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HomeMy WebLinkAbout2752 _ , , . - , . v- 2. That, in order mote fuNy to protest the saurity of this mortgage. the mortgagor-together with. turd in addition to. the monthly payments t under the teems of the note secured hereby, on the Arse day of each month until the said ttote is fatly paid. wiN pay to the mortgagee the folbw- . ittg wms: , ~ la) An amount wAlcieM to provide the holder hereof with funds to pay the next mortgage inwance premium it this instrument and the ' note secured hereby are inwred, tx a monthly charge tin lieu of a mortgage inwrana premium) it they arc held by the Secrctuy of Housing turd Urban Oevebpment u tolbws: ell It and so bag a said rate of even due and this instrument are insured a are reinwred under the provtsion: of the National • ? ~ Housing Act, an amount wtAcient to sccumu)ate in the hands of the holder one (U month prior to its due date the annual more- gage tnsttrartce premium, in order to provide such holder with funds to pay wch premiuat to the Secrettay of Housing and - , Urbatt_Devebptnent punuant to the National Housing Act, as amended, and appNcabk Regulations thereunder; or ` Ilp It and so long as said note of even due and this instrument are held by the Stcrcttuy of Housing and Urban DevtloptaeM. a monthly charge (in lieu of a mortgage inwrantx premium) which shah be in an amount equal to one-twelfth 11112) of one-halt ' IIR) per centum of the average outuanding balance due on the note computed without taking into account delinquencies or prepayment:: lb) A wm equsl to the ground rents. if any, next due, plus the premiums that vrill next become due and payabk on policies of Arc and j other hazard inwrance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property tall as esti- mated bythe mortgagee) ku all wms already paid therefor divided by the numbu of months to elapse before one month pt~or to the ~ date when such ground rants, premiums, taxes, sad asseuatents wiq become delinquent. such wms to be held by mortgagee in trust to pay said ground rents. premiums. taxes. and special assessments: and le). All payments mentioned in the two preceding wbsations of 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- plied by the mortgagee to the tolbwirtg items in the order set forth: - Ip premium charges under the contract of inwrance w°±~ ~k ~!rrttary of Housing and Urban Development, ot; rnoMhly chat~e tin lieu of mortgage inwrance premium), as the case may oe: _ - itp ground rents, taxes, assessments. Are. and other hazard inwrance premiums; ~ ~ llll interest on the note secured hereby: and ~ tIV) amortization of the principal of said note. Any deficiency in the amount of wch aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next wch payment, constitute an event of defauh under this mortgage. The mortgagee may collect a "late charge"aa b esceed tour.ceatn (4e) far each dollar (S!) of each payment more than fifteen t IS) days in arrears to cover the extra expense invdved in handling delinquent payments. That if the total of the payments made by the mortgagor under (b) at paragraph 2 preceding shall exceed the amount of the payments actwlly made bytht mongagse. for ground rents, taxes and assessments and inwrartce premiums, as the cast may bt. such excess if the loan is current. at the option of the mortgagor. shall, be credited oa snbaegnent payments to be made by the mortgagor. or retsnded to the mortgagor. It, however. the mont!?Iy payments made by the mortgagor nnder {a) of paragraph Y preceding shall sot be sutlicieat to payaroaad rents. taxes sad asaeasmenta sad iasnnace premiums, sa the case may be, when the sale shalt become doe sad pay- able, then the mortgagor shall pay to the mortgagee any amount necessary to make np the del#cieacy, oa or belore the date when payment of snch ground recta, taxes, assessments. a insaraace premiums shall be doe. It at say time the mortgagor shall tender - to the mortgagee is accotdaace with the proviaioaa of the note steered hereby. toll payment of the entire indebtedness represent- . ed thereby, the mortgagee shall, is compatsg the amount of snch' indebtedness, credit to the account of the mortgagor all paymeata made under the provisions of {a) of paragraph Z hereof which the mortgagee bas not become obligated to pay to the Secretary of Housing and Urban Development and any bal~ce remaining in the funds accumulated under the provisions of {b) of said paragraph 2.. Ii there shall be a de[aalt Hader any of the provisions of this mortgage, reaslting is a public sale o[ the premises covered hereby, or if the mortgagee acquires the property otherwise otter default, the mortgagee shall apply. the the time of the ~ c_oo.mepoemeot of ~ncb_proceediags or at the time the property is utherwiae•acquired, the balance then remaining is the tondo accamalated wader {a) of paragraph 2 preceding as a credit against the amount of principal thew remaining unpaid andersaid note and shall properly adjust any payments which shall have begin made under {s) o[ said paragraph. 