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HomeMy WebLinkAbout0427 2. That, in order more fully to protect the security of this mortgage, the mortgagor. together with, and in addition to, the monthly payments under the terms of the note xcund hereby. on the fret dap of each month until the said note is fully paid, will pay to the mort- gagee the following sums: (a) An amount rufCcient to provide the holder hereof with funds to pay the next mortgage inrunnce premium if this instrument and the note xcured henby are insured. or a monthly chuge (in lieu of a mortgage insurance premium) if they are held by the Secs tary of Rosining and Urban Development as follows: (q if and so long u said note of even date and this instrument ue insured or ue reinsured under the provisions of theNational Housing Act, an amount rufticient to accumulate in the hands of the holder one (1) month prior to ib 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, as amended, and applicable Regulations thereunder; or (II) li and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development. a monthl~ charge (in lieu of a mortgage insurance premium) which shall be in an amount a ual to ono-tweltth (1/12) of - one-half 1/2) per centum of-the.average outstanding balance due on the note computed without taking into account do- lmmquencies or prepayments: (b) A sum equal to the ground rents, if any, next due, plus the pnmiums that will next becorrie due aril p~jiable on pdicie of fin and other hood insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) Less all•surrls aflready pain thertfor: divided by the auml)er of months t9 ehpse before one month prior to the date' when such ground nuts, premiums, taxes, and asxsaments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; sad (c) AU payments mentioned in the two preceding subsections of this paragraph and all payments to be dr~de under the note 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 We order xt forth: (1) -premium charges under the contract of inarranee with- the Secretary of Housing and Urban Development, or monthly chuge (in lieu of mortgage inrunnce premium), as the cane may be: . (II) ground ants, taxes, assessments, fin, and other hazed insurance premiums: • ~ ' (Ill) interest on the note xcund hereby; and (IV) amortization otthe principal of said note. Any deficiency in the amount of ruck 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 c!ruge" not to exceed four cents (4~) for each doUu (S1) of each payment more than fifteen (15) days in arrears to cover the extra expenx involved in handling do- linquent 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 case may be, wch excess if the loan is current, at the option of the mortgagor, shall, be credited on aubaequent payments to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be rufficient to pay ground rants. taxes and assessments and inrunnce premiums, as the case may be, when the same shall become due and payable, then the mortpgor shall pay to the mortgagee nay amount necessary to make up the deficiency, on or before We date when payment of such ground Hots, taxes. assessments, or inrurance premiums shall be due. If at any time the mortgagor shall tender to We mortgagee is accord- ance with the provisions of the note secured hereby, full payment of the entire indebtedness reprexated thereby. the mortgagee shall, in computing the amount of ruck indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of pea- . 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 of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquits the property otherwix after do- 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 said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxs, assessments, water rates, and other governmental or municipal chuges, fins, 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 nay part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premixs and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make ruch repairs as in its discretion it may deem necessary for the proper preservation there- of, 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, chuges, and expenses, including reasonable lawyer's fee, and costs of abstracts of title, 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 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 second by the lien of this mortgage: - 7. That he will keep the improvements now existing o= hereiftet erected on the mortgaged property insured as may be required from time to time by the mortgagee against loss by fire and other hazards, carualitie, and contingencies in ruch amounts and for ruch periods as ~ 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 hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policis and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor oI and in form acceptable to the mortgagee. In event of loss he ` will give immediate notice by mail to rortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each in- surance company concerned is hereby authorized grid directed to make payment for such loss duectly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or airy part thereof, may be applied by mortgageE at its option either to the reduc- tion of the indebtednes hereby secured or to the restoration. or repair of the property damaged. In event of foreclorure of this mortgage or other transfer of title to the mortgaged property in: extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any inrurance policies then in force-shall pass to the purchaser or grantee. 8. That if the premiss, or any part thereof, be condemned under any power of eminent domain, or acquired for a public six, the damages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and the Note second hereby remaining unpaid, are henby 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 We mortgagee may, at any time pending 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 singular, including all and singular the income, profits, isrues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clause hereof, and such receiver shall have all the broad and effective functions and powers in anywix entrusted by a court to a receiver, and ruch appointment shall be made by - such court as an admitted equity and a matter of absolute right to said mortgagee, sad without reference to We adequuy or inadequacy of the value of We property mortgaged or to the sohency or insdvency of said mortgagor or the defendants, sad that such rents. protita, lo- come, issue, 'and revenue shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agree to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to oao-twelfth (1/12) of We aggregate of the twelve monthly i»:tallments payabk in the then current yur plus the actual amount of the annual taxes, asxssrnents, water rats, and insurance pnmiums for such ~ year not covered by the aforesaid monthly payments. i 10. That (a) in the event of any breach of thsi mortgage or default 6ri the part of the mortgagor, or (b) in the event that any of said ~ sums of money herein reterred to be not promptly and fully paid:aithout demand or notice, or (c) in the event that each and every the sti- ~ pulatioas, agreements, conditions, and covenants of said note and this mortgage. are, not duly, promptly, and fully performed; then in either or any such Brent, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all ~ moneys secured hereby, shall become due and payable forthwiW, or thereafter, at the option of said mortgagee. as fully and completely u if all of the said sums of money were originally stipulated to be paid on ruch day, anything in said note or in this mortgage to the con- 1 trary notwithstanding; and thereupon or thereafter, at the option of said mortgagee. without notice or demand, suit at law or in equity, may be prosecuted as if all moneys xcund hereby had matured prior to its institution. The mortgagee may foreclose this mortgage. u to - the amount so declared due and payable, and the said premise shall be :old to satisfy and pay the same together with costs, expenses, and allowance. In cane of partial foreclosure of this mortgage, the mortgaged premiss shall be sold rubject to the continuing lien of this mort- - gage for the amount of the debt not then due and unpaid. In such case the provisions of this puagraph may again be avar~ed of thereafter from time to lime by the mortgagee. B(InK 322 p1,r.F 427