Loading...
HomeMy WebLinkAbout2666 I ' That, in order mart fully to protect the security of this mortgage. the mortgagor. together with, and in addition to. the monthly payment, under the terms of the note +ecured hereby. on the firs day of each month until the said note is fully paid, will pay to the mortg:+gce the ~~llow- ittgwms: sal An amount wfftcienl Io provide the holder hereof with fund, to pay the next mortgage imurance premium if this instrument and the owe +ecured hereby arc inwred. ur a mumhly charge tin btu of a mortgage insurance premiuml it they are heW by the Secrei:uy of Housing and Urban [yevdopment as (allows: !!I !t and +o long as saed note of turn daft and this imlrumtnt are inwred or are reinsured under the prov:lions o! the National Housing Act. an amount sufTicient to accumulate in the hands ut 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 pevelopment par+uant to the Nrtiunal Housing Act. as amended. and applicabk Regulations thereunder: or 1111 It and so lung as sail putt of even date and IAis instrument ere heW by the Secretary of Housing and Urban [kvelopment. a monthly charge tin lieu of a mortgage inwrance premiuml which shall be in an amount equal to one-twelfth 111121 ut one-half i iii DCi t2iitiifii i'if tiiC at: Ci,i~2 etii[~taiidifib [iaiaiilC tiU2 fill {{K tiUtC +.lsiii `i{jlCti will ilR+i faRiiib'' tiilU dlll)U lit liC iiliiit[C'ltt iCi lii prepayments; Ib1 A sum equal to the ground rents, it any. next Jue, plus the premiums That will nest become dot and payahk on policit~ ut fire and other h:,ford insurancecovcring the mortgaged property, plus fazes and assessments next due un the mortgaged property tall as eai- mated by the murtgagcel kss all sum, already paid therefor divided by the number of mumhs to (lapse before one month prior to the date when wch ground rent,. premiums, eases. and assessments will became delinquent. such sums to be heW by mortgagee in trust to pay wid ground rents. premiums. rates, and special assessments: and icl All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note +ecured here- hy shall be added rogelher and the aggregate amount thereof shall bt pail by the mortgagor each muMh 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 of Hew+ing and Urban Ikvtlopment. ur monthly charge tin lieu of mortgage insurance premiuml. a+ the cote may be: llll ground rents. fazes. assessments- fire. and other hazard inwrance premium+; t 1111 interest on the note secured hereby: and i 1IVI amurti7atiun of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall. unk+s made gucx) by the mortgagor prior to the due date of the next wch p:?yment. constitute an event of default under this mortgage. T11e mortgagee may collect a "late charge"not w exceed tour trots (1d-for each dollar 1511 of each payment more than fifteen f 151 day, in arrears to cover the ezira nprnse involved in handling delinquent payments. ' That it the total of the payment, made by the mortgagor under 161 of paragraph 2 preceding .halt exceed the amount ut the payment, :+cu+ally made by the mortgagee. for gn+urtd rent.. faze, and :+s+e+,mane, anJ inwrance premiums. as the case may ht, wch ezces+i( the loan is current, at the option of the mortgagor, shall, be credited nn subsequent payments to be made by the mortgagor, or refunded to the mortgagor. It, however, the monthly payments made by the mortgagor under [e) of paragraph 2 preceding shall not be sutticienl to pay ground rents, IaXPS and assessments and insurance premiums, as the case may be, when the same shall become due and pay- i able, then the mortgagor shall , a}• to the mortgagee any amount necessary to make up the de(icieacy, 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, Lull 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 all payments made under the provisions of of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of (lousing and Grban Ucvelopment and any balance remaining is the funds accumulated under the provisions of [r,) of said t paragraph 2. I( there shall be a default under any of the provisions of this mortgage, resulting is a public sale of the premises covered hereby, or if the niortgaRee acquires the property otherwise after default, the mortgagee shall apply, the the time of the commeaaement of such proceedings or at the limp the property is othcn+ise acquired, the• balance then remaining in the funds 2 accumulated under (e) of paragraph 2 preceding as a credit against the amount of principal then remaiaiag unpaid under said note i and shall properly adjust any payments which shall have been made under (s) of said paragraph. f Thal he w ill pay all ease,. a++e+,mane,. water rac+. and other go+ernmental ar municip:d ch:ugec- noes. or impe++itiun+. for w bleb pro- i +i,ion ha+ nut been made hrrrinl+rfurr. anJ in default thrrre+t the mortgagee m::y pay the .amr: anJ that hr w ill promptly Jrliver the official receipt, therefor to the mortgagee. 5. "that he w ill permit. commit. ur ,utter nu w;i+te. impairment. ur drrerior.+tiun of wiJ property or any part thereof: and in the event at the failure of the mortgagor te. keep the huikling+ un wiJ premi+r+ and thu+r to he erected on c+iJ premi+e+. or impru+rment. thereon. in gexxl re- 1 pair- the murtg:+grr may make+uch repair. :n in it+di.cretiun it may Jrem nece++ary fur the proper pre+enation thrreuf..mJ the full amount of each anJ ever +uch mrnt ,hall hr immedi:rtrl • due anJ 4 pay y pa}able.:md .hall he +ecured by Ihr lien ut thi+ mortgage. That hr will pa) :dl and +ingular Ihr cu+t+. charge,. and e+prmr+- including rea+on:+hk lawyer'+fee+. and co+h of ah+tract+of title. in- curred or pail at any time by the mortgagee hec:m+e of the failure .