HomeMy WebLinkAbout2659 That. in order mate fully to protect the security of this mortgage. the mortgagor. together with, and in aJditiun to. the monthly payments
under the rums of the note secured hereby. on the fine day of each month until the said note i+ fully paid. will pay to the mortgagee the tolbw-
ing some:
Ice) An amount wlTicienl to provide the huWer hereof with funJ+ tc pay the next mortgage insurance premium it this instrument and the
note secured hereby are inwred. or a monthly charge tin lieu ut a mungage imuranct premium) it they ere held by the Secretary of
Housing and Urban pevelopment a+ follows:
ili !f and w lung as said Hatt o! tyro date and This instrument art inwrtd o: arc :tinsurtd under the p:ovisions of the Nali+.~n::!
Housing Act. an amount sufTlrient to accumulate in the hanJ+ u( the holder one 111 month prior to its due date the annual mort-
gage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing and
Urban Ikvelupment purwam to the National Housing Act, a+ amendeJ. end applicabk Regulations thereunder, or
1111 It anJ so bog as said note of even dart and This instrument art heW by the Secretary of Housing and Urban (kvtlopment. a
monthly charge tin lieu of a mortgage. insurance premium) which shall he in an amount equal to one-twelfth l if 121 of one-halt
1 i121 per centum of the average outstanding balance due on fife sate cump+ttcd wit(+a+ul taking u+iu aGiviiid +#clitiyiics+Cics C+r
prepayments;
' th) A sum equal to the ground rent+, if any. next Jue. plus the premiums that will next become due and payabk on policies of Ere and
W her hazard inwrance covering the mortgaged property. plus taxes and assessments next due un the mortgaged property tall a+ edi-
mated by the mortgagee) k++ all sums already paid therefor divided by the number of months to elapse before one month pritx to the
date when such ground rents, premiumv, taxes, and assessments will become delinquent. wch wms to be held by mortgagee in truce
to pay said ground rents. premium+. taus. and special assessments; and
Icl All payments mentioned in Iht two preceding subsections of this paragraph and all payments to be male under the note secured here-
by shall be added together and the aggregate amount Thereof shall Ix paid by the mortgagor each month in a singk pay mint W bt ap-
plied by the mortgagee tc the following items in the order ut forth:
111 premium charges under the contract of insurance with the Secretary of Nuu+ing and Urban [kvelupment. +a monthly charge
tin lieu of mortgage insurance premium). as the case may be:
1111 ground rents. taus. assessments, fire, and other hazard inwrance premiums:
1111 interest on the note secured hereby: and
IIVI amortisation of the principal of said note.
Any deficiency in the amount of wch aggregate monthly payment shall. unless made gu++d by the mortgagor prior to the dur date of the next
wch p.+yment. constitute an event of default under this mortgage. The mortgagee may collect a "late charge"not to exceed four +rnts (tid for
each dollar lS11 of each payment more than fifteen 11 SI days in arrears to cover the extra expense involved in handling delinquent payment+.
3. That if the total of Iht payments made by the mortgagor under Ihl of paragraph 2 preceding shall exceed the amount of the payments
actually made by the mortgagee. for ground rents, taxes anJ assessments and imuranct premiums, as the race may be. such excess i( 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. however, the monthly payments made by the mortgagor under (a) of paragraph 2 preceding shall not be sufficient to
pay ground rents, taxes aced assessments and insurance premiums, as 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, assessment., 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 entire indebtedness represent-
ed thereby, the mortgagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor al! payments
made under the provisions of of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of
(lousing dad urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said
paragraph 2. I( there shall be a detaull 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 then remaining in the funds
accumulated under (e) u( paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note
and shall properly adjust any payments which stall have berm made under of said paragraph.
a. That he will pay :JI rases.:+ssessmrnts. water rats.:mJ other governmental or municipal charges. noes, or imlxisitium. fur which pro-
sisiun has nut been male hrrrinhrfarr. anJ in Default thereof the mortgagee may p:w the same::mJ that ht will promptly deliver the utiicial
rrrtipts therefor to the mortgagee.
"That he will permit. commit. or sutler nu waste. impairment. or drteriuration of said property or any part thereof : and in Iht event of the
(ailurr of the mortgagor w keep the buik)ings on u+iJ premises and those to he ererteJ un s:+iJ premises. or improvements thereon, in g+x>.1 re-
pair. the mortgagee may make wch repairs as in its discretion it map Jrrm ~errssary for the proper preservation thereof. anJ the full amount of
r:ah :mJ every wch p:+y mrnt shall t?r immediately due and pay:+bk.:mJ sh:Jl tx secured by the lien u(thi+ mortgage.
