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HomeMy WebLinkAbout2923 i a 2. That, in order more fully to protect the security of thls mortpge.lhe mortpgor. together with. and in addition to. the monthly payment: under the terms of the note xcured hereby. on the tint 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 henof with funds to pay the next mortpge insurance premium if this instrument and the note xcund hereby an insured. or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secro- tary of Housing and Urban Development as follow:: If and so long as saiA note of even date and thin instrument are insured or are nituund 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 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 Regulation: thereunder; or (II) If and so long a: said note o[ even date and this instrument an held by the Secretary of Housing and Urbsn Development. a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount a ual to one-twelfth (1/12) of one-half (1/2) per centum of the average outstanding balance due on the note computed without taking into account do- linquenciea 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 poticiea of fire and other hued insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (ati as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the dats when such Bound nets, premiums, taxes. and asxssments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special asxssments; and (c) All payments mentioned in the two preceding subxctiona of this puagnph and all payments to be made under the note xcund 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: (D premium chugea under the contract of insurance with the Secretary of Housing and Urban Development. or monthly charge (in lieu of mortgage insurance premium). as the case may be: (II) ground rents, taxes, assessments, fin, and other hazud insurance premiums: (111) interest on the note xcund hereby; and (IY) 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 rho next such payment, constitute an event of default under this mortpgt. The mortgagee may collect a "late chuge" not to exceed four cents (4~) for each dollu (S1) of each payment more than fifteen (IS) days in arrears to cover the extra expense 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- ments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums. as the cax may be, wch exec: if the loan u cumat, at the option of the mortgagor, :hall, be credited on subsequent payments to be made by the mortgagor, or rtfunded to the mortgagor. I[, 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 mortpgor :hall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rants, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accord- ance with the provisions of the note secured herby, 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 pua• graph 2 henof 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 pangnph 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 acquires the property otherwix after do- fault, the mortpgee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwix ac- quired, We baLt,ce 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 ati taxes, assessments. water rates, and other governmental or municipal charges, fines, of 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; and in the event of the failure of the mortgagor to keep the buildings on uid premixs and those to be erected on said pnmixs, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thero- of, and the full amount of each and every such payment shall be immediately due and payable, and shall be xcured by the lien of this mortgagee. 6. That he will pay all and singular the costs. charges, and expenses, including reasonable lawyer's fees, 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 cotenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be xcured 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 fire and other hazards, casualities,~and contingencies in such amounu and for such 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 hereinbefon. Ali 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 clause: in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortpgee may make proof of loss if not made promptly by mortgagor. and each in- surance company concerned is hereby authorized and directed to ms)ce payment foi such loos directly to mortgagee instead of to mortp- gor and mortgagee jointly, and the insurance proceeds,~or any part thereof, may be applied by mortgageCat its option either to the reduc- tion of We indebtedness hereby second or to the restoration or repair of the property damaged. In event of fonciosun 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 insurance policies then in force shall pass to the purchaxr or grantee. 8. That if the premises, or any part thereof, be condemned under any power of eminent domain, 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 secured hereby remaining unpaid, are 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 second hereby, whether due or pot. 9. That the mortgagee may, at any time peadiag a suit upon Win mortpge, 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 singulu the income, profits, issues, and avenues from whatever source derived, each and every of which, it being expressly under- stood, is 6enby mortgaged as if specifically xt forth and described in the granting and habendum clauses henof, and such receiver shall have all the broad and effective functions and power in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as as admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of We property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, in- come, iswea, and revenues shall be applied by such receiver according to the lien of this mortpge and the practice of such court. In the event of any default on the part of the mortpgor hereunder, the mortgagor agrees to pay to the mortpgee on demand a: a reasonable monthly rental for the pnmixs an amount at least equivalent to ono-twelfth (1/12) of the aggregate of the twelve monthly installments payable in the then current yeu plus the actual amount of the annual taxes. asxatnents, water rates, and insurance premiums [or such year not corend by the atonsaid monthly payments. 10. 7`hat (a) in the event of any breach of this mortgage or def:ult on the part of the mortgagor, of (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 ati- pulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either of any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys second 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 soma of money wen originally stipulated to be paid on such day, anything in said note or in this mortgage to the con- 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 foreclox this mortpge, u to the amount so declared due and payable, and the said premixs shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial fonctosun of this mortpge, the mortpged premises shall be sold subject to the continuing lien of this mort- gage for the amount of the debt not then due and unpaid. In such cax the provisions of this puagraph may :pin be availed of thereafter from time to time by the mortpgee. el~o~322 P~~E2~15