Loading...
HomeMy WebLinkAbout1032 2. That, in onkr more fully to protect the security d tMs mortgage. the aortgagor. together with, and in addition to. tlr! fhoMhly payn~eAts under the arms of the note secured herby. on the first day d each month wail the said note is tugy paid. wifl pay to the atortg+tsee the tolbw- ~ irtg wms: (U An amount wtficieut to provide the holder hereof with funds to pay the next mortgage insurance premiwn it this instrument and the note secured hgrebY are inwred. a a monthly charge (in lieu d a monpge inwrartoe premium) i< they arc beta by the Secretary of } Housing and Urban Osvebpmsat as tolbwa: (q It and so bug a acid Hots of oven date and tbh instrument an insured a arc rcinwrcd uada the provisiwts d the National ' Housing Aq. an amount wlbcient to accumuMte in the hands d the holder one (1) month prior to its due date the annual wort- gage inwrattoe premium. is order to provide such holder with turtds to pay such Premium to the Secretary of NousiNe and Urban Devebpment pursuant to the National Housing Act. as amended. and applicable Regulations therewwfer: a lll) It and so brag as said note of even date and this instrument arc beta by the Secretary d Housing and Urban fkvebpment. a monthly char=s (in Nett d a mortgage inwrana premium) which shall be in an amount equal to one-twelfth 11112) done-halt (II2) per centum d the average outstanding balance due oa the note computed without taking into account delinquencies or prcpaYments; (b) A wm equal to the pound rents, it say. next due. plus the premium: that wiU next become due and payable on Policies of fire and other hazard iawanoe covering the mortgaged property plus taxes sad assessments next due on the mwtp+ged property (aU as esti- mated by the atortpgee) less all wms already paid therefor divided by the number d months to elapse before one month prior to the date when suds pamd rent:, premiums, taxes, and assessments wiU becane delinquent, such wms to be held by mortgagee ie trust to pay:aia pound rent:. premiums. woes. and:pecid assessments; and (c) Aq payments mentioned in the two preceding wbsection: d the parsgnplt and all paymenu to be made under the note secured here- by shall be added together and the agpegate amount thereof :ball be paid by the mortgagor each month in a single payment to be ap- plied by the mortgagee to the tolbwing items in the order set forth: 1. (q premium charges under the contract d inwrance with the Secretary d Housing and Urban Devebpment- or monthly charge (in lieu d mortgage inwranoe premiwa), ss the case maybe: (li) pound rents, taxes. sssesaments, firs. and other hazard inwrance premiums: (111 interest on the note sscnted hereby: and (11n amortization d the principal of said note. Any deficiency in the amount d swdt aggrepte monthly payment shall, uakss made good by the mortgagor prior to the due date d the nett such payment. constitute as event d detauk under this mortpge. The mortgagee may collect a "late charge"~ w exceed font seats (4d far each ddhu (ip d each payment more then fifteen (IA days in arrears to cover the extra expense invdved in handling delinquent payments. 3. That it the told of the payments made by the mortpigor under (!a d parapaph 2 preceding shall exceed the amount d the Payments actually made by the aortgagee, for pound rents. taxes and assessments and inwrance premiums, as the case may be. such excess it the loan is csrreat, at the optics of the mortgagor, shall. be credited oa sabsegaeat parmeats to be made by the mortgagee. a retsaded to the mortgagor. 1~ however. the moatLlr parmeab made hY the mortgagor wader fs) of paragraph t peeceding shall not bs sntficieat to par grooad rests, taxes sad uaessmats ud iasaraace premiams. as the case may be.:rhea the eases shall become dLe sad par- able, then the mortgagor shall pay to the mortgagee say amoaat• accessary to make ap the defieieacr. oa ee before the date when payment of each groaad teats, a:es. assessmeab. a iasarance premiams shall be doe. it at say time the sortgagor shall leader to the mortgagee is accordance with the provisioaa of the note secated herobr. fdl payment of the satire iadebtedaeaa represent- ed thereby. the mortgagee shall, is competing the amoaat of such iadebtedaess, credit to the accoant of the mortgagor all payments wde ender the proviaioas o[ of paragraph 2 hereof which she mortgagee has not become obligated to pay to the Secretary of 8oasiag sad Urbu Development and say balance remaining is the fonds accamaIated wader she provisions of fa) of said paragraph 2. If there shall be a de[aalt ender gar of rho provisions of this mortgage, resaltiag L a public sale of the premises ~ covered hereby, or i[ the mortgagee acgaires the property otherwise after defaalt, the mortgagee shall apply, the the time of the ~ commeacemeat o[ each prgeeediags or at the time the property is otherwise acgaired, tae bafaace then remaining is the (gads accamalated Hader fs) of paragraph 2 peecedLg as a credit against the uonat of principal then remaining oapaid ender said note and shall properly adjust gar parmeats which shall Gave been made seder fy of said paragraph. 