Loading...
HomeMy WebLinkAbout2085 _ - 2. ThN. in order tttorc tufty to pratrct the security of this tno?ttrase, the mortgagor. together with, and in addition for the monthly payments under tie terms of tAt torte secured hereby. on the first day of each month until the strict nett is fully paid. will pay to the mortgagee the follow- iryt wets: - r ta) An amount wAicient to provide the holder hereof with funds to pay the next mortgage inwrrnr:e premium it this instrument and the (tae sectutd hereby art iawred. a a monthly cMrge fin lieu of a mortgage insurance premium) it they arc held by the Secretary of ~ Housirt~ artd Urban Ikveloparent w follows: _ i - tl)_ xJf and so h>nj a: said note of even date and this instrument arc insuretf or are reinwreJ under the provisisM?s of the N•rtianal - .Housittg t?Ict, ten aatlotrM twRicient to accumurtte Ir1 the barNls trf the border one l l) month prior !o its due date the annual more- r°"y'' gr~e inwrtttrce premium, in order to. provide such hoWer~trith funds to pay such prertlium to the Secrtlary of Housiryt oral ' 'Urban pevelopment pursuant to the National Housir~ Act.,as amended, and apgl~:abk Reguk+tions thercutwkr, or - Tli) "'Tr3irxl io bits a sntd note o~even~ate ari~trirs mstrumeni are held by the S~csetary R~ Housjrlgppd U~th:ul.De; tlppment. a monthly charge tin Lett of a mortgage insurance premium) which shall be m an amouA. egtiAi to atte-tw~eNth't 11'1_1 of one-half ' (If21 per'etttwrp bf the avertigcoUtu:it~itici balance due on the nose rnmptrted without Taking into ;rccrwnt delinquencies ar prcpaymenls; ;:~;sd~ r ...;...c°s-.•~ 1:.... _ .:.,•c• - ,(h~ A sum equal to the ground reins, if any, next due. pins the premiums that will next h}tomt Jut and payable on policies of fire and ether l~a~;trd inwrance covering the mortgaged property. plus taxes and assessments next due an the mortgage) property tall as esti- { ~ ~ mi?te~ by the mortgagee) less all sums already paid therefor divided.by the t?umher ot. opt~t ,tu tl:rpce hcfgrc one month prior tqf he,. _ i _ date when wch ground rents, premiums, taxes. and assessments vrid become delirrrrue~t.~ur~jr some to~be held by m+rlg~te in i~u ' to pay said ground rents, prcmiums.iaxes, and special assessments; and- { (c) AN payments mentioned in the two preceding wbsections of this paragraph and all payments to be made under the nwe secured here- - by shall be added together and the aggregate amount tlrereot shall be paid by the mortprtitor each month in a single payment to he ap- I plied by the mortgagee to the folbwing items in the order set forth: - _ fp premium clrarges~rnder the contract of ittstrrance with the Secretary of Housing and Urban Devebpment, or monthly charge fin lieu of mortgage insurance premium). as the case may be: - - lIU ground rents, taxes, assessments, tire. and other hazrud itrwratrce premiums: 1111 interest on the note secured hereby: acrd _qV) amortization d the principal of said note. ~ - Anydeficiency inthe 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 default under this mortgage. The mortgagee may collect a "late charge"cot to exceed bur cents (4d for - eachdollar ff l) of each payment more bran fifteen l IS) days in arrears to cover the extra expense invdved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under th1 of paragraph 2 preceding shall excYed the •rmaunt of the payments actually made by the mortgagee, for ground rents, taxes and assessments and inwrance premiums. as the cast may he. wch excess if -the loan is - i. current. at the option of ere mortgagor. stall. be credited oa sahaegaent payments to be made by the mortgagor. or refunded to the C mortgagor. It, however, ere montbly payments made by rho mortgagor under tb) of para~aph 2 preceding shall not be sufficient to t pay ground yenta. taxes cad asBessmeats and inavrance premiums, as the case roar be, wren the same shall become due and pay- able. then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date vrhee ' s insurance remiums shall be due. if at an time the more a or shall tender payment of snch ground rents, taxes, assessment . or p y 8 R to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represcat- ed thereby, the mortgagee shall, in computing the amount of suer indebtedness. credit to the account of the mortgagor all pagracnt. made under the provisions of f.) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of j {lousing and Urban Development and any balance remaining in the.lnnds acenmulated andcr the provisions of ta) oP said ; paragraph 2. If there shall be a default ender any of the provisions of this mortgage, resultieg in a public sale of the premises covered hereby. or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, the the time of the commencement of snch proceedings or at the time the property is othenwise acquired, the balance then remaining in the funds accumulated under tb) of paragraph 2 preceding as a credit against the amouv of principai then remaining unpaid under said note cad shall properly adjust any payments which shall 6eve been made under fa) of said paregraph. 