HomeMy WebLinkAbout0599 'ilwl, in urJe~ mure tully lu protect Ihe ucurily u( this murtr.y~e. lhe murt~ur, tugether wi1h, anJ in aJJitiun to. the monthly paymrnt.
u~lar tlx term~ ~t ~he nae secured hereby. on tNe first day of tach mue~h until Ihe saiJ nwe is fully paid. will pay to the mur~g:~ce Ilx fnlluw-
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in~ sums:
la) An amount sull'icient to provide the AoWer hereof with fu~ls ~u pay ~he oex~ mon~e inw~~nce premium if thi~ ins~rumrnt anJ the
nae securr~i Aereby are insured, ar a monthly cha~gc Iin lieu uf a mort~e inwrance premiuml if they are heW by the Secre~:~~y of •
Hou:ing and U~b~n Devebpment u folbws:
(I) If and w b~ as saiJ nole ot even date anJ this instrument ue inwrcd o~ are teiesund under the provisions of tAe Nutiunal
Huusin~ Act, a~ amount wf~:ient to accumulrte in ttie hanJs ut the hdde~ wx 11) month pri~x ~o its due Jate ~he ~nnu:?I muh -
~age inwance premium, in otdu to proviJe such M?Wer with tunJs to pyy wch promium to ~he Sccretsuy ot Hoiising end .
tirban Oeveiupment pursuanl ro the tvatkmuJ Huusing A~I. ~ a~~?c+~l, anJ app{i~.d~k R«ui.ti.rns ttKieu~~~: or .
(11) It anJ so bn~ u said note of even date anJ this insttument art hekf by the Secrelrry ut Hou~ing anJ Urba~ Development. a
monthly chu`e (in lieu ot a mon~e insurance premium) whicb shall t+e in an amuunt equallu one-Iwelf~h t 1!I?? ot une-halt
(IR) per centum ot the avera~e outsunding balance due on Ihe note cumpWed with~wt taking into accounl Jrlinquenciec or
prcpayments;
Ib) A sum equal to Ihe grou~l rents, i( any, next due. plus the premiums tlut will oext become due and payabk uo policies of fire end
uther hazud inwrance covering the mongaged propeny, plus taxes and asxssments next due on the mortgaa~ed pruperty (all as esti-
matnl by the mongagee) kss all sums already paiJ there(ut divided by the number ot months ta elapse be(ore one month p~ior to Ihr
date when such ~ound rcnts, premiums, taxes, and assessments will become delin~uent. such wms ~o be held by mongagee in trust
to pay said gmund renu, premiums, tues, and special asussments; and
(c) All payment$ mentioned in the two preceding wbsections o( this paragaph and all payments to be made under ~he nae ~ecurcd bere-
by shyll be sdded to~ethet and the aggregate amount thereot shall be paid by the mortgxgor tach month in a singk payment lu be ap-
plicd by the mort~ee to the tolbwin~ items in the order set forth: •
111 premium charges uoder the contract ot inwrance with the Secretary ot Housing und Urban Devebpment, ur munthly charge
(in fieu ot mortasge inwrance premium), u the case may be:
111) ground rents, tazes, usessme~ts. fue, and aher hazud inwnnce premiums:
Ifll interest on the note secured hereby: and
/I Vl ~w~nr~isa~iM ~J ~I~w nrihribi n~ e~iA nN~ ~
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Any deficiency in Ihe amount o( wch a~regate monthly payment shall, unkss made gcwd by the mongagor prior tu 1he due date of thc ncxt
such payment. conslitute an event of detauh under this mortgage. The mortgagee may collect a"la~e charge"not to ezceed bur uents (4t) tor
~ each dollar (SI) of euh payment mote than fitteen ( IS) days in arrears to cover the extn expense involved in handlmg delinquent peyments.
