgagor in and to any inwrance poll- ciec then in force shall pass to the purchaser or grantee. ( E K. That if the premixs. or any part Ihereot. be condemned under any power of eminent domain. or acquired for a public use. thr damages. ~ roceeds. arn1 the consideration for such ac uisition. to the extent of the full amount of indebtedness u s p q pun this Mortgage. and the Noe secured hereby remaining unpaid. art hereby assigned by the Mortgagor to the Mortgagee and shall t+e paid forthwith w the Mortgages to tot applied by h on account of the indebteness secured hereby, whether due or raw. , 9. Thal the mortgagee may. at any time pending a wit upon this mortgage. apply to the court having jurisdiction thereof for the appoint- j men( of a receiver. and wch court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. profits. iswes. and revenues from whatever source derived. each and every of which. it txing expressly undento+xl. is hereby mortgaged as if specifically set forth •and descritxd in the granting and hahendum clauses hereof. •and such receiver shall have all the broad and elective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall tx made by such court as an admittrd equity and a matter of abwlute right Io said mortgagee. and without reference to the adequacy ax inadequacy of the value of the property mort- t:ageJ or to the wlvency or inwlvenry of said mortgagax ur the Jcfendants. and that such rents. profits. income. issue>. and revenues .ha111x applied by wch receiver according to the lien of this mortgage anJ the practice of such roar!. In the event of any default on the part of the mort- gagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reawnabk monthly rental for the premixs an amount at kart f cyuivalent to one-twelfth 11112! of the aggregate of the twelve monthly installments payabk in the then current year plus the actual amount of the annual taxes. assessments. water rates. end inwrance premiums for wch year raw covered by the aforesaid monthly payments. i I0. That la) in the event of any breach of this mortgage or default err the part of Iht mortgagor. or 1 h1 in the event that any of said sums of money herein referred}to be rlo( promptly and fully paid without demand or notice. or Ic) in lire event that each and every the stipulations. agreements. condition!. and edVenanfs of said n_we and this mortgage. ere raw duly. promptly. and fully performed: then in eiltxr or any wrh , event. the wid aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time. and all muntys secured hereby. shall become due and payabk forthwith. w thereafter. at the option of said mortgagee. as fully anJ completely as it all of the said sums of mon- ey were originally stipulated to tx paid un wch day. anything in said note or in This mortgage to the contrary nwwitMtanding: and thereupon w 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- s by had matured prior to its institution. The martg:+gce may forecbse this mortgage. as to the amount w declared due and payabk. and the said premises shall be wW to wtisfy and pay the same together with costs. expenses. and allowances. In rase of partial forecbsure of this mortgage. the mortgaged premises shall tx sold subject to the continuing lien of this mortgagelor the amount of the debt raw then due and unpaid. In wch cast the provisions of this paragraph may again tx availed of thereafter from time to time by the mortgagee. s a ~k>r 3U6 Nac~ 2840 ~ _ ~ - = ~ ~ ~ ~_..a;~,