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HomeMy WebLinkAbout0372 2. That, in order more fully to protect the security of this mortpge. the mortgagor. together with, and in addition to, the monthly payment: under the term: of the note secured hereby. on the ft»t day o[ each month until the said note u fully paid, will pay to the mort- gagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby an insured, or a monthly charge (in lieu of a mortgage insurance premium) if they an held by the Secro- i tary of Housing sad Urban Development u follows: (1) It and so long a: said note of even date and this instrument are iautred or are reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate i» 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 pursuu?t to the National Housing Act, u amended, and applkable Regulations thereunder; or (II) If and so long as acid note of even date and this instrument an held by the Secretary o[ Housing sad Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to oao-twelRh (1/12) of one-hal[ (i /2) per centum of the average outstanding balance due on the note computed without taking into account do- linquencies or prepaymeab: (b) A sum equal to the ground renb. if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property. plus taxes and assessments next due on the mortgaged property (all 1 :s estimated by the mortgagee) less all sums already paid therefor divided by the number. of months to elapse before one month prior to the date when such ground renb, premiums, taxes, and assessments will become delinquent. such aunts to be held by mortgagee in trust to pay said ground teats, premiums, taxes, and special asseaurtents; and (c) All paymenb mentioned in the two preceding subsections of this 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 single payment to be applied by the mortgagee to the following item: is the order set forth: (I) premium charges 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: (lI) ground renb, taxes, assessments, fire, and other hazard insurance premiums: (III) interest on the note second hereby; and (IV) amortization 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 mort ge. The mortgagee may collect a "late charge" not to exceed four cents (4g) for each dollar (S!) of each payment more than fifteen (15~days in arrears to cover the extra expense involved in handling do- linquent payments. 3. That if the total of the paymenb 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 renb, taxes and assdsmeab and insurance premiums, ss the case may be, such excess if the loan b current. at the option of the mortgagor, shall, be credited oa 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 renb, taxes and assessmenb and insurance premiums, as the case may be, when the same shall become due sad payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment o[ such ground rents, taxes, assessmenb, or insurance premiums shall be due. If at any time the mortgagor shall leader to the mortgagee lire 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 paymenb 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 then shall be a default under any of the provisions of this mortgage, resulting in a public sale of the premises covered hereby. or if ttte mortgagee acquires the property otherwise after do- fault, the mortpgee 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 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 acid paragraph. 4. That he will pay all taxes, assessmenb, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made heninbefon, 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; aM 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 improvemenb thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation theta 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 ~ mortgages 6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of 'i title, incurred or paid at anytime by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreemenb and coveautts of said promissory note sad this mortgage, and said cosh, charges, and expenses shall be immedutely due and payable and shall be secured by the lien of this mortgage. That he will keep the improvemenb now existing or hereafter erected on the mortgaged property insured as may be required from time to tune by the mortgagee against loss by fire and other hazards, cawalities, and contingencies in such amounb 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. All insurance shall be carried in 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 scceptable to the~mortgagee. In event of loss he E 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 herby authorized and directed to make payment for such loss duectly to mortgagee instead of to mortga- got and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgageEat ib option either to the reduc- tion of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgsge or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgsgor in and to any insurance policies then is force shall pass to the purchaser' 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, We damages, proceed:, 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 hereby assigned by the Mortgagor to We 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 pot. 9. That the 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, issues, and avenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if specifically set forth and described lire 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 :hall be made by such court ss an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadogwcy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and tlut such nab, profits, in- come, issues, and revenues shall be applied by wch 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 a: a reasomble ~ monthly rental fos the premises an amount at least equivalent to ono-twel[t6 (1/12) of the aggregate of the twelve monthly in:tallmenb i ~ payable in the then current year plus the actual amount of the annual taxes. assessment:, water rates, and insurance premiums for such e year not covered by the aforesaid monthly paymenb. 10. That (a) is the event of any breach of this mortgage or default do the part of the mortgagor, or (b) is the event that say of said sums of money herein referred to be not promptly and fully paid without demand or. notice, or (c) in the Brent that each and every the sYr pulations, agtetmenb, conditions, and covenanb of said note and this mortgage, are not duly, promptly, and fully performed; then in z either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interert accrued to that time, and all ( moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, ss fully and completely as if all of the said sums of money were originally stipuLted 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 secured hereby had matured prior to its irt:titution. The mortgagee may foreclose this mortgage, u to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, sad allowances. In case of partial [onclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing ties of this mort- gage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. c~. ~ BQOK PdGE 3~2 ~