Loading...
HomeMy WebLinkAbout0474 ~ 2. TAst. in order mote tuq to ~ i ~ ! , . f ' i : ' d y protect tM aecnrity d this mortgage. the mortpgor. together with,.nd in addition to. the monthly payments i utrder the terms of the nett secured hersby, on the brat day d each month until the said nac is tugy paid. wiq pay to the mortgagee the follow- ing wars: (a) M amountu wtlcient to provide the holder hereof with funds to pay the next ~ t mortgage inwnnce premium it this instrument and tl?e note second hereby arc iawned. or a tttonthly chuge (in lieu d a mortgage insurance premium) it they arc held by the Secretary of Housitrgtutd.Utbsn Oevebptttsnt a fogows: ll) It sad ao iottg as acid note of fete date sad this in:trttmeat art inwrsd or ue rcinwred under the provisions d the National Housing Act, an amount wgkknt to accumulate in the heads d flee holder one (I) month prior to its due date the annual mort- gage inwnna premium, et order to provide such holder with funds to pay such premium to the Secretary d Housing and Urban Development pursuant to the National Housing Act. as atttettded. sad applicabb Regulations thereunder: a (ll) It and so bog as said note of even daft and this instrument arc held by the Secretary d Noosing and Urban Devebpment, a monthly chmge (in Keu d a mottgrge inwrance premium) which shall be in an amount equal toone-twelfth (Ilt2) d one-half (112) per centum of the average outstanding balance due oa rho rate computed without taking into account delinqusncies or ~ i prepayments: ' (b) A wen equal to rho geoutd rents. it any. next dot. plus the premiums that wiq next become due and payable on policks of fire and other hazard inwrartce covering the mortgaged property, phis taxes and asseuments nett due on eke mortgaged property fall as esti- tasted by tht aartgagee) less all wms already paid therefor divided by the number of months to elapx before one month prior to the date whoa web ground rents, premiums. taxis. and asxssmerits wiq become delinquent, such wms to be held by mortgagee in trust to Psl? said ground rents. premiums. taxes. and special truessments:and (c) Aq payments taentiared in the two preceding wbsectiotts d this paragraph and all payments to be made under the note secured here- ' by shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be ap- pKed by the mortgagee to the togowitrg items in the order set forth: (4 premium charges urtder the contract of insurance with the Secretary of Housing and Urban Development: or monthly chsirge fie Kea d arortgsge inwrarrrx premium). a: the case maybe: l1A ground rents. taxes. wessments, Me. and othtx hazard irrsurarrce premiums: lilt interest oa the rate secured hereby: and (M amortization of the prittt~pal of said mote. Any deficiency in the amount d such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date d the next wch payment, constitute an event d defwk under this mortgage. The mortgagee may odkct a "late charge"sot b e:cxied Poor Beata (del for . each dolkr (SI) d sash payment moro than IUteen (1~ days in arrears to cover the extra expense invdved in handling delinquent payments. 3. Thu it the total of the payments made by the mortgagor under (b) d paragraph 2 preceding shall exceed the amount d the payments actually made by the nartgagee, for ground rents. taxes and asxssrgents and inwtanoe premiums, as the case may be. wch excess ii the loan is carteat, at the optloa of the arartgagoe, shall, be credited on sabaegneat parmeats to'be made br the mortgagor. a refnaded to the mortgagor. lt. however. the maatilp pars eats made br the mortgagor ceder is) of paragraph 2 preceding shall not be satficient to par groand rests. fazes sad asaessts~ts sad iasataace proaisms, as the case may be. when the same shall become else and par- able, then the mortgagor shall par to the aortgsgee say amoaat~ accessary to make np the deiieiencr, on ar before the date when parmeat of sac6 gronad teats, to:es, assessments. or insaraace premiums shall be doe. if at am time the mortgagor shall leader ; to the rortgagee Ia accordance with the provisions of the note secnred hereby, fell parmeat of the entire indebtedness represent- eel thereby, the mortgagee shall, Ia competing the amount of anch iadabtad'l!'~'c1~i~'~~ of the mortgagor all payments made Wads; the provisions of ta) of paragraph 2 hereof which the mortgagee ha~ l~ 1~igated to par to the Secretary of ) Howiag sad lirbaa Development and ear balance rcmaiaing b the feeds acc provisIoas of fe) of said ~ paragraph Z. 1( ehero shall be a default cadet ear of the provisions of this ~l~Iin~4ra'2ta}~~ltsale of the premises covered hereby, or it the mortgsgee.aognirea the property otherwise otter detaalt, atjl~ a the tisse o[ the coarmeaceaeat of anch ptoceediags of at the time the properly is otherwise acgsired~~iace then rema g' is the fwde ' acesmafated seder ib) of paragraph Z preceding as a credit sgaiast the aatoaat of priaclpa'}'tli~ii iZmai>rihaiit3i~isid Hader said note and shall properly adjnst am payments which shall have been made render.(.) of said paragraph. 4. 't'hat he wiq osy all texts. assessments, water rafts, and other governmental or municipal charges. hoes. or impositions, for which pro- , vision has not been made hereinbetore. and in default thereof the mortgagee may pay the same: and that he wilt promptly deliver the official . receipts therefor to the mortgagee. S. That Ire will permit, commit. or sutler no waste. impairment, or deterioration of said properly or any pan thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premixs, or improvements thereon. in good re- pair,the mortgagee may make such repairs as in its discretion it may deem necessary for the proper prexrvation thereof. and the tuq amount of each and curry wch payment shall be immediately due and payable, and shall be secured by the lien d this mortgage. 