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HomeMy WebLinkAbout2238 3. Thal. in urJer more Cully to protect the xcurily ut Chi; mwtgage. the mortgagor, together with, and in addna,n to. Ihr monthly p.,y mrnts unJrr Ihr terms of the note secure) herehy. un the first Jay of r-~ch month until the sail nutr is Cully pail. will pay w the mortgagee the fulluw- ing,ums: lal An amoum wiTicicnt to provide the huWer hrreuf with funds to pay the nett murtg:,ge insurance premium if This instrument and the note secured herehy are inwred. ura monthly charge tin lieu of a mungage inwrance premium? if they are held by the Secretary of Nuusingand Urban [)evelupmemrs follows: 111 If and w lung ac .aid note of even date and this inslrumrnt are imurcd or are reinwreJ under the pruv,siuns of the National Housing Act. an amount sufficient to accumulate in the hands of the huWer one 111 month prior ro its Jur date the annual mort- gage insurance premium, in order to pruviJe such Iwlder with funds to pay such premium to the Secretary of Nuusing and Urban [kvelopment pursuant to the National Ntwsing Act. as amended. and appticahk Regulations thereunder: or 1111 It and w lung as said note of even Jate and this inatument are held by the Secretary of Noosing and Urban (kvrlopment. a monthly charge tin lieu of a mortgagr insurance premium) which shall he torn amount equal to one-twelfth I IIII? of one-half l II'1 per centum of the outrage uut.tanding b:Jance Due on the owe cumputrd witMwt taking into acawnt Delinquencies ur prepayments; Ih1 A sum equal to the gruutxi rents, if any. next Jue, plus the premiums that will next become Jut and payahk on policies of fire and whey haiard inwrance covering the mortgage) property. plus Casts and assessments next Jue un the mortgaged property fall ac esti- mate) by the mungageel kss all sums already pail therefor divided by the number of months to elapse before one month prior to the Jatr when such ground rents. premiums. lases. and asxssmrnts will become delinquent. wch sums to be held by mortgagee in trust to pay sail ground renh. premiums. taxes. and special assessments: and icl All payments mentioned in the two preceding subxctions of this paragraph and all payments to hr male under the note secure) here- hy shall hr aJJeJ together and the aggregate amount therruf shall hr paid by the mortgagor rash month in a singk payment lu be ap- , plied by the mortgagee to the following items in the order set forth: III premium charges under the contract of insurance with the Secretary of H.x„ing and Urban Ikvelupmrnt. ur monthly charge fin lieu ut mortgage insurance premium). as the case may he: 1111 ground reins, fates. assessments, fire. and athrr haaard inwrance premiums: 1111 interest urt the note secure) hereby: and ~ IIVI amurtizatiun of the principal of sail note. Any Jrficiency in the amount of such aggregate monthly payment shall. unless made g.~x1 by the mortgagor prior to the Jue Jate of Ihr next wch payment, comtitutr -an event of default urkler this murtg:,ge. 'flee mortgagee may asllect a "lair charge"not to exceed k,ur ,rots (lcl fw rash dollar ISI1 of each payment more than fifteen 1 I SI days in arrears to cover the extra exprnx invoh•eJ in handling delinquent payments. i -that it the total of the payments made by the murtgagur under lh) of paragraph 3 preceding ,hall ezceeJ the amount of the pay meets j actually male by the murtgager, fur ground rents. lasts and assessments and insurance prrmium,. as tl,e case may he. wch excess if the loan is ~ current, at the option of the mortgagor, shall, be credited un subsequent payments to be made by the mortgagor, or refunded to the mortgagor. If. how'evrr, the monthly payments made by the mortgagor under (e) of paragraph 2 preceding shall not be sulficicot to i pay ground rents, taxes and assessments and insurance premiums, a. the case ma}• 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 deficl'ency, 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 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 (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of j )lousing and l~rban 1)cvelopment and any balance remaining in the funds accumulated under the provisions of (6) of said , paragraph 2. It there shall be a default ttndrr any of the provisions of this mortgagr, resulting in a public sale of the premises t covered hereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, the the time of the commenorment of such proceedings or at the time the property is othensise acquired, thr_balance then remaining in the funds accumulated under (e) 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 hero made under (e) of said paragreph. 4. That he will pay all Casts. asxssmrnh. water rates. and uthrr gusernmen4d or municipal charge,. noes. or imposition. fur which pr~- ci,iun ha, nut extra maJr hrrrinhrtore. and in dr(ault Ihrreuf the murtgager may pay Ihr ,amt: and that hr will promptly Jclivrr the official recriph thrrrfur lu Ihr murtgager S. "that he will permit. commit. ur w8rr nu waxer. impairment. ar dr?rriur,,tian of said pruprrq ur ;my part therruf : and in the esrnt o(the failure of the mortgagor to keep the huilJings on s:,id premises and thus to t,r rrrctrJ on v,id premises. ur impn,srmrnts thrrrun. in g.Mx1 re- pair. the mungagee may make wch repairs as in its Jiscretiun it may Derm nrcrssary Cur the proper prr.en'atiun thrreot.::nJ the toll amount u( each :,nJ every wch pay mrnt ,hall br immediately Jue :mJ payable. and sh:Jl hr scored by the tiro ut this mortgagr. 