HomeMy WebLinkAbout2804 .
.;l~ '
~ ~.~s t...i'~~~'
2. That, Ice order more fully to protect the security of this mortgags, tb~morfgagor, tether witb, and iA addition to, the monthly
payments cadet the terms of the nets secured hereby, oa the first day of each mouth unW the said nvta li feelly paid. will pay to rho mort-
gages the following sums:
(a) Aa amount suttieknt to provide the hdde~t hereof wiW fltnds to pa the next mortgage iasuraaa premium i[ fhb Instrument tad
the note iecared hereby are insured, or a monthly charge (in lieu of a mortgage Iusttntece prareium) if they are held by the Secte-
Lary of Houdng sari Urban Development a foQows:
(I) if and so long ss said note of eves date sad fhb Instrument are insured or are reinsured under the provbloas of theNational
Houdag Act, as amount sufHcieat to accumu4te is the hands of the hdder one (1) mouth prior to ib due date the annual
m Ireatnnoe premium, Ip order to provide such holder with triads to pay such premium to the Secretary of Housing
sad Urba Development pursuant to the National HouNng Act, as amended, and applicable Ragulattoas ther~nder; or
(II) If and so long u laid note of even date sad fhb instrument are held by rho Secretary of Housing and Urban Develo meat,
- ---a ~moatAb? dharge (ia~ Batt :of a mortgage Insurmca premium) whkh :bap be is as amount ages! to oaatwelRh (1 ~12) of .
onshdf- l/2) pas-oeatum of the average oubtandiag bataace due oa-the note computed-without taking into aocount-dam-
Wequeacles or prepsymen~:
' (b) A Nei equal to the ground rata. U any, next due, plc: the premiums that will next become due sad payable oa pellets: of tin
` and other hazard iasierance coveiirtg the wortppggeed pro ,Plus taxettand aaeaments next due oa the mortgaged Property (all
a: estLnated by the mortgagee) less all sums already d therefor divided by the number of mouths to elapse Before one month
prior to the date when such ground nuts, pna>lums, taxes, sad asaeameats will become deliaqueat, such sums to be held by
mortgagee is tturt to pay aid grouad.rentq premiums, taxes„ and spedal aaeswents; and -
(c) All payments mentioned in the two pra:ediug wbaections of fhb paragraph abd all payments to be made titnder the note secured
hereby shall be added together and the aggregate amount thereof sba>> be paid by the mortgagor each moatte in a single payment
to be applied by the mortgagee to the following Items in the order set forth: ~ ~
(I) premium charges under the conttsct of insurance with the Secretary of Housing and Urban Development, or monthly
charge lire lieu of mortgage insurance premium). as the case may be:
(II) ground rents, taxes, saeament:, fire, and other hazard ittwtaace preWtuaes:.
(III) iaterett oa the note second hereby; and . .
(IV) amortbatIoa o! the principal of said note.
Any deficiency is the amount of su a to monthly payment shall, unless made good by the mortgagor prior to the due date of
the next such payment, coastltute an event of default under this mort The mortgagee may cdlect a "late charge" not to exceed tow
cenb (gt) for each dollar (Sl) of each payment more than fifteen (15iys in arrears to cover the extra expense iuvolved is handling de•
linquatt payment.
3. That if the total of the payments made by the mortgagor under (b) of patapaph 2 praxding shall exceed the amount of the pay-
ments actually made by the mortgagee, for ground Hats, taxes and asreamenb sad in ranee premiums, as the case may be. snch excess if
the loan is current, at the option of the mortgagor,:ba11. be credited oa subsequent payments to be made by the mort~gor, or refunded to
the mortgagor. If, however, the monthly payments made by the mortpgor under (b of paragraph• 2 reading shad not be uttfic3ent to
pay ground rent. taxes and asaesaaeats and insurance premiums, as the case may be, when the ame:ltall become due and payable, tben
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, assessments, or inwnnce premiums shall be due. If at any time the mortgagor :!sail tender to the mortgagee in accord-
ance with the provisions of the note secured leereby, full payment of the entire indebtedness repreaeated thereby, the mortgagee shaII, is
computing the amount of such indebtednea. credit to the account of the awryagar all payments made under the provbtow of (a) of pa~a-
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 providons of (b) of said paragraph 2. If there shag be a default under any of the providons
of fhb mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propet~y otherwise after do-
fault, the mortgagee shall apply, at the time of the commenameat of such proceedings or at the time the property b otherwise so-
quired, the balsas then remaining in the funds accumulated under (b) o! paragraph 2 preoediag a: a credit against the amount of priadpal
then temainiug unpaid under said note and shall properly adjust any payments which :ball have bees made under (a) of aid paregnph.
