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HomeMy WebLinkAbout2928 ; _ a • That. in order more fully to proiRt the security u! this mortgage. the mortgagor. t++gcther with. and in additK+r tu. the monthly payment. under the terms of the nutg secure) hereby. on the first day of each month until the said mNe i+ fully pail. will p:+y to the murtgagie the fellow- _ ing sums: • la) An am+wnt wHicient h+ pros ide the holder hereof wish fund. a? pay the ne+1 mortgage inwrance premium if this instrument and the • nwe .reared hereby are insured. +x mumhly charge tin lieu of a mortgage inwrance premium) if they are he1J by the Secretary of H+wsing and Utfian Ikvelupment a+ fullowx 111 If and so h?ng a+ wid note of even date and this imtrument are imureJ ar arc reimured under the provisium of the Nutiun;d N+x+sing Act. an amount wtiicient to accumuk+le in the hand: ut the balder one 111 month prior w its due Jate the annual au?rt- gage inwrance premium. in order Io pru+•We wch ln?Wer with fund. to pay wch premium to the Secretary of Housing :+nd Urban Development punuant to the National Housing Act. as umendtd. and applicahk Regulations thereunder: or 1111 if and +u lung a+ wiJ nwe of even date and thi+ instrument are held by the Secretary of Hrxr+ing and Urban Development. a monthly charge tin lieu of a mortgage insurance premium) which .hall be in air amount cyan) to one-tw•eltth 411121 of one-half 11121 per eentum ut the average uut.tanding h:dance dot un the note compute) witlxwt taking into arawnt rklinquencie~ ur prepayment.: Ih_? ~A sum equal to the ground rents. if any, nett Jue. plus the premiums that will ne+t become Jue and payahk un Ix?licie+ of fire and other hazard inwrata-e covering the mortgaged property. plus taxes and as+essment+ next due un the mortgage) property tall as a+Ii- mated by the mortgagee) kss all wms already paid therefor divided by the number of momhs to elapse before one month prior to the date when wch ground rents, premiums, taxes. anJ assessments will become delinquent. such sums to be held by mortgagee in trust to pay wid ground rents, premiums, taxes.:~nd special as+e..meets:and Ic/ All paymenK mentioned in the two preceding wbsectiun+of Ihix paragraph and all payments to be made under the note secured here- by shall he added together and the aggregate amoum thereof shall be paid by the mortgagor each month in a singk payment to be ap- plied by the mortgagee to the following items in the order set forth: - 111 premium charges under the contract of inwrance with the Secretary a( Housing and Urban Development. ur monthly charge lie lieu of mortgage insurance premium). as the case may he: 1111 ground rents, taxes, assessments, fire. and other hazard insurance premiums: 1111 interest on the Hole secured hereby: and IIVI 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 Io the due date of the next such payment. constitute an event of default under this mortgage. The mortgagee may collect a "lase charge" nw to exceed two cents 12c1 for each dollar ISI1 of each payment more than fifteen 1151 days in arrears to cover the extra expense involved irl handling delinquent payments. That if the total of the payments made by the mortgagor under Ih1 of paragraph 3 preceding shall exceed the amount of the payments actually made by the mortgagee. fur ground rents. taxe+ anJ assessment. and insurance premiums. as the case may he. +uch excess if the loan is current. at the option of the mortgagor, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the mortgagor. 1f, however. the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shalt not be snfticient to pay ground rents, taxes and assessments and insurance premiums, ac the case may be. when 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 when payment of such ground rents, taxes. assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entjre indebtedness represent- ed thereby, the mortgagee shall in computing the amount of such indebtedness. credit to the account o[ the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of IlousinR and Urban Development and any balanc•c remaining in the funds accumulated under the provisions of (b) of said paragraph 2. It there shall be a default under any of the provisions of this mortgage, resulting 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 such proceedings or at the time the property is otherwise acquired, the balance thtn remaining in the fonds accumulated under (b) of paragraph 2 preceding as a credit against the amount o[ principal then remaining unpaid under said note . and sha!1 properly adjust any payments which shall Gave been made under (e) of said paragraph. J. That he will pay •all taxes- assessments. water rates. and other governmental ur municipal ctr:+rges. fines. or impositions. for which pro- eisian has nw been made hereinhefore. and in default thereof the mortgagee may p:+y the same: anJ that he wilt promptly defiver the uff~cial receipts therefor to the murtgagte_ 5. That he will permit. commit, ur waTer no waste. impairment. or deterioration of wid property ur any pan thereof: anJ in the event of the failure of the mortgagor w keep the buildings on said premise. and those to 1?e erected un wid premises. or improvements thereon. in good re- p:+ir, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the full amount ut each and eery such payment shall be immediately due and payahk. and shall be secured by the lien of this m~rtgage- 6_ That he will pay all and singular the costs. charges. and expenses. including reasunahk lawyer's tees. and costs of abstracts of tick. in- sacred or pail at any time by the mortgagee because of the failure un the part of the mortgagor promptly and fully to perform the agreements ~ and covenants of sail promissory n+xe and this mortgage. and said costs. charges. and expenses shall be immediately due and payahk and shall ~ be secured by the lien of this mortgge. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property. inwred ac may he require) from time I t+. time by the mortgagee against bss by fire anJ other hazards. rasualties_ and contingencies in such amounts and fur such prriats 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 hereinl?efore. All insurance shall he carved in companies approved by mortgagee and the policies and renewals thereof shall he held by mortg:+- gee and have •auached thereto loss payahk clauses in favor of and in form acceptahk to the mortgagee. In event of loss he will give immediate novice by mail to mortgagee. and mortgagee may make prcwf of loss if not made promptly by mortgaKur. and each inwrance company con- cerned is hereby autlxirized and directed to make p:+yment fur such loss directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds. ur any part thereof. may be applied by mortgagee at iK option either to the reduction of the indebtedness hereby severed or to the restoration +x repair of the property damaged. In event of foreclosure of this mortgage or other transfer of tick to the mort- gaged property in extinguishment of the indebtedness secured hereby. all right. title. and interest of the mortgagor in and to any insurance poli- ciesthen in force shall pass to the purchaser or grantee. K. That if the premises. ur any p:+rt thereof. he condemned under any power of eminent domain. or acquired for a public use. the damages. prgceed+. and the consideration fur such acquisition, to the extent of the full amount of indebtedness upon this Mortgage.:+nd th.: Note secured hereby remaining unpaid. are hereby as+igned by the Mortgagor to the Mortgagee and shall he paid forthwith to the Mortgagee to be applied by it un account of the indebtenest'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 appoint- ment of areceiver. and such court shall 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. each and every of which. it being expressly under+tood. is hereby mortgaged as if specifically set forth and deuribed in the granting and habendum clauses hereof. and such receiver .hall have all the broad and etTective functions and powers in anywise entrusted by a court to a receiver. and wch appointment shall be made by wch court as an admitted equity and a matter of absolute right to said morlg:+gee. and without reference to the adequacy or inadequacy of the value of the property mort- g+ged or to the solvency +x inwlvency of sail mortgagor or the defendants. and That wch rents. profits. income. iswes. ;rod revenues shall t?e applied by such receiver acc+xding to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mort- gagor hereunder. the murtg:+gor agrees to pay to the mortgagee on demand as a reawnabk monthly rental for the premises an amount at kart equivalent to one-twelfth l 1/121 of the aggregate of the twelve monthly installments payahk in the then current year plus the actual amount of the annual taxes. assessments. water rates, and insurance premiums for such year nw covered by the aforesaid monthly payments. 10. That la? in the event of any breach of this mortg:ge or default on the pan of the mortp,:+gor. or 1 b1 in the event that any of wid sums of money herein referred to be not promptly and fully paid without demand or novice. or Icl in the event that each and every the stipulations. agreements. conditions. and covenants of said nwe and this mortgage. are nw duly. promptly. and fully performed: then in either or any wch event. the wid aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that Time. and all moneyx secured hereby. shall become due and payahk forthwith. or thereafter. at the option of said mortgagee. as fully and completely as if all of the wid sum. of mon- ey were originally stipulated to be paid on wch day. anything in wid note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter. at the option of wid mortgagee. with+wt notice or dem:md. wit at law or inequity. may he prosecuted as if all moneys secured here- by had matured prior to its institution. The mortg:+gee may forecMse this mortgage. as to the amount so declare) due and payahk. and the said premises shall be sold to satisfy and pay the same together with cosec. expenses. and allowances. Incase of partial forecMwre of this mortgage. the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the deM nut then Jue anJ unpaid. In such cast the provisions of this paragraph may again t?e availed u(theteaf?e~ from flint to lime by the mortgagee. , • a~x31 / P~cE2~~