4. That let will pay all taxes. assessments, water rates. and other governmental or municipal charges, noes. or impositions. for which pro- ~•i,iun has not been made hcrcinbefurt, and in default thereat the mortgagee may pay the c+me: and that he will promptly deliver the official receipt~therefortothe mortgagee. S. That he will permit. commit. or wHer no waste. impairment. or deterioration of said property 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 premises. or improvements thereon, in good re- pair, the mortgagee may make wch repairs as in ifs discretion it may deem necessary for the proper preservation thereat. and the full amount of each and every wch payment shall bt immediately due and payabk. and shall bt secured by the lien of this mortgage. ' 6. That he will pay all and singular the costs, charges. and expenses. including reasonable lawyer s fees. and costs of abstracts of title, in- ~ carted or paid at any time by the mortgagee because of the failure on the pan of the mortgagor promptly and fully to perform the agnements and covenants of said promissory port and this mortgage. and said costs. charges, and expenses shall bt immediately due and payabk and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing a hereafter erected on the mungaged property inwred ax may be required from time to time by the mortgagee against bas by fire and other hazards. casualties. and contingencies in such amounts and for such periods 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 hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall lx held by mortga- gee and have attached thereto bas payabk clauses in favor of and in form acceptable to the mortgagee. In event of bas he will give immediate notice by mail to mortgagee, and mortgagee may make proof of bas if not made promptly by mortgagor- and each inwrance company con- cerned is hereby authorised and directed to make payment for such bas directly to mortgagee instead of to mortgagor and mortgagee jointly. and the inwrance proceeds. or any pan thereof. may be applied by mortgrgee 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 of this mortgage or other transfer of tick to the mon- gged property in extinguixhment of the indebtedness secured hereby. all right. title. and interest of the mortgagor in and to any inwrance poli- ciesthen in force shall pass to the purchaser or grantee. g. That it 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 indebtedn~'ss upon this Mortgage. and the Note secured hereby remaining unpaid. aze hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgagee to be applied by it on account of the indebtenexs secured hereby. whether due or not. , Y. That the mortgagee may. at any time pending a wit upon this mortgage. apply to the court having jurisdiction thereof for the appoint- , meat of a receiver. and wch court shall forthwith appoint a receiver of the premises covered hereby all and singular. including aQ 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 if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and etltetive functions and powers in anywise entrusted by a coup to a receiver. and such appointment shall be made by wch coup 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 mon- gaged ur to the .olvency or inwlvency of .-rid murtgagw or the defendam~. and that wch rents. profits. income. issues. and revenues shall bt applied by wch receiver according to the lien of this mortgage and the practice of such coup. In the evtnt of any default on the pan of the mon- gagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental tar the premises an amount at leaf equivalent to one-twelfth t IN 2) of the aggregate of the twelve monthly installments payabk in the then curtent year plus the actual amount of the annual taxes. assessments. water rates. and inwrance premiums for such year not covered by the aforesaid monthly payments. 10. That tai in the event of any breach of this mortgage or default on the pan of the mortgagor. or lb) in the event thu any of said sums of money herein referred to be not promptly and fully paid without demand or mice. or (e) in the event that each and every the stipulations. agreements, conditions. and covenants of said nee and this mortgage. ue nw 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 payabk forthwith. or thereafter. at the option of said mongsgee. as fuNy and completely as if alt of the said wms of mon- eywere originally stipulated to be paid on such day. anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter. u the option of said mortgagee. without notice or demand. wit at law or inequity. may be prosecuted as if all moneys secured here- by had matured prior to its institution. The mongaget may forecbse this mortgage. as to the amount so declared due and payabk. and the said premises shall be sold to satisfy and pay the same together with costs. expenses, and albwances. Incase of partial forecbsure of this mortgage. the mortgaged premises shaft be sold wbject to the continuing lien of this mortgagelor the amount of the debt not then due and unpsid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgages. BOOR Jl~ PAGf