4. Thai he will pay all taxes, aaeaments, water rates, and other governmenW or municipal charges, fines, or imposition:, for which
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he well promptly deliver the
official receipts therefor to the mortgagee.
S. That he will permit, commit, or suffer ao waste, impairment, or deterioration of said property or any paR 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 repair as in its discretion it may deem aaxssary for the proper preservation thero-
of, and the full amount of each and every spch- paytrteat shall bg intaesdiately due and payable, and shall be secured by the lien of this
mortgagee. ~ ~ - . - - -
6. That he will pay all and ~aingular the e~sts, charges, and expenses, including seasonable lawyer's fees, and costs of abstracts of
title, incurred or paid at say time by the mortgasee because df the failure on the part of the mortgagor promptly and fully to perform the
f agreements and covenants of said promiaory cote and this mortgage. and said_ cost:. durEes,.aad expenses shall be immediately due and
payable and shall be secetred by the Gen of this mortgage. ~ - ~ - W
7. That he will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be uined from
time to time by the mortgagee against loss by fire and other hazards, cawalities, and contingencies in such amounts and for su periods as
may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of whichpro ' n~leas not
been made hereinbefore. All insurance shall be carried is companies approved by mortgagee and the policies and reaewajs thereof~?all be
held by mortgagee and have attached thereto loss payable clauses is favor of and in form acceptable to the mortgagee. ifs suet„
j~ of loss he
will give immediate notice by mad to mortgagee, and mortgagee may make proof of loos if not made promptly by mortgagor, lted~each to-
surance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead:of#osmottg:-
gor and mortgagee jointly, and the insurance procerds, or any part thereof, may be applied by mortgagee at its option eiWer tO the reduo-
lion of the indebtedness hereby secured or to the restoration or repair of the property damaged. in event of foreclosure of this mortgage or
other transfer of title to the mortgaged•property in extingui:tement of the indebtedness secured hereby, aG right, title, and inte~eit of the
mortgagor in and to any iaauraace policies then in force shall pea to the purcha:cr or grantee.
8. That if the premises, or any part Wereol, be condemned under any power :of eminent domain, or acquired for a public use, We
damages, proceeds, and the consideration for-such acquisition, tb the extent of the full amount of indebtedness upon this Mortgage, and
the Note secured hereby remaining unpaid, are hereby assigned by the Mo~gor to the Mortgage 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 the court having jurisdiction thereof for the
appointment of a receiver, sad such court shat 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, ach and every of which, it being expressly under-
stood, is hereby mortgaged as if spxirecauy set forth and described is the granting and habendum clauses hereof, and wch receiver shall
have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shat be made by
such court as sn admitted equity and a matter of absolute right to acid mortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged.or to the solvency or insdvency of said mortgagor or the defendants, and that wch rents, profits, to-
come, iswea. and revenues shall be applied by such receiver according to the Gen of this mortgage and the practice of such court. In the
event of any default on the part of the mortgagor hereunder. the morrttg~aggor agrees to pay to the mortgagee on demand as a reasomble
monthly rental for flee premises an amount at least equivalent to ono-tweifth (1/12) of the aggregate of the twelve monthly installments
payable in the then current year plus the actual amount of the annual. taxes, aaesatneats, water rtes, and insurance premiums for such
year not covered by the aforesaid monthly payments.
!0. That (a) in the event of any breach of fhb mortgage or default on the part of the mort or. or (b) in the event that any of said
sums df money herein referred to be not promptly and fuGy paid without demand or notice, or (c~n the event that each and every the sti-
pulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in
either or say such event, the add aggregate sum mentioned in aid note then remaining unpaid. with interest accreted to that tune, and all
moneys secured hereby, shat become due and payable forthwith, or thereafter, at the option of aid mortgagee, as fully sad completely
as if all of the add sum: of money were originally stipulated to be paid on such day, anythheg in said note or is this mortgage to the coo-
Crary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity,
may be prosecuted a: if all moneys secured hereby had matured prior to it: institution. The mortgagee may foreclose this mortgage, as to
the amount so declared dun and payable, and the acid premises shall be sold to satisfy and pay the same togeWer with costs, expenses. and
allowances. Ia case of partid foreclosure of this mortgage, the mortgaged premises shat be add subject to the continuing lien of this mort-
gage for the amount of the debt not then due and unpaid. In inch case the provisions of this paragraph may again be avae~ed of thereafter
from time to time by the mortgagee.
Br~K ~ P~iCf4