HomeMy WebLinkAbout2483 2. That. in order more fully to protect the security of this mortpge. the mortpgor, together with, and in addition to. the monthly
payments under the terms of the note xcund hereby, on the ftnt day of each month until the said note is fully paid, will pay to the mort-
gagee the following sums:
(a) An amount sufficient to provide the holder hereof with funds to pay the next mortpge insurance premium if this instrument and
the note secured hereby an insured, or a monthly charge (in lieu of a mortpge insurance premium) i[ they an held by the Secs
tary of Housing and Urban Development as follows:
(1) 1! and so long as said note of even date and this instrument ue insured or ue reinsured under the provisions of theNational
Housing Act. an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the anoual
mortpge insurapce premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing
and Urban Development pursuant to the National Housing Act, as amended. and applicable Regulations thereunder; or
(II) 1[ and so long as uid note of even date and this instrument are held by the Secretary of Housing and Urban Development.
a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount a ual to ono-twelfth (1/12) of
one-half (t/2). per.centum of the average outstanding balance due on the note computed without taking into account ~o-
linquencies or prepayments:
(b) A sum equal to the ground rents, it any, next due, plus the premiums that will next become _due and payable`on•pdieies of fin
and other hued insurance covering the mortgaged propperty, plus taxes and assessments next due on the mortpged property (all
as estimated by ttie'inortgagee) less all sums already pald therefor divided by the number of months to elapx before one month
prior to the date .when such ground ants, premiums, taxes, and asxssments will become delinquent, such sums to be held by
mortpgee in trust to pay said ground rents, premiums, taxes, and special asxssments; and
(c) All payments mentioned in the two preceding subxctions of this puagraph and all payments to be made under the note secured
hereby shall be added together and the aggrepte amount thereof shall be paid by the mortgagor each month in a single payment
to be applied by the mortgagee to the following items in the order set forth:
(I) premium •chuges under the contract of insuranca with the Secretary of Housing and Urban• Development, or monthly
chuge (in lieu of mortgage insurance premium), as the case may be: ~ ~
(It) ground rents, taxes, assessments, fin, and other hued insurance premiums: '
(III) interest on the note xcund hereby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggrepte 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 mortpge. The mortpgee may collcet a "late chuge" not to exceed four
cents (4~) for each dollu (S1) of each payment more than fifteen (1 S) days in arrears to cover the extra expense involved in handling do-
tinquent payments.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the pay
meets actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the cax may be, such excess if
the loan is current. at the option of the mortpgor, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to
the mortpgor. If, however. the monthly payments made by the mortpgor under (b) of paragraph 2 preceding shall not be sufficient to
pay ground rents. taxes and asxssments and insurance premiums, as the cax may be, when the same shall become due and payable, then
the mortpgor shall pay to the mortpgee any amount necessary to make up the deficiency, on or before the date when payment of such
ground Hots. taxes, asxssments, or insurance premiums shall be due. If at any time the mortpgor shall tender to the mortpgee in accord-
ance with the provisions of the note secured hereby, fuL' payment of the entire indebtedness npnxnted 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 (a) of para-
graph 2 hereof which the mortpgee has not become oblipted to pay to the Secretary of Housing and Urban Development and any balance
remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the provisions
of this mortpge, resulting in a public sale of the premises covered hereby, or if the mortgagee acqu~rw the property otherwise alter do-
fault, the mortpgee shall apply, at the time of the commenttment of such proceedings or at the time the property is otherwix ac-
quired, the balance then remaining in the funds accumulated under (b) of puagraph 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 made under (a) of said paragraph.
4. That he will pay all taxes. assessments, water rates, and other governmental or municipal chuges, fines, or impositions, for which
provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the
official receipts therefor to the mortgagee.
5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; sad in the
event of the failure of the mortgagor to keep the buildings on said premixs and thox to be erected on said pnmixs, or improvements
thereon, in good repair, the mortpgee may make such repairs as in-its discretion it may deem necessuy for th4 proper prexrvatton there-
of, and the full amount of each and every such payment shad be immediately due and payable, and shall be xcured by the lien of this
~^estgagee ~ '
6. That he will pay all and singulu the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of
title, incurred or paid at any time by the mortpgee because of the failure on the part of the mortgagor promptly and fully to perform the
~ agreements and covenants of said promissory note and this mortgage, and said costs, chuges, and expenses shall be immediately due and
payable and shall be xcund by the lien of this mortpge.
