HomeMy WebLinkAbout0493 That. in order more fully to protect the,ecurity of thiv murtt;agr. the mortgagor. a+grthrr with, anJ in addition to. the monthly payments '
unJer the terms of the note secured hereby. un the fiat day of each month until thr+aid note iv fully pail. will pay to the mortgagee the fulluw-
rng,umc:
la! An amount sullicirnt to provide the huller hereof with fools to pay Iht next mortgage inwranct prrmium if this instn,ment and the
note secured hrrehy :are inwred. or a monthly chargr tin 6ru ut a mortgage inwrance premium! i( they art held by the Srcreuuy ut
H+x+ving and Ufian lkvelupmrnt as fallows~
111 1( aril vo lung as said nWe of even Jate and thiv imtrument are inured ar art rrinwred under the prov a,ions ut the National
N.+ttsing Act. an amount wtlicient to accumulate in the hanJs of the holder one 111 month prior to its Jue Jate the annu:J more- '
gage inwrance premium. in order to provide sucA hadder with funds to pay such premium to the Secretary of Nuusing and
Urban tkvclupment purwant to the N:aUunal H+wsing Act, av amended. and applicahk Regulation lhereunJer, or '
1111 1( anJ w long ac said note of even slate and this intrumrnt are held by the Secretary of Housing anJ Urban (kveiopment. a
monthly chargr tin lieu ut a murtgabr insurance premium! which shall ht in an amount equal to unr-Iwrlfth 11!13) of unr-halt
1 U31 per certtum of the average outstanJing h:+lance dot un the note computed without taking into account drlinyuencies ur
prrpaymentc:
+i+i A ,.,r..:y::a! tht ~'-`Le!'~i .•nra it :+ny. nevt due. plu+ the premium. that will nt+r become Jue and pa) able un polia'it+ of Are and
other hazard inwrance covering the mortgaged property, plus loxes and assevsmenh next due on tier u,unKagc+l pr.:y::t; ts!! w•: ".!e-
m:drd by the mortgagee! lees altsums :heady paid theretur Jividtd by the number of month. to elapse before one month prior to the
Ja1r when wch gruu+xl rent.. premium+. tave,. and avsrssments will become delinquent. wch wms a+ he held by mortgagee in trust
to pay said gruunJ rent+. premium.. C+~rs. anJ special assessments: anJ
Icl .all pa) menu mentioned in the two preceding suhsectiom ut this paragraph anJ :,II pay mrnh k+he made unJer the note secured here-
by sfiaH hr aJJtJ ta+grther and the aggregate :+munnt theteut .hall hr paid by the mortgagor each month in a sinKle pa) mrnt to he ap-
p1ieJ by Ihr mortgagee ta+the tulluwing item. in the order set forth:
111 prrmium charges unJer the contract of inurancr with the Secretary of Housing and t'rhan !)rvelupmem. ur monthly charge
tin lieu of mortgage inurancr premiums. as the case may he:
IIU Kroun+1 rent+. taxes. assessments. fire. and other hazard inwrance prrmium.;
1111 interest on the note secured hereby: and
IIVI amauti~atiunuftheprirxipalutsaidnute.
.Any Jnc~irncv in the :+maunt of such aggregate monthly payment .hall. unless made ga++xl h) the mortgagor prior to the due date ut the nett
,uch payment. constiwtr an rvret at Jctault under t".is me~rtg Mgr "!hr mortKaeee may collect a "late charge"not w cxcc,vl k,ur +euts I let for
rash Dollar 1St 1 of each payment more than fifteen I l h day, in arrears to cover the extra exprn,r inculvcd in hanJNng drhnyurm pa) o+rut,.
3. "that it the total of the p:+ymrnts made by the mortgagor under Ihl of paragraph ' preceding .hall exceeJ the amount of the p:+ymrnh ,
acwally made by the mortgagee. for guwnJ rent.. eases anJ assrssmems and inurance prrmium.. as the c:+se may he. such e~crss 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. It. hmvever, the monthly payments made by the mortgagor under (6) of paragraph 2 preceding shall not be sufficient to
pay Kround rents, taxes and assessments and insurance premium, as the rase may be. when the came shall become due and pay-
able. then the mortKagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when
payment of such erounJ rents, taxes, asses.mrnts, or insurance premiums shall be due. at any ume the mortgagor shall tender
to the mortKaRee in accordance with the provisions of the note secured hereby. full payment of the entire indebtedness represent-
ed thereby, the mortgagee shall, in computing the amount of .uch indebtedness. credit to the account of the mortgaKor all payment.