3. That it the total ot the payments made by the mortgagar under (b) ot paragnph 2 preceding shall exceed ~he amount of the payments
xtually made by ihe mortgagee, for grounJ renls, tazes and asussments and insurance premiums, as the case may t+e. such excess if the loan is
cnrrent. et t6e option ot the mortsagor. ah~ll. be credlted on sobseqaeat payments to be made by the mo~tsagor. or refunded to the
mortgegor. If. howerer. tlte aoathlp payoents made by the mortsagor ander (s) of paragraph 2 ptecediog shall aot be aot(icient to
P~7 6round reets. ta:ea tad aaseasmenta and insarauce premiums. aa the case mar be, rv6eo tAe aame ahal) become dne aad pay-
able. t6en t6e mortga6or s6a11 pay to ehe monga6ee any emonnt necessary to make up the deficiencr. on or before t6e dste wrhen
payment of such grouad rents. ta:es. asaeasments. or insuraace premiams shall be dne. 1t at any time the mortgagor shall tender
to the mottgagee iu accordance wit6 the ptovisiona of the note secured hereby. [ull payment ot the eotire indebtedness represeot-
ed thereby. the mottgagee shall. in compating the amount ot suc6 indebtedness. credit to the acconnt of the mortgagor a1) payments
made under t6e provisiona ot of para~aph 2 hereof w6icL the mortgagee 6as aot become obligated to pay to the Secretary of
Houaiag and Urban Development and ony balance remaining in the tunds aecamulated nnder the_ pcoviaiars ot [e) of said
puesrap6 2. If there shall be s def~ult under any ot the provisians o( this mortaage. resulting iu`a pnb~ic sale of t6e premises
covered 6ereby, or if tbe mort6agee acquires t6e propeny othetwiae a(ter defaalt, t6e m~~B~1l~e sYall applr. the the time ot the
commeucernent ot suc6 proceedings or at t6e time t6e property is ot6erwise acquired. tae baluce tY~ ~emdniag in the fonds ~
accomulated u¢der (e) of puagtaph 2 preceding as a credit against the amonnt oi principal then remaiaing onpaid tmdet seid note
and s6all ptoperly adjust any payments whic6 shall 6ave been made ander ot said paraqraph. •
4. '(fwt he will pay all taxes, assessments, water rates, and other guvernmental or municipal charges, hnes, or impositions. for which pro-
vision has not been maJe hereintxtore. and in detault Ihertuf thc murt~tagee may pay Ihe same_ and Ihat he will prump~ly dcliver Ihc uffici•rl
receipts there(or to ~he mortgagee_
S. That ho wi11 permit, cammit, w suHer no waste. impairmen~. ur Jetenw~tion ot said property or any pan lhereot: and in the event of the
failure o( the mortgagor 1u keep the buildings on saiJ premises anJ thuse tu be erectcd on said premixs. w improvements thereun, in giwJ rc-
I pair, the mortgagee may make such repairs a. in i1s discrdiun it may Jetm ne~:essary fur ~he pruper preserv;~tiu~ thereof. anJ the full amuunt o(
' each an~i every wch payme~t shall be immediately due amf payabk. anJ shall be xcured by the licn of this morlFwge.
p y ngular the costs. chuges, and expenxes, including re~sonabk lawyer's ftes, anJ costv ot abstracts of titlt. in-
f 6. That he will a all and si
i curred or paid at any time by the mortgagee because ut the failure on the pan oE the murtgagor prortlptly and tully to perform the agreements
~ and covenants ot said promissory note and this mortgage. and said cu~ts, charges, and expenses xhall tx immeJiately Jue and payabk and shall
be secured by the lien ot this martgagt.
~ 7. That he will kecp Ihe ~mprovements nuw exi~ting un c~rea(ter crccteJ un 1he mottg:.geJ prupetly inwreJ a~ m•ry ix reyuireJ frum time
~ to time by the morlgagee against k>ss by fire and uther hazards. rawalties. and coMingencit~ in wch amount+ anJ (ur such periixl~ a~ may tx
requireJ by mortgagee_ and will pay promptly, when Jue. any premiums un ~uch insurance fur pa~ menl ot which provi~iun has not txen maJe
hereinbefore- All insurance shall be curied in companies xppruvc~i by mortg~ee •rnd ~he policie~ and renewals thereot chall ix held by mortgx-
~ gee arn1 have attached thercro bsa payabk clauxs in f~vor o( aod in (orm acceptabk to tlx morlgagea In evmt of loss he will give immeJiatc
~ notice by mail to mortgagee. and mortgagee may make proot ot loss it not made promptly by mortgagor, and each in~urance company con-
~ cerned is hereby authoriud and directed to make payment for such bss directly to mortgagee instead ot to mongagor and mortgagee jantly.