4. "Iltat he wi8 pay all taxes. assessments, water rates. and other governmenW or municipal charges. hoes, or impositions, for which pro- vision has not been made hereinbefore. and in detauk 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 d said properly or any part thercd: and in the event of the failure of the mortgagor to keep the buildings on said premises and thosa to be erected on said premises. or improvements thereon. in good re- pair. the mortgagee may make3ta dt repairs as in its discretion it may deem necessary for the proper preservation theted. and the full amount of each and every such payment shall be immediately due and payable-and shall be :sewed by the Lien d this mortgage. 6. That he will pay all and singular the costs, charges, and expenses. incMrding reasonable lawyei s tees. and coats of abstracts d title, in- curred or paid at any time by the mortgagee becwse of the failure on the part d the mortgagor promptly and tupy to perform the agreements and covenants of said promissory note and (lfis mortgage. and said costs, charges, and expenses shall be immediately due and payable and shall ~ be secured by the lien of this mortgage. i 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property inwred as may be required from time to time by the mortga$ee against bas by fire and other hazards. casualties. and contingencies in wch amounts and for such Aerials as may be required by mortgagee. and will pay promptly, when due, any premiums on wch inwrance for payment of which provision has not been made hercinbefore. All inwrance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall beheld by mortga- j gee and have attached thereto bas payable clauses in favor of and in Corm acceptable to the mortgagee. In event of bas he will give immediate I notice by mail to mongaaee. and mortgagee may make proof of bas it rat made promptly by mortgagor. and each inwrance company con- e corned is hereby authorized and directed to make payment for wch bas directly to mortgagee instead of to mortgagor and mortgagee jointly. and the inwrance proceeds, or any part thereof, may l+e applied by mortgagee at its option either to the reduction d the indebtedness hereby i secured or to the restoration or repair d the property damaged. In event d torecbwrc of this mortgage or other transfer of title to the mort- ~ gaged property in extirrgttishment d the indebtedness secured hereby. all right, title. and interest d the mortgagor in and to any insurance poll- ties then in force shall pass to the purchaser or axantee. g. That it the premises. or any part (hereof. be condemned under any power of eminent domain. or acquired for a public use. the damages. proceeds. and the consideration for such acquisition. to the extent d the Lull amount d indebtedness upon this Mortgage. and the Note secured hereby remaining unpaid. arc hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortpget to be applied by it on account d the indebeeness secured hereby. whether due Drool. - 9. That the mortgagee may, at any time pending a wit upon this mortgage. apply to the court having jurisdiction thereof for the appoint- ment of areceiver, and wch court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular fire income, profits. issues. and revenues from whatever source derived, each and every d which. it being expressly understood. is hereby mortgaged as it specifically set forth and described in the granting and habendum clauses hereof. and wch receiver shall htive all the broad and eNective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court ss an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy d the value of the property mor•- gaged or to the solvency or insolvency d said mortgagor or the defendants. and that wch rents, profits. income. issues. and revenues shall be ~ applied ray wch receiver according to the lien d this mortgage and the practice of wch court. In the event d any defauk on the part d the mort- E gager hereunder, the mortgagor epees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at kart s equivalent to one-twelfth (1112) d the aggregate of the twelve monthly instalments payable in the then asrrent year plus the actual amount d the annual taxes, assessments. water rates. and insurance prem~~rms for such year not covered by the aforesaid monthly payments. 10. That (a) in the event d any breach of this mortgage or detauk on the part d the mortgagor. a (b) in the event that any d said wms of money herein referred to be not promptly and fully paid without demand or notice. or (ci in the event that each and every the stipulations. agreements, conditions, and covenants of said 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 all moneys secured hereby. shall become due and payable forthwith. or thereafter. a< the option d said mortgagee. as fully and completely as it all of the said wms 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 law or in equity. may be prosecuted as if all moneys secured here- by had matured prior to its institution. The mortgagee may torecbse this mortgage. as to the amount so declared due and payable. and the said premises shall be sob to satisfy and pay the same together with costs. expenses, and albwances. In case of partial forecbwrc of this mortgage. the mortgapd premises shall be sold wbject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In wch case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. a tanw~.l~ DRRF~~