HomeMy WebLinkAbout2556 2. That. in order more fully to protect the security ut this mortgage, the mortgagor, together with, and in addition to. the monthly payments
under the terms of the note secured hereby. on the first ~ay of each month until the said note is fully paid. will pay to the mortgagee the tulluw-
mg wms~
lal An amount suflirient to provide the holder herein with fund. to pay the nett mortgage irtsuranre premium if thi+ instrument anJ the
ncNe ucured hereby art inwred. or a monthly charge tin lieu of a mortgage inwrance premium) if they are held by the Secretary of
Housing and Urban Development as (allows:
111 If and so long as said note of even Jate and this instrument are imureJ or are reinwred under the previsions of the Natiun:d
Housing Act. an amount sufficient to accumulate in the hands of tht huWer one 111 month prior to its due date the annual m~rt-
gage insurance premium. in ardor to provWe such holder wiM funds to pay wch promium to the Secretary of Housing and
Urhar Development pursuant to the National Housing Act. as amended. and applicabk Regulations thereunder: or
1111 If anJ su tang as sail note of tyro Jate anJ this imtrument are held by the Secretary of Housing and Urban Development. a
monthly charge tin lieu of a mortgage inwrance premium) which shall be in an amount equal toone-twelfth 111121 of one-half
11121 per canton of the average outstanding balance due on the owe computed without taking into account delinquencies or
prepayments;
Ib1 A sum equal to the ground rents. if any. nett due. plus the premiums that will nett became due and payahk on policies of fire and
other hazard insurance covering the martg:+ged properly. plus lazes and assessmrnts nett due on the mortgaged property Tall as esti-
mated by the martgagetl kss all sums already paid therefor divided by the number of months to elapse before one month prior to the
date when such ground rents, premiums, taxis. anJ assessmrnts will become delinquent. such sums to be heW by mortgagee in trust
to pay wid ground rents. premiums, lazes. and special assessmrnts: and
Irl All payments mentioned in the two preceding subuctians of this paragraph and all payments to tx made under the note ucured here-
by shall he added together and the aggregate amount thereof shall he paid by the mortgagor ca:h month in a singk paymrnt to be ap-
plied by the mortgagee to the following items in the order ut forth:
111 premium charges under the contract of insurance with the Secretary of tiuusing and Urban Drvelupmrnt, ar monthly charge
tin lieu of mortgage inwrance premium). as the case may be:
1111 ground rents, taxes. assessments, fire. and ether hazard insurance premiums:
1111 interest un the note secured hereby: and
IIV1 amartizatian of the principal of sail note.
Any Deficiency in the amount of such ;rggregate monthly paymrnt .hall. antes. made gcxxl by tht mortgagor price to the due daft of the nett
wch payment. constitute an event of default under this mortgage. The mortgagee may collect a "late charge"not to ezcerd tour cents (lt) (w
each dollar ISI I of each payment more than fipeen 11 days in arrears to rover the rztra esparto imolvrd in handling delinquent payments.
i. That it the total of the payments made by the mortgagor under 161 of paragraph 2 preceding shall ezreed the -amount of the payment.
actually made by the mortgagee. for ground rent.. tau. anJ a+sr+sments and imuranre premiums, as the rase may t+r. wch escess if 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. lt. however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to
pay ground rents, lazes and assessments and insurance premiums, a~ 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 with the provisions of the Dote 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 noder the provisions of of paragraph 2 hereof which the mortgagee has ant become obligated to pay to the Secretary of
(lousing and Urban Uevelopment and any balance remaining is the funds accumulated under the provisions of (b) of said
paragraph 2. If there shall be a default under any of the provisions of this mortgage, resulting in a public sale of the premises
covered hereby, or if the mortgagee acquires the propcrty otherwise after default, the mortgagee shall apply, the the time of the
commencement of such proceedings or at the time the propcrty is othcnsise acquired, the balance then remaining in the funds
accumulated under (b) 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 noder of said paragraph.
a.
That he will pay ;dl tau.. a++r++mrnt+. water rate+.:md other govrrnmrntal ur municipal charge.. fine.. ur impu+itiun+. for which pea
ri+ian ha+ not been m;~dr hrrrinhrfure. anJ in drtault Ihrreof the murtgagrr may pay Ihr +amr: ;mJ that hr will promptly Jrlivrr the utlici;d
rrceiptslherrfortothe murtgagrr.
5. That he will permit. commit. or salter no water. impairment. or Jrtrriuratiu8 tifc~a`rrl~6~rMjrMi+njtj+:ut'tfAeieQf:;intlei/the even) ut the
failure ut Ihr mortgagor to keep the huihling+ un .aid premi+rt and thu+r to be erected on +aiJ prrmiyses.~rjmproyemC It thereon. in gcxxl re-
I, pair. the mortgagor miry make such repair. as in its ditcrrtiun it may Jeem neresta4ys ~>~(f~r [peg>frvation thereof. anJ the full amcwnt of
each :mJ every wch payment .hall he immediately Jue anJ payahk.:md .hall hr ,eeureJ by the'- lirll'.~ tbi: moYtgirg~_ d'~!'
h. "Ghat hr will pay all and singular the ro,h. chargrt. and exporter.. includin~rttJserfsh'lt'~ydi'sfte!lcaartdaasltisrt.•rbytrdti~~{e. in-
curved ur paid at any time by the mortgagor hrr:uiu of the failure un the part ut tbeppt~r MomMly'~ Lul~, to~~~dorm the agreement.
and covenant. of .aid prumieuxy note and (hit mortgage. anJ +aiJ cots. charge.. anJ expenses that) ht immrdiately~ue'arid~~+d~hlr~f~ .hall
hr ercured by Ihr lien of Ihi+ mortgage.