h. That he will pay all and singular the rusts. charges. and expenses. induJing re:+sonahk lawyer's fees. and costs of abstracts of title. in-
curred or paid at any time hp the mortgagee because of the (ailurr on the part of the mortgagor promptly and fully to perform Iht agreements
anJ covenant, ut saiJ promissory note and this mortgage. anJ said rusts. charges. and expenses shall he immediately Jur and payabk and shall
t?e secured by the lirn of This mortg:+gr. '
~ "ih:d hr w ill keep the improvements now existing ur hereafter treclrJ on the murlgageJ property insure) as may hr rryuireJ tram Time
a+ time M' the mortgagee ag:+im1 k+ss by fire anJ other hanods. rawalties. and rontingencirs in such amounts and for wch prri++ds as may he
rryuireJ by mungager. anJ will pay promptly. when Jur. any premiums un wch imuranct (or payment of which provision has nut been made
hrreinhtforr. All imur.+nre shall he aurird in companies ;+ppn+veJ by rr:axtgagrr and the policies and renewah thereof sh:dl he heW by mortg:.-
t gee anJ have :atanc~d thereto loss p:+yahle clauses in L+vur of and in form :+rceptabk to the mortgagee. In event of lox hr w ill give immeJiare
g~ notice by mail a? mortgagee. anJ mortgagee may make proof of loss if not made promptly by mortgagor. and each imuranct company con-
' cerned i+ hereby :mthonrrd anJ Directed Io make payment for wch b+s Directly to mortgagee instead u( to mortgagor and mortgagee jointly.
anJ the insurance pr++rtrJs. or :my part thereof. may he applied by mortgagee at its option either to the reduction of the indebtedness hereby
secure) or a+ the restoration ur repair of the property dam:+ged. In event of foreclowre 0f this mortgage ur other transfer u( title to the mort-
gaged property in extinguishment of the indebtedness secured hereby.:)) right. title. anJ interest of the mortgagor in and to any inwrance poli-
riesthen in facer shall pass to the purchaser or gr.+mer.
~ x Th:+t if the premises. army part thereof. F?r condemned under any power o(emintnt domain. or acquired for a public use. Ihr damages.
pr+xeeJs. and the romidrratiun fur wch :+ryuisition. to the rxtem of the full ame.unt of indebtedness up++n this Mortgage. and the Note secured
hereby remaining unpaiJ. are hereby assigned by the Murtg:+gor tx+ the Mortgagee anJ .hall be paiJ forthwith to the Mortgagee to be applied by
1 it on account of Iht irWehtenrss secured hereby. whether dur or nut.
Y. 'That the murtg:+gee map . at any time pending a suit upon this mortgage. apply to the r+wrt h:a ing jurisJictiun thereof (or the appoint-
ment u(a rereiver.:mJ wch court shall (o+thwith appoint a receiver of the premiuscuvtreJ hereby all end singular. inrludinc:Jl and singular
the income. profits. issues. and revenues from whatever suurre derived. each anJ every of which. it being expressly underst+Hnl. is hereby
mortgage) as i(sperihrally set forth and describe) in the granting and hahendum clauses hereof. and wch receiver shall have all the broad and
- Nlrrtive (unctions and a+wers in anywise entruserJ by a coon to receiver. and wch appo+ntmrnt shall t?e maJe by wch court as an admitted
~ equity anJ a manor 0(ahsolutr right to said mortgagee. and with+wt reference to the adequacy or inadeyuary of the value of the property murt-
g:+grJ ur Iu the suhrncy ur m,rhrn:y of said mortgagor ur the Jr(enJ:+nts. anJ that wch rents. prufih. income. issues. anJ revenues shall be
:+pplieJ by wch receiver according to the lien ut this mortgage anJ the practice of such c+wrt. In the event of any de(-ault on the part of the m0rt-
gagor hereunder. the mortgagor agrees to pay w the mortgagee un Demand :n a reasonable monthly rental for the premises an amount at kart
a cyui+:dent to ant-twelfth 1111'10( the aggregate of the twelve monthly imtallmenn payable in the Then current year plus the actual amount of
~ the annual taxes. assessments. water rates. and inwrance premiums for wch year not covered by the aforesaid monthly payments.
111- Thal lal in the event u( an breach o[ this more •a a or default un the art of the more a ur. or 1 t+) in the event that an 0f said sums of
i Y g P' B" R Y
money herein referred to he not promptly and (ally paiJ without Demand 0r notice- or Icl in the event that each and every the stipulations.
agrecment+. conditions. and covenants of sail note and this mortgage. ere not duly. promptly. and fully per(ormeJ: then in tither ar any such
event. the sail aggregate wm men+iuneJ in wid note then remaining unpaid. with interest accrued t0 that time. and :JI moneys secured hereby.
s shall become due and payabk forthwith. or Ihere:+fter. at the option cf said mortgagee. as fully and completely as if all of the said sums 0f mon-
ey were orieinally stipulalcd to t+e paid on such day. anything in said note or in this mortgage to the contrary notwithstanding: and thereupon or
thereafter. at the option of sail mortgagee. without notice or demand. wit at law• or inequity. may be prosecuted as i(all moneys xcured here-
by haJ matured prior to its imtitution. "The mortgagee may fureck?se this mortgage. as to the amount so declared due and payabk. and the said
premius shall he wW to satisfy end pay the same together with costs. expenses. and allowances. In ca•.t of partial torecbsure of this mortgage.
the mortgaged premises shall be sold whjerl to the continuing lien of this mortgageJor the amount of the debt nW Then due and unpaid. In such
c+u the provisions o(Ihic paragraph may again be avaikJ of thereafter from time to lime by the mortgagee.
8~,~318 P~265~