+n the part of the mortgagor promptly anJ fully to perform the agreemenh .+nd awrn:mt+of wiJ prumi++ury mHe and thi+ mortgage. and +aiJ Ca++t+. charge,. and e+pen+e+ ,hall ht immediately Jue anJ payable and ,hall he +ecured h}• the lien of thi+ rnortgagr. "that hr w ill keep the impn++emrnt+ now rai+ting ur hrrrafter rrrcred on the mortgage) property imurrJ .i+ may hr require) from time ~ to time h) the mortgagee again+t lu++ by fire :+nd other hazard. cawaltie+- and cuntingencir+ in wch amount, anJ !or wch periexl+ a+ may he rcyuirrJ by mortgagee- :mJ will pay promptly. when due. any premium. un wch inwrance for p:rymenl ut which pro+i+ion ha+ nut been made hrrrinhrfurr. All inwrance +h:dl hr carried in companie+ appn?+ed by mortgagee and the pe+licie+ anJ renewal. thereof +h:dl hr he1J by mortg:+- der and base attached thereto to++ p:+yahk clau+r+ in t:wur of and in form acceptable to the mortgagee. In event of lo++ hr w ill give immediate ~ notice b mail to more a er- and more •a •re ma make nwt of tu++ if not made rom tl h mart a or. and each inwrance cum en tun- ) g' g t• b Y D D D y y K• g D' Y error) i+ hereby :mthonirJ and directed to make payment for wch lo+s directly a+ mortgagee instead of ro mortgagor and mortgagee jointly. and the inwrance pre?cerds. ur any part thereof. map hr applied by mortgagee at its option either to the reduction of the indebtedness herehy .ecureJ or w Ihr re+turation or repair of the property JamageJ. In event of forecMwre u( thi+ mortgage or usher tram(rr of (ilk ?o the mort- e •eJ ro rt in e+tin •ui+hmem of the indeMedne+++ecured fiereh +II ri fit. title. and interest of the more a or in and to an in+urance +li- } cir+ Then in force +h:dl pa++ to the purcha+er or grantee. K. That if the prrmi+e+. ur ;my part thereof. he condemned under any power of eminent Domain. or acquire) fur a public u+e. the damage,. ~ procrrJ+. and the am+idrratiun fur wch :+cqui+ition. to the eztent of the full amount o(indrhtrdne++ upm Ihi+ ~lurtgagr. and the Note +ecured herehy remaining unpaid. ;ue herehy a++igneJ by the Mortgagor to the Mortgagee and ,hall he pail forthwith to the Mortgagee to be applied by +t on accewnt of the indehtenes+ +ecured herehy. whether due or nut . ( 9 "That the mart •a •ee ma a an time ndin + +uit u m Ihi+ more { 6 f- ) } pr g : D< gage. apply to the court ha+ing juri+Jictiun thereof for the appoint- ment ut a receiver. anJ wch court .hall forthwith appoint a receiver of the prcmi+e+covered hereby attend +ingular. including all and +ingular ~ the income. profit,. i++ue+. anJ rrvrnue+ from whatever .vurre derive). each anJ every of which. it being ezpre++ly undentc+ud. i+ herehy mortgage) a+ if ,pacific:+Il) +et forth and de+rrihed in the gr.+nting and hahendum clau+es hereof -and wch receiver .hall have aft the broad and _ effective htncliun+ and power, in anyw i+e entru+teJ by a court to a retailer. and wch appcrintmrnt ,hall tic made by wch court a+ an admitted equity and a matter of ah+ulute right to ,aid mortgagee. and without reference to the adequacy or inadequacy of the value of the property mon- gagrJ ur to the +olvrnt) ur m+ul+rnty of .aiJ marlg.+gur :ir the Jrfendann- anJ that wch rent,. profit+. intumr. i++ur+. anJ revenut+ .hall bt applied by wch receiver according h+ the lien of thi+ mortgage and the practice of wch court. In the event of any detauh on the part of the more- ; g.+gor hereunder. the mortgagor agree. to pay to Ihr mortg:+gre on demand a+ a rea,onahk monthly rental (or the premi+es an amount at least F eyui+alent to unr-twelfth 1 If 1?1 of the aggregate of the Iwehe monthly in+tallment+ payahk in the then current year plu+ the actual amount of - the annual faze,. a++e++mrnt~. water rate+. and insurance premium, fur +uch year not covered by the a(uresaid monthly payments. Ile. That sal in the event ut any bee:+th of thi+ mortg:ge ur default on the part of the mortgagor. or 1 h? in the event that any of said wms ot- money herein referred ro he not promptly anJ fully paid without demand or notice. or 1.1 in tlw event that each and every the +tipulations. s agreement,. cunditiun+. and covenants ut +aiJ note anJ thi+ mortgage. are not duly. promptly. and fully performeJ: (hen in either ur any such ~ esenl. the ,aid aggregate +um mentiuneJ in +aiJ note then remaining unpaid. with interest actrueJ to that time. and all moneys secured hereby. g .hall become due and payahk turthw ith. or thereafter. at the option of said mortgagee. as fully end completely as it all of the ,aid sums of moo- ~ ey were originally +tipulated to be paid on wch day. anything in wid note ur in this mortgage to the contrary notwithstanding: and thereupon or Iherea(ter. at the option of ,aid mortgagee. without notice or demand. wit at law or inequity. may ht prosecuted as if all moneys secured here- hy had matured prior to i1+ in+titution. The mortgagee may toreclu+t this mortgage. a+ to the amount so declared due and payahk, and the said premise,,hall he +oW to +ati+fy and pay the +ame together with cots. ezpenx+. end allowances. Incase of partial foreclosure of this mortgage. } the mortgaged prcmi+e+ ,hall he ,old whjctt to the continuing lien of this mortgagelor the amount of the debt not then due and unpaid. In such 1 case the provisions of thi+ paragraph may again he availed of thereafter from time ro lime by the mortgagee. e • fI 7r11Y /t n.wr /~1A~ 1