7. That he will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from
time to time by the mortgagee against loss by fire and other haurds, casualities, and contingencies in such amounts and for such periods as
~ may be required by mortpgee, and will pay promptly. when due, any premiums on such insurance for payment of which provision has not
been made hereinbe[ore. All insurance shall be carried in companies approved by mortpgee and the policies and renewals thereof shall be
held by mortgagee and have attached thereto loss payable clauxs in favor of and in form acceptable to the mortpgee. In event of loss he
E will give immediate notice by mail to mortpgee, and mortpgee may make proof of loss if not made promptly by mortpgor, and each in-
~ sunnce company concerned is hereby authorized and directed to make payment for such loss duectly to mortpgee instead of to mortp-
gor and mortgagee jointly, and the insurance proceeds, of any part Winot, may be applied by mortgageCat its option either to the reduc-
tion of the indebtedness hereby xcund or to the-resitorapoe or rep:ir of the property damaged. In'gvent of foreclosure of this mortpge or
other transfer of title to the mortpged property in extinB4ishmcrit of the indebtedness xcund hereby, all right, title, and interest of the
mortpgor in and to any insurance policies then in force shall pass to the purchaxr or grantee.
' 8. That if the pnmixs, or any part thereof, be condemned under any power of eminent dpmaln, or acquired for a public ux. the
damages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and
the Note xcund hereby remaining unpaid, are hereby assigned by the Mortpgor to the Mortpgee and shall be paid forthwith to the Mort-
gagee to be applied by it on account of the indebtedness secured hereby, whether due or pot.
9. That the mortpgee may, at any time penditg a suit upon this mortpge, apply to the court having jurisdiction thereof for the
appointment of a receiver, and such court shall forttrvinth appoint a receiver of the premises covered hereby all and aingulu, including all
aid si*:g~!lar the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under-
stood, is hereby mortgaged u if specifically xt forth and described in the granting and habendum clauses hereof, and such receiver shall
have all the broad and effective functions and powers in anywix entrusted by a court to a receiver, and such appointment shall be made by
such court as an admitted egnity aria a matter of absolute right to said mortga®ee, and without reference to the adequacy or inadegwcy of
the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rent, profits, in-
come, issues, and revenues shall be applied by such receiver according to the lien of this mortpge and the practice of such court. In We
event of any default on the part of the mortpgor hereunder, the mortgagor agrees to pay to the mortpgee on demand u a reasonable
x monthly rental for the premixs an amount at least equivalent to one•twelfth (1/12) of the aggrepte of the twelve monthly installments
payable in the Wen current year plus the actual amount of the annual taxes, asxssments, water rates, and insurance premiums for such
year not covered by the aforesaid monthly payments.
!t). That (a) in the event of say beach of Wis mortpge} or. default on We part of We mortgagor, or(b) in the event that any of said
sums of money herein referred tb be not promptly and fully piid without demand or notice, or (c) in the event that each and every the str
pulations, agreements, conditions, and covenants of said note and Wis mortpge, are not duly, promptly, and fully performed; then in
either or any such event, the said aggrepte sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all
moneys secured hereby, shall become due and payable forthwith, or thereafter. at the option of said mortgagee. as fully and completely
~ as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in Wis mortpge to the con-
trary notwithstanding; and Wereupoa or thereafter, at the option of said mortpgee, without notice or demand, suit at law or in equity,
may be prosecuted as if all moneys secured hereby had matured prior to its iuatitution. The mortpgee may foreclox this mortpge. as to
the amount so declared due and payable, and the uid premises shall be sold to satisfy and pay the ume together with costs, expenses, and
allowances. In cax of partial foreclosure of this mortpge, the mortpged premises shall be sold subject to We continuing lien of Wis mort-
pge for the amount o[ the debt not then due and unpaid. In such cue the provisions of this puagraph may spin be ava~7ed of thereafter
from time to time by the mortpgee.
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