HomeMy WebLinkAbout1446 ,Tr'~'fiat..ia otda tnae'fudy to_pcotesx the security oE.thia mortgage; t&,otorlgagite..togetber with. and in ~tion to, the'rtstirsthly~pay . .
`'rnena uodet the tecrosd the Dote secured hereby, as the first day d cads mootlt unu7 die said note is fully paid. will pay to the mortgagee the
- fodowirg~ sums: - - '
(a) • Ae aiaoitat sufficient to provis)e the holder hereof with funds m pay. the next mortgage. ittsuraoot premissm if this iastrutnent and the
note kcure~. hereby rue. insured. oc a monthly cbuge (its lieu of a rnoitgage inwraaoe prctrsiMm) if thry.are heW by the Seuetary' d
Housing and Urban Devdopa~eut u follows: -
. (1) if asd so long as said rota d even date and. this initruroent arc •insiatd a are reittwred under the provisiow d the National
Housing Ad, as amount suffi~i4nt to savmulate in the heads d the bolder one (1) taoath prior to is due date the annual
mortgage insuraao! premium, in order to prosride such holder with Gtadt to pay such "premium to the Secretary d Housing and •
. ~ Urban Devdopttient pprsttant eo the Natiotnl Hostsiog Act, as artsetsded,'and applicable ltegtslations tlsereunder; or
(ll) If and so bog as. said note d even dace-.and chit instrument are held by the Secretary d Housing atd•Urbaa 1)eveloptnent, a •
monthly chuge (in lint o~ a mortgage inwranoe premium) which shall be in an amount equal to Doe-twelfth (1/12) d voe-half
- un) per. «ncum d the average ouaandusg bahsrtce due on the note computed without taking into account dc6nquencies or
' prepay~~ .
(b) A sum equil to the .ground recta. if any, aact due, phts the premium: that will next berntnc due and payable on polities "d fire and
other hasard insurance. covering ~tbe mortgaged property. plus taxes and asseasrrsents react due on the matgagod property fall as esti-
mated by the mortgagee) less all sums ahe:dy paid therekr divided by the number d months to ebpse before one mooch prior to the
date when such grated rena. premiums. taxes. atd'assesstssena will becotoe delinquent, such sums to be held•by tttortgages in trust
to pay said grated rears. premiums. taxes. and special assesstaeaa; and -
(c) AU payraena mentioned in the two preceding subsections d the paragnph atd all paymena to be made under the torte secured here-
- by shall be added together and the sggregate amount tbered shall be paid by the srsortgagor each month in a single paymrnt to be ap-
p6ed by the mortgages to the following items in the order set forth: .
(1) pren»um charges under the contract d insurance with the Secretary d Housing asd Urban Devchrprrsent, or monthly charge
(in lint d mortgage insurance premium). as the case may be; .
(1~ ground rena, woes. assessrnena. fire. and other hazard insurance premiums;
(III) interat on ebe torte secured hereby: atd
(IV) atnorti:atioa d the principal d.said note:
Any de6cieary in the amount d catch aggregate tnontbly payment shall. uttkss made good by the mortgagor pyre co the due dace d the next
such payment. constitute an event d default under this mart: Tlie-mortgages may collet a ..late-clurge•• not to rxoeed four ceaa (4t) for
each dodo (tl) d each payment mote than fifteen (15) days in arrears to cover the extra ezpense invohrod in hattdliag deGagstent paymrnts.
3. That if the total d tbe~ paymenh anode by the mortgagor under (b) d paragraph 2 preceding shall exceed the amount d the paymena
actually made by the mortgages, for ground rena, taxes and usessmeots and inwranoe premiums. u the case may be. such excess if the loan is current, .
ac the option d the mortgagor. shall. be credited oo subsegssent payrnena co be trade by the mortgagor. or refunded. to ebe mortgagor., If. however.
the montlsly paymena cootie by the mortgagor under (b) d .paragraph 2 preceding shall not be suffiaent to pay ground iena. taxes atd assess-
menct;and insuratsoe premiums. as the case may be, when the same shall become due asd payable, then the mortgagor shall pay to the mortgagee
• any amasnt tteesssuy to make up the deficiency, on or before the date when payment d such ground rents. taxes. assessments. or insurance pry
miutns shall be due. If at any time -the mortgagor shall tender to the mortgage in accordance with the provisiau d the note secured hereby; full -
paymen~ tithe entire indebtedness represented thereby. the mortgage shall, in computing thr amount d such indebtedness, credit to the aceotsnt
d the mortgagor all paymena made under the provisions d (t) d puagraph 2 hexed which the mortgagee bas not become obligated. to pay to
the Secretary d Hassing- and Urban Devebproent and any balance retsuinitsg in •the funds aavmulated under tbt provisions d (b) d said
paragraph 2. If. there shall be a default under any d the provisions d this mortgage. resultwg in a public"sale d the premises covered hereby. or
if the mortgagee acquires the properq otherwise after dehult, the ttsortgages shall. apply. the time d the comtrsencernrnt d such`p~oceedings or at -
the time the property is otherwise acquired. the balance then remaining in the funds accumulated undei (b) d poragnph 2 preceding u a aedit
against the amount d principal then remaining unpaid under said note and shall properly adjust any paymena which shall have ban made under
(a) d said paragnph.
