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HomeMy WebLinkAbout0718 - ~ _ _ . _ _ • ' • ~ ~ . .r+ That. in order more fully to protect the +rcurity of thi+ mortgage. tbe martYagur, fugctber with. and in addition tu, the monthly paytnent+ under the term. of the nova +ecurtd hereby, on the fir+t Jay of tack month until the wid n•Ne i+ fully pail. will pay to the mortgagee the fulkrw- ing +um+: lal An amount +ufficirnt to provide the M•Ider hereof with tuft). to pay Ibe next mortgage inwrance premium if thi+ in+Irument and the nwt secured herehy are inwrtd. or a monthly charge tin lieu of a murt~e insurance premium) it Ihe~• i heW by the Secretary of H•w+ing and Urban Ikvrlopmtnt a+ follow.: ~ • - Ili It and w long a+ wid note of even Jute and this in+trument art inwreJ •x ore rcinwreJ under the provi+iun+ of the Natiur?:•1 N•w+ing Act. an amount wlTicient to:ncumuktte in the hands of the holder one 111 month prior to it+due date the anttwl mort- gage inwrance premium. in order to pmvWe such h•dder with fund. to pay +uch premium to the Secretary of Nou+ing and Urhan [)rvrlopment pur+uant to the National Housing Act. as amended. and applicabk Regulations thercurwkr: tx 1111 If anJ w bog a+ wid nova of even date unJ Ihi. instrumem are hell by the Secretary of Housing and Urtwn tkvebpmetn. a monthly charge tin Geu of a mortgage inwrance premium) which chat) he in an amount equal toone-twelfth 111121 of one-halt 111_'1 per centum of the outrage •xtt+tanding balance due on the a?te computed without taking into account delirtquencie+ or prepayments: tbl A cum equal to the grourwl rents, if any, next Jut. plus the premiums that will nest become Jut and p:•yabk un policies of fire and whir hazard inwrance covering the mortgaged properly, plu+taxe+ and a+se++ments next due utt tbe mortgaged property tall •rs e+ti- mated by Ibe mortgagee) kss all +um+ already paid therefor divided by the number of months to elapx before one month prior to the date when wch ground rents, premiums, taxes. and assessments will become delinquent. wch wms to be held by mortgagee in trust to pay said ground rents. premiums. taxe+, and special asussments: and Icl All payments mentioned in the two preceding wbstctions of this paragraph and all payments to be made under the note +ecured bere- by shall be added together and the aggregate amount tbereot shall be paid by the mortgagor each month in a singk payment to be ap- plied by the mortgagee to the following item. in the wder set forth: 11! premium charges under the contract of inwrance with IhC Secretor}• of Housing and Urhan [kvtlopment. or monthly charge tin lieu of mortgage. inwrance premium). as the case maybe: 1111 ground rents, taxes. assessments. fire: and whey hazard inwrance premiums: 1111 interest on the n•Ne secured bereby: and IIVI amortizati•m of the principal of said note. 4'~Js Any Deficiency in the amount of wch aggregate monthly payment .hall, unks+ made good by the mortgagor prior to the oft next wch p:•yment. constitute an event of default under this mortgage. The mortgagee may collect a "late charge" not to exc cots ~cl for rack dollar ISI 1 of each payment more than fifteen 1151 days in arrears to cover the extra expense involved in handling delinquent payments. z. That it the twat of the payments made by the mortgagor under (hl of paragraph 2 preceding shall exceed the amount of the payments :ritually made by tbe mongagce, for grouted rents. ta~e+ and assessmenK and inwrance premiums. as the case may be. wch excess i[ the loan is current, at the option of the mortgagor, shall, be credited oa subsequent payments to be made by flee mortgagor. or refunded to the mortgagor. If, however. the monthly payments made by the mortgagor under (e) 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 doe and pay- able, then the mortgagor shall pay to the mortgagee any amount accessary to make up the deficiency, on or before the date when payrocnt of such ground rents, taxes, assessments. or insurance premiums shall be doe. 1( at any time the mortgagor shall leader to the mortgagee in accordance with the provisions of the note secured hereby. tut) payment of the entire indebtedness represent- ed thereby, the mortgagee shall, in computing the amoual of such indebtedness. credit to the acconot of the mortgagor all payments made under the provisions of of paragraph 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 acquires the property otherwise after default, the mortgagee shall apply, the the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the fonds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and sha!1 properly adjust any payments which shall Gave been made_nnder of said paragraph. 3. That be w ill pay all rases. assessments. water rates, and caber governmental or municipal charges. fine+. •x imposition.. fur which pro- +isiun ha+ raw hero made hrrrinhrfurr. anJ in default thereat the mortgagee may Iray tbe s:•me: and that be will promptly deliver the aNicial receipts therefor to the mortgagee. 