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HomeMy WebLinkAbout2906 - - - _ _ _ . ~ - _ - - - _'T • ~ ~ •t 2. That, In order mon fully to protect the security o! fhb mortgage, the mortgagor, together with, and in addition to, the monthly ' payments under the terms of the note second hereby, on the first day of each month until the said note i• fully paid, will pay to the mort- gagee the following rams: - (a) Aa amount sufficient to provide the bolder hereof with funds to pay the next mortgage insurance premium if this instrument and the note second hereby are inwz,:d, ota monthly charge (ia lieu of a mortgage insurance premium) if they are held by the Secs terry of Houdng and Urban Development as follows: (1) if and ao long as said note of eren date and this instrument are insured or arc reinsured under the provisions of theNitionai Housing Act, an amount sufficient to accumulate is the hands of the holder one (1) month prior to ib due date the annual mortgtise insurance premium, is order to provide such holder wIW fund: to pay sucb premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regulations thereunder; or (Il) if and so long u said note of evesa date and this instrument an held byy t~he Secretary of Housing and Urban Development, a monthly charge (in lieu of ~ mortgage insurance premium) which shall be in as amount equal to oao-twelfth (1/12) of • one-half (1/2) per centum of the average outstanding balance due on the note computed vidthout taking into account do- liaquencies or pnpaymeab: (b) A sum equal to the Bound rants, if any, next due, plus the premium: that will next become due and payable on policies of fin and other hazard insurance covering the. wortg~ed property, plus taxes and assessments next due on the mortgaged property (all as eitLnated_by the mortgagee) less all sums already paid therefor divided by the number of month: to elapse before one month prior to the date when such Bound rents, premiums, taxes, and assesanenb will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and ap payment: to be wade under the note second hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor wch month in a single payment to be applied by the mortgagee to We 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 (in lieu of mortgage insurance premium), as the case may be: (Il) ground rents, !axes, assessmenb, fin, and other hazard insttraace premiums: (ll1) interest on the note secured hereby; and (IV) amortization of the principal of said note. Any ekficieacy in the amount of such s~rcpte monthly payment shall, unless 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 'Rate charge" not to exceed four cent (4t) for each dollar (Sl) of each payment mon than fifteen (1S~ys in smears to cover the extra expense involved in handling do- littQYCnt payments. 3. That if the total of the payments made by the mortgagor under (b) of patagaph 2 preceding shall exceed the amount of the pay- t meats actually made by the mortgaget, for ground rents, taxes and asseasaeenb and insurance premiums, as the case may be, such excess if the loan is current, at the option of the mortgagor, shad, be credited on subsequent pa eats to be made by the mortgagor, or refunded to ~ 'the mortgagor. if, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to ~ pay Bound nab, taxes sad asaesaneenb and insurance premiums, as the ease may be, when the same shall become due and payabk, then - r the mortgagor shall pay to the mortgagee any amount necessary to mite up the deficiency, on or before the date when payment of such ground rent, taxes, as:esaneats, or mace premiums shall be due. It at any time the mortgagor ahafl tender to the mortgagee in accord- ance with the provndons of the note secured hereby, ful! payment of flee 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 o! (a) of para- graph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and nay balance a remaining is the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the prorisions of this mortgage, resulting in a public sale of We 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 procoedings or at the lima the property is otherwise no- quind, the 6tlauce then remaining in the fund: 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 tnad~ttfMdsy.(a) of said paragraph. 4. That he wtU pay all taxes, assessments, water rates, and other governmental or municipal charges, fine or,' poaitioas, for wheeh provision has not been made heniabefon, and in default thereof the mortgagee may pay the same; andthatti~Mill promptly dehvar the s official receipts therefor to the mortgagee.. S. That he will permit, commit, or suffer no waste, impairment, or deterioration of saw:property or say part thereof; and in the event of the faelure of the mortgagor to keep the buildings on said premises and those to be erected on acid `premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it ntay deertt.neceswy for the proper preservation there- of, and the [all amount of wch and evet`y such payment shall be innmedutely due and- payable, and shall be secured by the lien of this rnortgag 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 nay time by fhb morfgrigce because of the faduie on the put of the mortgagor promptly and fully to perform the agreements and covenants of said promissory ¢ote and this mortgage, end said cosh; charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he well keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from tune to time by the mortgagee against loss by foe sad other hazuda, cawalitiea, 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 heninbefore. All insurance atoll be_carried is companiet approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have sttached• thereto loss- payable clauses'in faros of and in form acceptable to the mortgagee. In event of loan he f wdl giro immediate notice by mad to mdttssgee, 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 lass directly to mortgagee instead of to mortgr gor and mortgagee jointly, and the insurance proceeds, or any put thereof, stay be:ppliedby raortgsgedat its option either to the reduo- flora of the indebtedness hereby secured or to the restoration or repair of-the property damaged. In event of forecloaeere of this mortgage or other transfer of title to the mortgaged property is extinguishmenYof the indebtedness secured hereby, all right, tide, and interest of We r mortgagor in and to any insurance policies then is force shall pass to the.purchaaer 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, sad the Note secured herby remaining unpaid, are herby 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 herby, whether dae or t;ot. 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, and such court dull forthwith appoint a receiver of the premises crn?ered herby 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, bhereby mortgaged as if specifically set forth and described in the greeting and habendum clauses hereof, and such receiver shall have ~ the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment :hall be made by such court ss an admitttd 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 sohency of insolvency of said mortgagor or the defendants, and that such rent, profits, in- come, iaa?es, and rerenues :hail be applied by such receiver according to the lien of this m and the practice of such court. In the , event of any default on the part of the mortgagor hereunder, the mortgagor agees to pay to the mortgagee on demand as a nasomble monthly natal for the premises an amount at least equiraleat to one-tweUth (l/12) of the aggegate of the twehro monthly instalimenb payable is the thm.current gear plus the actual amount of We annual taxes, a~srnenb, water rates, aqd iawrttncx premiums for such } year not covered by the aforesaid-moashly payments.-._ . 10. That (a) iA the event of any breach of this mortgage. or default on the part qf, the mort or, or (b) is the event that any of said sums ot~moaey herein refesred to be not promptly and fully pard without ilemand or notice, or (c~ the Brent that each and every the sti- pulations, agnemenb, conditions. and covenant of said note and fhb mortgage, are not duly, promptly, and fully performed; then in either or nay such event, the said aggregate seem mentioned in said note then remaining unpaid, with interest accrued to flat time, and all moneys secured hereby, :hail become due and payabk forthwith, or therwfter, at dee option of acid mortgagee, as fully and completely as if aD of the acid sums of money wen originally stipulated to be paid on such day, anything in said note or in this mortgage to the con- trary notwithstanding; and thereupon or Wenaftet, at the option of said mortgagee, without notice or demand, suit at Lw or in equity, may be prosecuted as if all moneys second hereby had matured prior to ib institution. The mortgagee rosy loreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to atisfy sad pay the acme together with costs, expenses, and allowances. In case of partial foreclown of this mortgage, the mortgaged premise: shall be add subject to dte continuing lien of this mort gage for We amount of the debt not then due and unpaid. In such cane the provisions of this puagaph may again be availed of deereafter from time to time by the mortgagee. t 1 • E ec~~ i Bi~KJ~~ PAGf~~ . ~ _ ;