Loading...
HomeMy WebLinkAbout2937 • 1 , 1 ~ . t 2. That. in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly payment: under the terms of the note fecund hereby, on the tirst day of each month unW t>le acid note b fully paid, will pay to the mort- gagee the toAowing sums: i (a) An amount sufficient to provide the kidder hereof with tlrnds to pa the trext modgage insurance premium if fhb inutrument and the note second heroby aro insured, or a monthly charge (in lieu of a modpge insurance premium) i[ they aro held by the Secs f tary of Housing and Urban Development as follow:: ! (1) 1[ and so long a: Bald note of even date sad fhb instrument an inwred or aro reinsured under the provbions of the National Housing Act, an amount sufficient to accumulate in the hand: of the kidder one (!)month prior to its due date the annual m Luunnoe premium, in order to provide such holder with Arnds to pay such premium to the Secretary of Houdrrg and Ur n Development puraant to the National Housing Act. as amended, and applicable Regulations thereunder; or (11) If and so long u szid note of even date and this instrument an held by the Secretary of Housing sad Urban Develo meat, a monthly charge (in !ku_ot a mortgage Insurance Rremium) which :hall be in an amount equal to ono-twelfth (112) of one-half (1/2) per oentum of the average outstanding balance due on the note computed without taking into account do- linquencies or propaymenb: (b) A :um equal to the ground ronb, it any, next due, plus the premiums that will next become due and payable on polkies of fire and other hazard itr:urance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse beforo one month prior to the date when such ground ants, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground ants, premiums, taxes, and specLl asaessrttents; and (c) AU payments mentioned In the two praxding subsectlor~ of fhb paragraph and aQ payments to be made under the note secured hereby shall be added together and We aggregate amount thereo! shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items In the order set forth: (1) premium charges under the contract of inwratrce with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage Insurance premium), as the case may be: (II) ground ants, taxes, assessment:, fire, and. other hazard insurance premiums: (ill) interest on the note second herby; and (IV) amortization of the principal of said note. Any deficiency is the amount of such a to monthly payment shall, unless made good by the mortgagor prior to the due date of + the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a "late charge" not to exceed four cents (4t) for each dolbr (Sl) of each payment more than fifteen (15) day: in:rreats to cover the extra expense involved in handling do- linquent payments. 3. That it the total of the payments made by the mortgagor under (b) of paragraph 2 preceding hall exceed the amount of the pay- ments actually made by the mortgagee, for ground tents, taxes and assessments and insurance premiums, as the case may be, such excess if the tgan u current, at the option of the mortgagor, shall, be credited on subsequent pa ents to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly payments made by the modgsgor under (b) of paragraph• 2 preceding shall not be sufficient to pay ground ants, taxes and assessments and insurance premiums, as tha case may be, when We same:haU bceome due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to mako up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums drall be due. !f at any time the mortgagor shall tender to the mortgagee in accord- ance with the provisions of the note fecund hereby, full payment of the entire indebtedness represented thereby, the modgagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provi:;ons of (a) of para- graph 2 hereot which the mortgagee has not become obligated to pay to We Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. !f 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 property otherwise after do- fault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time-the property b otherwise ac- quired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precxding ss a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments whkh shall have been wade under (a) of acid paragraph. 4. That he wr~l pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefon, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. S. That he will permit, commit, or suffer no waste, impairment, or deterioration of said properly or any part 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 premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation there- ` of, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgagee. 6. That he will pay all-and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That be will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the mortgagee against loss by fire and other hazards, cawalities, and contingencies in wch amounts and for such periods as j may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by modgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loan he will give immediate notice by mat? to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each in- surance company concerned is hereby authorized and directed to make payment for such loos directly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or any pad thereof, may be applied by modgagee at its option either to the reduc- lion of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this modgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. I 8. That if the premises, or any part thereof, be condemned under any power of eminent domain, or acquired for a public use, the damages, procceda, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and the Note secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagce and shall be paid torthwith to the Mort- f gagee to be applied by it on account of the indebtedness secured hereby, whether due or not. f 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises 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 under- stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall ~ have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such coud 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 property modgaged or to the solvency or insdvency of said mortgagor or the defendants, and that such rents, profits, itr- come, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the pad of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to ono-twelfth (1/12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) in the event of any breach of this mortgage or default on the pari of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the sti- pulation:, agreements, conditions, and covenants of acid note and this mortgage, are not duly, promptly, and fully performed; then in ' either or any such event, the said aggregate wm mentioned in said note then remaining unpaid, with interest accrued to that time, and ail moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option o[ said mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this modgage to the con- e trary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby 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 shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of padisi foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mod- ~ gage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter # from time to time by the mortgagee. ~ I i - 7 - - ~F~ _