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HomeMy WebLinkAbout1369 _ ~ ~ ' j! ; 2. That, in order more fully to protect the :ccurtty of this mortgage, the mortgagor, togethet'with, and in addition to, the monthly payments under the terms of the note second hereby, on the tint day of each month unW the said note is fully paid, wUl pay to the mort- gagee the followLtg sums: (a) An amount sufficient to provlde the hdder hereof with funds to pa the next mortgage Insurance premium U fhb Instrument and the note secured hereby ate insured, or a monthly charge (in lieu of a mortgage insurance premium) If they an hold by the Stern tary of Housing and Urban Development as follows: ' (I) If and so long as said note of even date and this Instrument sn insured or are retruund under the provisions of theNattonal Housing Act, an amount wfticient to accumulate in tl?e hands of the holder one (1) month prior to ib due date the annual mortg~gt insurance premium, in order to provide such hdder with funds to pay wch premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act. as amended, and applicable Regulations thereunder; or (ll) if and w long ai acid note of even daft and thh Instrument art held by the Secretary of Housing and Urban Development, a inonthiy charge (in lieu o! a mortgase insuance premium) whkh shap be in an amount equal to ono-twtlfth (1 12) of one-halt' 1/2) per oentum of the average outstanding balance due on the note computed without taking into account do- linquencies or prepayment:: .(b) A sum equal to the ground rents, if any, next due, plus the premiums that wUl next become due and payable on pdicies of fin " and other'hazard Insurance coverU?~ the rdortgsged property, plus taxes and assdsments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid Uteretor dtvtded by the number of moaras [o elapse oervrv uu~ uiv::u~ prior to the daft when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground ants, pnmigms, taxes, and special assessments; and (c) AU'paymenta mentioned in the two ppreceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month In a single payment to be applied by the mortgagee to the following items in We order set forth: (1) premium charges under the contract of insurancx with the Secretary of Housing and Urban Development, or monthly charge (ia Iku of mortgage insurance premium), as the cane may be: (lu ground rents, taxes, as~essmenta, foe, and_other hazard insurance premiums: (III) interest on the note secured hereby; and _ ~ ` (N) amortization of the principal of said note. Any deficiency in the amount of such aggregtte monthly payment shall, odes: made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mort .The mortgagee may collect a 'Yale charge" not to exceed four cents (4t) for each dollar (tl) of each payment more than fifteen (IS days in arrears to cover the extra expense involved in handling do- linquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the pay- ments actually made by the mottgsgex, for ground Hots. taxes and assessments and insurance premiums, a: the case may be, such excess if the loan is current, at the option of the mortgagor, shall, be credited on subsequent lx ants to be made by the raortga~or, or refunded to the mortgagor. lf, however, the monthly payments made by the mortgagor under (b) of paragraph- 2 preceding shat! not be sufficient to pay ground ants, taxis and assessments and insurance pnmiuu>:, as the cane may be, when the acme shall become due and payable, thin 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 ants, taxes, assessments, or insurance premiums shall be due. It at any time the mortgagor shall tender to the mortgagee In accord- ance with the provisions of the note secured'6ereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in computing the amount of such indebtedness, credit to the acxount of the mortgagor all payment: made under the provision: of (a) of para- graph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in 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-sah_of the premises covered herby, or if the mortgagee acquires the pprro~perty otherwise after do- fault, the mortgagee shall apply, at the time of the commencement' of such proceedings or at the time the property rs otherwise ac- quired, 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 wh~h shall have been made under (a) of said paragraph. 4. That he wr11 pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions. for which provision has not been made heninbefore, 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 property 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 p~dorm the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and f payable and shall be secured by the Uen of this mortgage. 7. That he wUl 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, casualities, and contingencies in such amounts and for such periods as 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 mortgagee 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 loss he E will give immedute notice by mail to mortgagee, and mortgagce may make proof of loss if not made~promptiy by mortgagor, and each in- surance company concerned is hereby authorized and directed-to -make payment for such loss directly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance procceds, or any part thereof, may be applied by mortgagce at its option either to the reduo- tion of the indebtedness hereby secured or to We restoration or repair of the property damaged. In event of foreclosure ~of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness second 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. 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, procceds, 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 Mortgagee and shall be paid forthwith to the Mort- gagee to be applied by it on account of the indebtedness secured hereby, whether due or not. 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to ttie 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 c4uses 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 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 property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents. profits, in- come, issues, and revenues shall be applied by such receiver according to the lien of this mortgage ind the practice of such court. In the event of any default on the part 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 last 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. l A. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said sums of money herein refernd to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the sti- pulations, agreements, conditions, and covenants of said note and ibis mortgage, ire not duly,'promptly, and fully performed; then in ~ either or any such event; the said aggregate sum mentioned in acid note then remaining unpaid. wrth interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as if sU of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the con- 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 partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mort- gage for the amount of the debt not then due and unpaid. In such case the provisions of tha paragraph may again be availed of thereafter from time to time by the mortgagee. ;?~3r,,~s PaGE1~ ~