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HomeMy WebLinkAbout0129 . s - ~ _ 3. That. iA order more tally to protect the . tfllitt4Y~aa, the mortgagor, toptber with, sad in addition to, the monthly payments under the terror of the ante secured here~oa the tiro day of each month.unM the raid note b lolly paid, oral pay to the.mort- gagee the followb~g sums: - (s) Aa amount sufAebnt to provide Wa border hereof with funds to pay the next mortgage inaitarioe premium it thin instrument sad the Hots ~ li~eby ate less:red, ~ a mcmth~v (in lino of a martpge iowraaoe prerniv~n) if,tlwy are hdd by We Soete- tary of housing and Urban De~rolopmeat q fotlowa: (1) If and m long u said note of even date sad thb iastrumsat are irinired or sre niawnd under the ptovbioas of theNational Housing Act, as amount sutficient to sccumulate in the hands of the holder one (1) month prior to ib due date the annual m bsuranoe premium, La order to provide such holder with !rinds to pay such premium to the Secretary o! Housing anted Orb+?a Development pursuant to the Nat~aal Housing Act, u amended, and applicable Regulations thereunder; or (Il) If and so long u said note of even date and this iastrumeat are bold by the Secretary of Housing and Urban meat, a moret~y charge (ia lieu of a mortgage insurance premium) which shall be is an smount equal to one-twelft>i (1 12) of one-half (1 /2) per ceatum of the average outstanding balance dos on the note wmputad without.. tald~o~g into atxouat de- liaquencies or prepayments: (b) A :um equal to the ground reab, if any, next due, plus the premiums that well next become due and payable oa policies of Ore and other hazard insurance covering the mortgaged pro , phu taxes and ssae::ments next dos on the mortgsyed property (all st estimated by the mortgagee) less all sums shady dthenfor divided by the number trf months to eLpse before one month prior to the date when tuck ground Hats„ premiums, taxes, and assessments will become delinquent, acb usums to be held by mortgagee In trust to pay said ground rents, premiums, taxes, and special a:sessaaeiits; end (c) All payments mentioned In the two preceding subsections of tbb Paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a singUe payment to be applied bythe mortgagee to the following items in the order set forth: (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in !ku of mostgsge Insurance preatium), u the cue may be: (Il) ground Hats, taxes, assessments, tin, and other hazard insurance premiums: (lip interest on the note second hereby; and (IV) amortization of the priac~a1 of said note. Any deOciency is the-amouat of suc)t a to monthly paymnnt shall. ualeas made good by the mortgagor prior to the due date of the next such payment, constitute an event default under this mort The mortgagee may cdlect a "4te charge" not to exceed four cents (4~) for each dollar (SI) of each payment man than fifteen (1 S 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- , menu actually made by the mottga,oe, for ground ants, taxes and assessmenb and insurance premiums, u the case may be, such excesiz if the loan tr ciirreat, at the option of the mortgagor, shall, be credited on subsequent pa eats to be made by the mortgagor, or refunded to the mortgagor. if, however, We monthly payments made by the mortg~or under (b) of paragraph• 2 preceding ss6haalUl AOL bC sufficient t0 pay grougd rents, taxes and assessments and iaoicance premiums, as the case may be, when the same shall become due and payable, then the mortgagor aliall pay to the mortgagce any amount aecesaary to make rep the deficiency, oa or before the date when payment of mc6 ground ants, taxes, assessments, or insurance premiums shag be due. If at any time the mortgagor shall leader to the mortgagee in accord• once with the provisions of the note secured herby, tun -payment of the entire indebtedness represented thereby, the mortgagee shall, in computing Uie 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 oecome obiiBiied to pay ta; au3 ~.--rtar; :,f u0'~-'L`s and l.!~~ i_)r_yel~nrucet grid anY balance remaining in the funds accumulated under the provision: of (b) of said paragraph 2. If there shall be a default under any of the provbions of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after da fault, the mortgagee shall apply, at the time of -the commencement of such proccedwgs or at the time We property is otherwise no- quired, the balance then remaining is the funds accumulated under (b) of paragraph 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-charges, fines, or impoailions, for which provision has not been made hereinbefore, sad in def:ult thereof the mortgagee may pay the same; and that he will promptly deliver the officW 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 oa said premises, or improvements thereon, in good repsir, the mortgagce may make such repairs as is its discretion it may deem nary for the proper preservation there- of, and the full amount of each and every such payment shag be immediately due and payable, and shall be secured by the lien of this mortgagee. 6. That be will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees. sad coats of abstracts of title, incurred or paid at any time by the mortgsgce because of the failure oa. the part of We mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of thin mortgage. 7. That he wilt keep the iinprorements now existing or hereafter erected on the mortgsged property insured ss may be required [rom time to time by the mortgsgce against loss by fire sad other hazards, casualities, and contingencies in such amounts 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 hereiabefore. All insunncx shall be carried is companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. [n event of Ions he - a ' - - ' ~ - - - - ••••Y •±.a........f of 1Me if nAt made DromOtlY by mortlpgot, and each in- Wlii give roam re ri00CC Oj wan av wviaaigw, iii„ wvai~aw surance company concerned b hereby authorized sad directed to make payment for such Iota directly to mortgagee instead of to raortga- gor and mortgagee jointly, sad the insurance procceds, or any part thereof, may beapplied by mortgagee at its option either to the reduc lion of the indebtedness hereby second or to the restoration or repair of the property damsged. In event of foreclosure of this mortgage or other treader of title to the mortgaged property in extiaguishmeat of the indebtedness secured hereby, all right, title, sad interest of the mortgagor in and to nay insurance policies rhea in force shall pass to the pun;haser or grantee. 8. Tlut 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 herby 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 secured hereby, whether due or not. F 9. That the mortgagce may, at any time pending a suit upon this- mortgagee, apply to the court having jurisdiction thereof for the appointment of a recxiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, proOts, isaiies, and revenues from whatever source derived, each and every of which, it being expressly under- stood, bhereby mortgaged u if specifically set forth and described in the granting and habenduro clauses hereof, and such receiver shall have all the broad and effective functions and powers is anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity sad a matter of absolute right to said mortgagee, and without reference to the adequacy air inadequacy of the value of the property mortgaged or to We solvency or insolvency o! said mortgagor or the defendants, and that such rents, profits, in- come, issues, and revenues 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 agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at lesst equivalent to one•twelfth (1/12) of the aggregate of the twelve monthly installments payable in the they current year plus We actual amount of the annual traces. aaes>aments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) is the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said sums of mosey 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, condition:„ and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then is either or any :rich event, the said sggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys second hereby, shall become due and payable torthwitli, or thereafter, at the option of aid mortgagee, as fully sad completely- , as if all of the said sums of money wen originally stipuLted to be paid on such day, anything in said note or in this mortgage to the con- trary notwithstanding; sad thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosocuted as if all moneys saaured hereby hsd matured prior to its institution. The mort6sgce may foreclose this mortgage, as to the amount so decbred due sad payable, and the said prembes shall be sold to satisfy and pay the same together with costs, expenses, sad allowances. In case of partial foreclosure of this mortgage. the mortgaged premises shall be sdd subject 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 agsin be availed of thereafter from time to time by the mortgagee. ' ~j ? st.• 4 HUl)-92110M(6J81 - ~ ~