Loading...
HomeMy WebLinkAbout1318 2. That. in order mart fully to protect the ucurity ul this murtt;age. the mortgagor. together wuh. anJ in aJJiUun tu, the ~nunthly p,+y menu unJer the terms ut the nWe secured hereby, on the first Jay u( each month until the said note is fully paid. will pay to the murtgagre the (ulluw- ingsums: lal An amours) suf6cicnt to pnwiJr the holder htreot with furs). to pay the neu murtgrge in+urance premium i( this imtrumem and the note secured herehy ere inwred. or a monthly charge tin lira u(a mortgage imurance premium) if Ihcy arc hell by the Secretary u( H+wsing and ))chars lkvelupment as (allows: III It and so long as wiJ note of even Jate and this instrument arc inwred or are reinsured unJer the pruswiom ut the Nation.+I Htwsing Act. an amount +utficient to accumulate in the bars). ut the balder one 111 month prior to its Jut Jate the annual m~rt- gage imurrnce prrmium. in order to provide such holder with tared. to pay such premium to the Secretary ut H+wsing and Urhan [kvelopment pursuant w the Nauunal H+wsing Act. as amended. and applicable Regulations thereunder. or 1111 It and w lung as said nWe of turn Jate and This insuumtnt art held by the Secretary of Housing anJ Urhan [kvelopment. a monthly charge tin lieu ut a mortgage inwrance premium) which shall be in an amount equal to ant-twelfth 111121 of one-halt 11!21 per centaur of therserage outstanding balance dot on the note computed without taking into accuunl delinquencies or prepayments: Ihl A cum equal Io the ground rents tt any. rte due. plus the premiums that will Heil become due and payabk an Ix~licies of fire anJ Whey horse) inwrance covering mortgage property, plus taus anJ asussments next due un the mortgaged property tall as eui- mrted by the mortgagee) ks. all wms already pail therefor Divided by the number of months to elapse heture one month prior to the Jrte when wch ground rents, premiums. taus.rnd assessments will become Delinquent. such sums to he held by mortgagee in trust to pay said ground rents. premiums. taus, anJ special assessments: and Icl All paymenh mentiuneJ in the two preceding whstctions u( this paragraph and all payments to he made unJer the note secured here- by shall he adJed a+gcthrr anJ the aggregate amount thereat shall t+e paid by the mortgagor ea: h month in a single pay mrnt to he ap- p1ieJ by the mortgagee to the folMwing items in the order set forth: III premium charges under the contract of insurance with the Secretary of Housing anJ Urhan [kvrlupment. or monthly charge tin lieu of mortgage insurance premium, as the case may bt: 1111 ground rents. eases. assessments. fire. anJ other bossed inwrance premiums; 1111 interest un the hate secured hereby: and • - IfV) amortisation of the principal of said note- Any deficiency in the amount of such aggregate monthly payment shall. unless made gu+x1 by the mortgagor prior to the Jue date ut the neat such p:+yment. constitute an event of defaup under this mortgage. 'IM mongagtt may collect a "late charge"not to erc-rM1 four +rnt. (•tt) for each Dollar ISI1 at each payment more than fifteen I It1 days in arrears to cover the Hera espenu involved in hanJling delinquent payments. s. That if the tWal ut the payments made by the mortgagor under Ihl of paragraph 2 preceJing .hall exceed the amount of the payments actually made by the mortgagee. fur groan) trots. taus anJ assessments and insurance premiums. as the case may ht. such 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. If. however, the monthly payments made by the mortgagor under (e) of paragraph 2 preceding-shall not be sutticient 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 mortRaFor shall pay to the mortgagee any amount necessary to make up the deficiency, oa or before the date when payment of such RrounD rents, taxes, assessments, or insurance premiums shall be due, I( at any time the mortgagor shall tender to the mortRaKee is accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represent- ed thereby, the mortgagee shall, in cumputiaR the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of o ragraph 2 hereof which the mortgagee has not became obligated to pay to the Secretary of Housing and urban 1levelopmen and a balance remaining is the funds accumulated under the provisioas of (a) of said paragraph 2. I( there shall be default nder any of the provisions of this mortgage, resulting io a public sale of the premises covered hereby, or if the mot ogee acq ir+•s the property otherwise after default, the mortgagee shall apply, the the time of the commenoemeot of such procee ings or a the time the property is othersise acquired, the balance then remaining in the funds accumulated under (e) of paraR ph 2 pr ceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust say pay cots hick shall have born maDe under of said paragraph. a. That ht w ill pay :dl ease.- as,rss n s- water rrtrs. anJ other gosrrnment:d or municipal charges. noes. or impositions- fur which pru- sisiun has nut been maDe hrreinhrf++rr. ,m n JrLudt thrrruf the murtgagre may pay the samr::mJ that hr will pn+mptly Jrliser the otficial receipts thrrrtur a+ the murtgagre. 5- That he will permit- commit- or sudrr n +waslr. impairment. or Jelrriuration of sail property ur :+ny part thrrruf: anJ in the rsrnt of the failure of the mortgagor to keep the buildings un .aiJ prrmi.es :utJ Ihuse to hr rrectrJ un s;+iJ premises. ur impn+srment. thereon. in g+xxl re- pair. the mortg:+gee may m.