6. That Ire will pay all and singular the cost:,charges, and expsnxs, including reasonable lawyer's tees, and costs of abstracts of title, in- curred or paid at any time by the mortgagee because of the failure on the part of the mortgagor prorptly and fully to perform the agreements and covenants of said promissory note and this mortgage. and said costs. charges. and expenxs shall be immediately due and payable and shall be secured by the lien d this morgggge. e 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property inwred as may be required from time t to time by the mortgagee against bas by fire and ollrer hazards, casualties, and contingencies in such amounts and for wch periods as may be ~ required by mortgagee, and will pay promptly. when due, any premiums on wch inwrance for payment d which provision has not been made hereis,before. All inwrance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortga- geeand have attached thereto bas payable clauses in favor of and in form acceptable to the mortgagee. In event of bas he will give immediate notice by mail to mortga`er. turd mortgagee may make proof of bas it not made promptly by mortgagor, and each inwrance company con- cerned is hereby authorized and directed to make payment for wch bas directly to mortgagee instead of to mortgagor and mortgagee jointly. and the inwnnce proceeds. or any part thereof, may tx applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. in event of forecbwrc d this mortgage or other transfer of tick to the mon- gagtd property in extinguishment o[ the indebtedness secured hereby, aq right, title, and interest d the mortgagor in and to any insurance poli- ciesthen in [orce shall pass to the purchaser or grantee. tl. That if the premises, or any part thereof, be condemned under any power of eminent domain. or acquired for a public ux. the damages. ' proceeds, and the consideration for such acquisition, to the extent of the fuq amount of indebtedness upon this Mortgage. and the Note sccurcd hereby remaining unpaid, eve hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgagee to be applied by it on account d the itrdebteness secured hereby. whether due or not. . 9. That the mortgagee may, at any time pending a wit upon this mortgage, apply to the court having jurisdiction thercot for rho appoint- ment of areceiver. and wch court shall forthwith appoint a receiver of the premixs covered hereby all and singular. including all and singular the income, profits. issues, and revenues from whatever source derived, each and every of which. it being expressly understood. is hereby mortgaged as it specifically set forth and described in the granting and habendum clauses hereot. and wch receiver shall h:,ve a0 the broad and effective functions and powers in anywise entrusted by a court to a receiver, and wch appointment shall be made by wch court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the propene mort- gaged or to the urlvency or insolvency of said mortgagor or the defendants. and that wch rents, profits, income. issues, and revenues shag be applied by such receiver according to the lien of this mortgage and the practice of wch court. In the event d any default on the part of the mort- gagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a rasonabk monthly rental for the premixs an amount at least equivalent to one-twelfth (t112) d the aggregate d the twelve monthly installments payable in the then current year plus the actual amount of ; the annual taxes, aaxssments. water rates, and inwrance prem~~rms for such year not covered by the aforesaid monthly payments. 10. That (a) in the event of any breach d this mortgage or default on the part d the mortgagor. or (b)in the event that any d said sums of 1 money herein referred to be not om t pr ptly and tugy paid without. demand or notice, or (c) in the event that each and every the stipulations. , agreements, conditions, and covenants of said mote and this mortgage. are not duly. promptly, and,fully performed: then in either or any wch i event. the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time. and all moneys secured hereby. shalt become due and payable forthwith, or thereafter. at the option d said mortgagee. ss tugy and completely as if all of the said sums of mon- ey were originally stipulated to be paid on such day. anything in'said note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option d said mortgagee, without notice or demand, wit at taw or inequity. may be prosecuted as if all moneys secured here- . by had matured prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so declared due and payable. and the said premises shalt be sold to satisfy and pay the same together with costs. expenxs. and albwances. Incase of partial foreclosure of this mortgage. " the mortgaged premises shall be sold wbject to the continuing lien d this mortgage for the amount of the debt rat then due and unpaid: In wch case the provisions of this paragraph may again be availed of thereafter from tirje to time by the mortgagee. F_ r R 3i~. P~cE~ ~ R 3 ~ :,O;,K s~J2 ~c ~ ~ 6e•Reccr~