6. That he will pay all and singular the costs. chargr.. and expenses. including reasonahk lawyer's tees.:mJ cosh of abstracts ut title. in- currrd or pail at any time by the mortgagee ber.,ux of the failure un ihr part of the murtgagur promptly and fully h, perturm the agreements ' and covenant, of s:,id promissory note and Chi, mortgagr. and said cuts. chargr..:mJ rxprnscs ,hall br immediately Jue and payable anD shall { be ,ecureJ by the lien of Chi, mortgagr. ~ 7. "That he will keep the impmvemrnts now existing or hrrrafter rrectrd on the mortgaged pruprrty inwreJ a, m:y t+e reyuirrJ from time w time by the murtgager against fuss M' tier and other haiard,. caw:Jlie,. and contingencies in wch amounts and for u,ch prri.xls as may t+e rryuired by mortgagee. and w ill pay prom tl •-when Jue. any rrmiums un ,uch inwrance for p ) p payment of which provision ha, not been male hereinhefore. All inwr.,ncr ,hall br carried in iumpanirs appn,vrD by mortg:,gre and the policies ;mJ renew:,h thereof sh:dl br hrlD by morlga- - j gee and have anachrJ Iherrto fuss payable clauses in favor of and in form accrpt:,bk to the mortg:,gre- In event of fuss hr will civr immediate notice by mail to mortgagee. and mortgagee may make pr.wf of fuss if nut made promptly by mortgagor. and each inwrance company cun- cernrd is herehy outhunted and Jirectrd to make payment for wch loss directly to mortgagee insteaD of to murtgagur and mong:rgee jointly. E :end the inurance pnxeeJs. ur :my part thrreot. may t,r applied by mortgagee at its option Tither to the reduction of the indebtedness hereby srrureJ or to the restoration ur repair of the property Jamagrd. In event of toreclowre of this mortgage or other tranfer of tick to the mort- ~;:,geJ property in extinguishment of Ihr indrhtrdnrss sccurrd hrrrhy. all right. title. and intrrest of the mortgagor in and to any insurance poll- { ties then in tutee shall pas, to the purchaser ur gr,,ntee- tt. That if the prcmisrs. ur any part therruf. be cunJemneJ under any power of eminent domain. ur acyuirrd Cur public use. the damage,. € pnxreJs. and the cunsidrrdiun for wch acyui,ition. to the extent of the full amuunl of indebtednes upon this Slungagr. and ihr \utr secured herehy remaining unpaid. are herehy assigned by the ~lurtgagur to Ihr blortgagre and ,h:dl he p:,iJ forthwith to the ~lortgagrr Io he applied by ` it un :,ccuum of the indehtrnrss secure) herehy. whether Jue or not. ~ y. Thal the murtgager may. at any time pending a wit up,rn Chi. mortgagr. apply to the court having jurisdiction thrreot for the app~int- mrnt of a rrcriver. and wch court sh:dl forthwith appoint receiver of the premix, covered herehy all and singular. including :dl and ,ingular e the income. prufih. issues- and rrvrnues from whatever source derived. rich and rven of which, it being expressly unJrnt.wd. is herehy mortgaged as if specifically ,et forth and druriheJ in the granting and habrndum clauses herrot. and wch receiver shall have all the hroaJ and _ F etlective function and power, in anywix entn,steJ by a court to.+ receiver. and wch appointment ,hall tx made by ,uch court as an admitted equity and a matter of ahsulutr right to said mortgagee. and with.wt reference a. the adequacy or inadeyuary of the value of the property mort- gagr) ur t» Ihr ,ulvrncy ur m,uhrncy of ,aid mu?tg:,gur ur the Jrfendanh. and that wch renh. profits. inc.,me. is,ues.:mJ revrnurs ,hall be :,pplied by wch receiver according to the {ten o/this mortgage and the practice of wch court. In the event of any Default on the part of the mort- g,,gur hereunder. the mortgagor agrees to pay a. the mortgagee un demand a, a reawnabk monthly rental fur the premises an amount at least ryuivalenl to one-twelfth 1111?1 of the aggregate of the twelve monthly installments payahk in the then current year plus the actual amount of the annual rases. assesmems. water rate,. and inwrance premiums for wch year not covereD by the aforesaid monthly payments. III. That lal in the event of any breath of this mortgagr or Default on the part of the mortgagor. or f t+l in the event that any of ,aid wins of money herein referred to he not promptly and fully paid without Demand or notice. or Icl in the event that each and every Ihr stipulation. agreements. conditions. and covenants of saaid note and this mortgagr. are not duly. promptly. and fully performed: then in either or any such rvenL the sail aggregate sum mentiuneJ in sail note then remaining unpaiD. with interest accrueD Io that time. and all moneys scored herehy. a ,hall become Due and payahk forthwith. or thereafter- at the option of said mortgagee. as fully and completely as it all o(the sail wins of nun- ; ey weer originally stipulated to Ix paid un wch Jay. anything in said note or in this mongagc to Ihr contrary rtotwith,tanJing: and thereupon or i thereafter. at the option of said mortgagee. without notice or demanD. wit at law or in equity. may be prosecuted as if alt moneys secured here- by had matured prior to its imtitutiun. The mortgagee may torecluse this mortgage. as to the amount ui declared duernJ payahk. and the said t premises shall Ix wIJ to satisfy and pay the same together with costs. expenses. and allowances. Incase of partial forecbwre of this mortgage. s the mortgaged premix, ,hall he wld subject to the continuing lien of this mortgagelor the amount of the debt nw then Due and unpaid. In such ` sax the provisions of this paragraph may again he availed of thereafter from time to time by the mortgagee. ee~~QQ _ i Xi YLt,~~ -L - e T }