made under the provisions of [a) of paragraph 2 hercot which the mortgagee h.+s not become obligated to pay to the Secretary of
Housing and-!'than Ilevelupmcnt and any balance remaining in the funds accumulated under the provisions of [b) of .ail
paragraph If there .hall be a Je(ault umler an• of the provisions of this mortKaKe, resulting in a public sale of the premises
covered hereby. or it the mortKaRee a.~quin•. the property otherwise after default. the mortgagee shall 5pply, the the time of the
+-ommenoement of such proceedinKs or at the time the property is othrr~+i~e acquired, the balance then remaining in the foals
accumulated under (D) of paragraph 2 precedirtK as a credit aKainst the amount of principal then remaining unpaid under said note
? and shall properly adjust any payments which shah have been made undo-r (s) n( said paragraph.
-f. That he wits pa} .JI taxes. asst+sments. w:+trr rate,.:+nJ other govrrnmrnt:d of municip:d ch:ugr,. bnr,, ur imp++,ition. fur w bleb pro-
:r,ian he. not been maJr hrrcinhetore. and in Jrtauh thrrruf the monpacrr m:+v pa} the ,amr:.+nJ that hr will promptly .Irhsrr the ulAcial
receipt, therefor to the mortgagee
s. •Ihat he will permit. commit. ur sutler nuw,,,tr. irnp,+irmrnl. urJrtrriurdiun of ~aiJ property ur an} part thrreut:;mJin the esrnt of the
r,ulurc of the mottt::,gur tukrrp the building, un .:uai premi,r, and thus to t+r rrecteJ un ,ail prrmi,r,. ur impruvrmrnts thereon, in ga+++l rr-
p,,ir. the murtg;+trr ma} m:+kr,uch repair, as in it,Ji,cretion it ma} Jrrm nrcrssary for the proper pre,tnatiun Ihrrruf. anJ the fuU .+muunt ut
r.+ch anJ rsrn ,uch pay mrnt ,h:dl hr immrJiatrl} Jur :mJ pa} able :mJ ,h.Jl hr +ecurrJ by the hen of this noel!;;+Kr
h. 7 hat hr w ill pay ;JI and sinEular the cosh. eh,e?I:rs, anJ rsprnsrs. including reasonable lawyer"s fees. and cuts of abstracts of title. in~
~urrrJ or p.+iJ at any rime h} the mortgagee hecrosr ut the faiturr un Ihr p.+rt of the mortgagor prompth anJ hdh to perform the acrrrments
.,nJ c+.vrn:+m, of ,ail pn+missury rr++tr anJ this mortKaKr. anJ ,aid cuts. chargr.- :mJ r ,penes sh:+It t+e immrJi:+trh Jur anJ pa}ahlr anJ ,hall
hr secured h} the hen ut this munEaEr
Th.n hr w ell keep the rmpn,crmrnts now rvisunt ur hereafter rrtctrJ on the murtgaKed property mwrrJ a, ma} h rryuirrJ from time
t.. time h} Ihr more ~ +ua , ~+imt loss by fire anJ other haiarJs. r.+,u,Jtits.:u+J a+ntingrncirs in wch amount, anJ fur ,uch prri+xl, a, may hr
rryuirrJ h} monl;agrr. anJ w ill pa} promptly .when Jur. an} prrmu+ms un wch inwr.+ncr fur payment of which pn» isiun ha: nut been made
hrremhrfurc.:111 in,ur.,ncc ,hall hr r:urirJ in a+mpanirs appru+rJ h} murtg.+grr anJ the policies anJ renewals thrrruf ,hall he hell M morlKa-
~rc :+nJ base attachrJ thcrrn+ lu,s pa}:+hlr clause, in favor of . nd in form :+cccptahlr to the mortgagee. In event ut loss hr w ill gist rmmrdialr
nuUCr h) mail ro murlgaFrr. anJ murtgacer m:+~ make pnn+f u( loss i( nut made prompt!) h} mortgagor. and rich imur,ance comp:my con-
.rrnrJ is hrreM authunirJ :+nJ Directed to make p:+ymrm fur ,uch k+++ Jirectfy to mortgagee insteaJ of 1u murtgaKur anJ mortgagee joint!}.
enJ the imurance pn+crrJs. ++r any part thereof. may hr applirJ by murtgaKrr :d it, option either h+ Ihr r:ductiun of Ihr indehtrdne+. hrrehy
t •ecurrJ ar to the rr,tur:dian or repair ut the property JamaerJ In event of (ureclusurr of This mung;+gc ur other trmsfcr of title U+ the murt-
t:a);el pn+prrty in e+unguhhmrnt of the indrhlydnrss srrurrd hrrehy. all nKht. title..mJ interest ut the murtl:al;ur in anJ to am rnsurancr puh-
eic, then in force ,hall p:+., to the purchaser or grmtcr.
