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HomeMy WebLinkAbout1308 "that. in order mu? (ally to protect the sc:unty ul this mortE.,ge. the murtgJgur. tu~cthtt wash. JuJ in JJJUwn w. the uwnthly pay mcnts under the terms ut the nu se:urrJ herehy. un the lint Jay of ata: h mwuh until lhr slid nett h tally pJ~d. w ell pJy to the nuu (gager the fallow uag ,ums: sal An amount . cicnt to provide the huWer hereof whh funds Iu pay the next mortgage in+urJnce prrmwm it this instrumem Jnd the na>tt secured reby art imured, ur a mumhls chJrge Un taro ut a mortgage insurance prcmruml if they are held by the SecrN:ary of HawsingrnJ Urt+an Ikvelopment as (allows: 111 It and sa lung as said note of clan date and this tnvlrument are invurcd or art teinwred under the pros rsionv of the NahunJl Howling Act. an amount sutficirnt to accumulate in the hands of the holder ant 1 I! month prior to its Jut date the annual mort- gage inwrance premium. in order to provide wcA holder with funds to pay such premium to the SecrNary of Hawsing and Urban pevelupment pursuant to the National Hawsing Act. as amended. and applicable Regulations thereunder. ax 1111 It and w krng as said note of even date and this invtrum h Id by the Secretary of Housing and Urban [kvtlopmem, a monthly charge tin lieu of a mortgage inwrance premium) which sha in an amount tyual to ant-twelhh 11112) of one-halt 111'1 per, cemum of tht average uutstrnding balance due on the naNe computed withawt Taking into acawnt delinyurncies or prepaymenh: Ihl A sum equal to the ground rents. if any, neat dot. plus the prrmiuml that will neu become due and payahk on policies of fire and usher hazard insurance awering the mortgaged property. plus taxis and assessments next dot on the mortgaged property fall as esti• ` mated by the murtgagctl less all wms ;dready paid therefor Jividtd by the number of months to elapse beture one month prior to the drte when such ground earth. premiums. was. and assessments will became delinyurnt. wch wms to he held by mortgagee in trust said ground rents. prrmiuml. taus. and special assessments: and All payments mentioned in the Iwo preceding whstctiom of This paragraph and all payments to 1?c made under the note securrd here- i by shall tx added tugteher and the aggregate amount ehrreuf shall he paid by the mortgagor rash month in a single payment to ht ap- plied by the mortgagee to the (allowing items in the order set forth: III premium charges under the contract of inwrance with the Secretary of Noosing and urban I~evelupment. ur monthly charge tin lieu of mortgage insurance premium). as the case may he: 1111 ground rents. taxes. assessments, fire. and other hazard inwrance premiums: 1111 intertct on the note secured hereby; and 11 V 1 amorti~atiam u(the principal of said note. Any deficiency in the amount of such aggregate momhly pa men( shall. unless made gaxxl by the mortgagor prior to the due dart o(the next such payment. constitute an event of default under this mortgag~. The mortgagee may collect a "late charge"not to excead (our cents t4rl for rack dollar IS11 of each payment mart than fifteen 11 ~1 days in arrears to cover the extra expense involved in handling delinyuent payments. z. That if the total of the payments made by the mortgagor under Ihl of paragraph 2 preceding shall exceed the amount of the pa} mcnts actually made by the mortgagee. for ground rents. taus and assessments and insurance premiums.:n the case may he. wch escrss it the loan is current, at the option of the mortgagor, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the mortgagor. It, however, the monthly payments made by the mortgagor under (r,) of paragraph 2 preceding shall not be suf(icieot to pay ground teats, 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 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. If at any time the mortgagor shall tender to the mortgagee in accordance w•it6 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 accouat of the mortgagor all payments made under the pmvisioas of of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of housing and lfrban Development and any balance remaining is the funds accumulated under the provisions of (b) of said paragraph 2. It 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 acquire. the property otherwise after default. the mortgagee shall apply, the the time of the commencement of such proceedings or at the time the property i~ otherwise acquired, the balance (ben remaining in the funds accumulated under tb) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note cad shall properly adjust any payments which shall have been made under te) of said paragraph. a. "That he will pay all rases. assessments, water r:ors. and other governmental ur municipal charges. tines. or imfxasitiom, fix which pro- sisiun has nut been madt hrrrinhrfurr. and in Jetault therruf Ihr murtgagrr may pay the same: ;mJ th:u hr will promptly Jelisrr the official receipts thercfax to the mortgagee ' "that hr will permit. commit. or latter no waste. impairment. or Jrtrriordion o(,aid property ur ;any part Iherrof : anJ in the event of the failure of the murtgagur to keep the huiWings on ..riJ premises and those to hC erected un wiJ premises. ur impnasrmrnts thereon. in t.KVxl re- pair. the mortgagee may make wch repairs as in its discretion it may deem necessary fur the proper prcsenalion therruf. ;ind the toll amount of rich and every wch payment shall he immediately due and payahk. and sh:dl he secured by the lien o(this mortgage. That he will pay all and singular the costs. ctwrges. and expenses. inaauding rrasonahk lawyer's lees. and costs of abstracts of title. in• curved ur paid at any time by the mortgagee hrc:ause u( the failure on the part a( the mortgagor promptly and fulh to perform the agreements and covenants of said promissory note and this mortgage. and said costs. ch:argrs. and espencrs shall he immrdiatrly due and payable and shall he srcurcd by the lien of this mortgage. 