~ and the inwnnce proceeds, or any part thereof, may he applied by mongaget at its opti6n eitlxr to the reduction ot 1he indebtedness hereby
~ secured or to the restor~tion or repair ot the property Jamaged. In event of (orecbsure of this mortgage or other transfer of titk to the mort-
gaged property in extinguishment ut the indebteJness secured hereby, all right. titk. and interest of thc mortgagor in and to any inwrance poli-
~ cies then in (orce shall pass to tlx purchaser or ¢rantea
~ S. That if tbe prcmises, or any part thereof. be cunJemoeJ under any puwer ot eminent dumain. w acquireJ for a public ux_ Ihe damageti.
~ proceeds. and the consider~tion tor such xquisition, to tMe extent ot the full amount of inclebtednesc upon this Mortgage. and the Note ucured
~ hereby remaining unpaid. are hereby assigned by the Mortgagor 1o Ihe Mongagee and shall be paid forthwith to Ihe Murtgagee to be appliai by
~ it on xcount o( the indebteness ucured hereby. whether due or nW.
~ 9. That tFrc mortgagee may. a1 any time pending a suit upun this morlgage. apply to the cuurt having jurisJiction thereof for the appoint-
~ mem o( a receivec. and such cuurt shaU turthwith appoint a receiver of 11x premises covered hereby all and singuL•?r. incluJing all and singular
a ihe income. profits, issues, anJ reven~es (rom whatever suurce deriveJ. each and every ot which. it heing expressly underctood. ic hereby
- morlgaged as it specifically set forth and described in the granting arxl habendum clauxs hereof, and such receiver shall h:we all Ihe broad and
- eKective functions and powers in anywix enlrusted br a court to a receiver. and such appoentment shall be made by wch court as an ailmitted
equity and a matter ot absolute right to said mortgagee. rnJ without rcfe~ence lo the adequacy or inadequxy of the v•rlue of the propertv mor?-
gageJ or tv the ..?wency or insolvency o( wiJ mortgagor or tbe Jefendantc. anJ that wch renls. profitc. ir?cume. is~uec. and rcvenue. sAall bc
r applied hy such receiver accorJing to the lien o( this mortgage and Ihe practict ot such cuurt. In the event ot any default on Ihe part ot the mon-
t gagax hereunder. the mortgagor agrees to pay to tlx murtgagee on demand as a reasonabk monthly re~tal for Ihe premises •rn amount at ka~t
E cquivalent to one-tweltth 11112) u( the aggregate ot the twelve monthly installments payabk in the then curceni year plus the aclual amuunt o[
' the annual taxes. a~cecsmen~c. water rates. aixt insurrnce prem~~~ms tot such year not covered by the aforesaiJ monthly payments.
f 10. "il~at (a) in tF~e event ot any breach uf this mo~tgage or Je(ault un the part of the mortgagor. or (61 in thc event that any uf seid .ums of
money herein reterred to be not promptly and tully paid witFxwt demand or notice. or Ic) in the event ~hat each and every the ~tipulalions.
~ a~treements. condilions, and covenants oi saiJ nute anJ thi~ mortgage. ue nd duly. promplly. and fuHy performed: then in either ar any ~uch
' evem. Ihe saiJ aggreg•rte sum menlioneJ in said note then remaining unpaid. wi~h interest accrued t~ thal time, and all moneys secured hereby.
? shall Ixcome dus and payabk forlhwith. or thereafter. a1 Ihe option of said mortgagtt. as (ully and compktely as if all ot Ihe saiJ sums of mon•
ey were originally stipulateJ to be paid on ~uch Jay. any~hing in wid note or in this mor~gage to the conlrary rwtwithslanJing: and thereupon or
~ therea(ter. at the option o( said mort~cte. withoul notice or demanil. wi1 a1 law or in equity. may be prosecuted as it all montys securcd here-
~ by had matured prior to its institution. The mortgegee may foreclose Ihis mongagt. as to Ihe amount w declared Jue and payabk. and Ibe said
~ premises shall be soW to satisfy and pay the same togelher with costs. expenxs. anJ allowances. In case of partial (orecbsure ot Ihis mortgagc.
the mortgaged premises chall tx sold subject to the con~inuing lien of thix mortg:?ge for the amount of Ihe debi not then dut anJ unpaid. In wch
, cax tlx provisions o( thic paragraph may again be avaikd of thercafter (rom lime to time by Ihe mortgagce.
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