5. That be will permit. commit. •u cutter no waste. impairment. or dNrriorrtion of said property •x any pan thereof: and in the evrm of the failure of the mortgagor to keep the Iwikling+ on wid premi+e+ and those to be erected on wid premises, or improvement. thereon. in good re- prir. the mortgagee may make wch repairs as in its discretion it may deem neceswry for the proper preservation thereof. and Ibe full amount of each and every wch payment shall be immediately dot and payabk. and shall be secure) by the lien of this mortgage. l 6. That he will pay all and +ingular the costs. charges. and expenses. irriluding rcasonahk lawyer's fees- and costs of abstracts of titk. in- ~ curved nr pail at any time by the mortgagee because of the failure on the pan of the mortgagor promptly and Cully to perform the agreements and covenants of wid promissory rate and this mortgage. and said costs. charges. and expenses shall be immediately due and payabk and .hell be ucured by the lien of this mortgage. 7. Thal he will keep the improvements now e+isting •x hereafter erected on the mortgaged property. insured a+ may be required from time to time by the mortgagee against loss by fire end other hazards. cawaltiec. and contingencies in wch amounts and for wch peri•d+ as may be required by mortgagee. and will pay promptly. when due. any prcrtium+ on such inwrance for payment of which provision ha+ raw been made hrreinbefore. All inwrance shall be carried in companies approved by mortgagee and the policies arnl renewak thereof shall be beW by mortga- gee and have attached thereto Mss payabk clauses in favor of and in form acceptahk to the mortgagee. In event of loss he will give immediate novice by mail to mong:•gee. and mortgagee may make proof of loss if raw made promptly by mortgagor. and each inwrance company con- cerned is herehy auth•xized and directed to make payment for such bss Directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance proceeds. or any pan thereof. may be applied by mortgagee at its option either to the reduction of the indeMedness hereby +rcured or to tbe restoration or repair of the property Damaged. In event of foreclowre of this mortgage or other transfer of tilk to the mort- g:•grd property in extinguishment of the indebtedness secured hereby. all right. titk. and interest of Ibe mortgagor in and to any inwrance poli- ciesthen in force shall pass to the purchaser or grantee_ That it the premises, or any pan thereof. be condemned under any power of eminent domain, or acquired for a public ux. the damage+. pr•xecds. and the consideration fur such acquisition. to the extent of the toil amount of indebtedness upon thi+ M•xtgage.and the Nwe secured herehy remaining unpaid. are herehy as+igned by tbe Mortgagor to the Mortgagee and shall be p:•id forthwith to the Mortg:•gee to be .applied by it on account of the indebfeness secured hereby. whether due or not. y. That the mortgagee may. at any time pending a suit upon this mongage_ apply to the court having jurisdiction thereof for tbe appoint- ment of areceiver. and wch coup shall forthwith appoint a receiver of the premises covered hereby all and singular. including a0 and singular the income. profits. iswes. and revenues from whatever source derived. each and every of which. it being expressly understood. is hereby mortgaged as if +pecificallyut 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 coon Io a receives. and such appointment shall be made by such coup as an admitted rquit}• and a matter of ahurlute right to wid mortgagee. and without reference to the adequacy ur inadequacy of the value of tbe property m•xt- grEed or Io the solvency. or insolvency of cold mortgrgor or the defendanR. and that wch rents. profit.. income. i+sue+. anJ revenue. .hall be applied by wch receiver according to the lien of this mortgage and Ibe practice of such coup. In the event of any default on the pan of the mort- gagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a rtasonabk monthly rental for the premises an amount at kart equi+alent to one-twelfth 111121 of the aggregate of the twelve monthly installments payabk in the then current year plus the actual amount of the annual rates. assessments. water cries. and inwrance premiums for such year raw covered by the aforesaid monthly payments. 10. Thal lal in the event of any )reach of thi+ mortgage or default •xr the pan of the mortgagor. or 1 HI in the event that •rny of wid wm+ of money herein referred to be not promptly and fully pail without demand or mice. or Icl in the event that each and every the stipuL•rtions. agreements. conditions. and covenant. of said owe and this mortgage. are raw duly. promptly. and fully performed: then in either or •rny wch event. the wid aggregate sum mentioned in said owe then remaining unpaid. with interest accrued Io that lime. and all moneys secured hereby. .hall t+ecome due and payabk forthwith. or tbereaher. at the option of wid mortgagee. as fully and compktely as ifall of the wid cams of mon- ey were original)}• stipulated to be paid on +uch day anything in said owe or in this mortgage ro the contrary nwwithstanding: and thereupon or tberratter, a1 the option of wiJ mortgagee. without novice or demand. wit a1 law or inequity. may be prosecuted a+ if all moneys secured here- by had matured prior to it+ institution. The mortgagee may forecbse this mortgage. a+ to the amount so declared due and payabk. and the .aid premi+t+ shall be sold to wtisfy and pay Ibe came t•~eetber with costs. expenses. and allowances. Incase of partial forcebwre of this mortgage. • the mortgaged premises shall be wld subject to the continuing lien of this mortgage for the amount rat the deM not then due and unpaid. In wch rase the provisions of this paragraph may again be avaikd of tbereaher from time to time by the mortgagee. s ) i j t erg' ' sues rm~ T~5