K "f hat if Ihr premises. ur :+m pa?t thrrruf- F+r rondrmneJ unJer any p++wrr ut eminent Jum:+in. ur acyuirrJ fur a puhhc use. the Damages.
_ t.roarrJ.- anJ for cumiJrratiun fur ,u:h acyui+ition. to tf>< r+trm u! the full amount of inJehtrdne•, ul+un thi. \1unl::+cr.:mJ the tiutr ,rrurrJ
hrrehy remaining unpaiJ. are hrrehy :+,si~nrd by the '~turtgal;ur to the Nurtt;aEee :,nJ ,h:Jt he pail forthwith H+ the 11urtKagrr to ht applirJ by
' rt un account of the mlrMrnr+s ,ecurrJ hereby. whether Jur ur not
v lh.d the murtt:alrr m:+}..d eny time prndint::+ suit upon this murtgat:e. app!} h+ the court havmt; jurisdiction thereof fur Ihr appuint-
~ mint of recriaer.:mJ .uch court ,hell forthwith appr+int recriccr u( ihr premrsr, ca+srreJ herrhy all and singular, including :JI :+nJ singular
+ -
the ir+a+mr- pn+fits. issues. anJ resrnurs from whatrcrr source JrnvrJ. rich anJ teen of which. it helot: evpres,ly underst++++J- is berth}
murtEagcJ as it specifically ,rt forth enJ JrscnhrJ in the er.+nung anJ hahrnJum clau,rs hercuL anJ ,uch receiver .hall have all the hn,al ;mJ
rttecti-.r hmctiom :mJ power. in anywise enln+,trJ h} a court to a receiver. and .uch :+ppuintmrnt sh:dl he made by wch court an almittrJ
equity ;mJ a matter of eh,ulute right t++ s:ud mortgagee. anJ w ithawt reference to the adequacy or inaJeyuacy of the value of thr~pn+perty mort-
eacrJ ur to the ,uhencv ur rn,ohrncy r.( ,ail mortEaKar ur the .tefrnJanh. ,mJ th;n ,uch rrnn. profit.. ina,mr. is,urs. anJ resrnur, .hall hr
applied by wch receiver .u curJint: to the lien of this murtpaf r enJ Ihr pracuee of .uch court . In the event of :m} Default un the part of Ihr murt-
gator herrunJrr. the mortl:aKur agar. to pay to the murlgeEee un Jrmanl ;+s a re:+sunahle monthly rental fur the premises an amount at least
eyuic,+Irnt m unr-rwcltth I I11'? u( the aKgreEatr of the twrly r munthl} installments p:+)ahk in the thin current yr:+r plu, the actual amount of
Ihr annual tars. assrssmrMs. water raft., anJ inurancr prrmium+ fur .uch year nut covereJ by the a(oresaiJ monthly payment..
III. That t:+f in the ecrnt of any breach of this murtt:acr ur Jctault un the part ut the morlK~+gur. ur 1 hl in Ihr event that any of s:+il sums of
money herein referreJ a+he nut promptly anJ (ally pail without JcmanJ or oozier. ur Ire in the event that r:+ch and even the stipulations.
-+greemcnh. conJihum. anJ covenant, of s.uJ note :+nJ this murlFege. are nut duly. promptly .and fully perturmeJ: then in tither ur any wch
went. the ,:+iJ aggregate wm mrnuuncJ in .:ud note then remaining unpaid. with interest accrued Iu that time. and all moneys secured hereby.
,hall become Jue anJ pa}ahk forthwith. ur thereafter. at the option of Laid mortgagee- a+ filly anJ cumplelrly a. if all of the sail wms of nun-
ry were original!) stipulated u~ hr paid un wch Jay. an}thing in ~aiJ note or in this mortgage to the contrary notwithstanJing: anJ thereuna+n ax
thereafter. at the option of .aid mortgagee. with+urt notice or Demand. wit at t+w ur in equity. may he prosecuted a+ if all money. secured here-
h} haJ matured prior to ih institution. "(fie morti:agce may foreclusr this mortgage. a. to the :+mount so declared due and payable. and the +aid 3
premises shall he sulJ to satisfy anJ pay the .amt t++gethrr with custr. espenses. and atlow.+nces. Incase of p:+rtial forecluwre of this mortgage.
the mortKageJ premises ,hall he ,old subject to the continuing lien of this mortgagrJor the amount of the deM not then Jue and unpaid. In wch
case the pros isionc of the. paragraph may again I+e av:+ikd of thereafter from time to time by the mortgagee.
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