+ke wch rep:+ir. as in its Ji.crrtiun it may deem necessary tar the proper presrrsatiun thrrro(..mJ the full amount of rash anJ tsery wch payment shall ht immeJi:nely Jur anJ p:ryahk. anJ shall l+r secure) by the lien of this murtg:~gr h. That hr will pay all anJ singular the costs, charges. and eapensrs. including reau+nahk lawyer-. fees.:mJ costs of ah.trarts of title. in- curreJ or pail at any time by the mortgagee hecau.e of the failure un the part of Ihr mortgagor promptly anJ fully h+ perform the agreements anJ covenants of said prumisory n+Ne anJ this mortgage. anJ s:+iJ costs, charges- :md rsprmes shall he immrdiatrly Jur anJ payabk and shall he +ecureJ by the lien of chi. murtg:+gr. ~ "t"hat hr will keep the impnwtmrnt. now csisting ur hrrc:drer rrectrJ un the mongagrJ property inwrrJ :+s may hr require) (rum time i ' ~ to time by Ihr murtgagre against k+ss by fire anJ other haiarJs- ca.u:Jtirs. and contingrncirs in wch amounts and for wch prri+xl.:+s may he rryuirrJ by mortg;+gtr. anJ will p:+y promptly. when Jur. any prrmium. on wch inwrance fur payment of which provision ha. nut hero maDe hrreinhrfurr. All inwrmce shall hr carrirJ in cumpanirs apprucrJ by murtgagre :mJ the l+ulicie. anJ renew als thereof sh:dl hr held by murtg:+- { gee anJ have :ut:+ched thereto loss pay;+hk clauses in favor of anJ in form acceptahk to the mortgagee. In event u( to+. he w ill give immediate notice by mail to mortgagee. anJ mortgagee may make pr+wf of loss i( nut made promptly by mortgagor. anJ each imurance company con- : crrneJ is hrreby :mthonxJ and Directed to m:+Ae paymrnl fur such loss directly to mortg:+gte imtead of to mortgagor anJ mortgagee jointly. ~ anJ the insurance pr++ceeJs- or :my part thereof. m:+y he applitJ by murtgagre at its uptiun richer w the reJuction of the indebtedness herehy +rcurcJ ur to the restur,+tiun ur repair of the property JamagrJ. In esem of h+rerbwre of this mortgage or other transfer of title to the mort- t g:+geD property in rVinguishment of the indrhtrdne+s secure) herehy- :Jl right. title.:mJ interest of the mortgagor in anJ to any imurance fx+li- tits then in (acre shall pass w the purchaser or gr.+ntee. K That it the premises. ur any part thereof- he cundrmnrJ unJer any power u(rminrnt Domain- or acyuireJ fur public use. the Jamages- pa+ceeJs. anJ the cunsiJrrdion fur wch acquisition. to the esters) of the full amount of inJehtrdness upon this hlurtgagr. anJ the tiate secure) herehy remaining unpaiJ- :+re herehy assignrJ by the ~lortgagar to the Mortgagee anJ shall he paiJ forthwith to the ~tortgager to he applied by it un account of the indeMeness .reared herehy. whether Jut or not. That the mortg:+gee may- at any time pending a suit upon this mortgage. apply to the court having jurisdiction thereof fur the :+ppoint- mrnt of a re:river. anJ wch court shall forthwith appoint a receiver of the premises a+vereJ hereby all anJ singular. including all anJ singular the income.pn+flt.- issues. and rrvrnues from whatever source JerisrJ. rack anJ every of which. it being espre..ly understo+xf- i+ hereby ~ mortgage) as it sptcifirdly set forth anJ JescrihrJ in Ihr gr.+nting :md hahrnJum clauses hereof.:+nJ wch receiver shall have all the broad anJ rtlective funcliuns anJ powers in anywise entrwtrJ by a court to receiver- anJ wch appointment shall ht made by such court as an admitteJ equity anJ a matter of ah.ulute right to sail mortgagee. anJ withuut.re(erenct to the adequacy or inaJryuacy of the value of the property murt- gage) ur a+ the sulsrncy ur +n.uhrncy of sail mortgagor or Ihr JrfenJ:+nts- anJ That wch rents. profits. income- issues- anJ revrnuts shall he applieJ by wch receiver accorJing to the lien of this mortg:ggr anJ the practice of wch r.wrt. In the event of any default on the part of the mort- gagor hereunJer- the mortgagor :+grees to pay to the mortgagee un JemanJ as a reasonahk monthly rental fur the premises an amount at least 'r ryuivalent to one-twelfth 1 UI'1 of the aggregate of the twelve monthly installments payable in the Then current year plus the actual amount of F the annual taus, assessments. water rates. anJ insurance premiums fur wch year nut covered by the aforesaid monthly payments. II?. 'That lal in the event of any breach ut this mortgage or default on Ihr part of the mortg:+gar. or 1 hl in the event that any of wiJ sums of money herein referred to he nut promptly anJ fully paid without demand ur notice. ur Icl in the event that each anJ every Ihr stipulations. agreements. conditions. and covenants of .:riJ note :+nJ this mortgage. are not duly. promptly. anJ fully performeJ: then in tither or any such even)-the sail aggregate sum mentiuneJ in wiJ note then remaining unpaid. with interest accrued to that time. and all moneys secured hereby. shall become due and p-ayahk forthwith. or thereafter. at the option of said mortgagee. as fully anJ completely as i(all of the said wms of man- ~ ~ ry were originally stipulate) to he paiJ un wch Jay. anything in said note or in this mortgage to the contrary rwtwithslanding: anJ thereupon or thereafter- at the uptiun of sail mortgagee. without notice or JemanJ. suit at law or inequity. may he prosecuted as if all moneys secured here- by had mature) prior a+ its institution. -The mortgagee may forecbse this mortgage. as to the amount so declared due and payabk. and the said # premius shall ht solJ to satisfy anJ pay the same together with costs. evpenus. anJ allowances. Incase of partial forecbsure of this mortgage. J the mortgaged premises shall he wW whjecl to the continuing lien of this mortgagelor the amount of the debt not then due anJ unpaid. In such ` case the provisions of this paragraph may again he availed ut thereafter from time to time by the mortgagee. - gOGK3U7 o~~f1318 _ - _ - =