I That hr w ill keep the impmvemrnte now existing ur hrrraftrr rrerteJ un the murtgagrJ propcrty inwrrJ ae may hr rryuireJ tram time
I to time by the mortgagee again( to++ by fire anJ other h:vard+. casu:dtirs. and cuntingrnciee in wch amount. anJ for wch prricxl+ as may he
required M mortgagee. anJ will pay prumptl~•. when due. any premium. on +uch insurance fur payment of which pnwi+iun h:.+ not been made
herrinhrfarr. rVl inur:mce eha0 he carried in rumpanir+ approved by mortgagee and the policie+ anJ renewal. thereof .hall t?r hell by martga-
E gar anJ base :+uached thereto loss payahk dauut in tasor ut and in form acceptahk to the mortgagee. In event of lo++ hr w ill gisr immediate
notice by mail to murtgagrr. anJ murtgagrr may make proof of la+s it nut made promptly by mortgagor. and rash insurance armpany ron-
crrnrd i+ hereby :mthunird :mJ Directed to make payment fur wch lu++ Directly to mortgagor instead ut to mortgagor and mortgagee jointly.
anJ the inturancr pn.reeJs. ur any part thereof. may hr applied by murtgagrr at i1+ option citfrer to the reduction at the indehledneee hereby
+rrureJ ur to the rr+turatiun ur rrpair of the propcrty Jamagrd. In carne of fureclaturr of Ihi+ mortgage or other tran+ter of tick to the mort-
gagrJ property in extingui,hment of the indrMrdnres +rrurrJ hrrrhy.:Jl right. title. and internee at the mortg:rgur in and to any insurance puti-
rirethen in force .hall pa++ to the purcha+er or grmter.
X. "f hat it the premius. ur any part thrrrof. he condemned under any power ut eminent domain. ur acquired tar a public use. the damage..
pnwrrds. anJ the cunsidrratiun fur wch aryui+ition. to the extent of the full amuum of indehtednrt+ upon thi+ Mortgage. anJ Ihr Nute ucured
hereby remaining unpaid. are hereby attigned by the Mortgagor to the Mortgagee and .hall F?c paiJ forthwith to the Mortgagee to hr applied by
it un acccwnt at Ihr indeMeness secured hereby. whether Jue ar nut.
v That the mortgagor may. at an umr pending a wit upon this mortgage. apply to the court having juri,diction thereof far the appoint-
men( of a receiver. and wch court .hall forthwith appoint a receiver of the premise, covered hereby all and singular. including all and tingtaai
the income. profits. ieeues. and revenues tram wh:dever +ource derived. each and every of which. it being expressly underet«x1. i+ hereby
murtgagrJ a+ if tperifically let forth anJ described in the granting and hahrndum cl:wus hereof. and +uch receiver .hall have all the broad and
ellectice function :md power. in anyw iu entrusted by a rnurt to •a receiver. and +uch appointment shall he made by +uch court as an admitted
- equity and a matter of ah+ulute right to .aid mortgagee- and without reference to the adequacy or inadeyu:rry of the value of the propcrty mort-
' gaged ur to the tuhrncy ur in+cdvrncy of (aiJ murtgagrr ur the Jefrndant+. and that such rents. profit.. income. iteur+. and revrnur+ .hall he
j applied by +uch recris•er awarding to the hen of Ihi+ mortgage and the practice of +uch ccwrt. In the event of any drtault on the parr of the mort-
_ g:~gur herrundrr. the mortgagor agree. Ur pay to the mortgagor un demanJ as -a reawnahk monthly rental for the premises an •amuum at ka+t
_ ryuisalent to one-twelfth 11; I?1 u( the aggregate of the twelve monthly intallments payahk in the then current year plus the actual amount of
s Ihr annual taxre.:n+eetmenn. water rates. and insurance prrmiums for +uch year nut revered by the aforesaid monthly payments.
111. "that Ial in the even) ut any breach of this mortgage ur default un the part of eke mortgagor. ar 161 in the event that any of said wms of
money herein referred to hr nut promptly anJ fully paid withewt demand ur notice. ur Icl in the event that each and every the stipulations.
agrrrmem+. condition. and covenants ut +aiJ note and this mortgage. are not July. promptly. and fully performeJ: then in either ur any wch
event. the .aid aggregate +um mentioned in .aid note Then remaining unpaid. with interest accrued to that time. and all moneys ucured hereby.
,hall become due and payahk forthwith. or thereafter. at the option of said mortgagee. as fully and completely as if all of the sail wms of mon-
ry were originally +Iipulated to he pail on such day. anything in tail nWr or in this mortgage to the contrary notwithstanding: and thereupon or
thereafter. at the option of .aid mortgagee. withcwt native or demand. wit at law or inequity. may be prosecuted as if all moneys secured here-
by had matured prior to itt intitutiun. the mortgagee may foreclose this mortgage. as to the amount w declare) due and payahk. and the said
premiue .hall he toW to satisfy and pay the same together with costs. expenus. and allowances. Incase of partial forecbsure of this mortgage.
"`s the mortgaged premises .hall lx sold whjert to the continuing lien of this mortgagelor the amount o(Ihe debt not then due and unpaid- In wch
eau the provisions of this paragraph may again he asaikd of thereafter from lime to time by the mortgagee.
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