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HomeMy WebLinkAbout0228 2. That, in order more fully to protect the security of this mortpge, the mortgagor, together with, and in addition to, the monthly payments under the terms of the note secured hereby, on the fiat 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 wiW funds to pay the next mortgage insurance premium if this instrument and the note secured hereby ate insured. or a monthly chuge (in lieu of a mortgage insurance premium) it they arc held by the Secre- tary of Housing and Urban Development as follows: (I) If and so long as said note of even date and this instrument ue insured or ue reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to it: due date the annual mortgage insurance 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. u amended. and applicable Regulations thereunder; or (11) I[ and so long as said note of even date and this instrument are held by the Secretary o[ Housing and Urban Development. a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one•twellth (1/12) o[ one-half (I /2) per. centum of the avenge outstanding balance due on the note computed without taking into account do- linquencies or prepayments: (b) A sum equal to the ground Hots, if any, next .due, plus the premiums that will next become due and payable on poiicie: of fire and other hazed insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor dlvided by the number of months to el~psabefore.onemonth prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding subsections of this puagraph and all payments to be made undo the rrote secured hereby shall be added together and the aggregate 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: ~(1) premium chuges under the contract of insurance with the Secretary of Housing and Urban Develnprnent. or monthly chuge (in lieu of mortgage insurance premium), as the case may be: ~ . (11) ground rents, taxes, assessments, Crre, and other hazed insurance premiums: ~ ' (Ill) interest on the note secured hereby; and (1V) amortitation of the principal of said note. Any deficiency in the amount of such aggregate 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 mortgage. The mortgagee may collect a "late chuge" not to exceed four cents (4~) for each dollu (SI) of each payment more than fifteen (IS) days in arrears to covet the extra expense involved in handling de- !inquent 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- ments actually made by the mortga®ee, for ground rents, taxes and assessments and insurance premiums, as the csse may be, wch excess if the loan rs current, at the option of the mortgagor, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the mortgagor. lf, however. the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, 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 mound rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shat! tender to the mortgagee in accord- ance with. the provisions of the note secured hereby, full payment of the entire indebtedness represented 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 mortgagee has not become obligated 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 cf this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise niter de- fault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise 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 uid 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, Crnes, 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. S. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation there- ' a!, and the full amount of each and every such payment shall be~immediately due and payable, and shall be secured by the lien of this mortgagee. - - 6. That he will pay all and singulu the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of tale, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the I 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 secured by the lien of this mortgage. 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 Cue and otheF hazards, casualities, and contingencies in such amounts and for such periods u ~ 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 hereinbeforc. All insurance shall be carried in companies approved by mortgagee and.We policies and renewals thereof shall be held by mortgagee and have attached thereto loss payabk clauses in favor of and in form acceptable to the mortgagee. In event of loss he ~ will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each in- surance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or any part'Wereof, may be applied by mortgageEat its option either to the reduc- tion of the indebtedness hereby secured or to the restoration of repair of the property damaged.. In event of foreclosure of this mortgage or other tnnsfet of title to the mortgaged property in extinguishment of'We indebtedness secured hereby, all riglrt, title, and interest of the mortgagor in and to any insurance policies then in force shall piss to the purchaur or grantee. 8. That if the premises, or any_part thereof, be condemned under any power of eminent domain, or acquired for a public use, the damages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and the Note secured hereby remaining unpaid, ate hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mort- gagee to be applied by it on account of the indebtedness secured hereby. whether due or qot. 9. That the mortgagee may, at any time peridiag a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singulu, including all and singular the income, profits, issues, and revenues from wlutever source derived, each and every of which, it being expressly under- ~ stood, is hereby mortgaged as if speciCrcally set forth and described in the granting and habendum clauses hereof, and such receiver shall _ have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, in- come, issues, and revenues shall be applied by such receiver according to We lien of this mortgage and the practice of such court. In the 1 event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasomble monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly inatallmenta i payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) in the event of any breach of Wis mortgage or default on the put of the mortgagor. or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the sti- pulations, agreements, conditions, and covenants, of said note and this mortgage, are not duly, promptly, and fully performed; then in either or soy such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to War 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 We raid sums of money were originally stipulated to be paid on such day, anything in said note of in Wis mortgage to the coo- Crary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice of demand, suit at law or in equity, s may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be wld to satisfy and pay the same together with costs, expenses, and ~ allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to We continuing lien of this mort- gage for the amount of the debt not then due and unpaid. In such cue the provisions of this puagraph may again be availed of thereafter from time to tifie by the mortgagee.