7. "That he will keep the impms ements now esisting ur hrreaher erected on the mortgaged property insured as may hr rryuirrd (rum time i € su time by the mortgagee against kiss by fire and other hazards. cawalties. and cuntingrncirs in such amounts and fo: such prriaxls as may hr ? rryuired by mortgagee. and will pay promptly. when due. any premiums on such inwrance for payment ut which pnavisiun has nut hero made hrrrinhr(orr. AI! inwrance shall hr crrrird in companies appruvrJ by mortgagee and the policies and renewals thereof sh:dl hr held by mortga- I grr anJ have attached thereto loss p:gahk cLwsrs in favor of :rnJ in term accrptahk w the mortgagee, In evem of loss ht will gist immrdiatr i notice by mail to mortgagee. and mortgagee may make prow( of loss if nut made promptly by mortgagor. and each inwrance company con- 4 cerned is herehy authurvrd and directed to make payment for wch base directly to mortgagee imtead of to mortgagor and mortgagee jointly. and the imurance proceeds. or :my part thereof. may tst applied by mortgagee a1 its option either to the reduction of the indehtrdnrss hereby securrd or to the rrsturdiun ur repair of the property damaged. In event of toreckasure of this mortgage or other transfer of title to Ihr more- i gaged property in rstinguishmem of the indehtrdnrss srcurcd herehy. all right. title. ;md interest of the mortgagor in and to any inwrance pull- s eras then in force shall pass as the purchaser or gramre. x That if Ihr premise,. or any part therruf. hr cundrmnrJ under any power of eminent domain. or acyuirrd for :a public use. the damages. F prawerds. and the romidrration fur such acyuisitiun. h? the estcm u( the full amount of indehtrdness upon this \lurtgagr. and the Note secured herehy remaining unpaiJ. are herehy assigned by the ~turtgagur to the Mortgagee and shall he paid furthw ith to Ihr \lortgagee w he applied by rt un accawnt of the indehtrnrss secured herehy. whether due or not That the murtgagrr may.:rt any time pending a wit upon this mortgage. apply to the court basing jurisdiction Ihereu( for the appuint- mrnt of a receiver. and wch court shall forthwith appoint a receiver of the premises covereJ herehy all and singular. including all and singular - the incumr. profits. issues.:anJ rrvrnues from whatever source derived. each :mJ every of which. it bring espressly understax.d. is hereby mortgaged :as if specifically set forth and descriheJ in the grrnting and hahendum causes hereof. and wch receiver sh:dl have all the broad and q a ettectivt functions and powers in anywise entrusted by a court to a receiver. and such appointment shall he made by wch court as an admitteJ ) rquity anJ a matter of ahsulute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the property m~rt- ?~agtJ ur M the sohrncy ur rmulsrncy of s;lid moreg.rgur ur the Jrfendanh. anJ th:u such rents. profits. incumr. issues. and rrvrnurs shall he q ~ applied hp such receiver according to the lien of this mortgage and the practice of wch court. In the event u( any default on the part of the more- gagur hereunder. the mortgagor agrees to pap to the mortgagee un demand as a reawnahk monthly rental for the premises an amount at kart - - eyuisalrnt to one-twelfth t Ill?1 u( the aggregate ut the Iwehe monthly installments payahk in the then current year plus the actual amount of ~ the:mnual Tat°s. assessments. water rates. and inwrance premiums for wch year na>t covered by the aforesaid momhly payments. Ill. That lal in ehc event tit any breach of this mortgage or default on the part of the mortgagor. or Ihl in the event that any of said wms of money herein referred to he not promptly and fully paid without demand or notice. or Ic! in the event that each and every the stipulations. y agreements. conditions. and covenants of said Hutt and this mortgage. are nM duly. promptly. and fully performed: then in either br any wch event. the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time. anJ all moneys srcurcd hereby. ~ shall become due and payahk forthwith. or thereafter. at the option of said mortgagee. as Cully and completely as if all o(the said wms of mun- ey were originally stipulated to he paid on wch Jay . anything in wid volt or in this mortgage to the contrary rxstwithstanding: and thereupon or thereafter. at the option a?t said mortgagee. wittxwt notice or demand. suit at law or inequity. may ht prosecuted as i(all moneys secured here- by had matured prior as its institution. "The mortgagee ma torccluse this more y gage. as to the amount so declared due and payahk. and the said premises shall he soW to satisfy and pay the wms together w ith costs. expenses. and allowances. In cast of partial forecbsure of this mortgage. the mortgaged premises shall he soW whject to the continuing lien of this morlgageJor the amount of the deM nut then dot and unpaid. In such - case the provisions of this paragraph may again bt availed of thereafter from time to time by the mortgagee. i a gcUr ~7 'ACE 1~8 E _ ~r ~ a