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HomeMy WebLinkAbout1428 i ~ , ~ ~ ti 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mort- gagee the following sums: ' (a) An amount sufticknt to provide the holder hereof with funds to pa the next mortgage inwraace premium U this instrument and the note secured hereby an inwnd. or a monthly charge (in lieu of i mortgage insurance premium) U they an held by u1e gyro- ~ tary of Housing and Urban Development as follows: (I) 1[ and w long as said note of even date aad this instrument are insured or are reinsured under the provisions of theNational Housing Act, as amount sufficient to accumulate in the hands of the holder one (1) month prior to ib due date the annual mortgage itrsutance premium, is order to provide such holder with funds to pay such premium to the Secretary of Housing aad Urban Development pursuant to the National Housing Act, as amended, and applkable Regulations thereunder; or (lt) 1[ and so long as acid note of even date aad this instrument are held by the Secretary of Housing and Urban Develo meat, ' a monthly charge (err lieu of a mortgage insurance premium) which shall be in an amount a ual to ono-tweltth (112) of ono-half 1 /2) per eentum of the average outstanding balance due on the note computed without taking Cato aceouat do- linqueades or prepayments: (b) A sum equal to th0 ground Hots, if any, next due, plus the premiums than will nTx~t become due aad payable oa polkies of fire and other hazed insurance covering the mortg~ed fr:,p:.,.;, p..:., ..........:...._r.~ .._xt dot or thR mortgaged ProPertY (all u estimated by the mortpgoe) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pgY srlid ground rents, premiums, taxes, god special assessments; sad . (c) Ali payments mentioned in the two preceding 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 the order set forth: (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (ia lieu of mortgage insurance premium), as the case may be: (II) ,ground rents. taxes. assessments, fin, aad other hazerd insurance premiums: . (Ill) interest on the note second hereby; and (IV) amortization of the principal of said note. • !trey deficiency W the amount of such a~re~ute monthly payment shall, udess made good by the mortgagor prior to the due date of the next such payment, constitute as event of default under this mortgage. The mortgagee may colloct a "isle charge" not to exceed four cents (4t) for each dollar (Sl) of each payment more than fifteen (1 S) days in arrears to cover the extra expense involved is handling do- linqueat payments. 3. That U 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 mortgagee, for ground rents, taxes and assessments and insurance premiums, a: the case mry be, such-excess if the loan is current, at the option of We mortgagor, shall, be credited on subsequent pa enta to be made by the mortgagor, or refunded to the mortgagor. lf, however, the monthly payments made by the mortgagor under (b) of paragraph• 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be. when the same shall become due and payable, then 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 rents, taxes, asaessrnents, or insurance premiums shall be due. if at any time the mortgagor shall tender to the mortgagee in aceord- ance with the provision: of the note secured "hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of para- graph 2 hereof which the mortgagee has sot become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining is the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the provisioaa 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 tune the property is 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 which shall have been made under (a) of said paragraph. 4. That he wt~l pay all taxes, assessments, water rates, and other governmental or municipal charges, tines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the morigagce. S. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; aad 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-reasoriaWe 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 he will keep the improvements now existing or hereafter erected on the:morigaged property insured as may be required from time to time by the mortgagee apainat 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 is favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mad 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 loss directly.to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduc- tion of the indebtedness hereby secured or to the restoration of 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 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. 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, proceeds, 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 morigagce may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the t appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singulu the income, profits, issues, and revenues from whatever source derived, eaFh apd every of which, it being elCpressly under- stood, is hereby mortgaged as if specifically set forth and described in the granting aad.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'appointmentsnall 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 and the practice of such court. In the zvent 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 least equivalent to ono-twelRh (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 part 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- 1 pulations, agreements, conditions, and covenants of said note and tl4is mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys second hereby, shall become due and payable forthwith, or thereafter, at the option of 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 the 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 ao 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 this puagraph may again be avar7ed of thereafter from time to time by the mortgagee. dJ~1Y. • `'316 P~142~ 3 •