4. That he will pay all taxes. assessments. water rates. and whet governmental or municipal charges. fines. ar imlx+.iti+ms. fur which pro- vision has not been made hereinhefure. and in default thereof the mortgagee may pry the same: anJ That he will pr.?mptly deliver the ut6ci:d receipts therefor to the mortgagee. - S- That he will permit. commit, or suffer no waste. impairment. or deterioration of said property or any part lhereoL- :md in the event of the _ failure of the mortgagor to keep the buitdingc on said premises and thou to tx erected on said premises..x improvements thereon. in sass! re- p:rir.the mortgagee may make such repairs as in its discretion it may deem necessary fur the proper preservation thereat. anJ the full amount irf ~ each anJ every wch payment shall Ire immediately due and payable. and shall he secured by the lien ut this mortgage. _ 6. That Ire will pay all and singular the costs. charges. and expenses. incluJing reasunahk lawyer's fees. and costs of abstracts of tick. in- curred or paid at any time by the mortgagee because of the failure on the pan of the mortgagor promptly and fully to perform the agreements and covenants at said promissory rrwe and this mortgage. and said costs, charges. and expenses shall t+e immediately Jue anJ payable and shall br secured by the lien of this mortgages 7. That he will 'weep the improvements now existing or hereafter erected on the mortgaged property insured as may t+e require) from time "ta time by the mortgagee against loss by fire and ether hazards. casualties. and contingencies in wch amounts and for such Aerials as may he required by mortgagee. and will pay promptly. wen die. anypnaniums on wch insurance (ot payment of wbicb pruvisian has nor been made hereinbefare_ All inwrance shall be carried in companies approve'a by mortgagee :md"ihe polictec'andienewai~ thereof shall F+e held by murtgr- ~ , gee and have attached thereto losrpayabktlausex in favor of rnd in foam acei~ftahk to Ihttnortgaget' 1n event ot~fos ha will give immediate notice by mail to mortgages and mortgagye may-make proof ~f bas if nut matte promptly b}tirlorlgago). aridQaCh inwrance company con- E corned is herehy'authorized and directed to make payment fur such bas directly to mortgagee instead of to mortgagor and mortgagee jointly. i and the insurnce proceeds. or any part thereof, may tie applied by rortgagee at its option either to the reduction of the irxkhtedness hereby ~ secured ur to the restoration or repair of the property damaged. In event of forecbsure of this mortgage ar other transfer of trek to the more- ; gaged property in elinguixhment of the indebtedness secured hereby. all right. title. and interest of the mortgagor in and to any insurance poll- ciesthen in force shall pass'tolhe purchaser or grantee. } K. That if the premises. or any pan thereof: be condemned under any-power of eminent domain. or acquired fur a public use. the damages. proceeds, and the consideration for wch acquisition. to the extent of the full amount of indtMedrtess upon this Mixtg:rge. and the bore secure) ~ hereby remaining unpaid. are hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgagee to he :replied by it un account of the indebtentss secured hereby. whether due or not. t 9. That Iht mortgagee may. at any time pendi-ig a suit upon this mixlgage. apply to the court having jurisdiction thereof for the appoint- ment of areceiver: and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, incltii: ag all artd singular the income. profits..j~ss,Eies. and"reverpies from whatever source derived. eaehariit gpery of which. it ,t~jng expressly unrterstiiod. is-hereby mortgaged as •it specifically set forth and described in the granting and habendum clauses hereof. once such receiver shall have all the broad arx! NTective (unctions acrd ppryers uti"any-wide 4ntrusted by a coup to a receiver. attd such appQintmenl-shall he made by such court as an admitted equity and a matter of at+solule nghl to said mortgagee. and without reference to the adequacy or inadequacy of the value at the properly mart- gs+ged or Io the solvency Or insolvency of said rrlorlgagor ar the defendants. and that such rents: profits. income. issues. and revenues .hall he applieJ by wch receiver according to the lien of this mortgage and the practice of such court. In the event of -arty default on the pan of the mort- gagor hereunder. the mortgagor~grees to pay to the mortgagee on demand as a reasonable monthly rental far the premises an amount at kart equivalent to one-twelfth 111121 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 inwrance premiums for wch year nd covered by the aforesaid monthly payments. Ile. That la) in the event of any breach of this mortgage or default on the pan ~f the mortgagor. or 1 h) in the event that any of wid sums of money herein referred to be not promptly and fully paid. without demand or novice. or (c) in the event that each and every the stipukrtions. agreements. conditions. and covenants of said note and this mortgaage. art nd duly. promptly. and fully pe{tpttned: tlrt~t tit either rir any wch event. the said aggregate win mentioned in said note then remainirigunpaid. with intuest accrued ro That tirlte. ar~d all miiri'~ys secured 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 mon- eywere originally stipuhated to be paid on wch day. anything in said note or in this mortgage to the contrary ndwirhstanding: and thereupon or thereafter. at the option of said mortgagee. without notice or demand. wit a1 law or inequity. may be prosecuted as it all moneys secured here- by had matured prior to its institution. The mortgagee may forecbse this mortgage. as to the amount so declared due and payable. and the said premises shall be sold to satisfy and pay the same toggethec yyith avses.+exrau>ks ~ albwances. In cast of partial torecbsure of this mortpge. the mortgaged premises shall be sold subject to the comirwirr, lien ofd tpptttpigsldr"the amount of the debt riot thrn due and unpaid. In such case the provisions of this paragraph may again beavaikd df fhere4fter from time to time by the mortgagee.