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HomeMy WebLinkAbout1886 } 2. That, In order more fully to protect the security of this mortgage. the~motttigor. tq~)~e~irRil,-and in addition to, the monthly payments under the terms of the note secured hereby, on the tint day of each monW until the qld note b fully paid, will pay to the mort- gagee the tollowLrg arms: (a) An amount wtficieat to provide the hdder hereof with hands to pa the next mortgage Inwance premium if this instrument and the note secured hereby are insured, or a moatWy charge (ia lieu o[ a mortgage irr:unnce premium) it they an held by the Secre• tary of Housing sad Urban Development u [ollows: ' (1) U sad so long as said note of even date and fhb inutrument are Inwred or an reirr:und under the provisionu o! theNational Housing Act, as amount sufficient to accumulate in the hands oI the hdder one (1) month prior to ib due date the annual mottpge Inwrance promium, !n order to provide such holder with Hinds to pay such premium to the Secretary of Housing and Urbaa Development pursuant to the National Housing Act. u amended, and applkabie Re`u4tlons thereunder; or (II) If and so long ss said-note of even date and thh instrument are held by the Secretary o[ Housing and Urban Develo meat. a monthly charge (In lieu of a mortgage insurance premium) which shall be In an amount equal to ono-twelfth (1 f 12) o[ one-halt 1/2) per centum of the average outstanding balance due on the note computed without taking into account do- linquencies or prepaymenb: (b) A sum equal to the ground nab, i[ any, next due, plus the premiums that will next become due and payable on polkiea o[ fire and other hazed inwrance covering the mortpged property, plus taxes and assessmenb next due on the mortgaged property (all u estimated by the mortgagee) less ail arms already paid thete[or divided by the number of monttu to elapse be[on one month prior to the date when such ground rents, premiums, taxes, and assessmenb will become delinquent, such sum: to be held by ~ mortgagee In trust to pay said round rents, premiums, taxes, and special assessments; and (c) All paymenb mentioned in the two preceding subsections of this paragraph and all paymenb 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: m the order set.forth: (I) premium charges under the contact of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), a: the case may be: (11) ground rents, taxes, assessmenb, fin, and other hued issuance premiums: (III) interest on the note second hereby; and - (IV) amortization of the principal of said note. - Aay deficiency m the amount o[ such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event off default under this mort ge. The mortgagee may collect a "late charge" not to exceed four- cents (4t) for each dollu (S1) of each payment more than fifteen (1 Srdays in arrears to cover the extra expense involved in handling do- linquent paymenb. 3. That it 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 ronb. taxes and assesameab and insurance premiums, as the case may be, such excess if the loan is current, at the option of the mortgagor, shall, be credited on 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 sshhaaUll not be sutficbnt to pay ground rents, taxes and assessments and insurance premiums, as the teas may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessmenb. or insurance premiums ahatl be due. If at any time the mortgagor shall tender to the mortgagee in accord• ante 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 payments made under We provisions of (a) of pans- 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 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 do- ~ fault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property b otherwise so- ! yuired, the Galante then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against We,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, fine;, or impositions. for which provision has not been made hereinbefore, and in. default thereof the mortgagee may pay We 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 said premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation them 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 i mortgagee. - - 6. That he will pay all and singulu 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 betsuse of the failure on the part of the 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 immedutely due and payable and shall be secured by the lien of this mortgage. 7. That he wdl keep the improvements now existing or hereafter erected on the mortgaged property insured ss may be required from time to time by the mortgagee against loss by fire and other hazards, cawalities, 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 hereinbefore. All insurance shall be carried m 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. In event of loss he ~ f will give immediate notice by mark to mortgagee, and mortgagce may make proof of loss if not made promptly by mortgagor, and each in- surance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagce at its option either to the reduc- tion of the indebtedness herby secured or to the restoration or repair of the property damaged. In event of foreclosure 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 Wen in force shall pass to the purchaser or grantce. 8. That if the premises, or any part Wereof, be condemned under any power of eminent domain, or acquired for a public use, the damages, proceeds, and We 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 We Mortgagee and shall be paid forWwith to We Mort- gagee to be applied by it on account of the indebtedness secured hereby, whether due or not. 9. That We mortgagee may, at any time pending a suit upon Wb mortgage, apply to the court having jurisdiction thereof for We appointment of a receiver, and such court shall forthwiW appoint a receiver of We premises covered hereby all and singular, including all and singulu We income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stood, thereby mortgaged as if specifically set forth and described in We 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 shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to We adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or We defendant, and that such rents, profits, in- come, issues, and revenues shall be applied by arch receiver according to We lien of Wb mortgage and the practice of such court. In the ~ event of any default on the part of We mortgagor hereunder, the mortgagor agrees to pay to We mortgagee on demand as a reasonable F monthly rental for We premises an amount at least equivalent to ono-twelfth (1/12) of We aggregate of We twelve monthly installments payable in the Wen current year plus We actual amount of the annual taxes, assessment, water rates, and insurance premiums for such ' year not covered by the aforesaid monthly paymenb. - 10. That (a) in the event of any breach of Wb mortgage or default on We part of the mortgagor, or (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 We event that each and every the sti- pulations, agreement, condition:, and covenants of 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 acid note then remaining unpaid. with interest accrued to that time, and all - moneys secured hereby, shall become due and payable forWwiW, or thereafter, at the option of said mortgagee, as fully and completely t as if all of the said wms of money were originally stipulated to be paid on such day, anyWing in said note or in Wb mortgage to We con- t ; Crary notwithstanding; and Wereupon or Werrafter. at the option of said mortgagee, wiWout notice or demand, suit at law or in equity, may be prosecuted as J all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as 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, and allowances. In case of partial foreclosure of Wb mortgage, We mortgaged premises shall be add subject to the continuing lien of Was 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 We mortgagee. i t ~ ~ B(1~K~5 PAGE18~9 ~