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HomeMy WebLinkAbout0436\ 2. That, in o~der mon fully to protect the security oi this mortgage, thc mortgagor, together with. and in addition to. the mo~thly payments under the terms ot the note secured hercby. on the first day of each month until the said note is fully paid, will pay to the mort- gagee the iollowing sums: (a) An amouat sutficicnt to provide thc holder hercof with funds to pay the next mortgagc insurance premium if this instrument and the note secured henby are insured, or a monthly charge (in lieu of a mortgage insurar~ce premium) if they are held by the Secre- tary of tlousing and Urban Development as foliows: _(1) If and so long as said note o! cven date and this instrument are insured or are reinsured undcr the provisions of thcNational tlousing Act, an amount sufGcient to accumulate in the hands of the holder one ( l) month prior to its due date the an~ua! mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary ot Ilousing and Urban Developmertt pu~suant to the National Housing Act, as am~nded. and applicable Regulations thereunder; or (11) If and so long as said note of even date and this instrument are held by the Secretary of tiousing and Urban Development, a monthly charge (in lieu of a mortgage inwrance premium) which shall be in an amount equal to one-twelfth (1/12) of one-half (1 /2) per centum of the avetage outstanding balance due on the note computed without taking into account de- linquencies or prepayments: (b) A sUm equal to the ground rents, if any, next due~ plus the premiums that will next become due and payable on policies of Gre and other hazard insurance covering the mo[tgaged propecly, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number 5f months to elapse before onc month ptior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and - (c) Ali payments mentioned in the two preceding subsections of this paragraph and al! payments to be made under the note secured hereby shall be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items in the order set forth: • (i) premium charges under the contract of insurance with the Secretary of flousing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be: (11) ground rents, taxes. assessments, fire, and other hazard insurance p~rmiums: (1fi) interest on the note secured hereby; and (IV) amortization o[ the principal of said note. Any deficiency in the ~a~ount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constilute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed four cents (4~) for each dollar (SI ) of each payment more than fifteen (-5) days in arrears to cover the extra expense involved in handling de- linquent paymertts. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exreed the amount of the pay rnents actually made by the mottgagee. for ground rents, taxes and asSessments and insurance premiums, as the case may be, such excess if the loan u current, at the option ot the mortgagor, shall, be credited on subsequent payments to be made by the mortgagor, or retunded to the mortgagor. If, however, the monthly •payments made by the mortgagor under (b) uf 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 due and payabic, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency. on or befote the Jate when payment oC such ground rents, taxes, assessments, os insurance premiums shall be due. 1( at any time the mortgagor shall tender to the mortgagee in accord- ance with the provisions of the nute secured hereby, full payment of the entire indebtedriess represented thereby. the mortgagee shall, in computing the amount of such indebtedness, credit to the account o[ the mortgagor all..payments made under the provisions of (a) o[ para- graph 2 hereof which the triaxtgagee has not become obligated to pay to the Secretary o~ 1lousing and Urban Development and any balance remaining in the funds accumulated under the provisions ot (b) of said para~aph 2. If there shalt be a detault under any of the provisio~s of this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquires tlie property otherwise after de- fault, the mortgagee shall apply,. ~r tlte, time of 4fie commenrement of such procerdings or at the time the.property is•otherwise ac- yuired, the balance then remaining in the tunds accumulated'i,nder (b)~of paragraph 2 pteceding as a credit against the amount of principai then remaining unpaid under said note and shall properly adjust any payments which shall have heen made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other govetnmentai or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, anJ in default thereof the mortgagee may pay the same; anJ that he will promptly deliver the official receipts therefor to the mortgagee. 5. That he will permit, commit, or su[fcr no waste, ~mpairment, or deterioration of said property or any part thereof; and in thr rvent of the failure of the mortgagor to keep the bu:ldings 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 pteservation there- of, and the full amount of each and every such payment shall be immediately due and payablc. and sha11 be secured by the lien of this mortgagee. .~ 6. That he will da~r al{ and singular 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 because of the failurc on thc part of the motigagor promptly and (ully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, rharges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. - ~ 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be reyuired f:om ;ime to time by the mortgagee against loss by fire and other hazards, casual~tirs, ard 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. AU insurance shall be carried in companies approved by mortgagee and the ~olicies 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 eve~t oi loss he will give immediate notice by mail to mortgagee, and mortgagee may make ptoot of loss if not made promptly by mortgagor, and each in- surance company concerned is hereby authorized and directed to make payment !or such loss directly to mortgagee instead of to mortga- gur and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduc- t ion of the indebtedness heteby secured or to the restoration or repait of the proprrty damageJ. In event of foreclosure of this mortgage or ~>cher ttansfet of ti[le to the mortgaged property in extinguishment of the indebtedness secured hcreby, all right, titic, and interrst o( the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantce_ 8. That if the premises, or any part thereof, be condemned under any power of eminent domain, or acquired for a public use, the :iamages, prceeeds. and the consideration for such acquisition, to the extent of the full amount of indebttdness upon ifiis ~lortgage, and the Note secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the \lortgagee and shail be paid forthwith to the Nort- gagee to be applied by it on account of the indebtedness secuted hereby, whether due or not. ! 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction theteof for thr appointment of a receiver, and such court shall forthwith appoint a receiver of the pmmises covered hereby a11 and singular, including a!1 and singular the income, profits, issues, and revenues from whatever source derived, each and every of which~ it being expressly under- ,tood, is hereby mortgaged as it specifically set forth and described in the granting and habendum clauses hereqf, and such receiver sfiali tiave all the broad and effective functions and powers in anywise entrustrd 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 the adequacy or inadequacy of the value of the property mortgaged or to the solvency ot insolvency of said mortgagor or the defendants, and that such rents, ~rofits, in- ~ome, 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 ~ionthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twclve monthly instaltments payabte in the then curtent year pius the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. . 10. That (a) in the event of any breach of this mortgage or default on the part of thc mortgagor, or (bl in the event that aoy of said sums uf money herein referred to be not prompUy and t'ully paid without Jemand or notice, or (c) in the event that each and every lhe sti- pulations, agreements. conditions, and covenants of said note and this mortgage, are not duly, prompUy, and fully performed: then in rither or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secuted hereby, shatl become due and payable forthwith, or thereaftet, at the option of said mortgagee, as fully and completely as if all of the said sums of money were originaUy stipulated to be paid on such day, anything in said note or in this mortgage tu the con- trary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, withaut notice or demand. suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payabte, and the said premises shatl be sold to satisfy and pay the same together wiih costs; expenses, and alfowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be solcl subject to the continuing lien o[ 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_ ' • ux 3~'1 PAGE 4~~ 8(~)K ~ HUD-92110M 16791 ,. ~~~~~.~~ ~:~~.~ _. _ ~ .-, r.y~: ~