4. That be will pay ad~ axes, assessmena, water rata, and other grnrcmmental br municipal chuges, fines, or impositions, for which pro-
vision has not been made bereinbefore, and in default thereof the mortgagee may pay the same; and that Ice will promptly deliver the. official
receipts therefor to the mortgages. -
S. 'T'hat fie will permit. commit. or suffer rso wutq impairment, or deterioration of said property or _any part thereof; and in the event d
the failure d-the mortgagor to keep ehe buildings oo said premises and those to be erected on said premises. or improvements thereon, in good re-
pair, the mortgages may make such repairs u in is discretion it may desm necessary for the proper preservation thereof, and the fish amount of
each and every such payment shall be immediately due and payable, and shall be secured by the lien d this mortgage.
6. Thee he will pay all and singulu the Cosa, charges, and expenses, including reasombk lawyer's fees, and costs d abstracts d tick, in-
crorred or. paid ac any time by the mortgagee bepuse d the faihsre on the part d the mortgagor promptly and fully to perform the agraments .
and covenants d said promissory note and this mortgage, and said coca, charges, and expenses shall be immedately due asd payable and -shall be
sawed by .the lien d this, mortgage.
7. That fie .will keep the improvemena now existing a hereafter elected on the mortgaged property insured as may be required Tian time
co time by the mortgages against loss by [ire and other hazuds, casualties, and contingencies in such amouna and for such periods as may be
required by mortgages, and will pay promptly, when due, any premiums on such inwrauce for payment d which provision bas not been made
hereinbeforc. All insurance shall be carried io companies approved by mortgages atd the policies asd renewals thereof shall be 6dd by mortga-
ga and Gave attached"thereta{oss payable clauses in 6vor d and in form.aocepabk to the mortgages. In event of los"s'be-will give immediate
~ notice by mail io mortgagee, and mortgagee may make prod. d• loss if not nude promptly.by mortgagor, and each irssuraoce company con-
` corned is.hercby authorized atd directed to make payment'for such loss dtrecdy to mortgages instead d to mortgagor and mortgagee jointly, and
the insurance proceeds, or any part thereof, may be applied by mortgages at its option either" to the reduction d the i»debtedoesi hereby secured
or to the restontioa or repair d the property damaged. In event d foreclosure d this mortgage or other transfer d dole to the mortgaged `
property in a:daguishment d the indebtodttess sarored hereby, all right, tick, and interest d the mortgagor in and to any insurance. policies then .
in force shall pass to the purchaser or grantes.
8. That if the premises, or any part thered, be condemned under any power of eminent domain, or acquired for a public use, the damages,
proceeds, and the eoasideratioa for ssx6 acquisition, to the extent d the full amount of indebtedness upon thu Mortgage, atd the Note secured
hereby remaining unpaid, ire hereby assigned by the Mortgagor to the Mortgages and shall be paid forthwith to the Mortgage to be applied by
it on amount d the indebeeness secured hereby, whether due or not.
9. That the mortgages may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thered for the appoint-
meat of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singuLa, including all and singular
the income, profia, isssses, and revenues from whatever scarce derived, each and every d which, it being expressly understood, is hereby
mortgaged as if specifically set forth and described in the granting atd 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 shad be made by such court as an admitted
t equity and a matter d absolute right ~ to said mortgages, and without reference to the adequary or inadequary d the value d the property mort-
gaged or to the solvenry or insolvenry dsaid -mortgagor or the defendants, and that such rents, profits, irxonse, issues, and revenues shall be
t applied by such receiver aaording to the lien d this mortgage and the practice d such court. In the event d any default on the pare d the
mortgagor hereunder, the mortgagor agrees to pay to the mortgages on demand u a reasostabk monthly yenta) for the premises an amount at
~ kut equivalent to one-twelfth (1/12) d the aggregate d the twelve monthly installments payable in the then current you plus the actual amount
s d the annual taxes, assessmena, water rates, and insurance premiums for such you nor covered by the aforesaid monthly payments.
~ 10. That (o) in the event d any breach d this mortgage or default on the part d the mortgagor, or (b) in the event that any d said sums
d money herein referred to be not promptly and fitly paid without demand or notice, a (e) in the evrnt that each and every the stipulations,
f agreements, conditions, :red covenants d said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such
event, the said aggregate sum mentioned in said note rhea remaining unpaid, with interest accrued to that time, atd all motsrys secured hereby,
shall become due atd payable forthwith, or thereafter, at the option d said mortgagee, u fully and completely u if all d the said sums of
motley were originally stipulated to be paid on such day, anything is said cote or in this mortgage to the contrary notwithstanding; and thereupon
or therafter, at the option d said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all :.coneys secured
hereby had uutured prior to its institution. The mortgages may foreclose this mortgage, ai to the amount so dalued due and payable, and the
said premises shall be sold to utisfy and pay the same together with costs, expenses, and allowances. In case of partuf foreclosure d this mortgage,
{ the mortgaged premises shall be sold subject to the continuing lien d thu mortgage for the amount d the debt not thrn due and tytpaid. In such
ale the prbvisioru d this paragraph may again be availed d thereafter from time to time by the mortgages.
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