HomeMy WebLinkAbout0343
secured hereby, and the respective liens of said mortgages,
liens or other incumbrances, shall be and the same and each
of them hereby is preserved and shail pass to and be held by
the Mortgagee herein as security for the indebtedness to the
Mortgagee herein described or hereby secured, to the same
extent that it would have been preserved and would have been
passed to and been held by the Mortgagee had it been duly
and regularly assigned, transferred, set over, and delivered
unto the Mortgagee by separate deed of assignment, not
withstanding the fact that the same may be satisfied and ,
cancelled of record, it being the intention of the parties
hereto that the same will be satisfied and cancelled of
record by the holders thereof at or about the time of the
recordings of this mortgage.
13. If any ef the sums.of money required to be paid
under the promissory note or this mortgage are not promptly
and fully paid within thirty (30) days next after the same
severally come due and payable, or if each and every stipulation,
agreement, condition and covenant of said promissory note
and this mortgage or either, are not duly performed, complied
with and abided by the aggregate sum mentioned in said
promissory note or otherwise secured hereby shall become due
and payable forthwith or thereafter at the option of the
Mortgagee, as fully and completely as if said aggregate sum
of money was originally stiuplated to be paid on such day,
anything in said promissary note or herein to the contrary
notw~thstanding.
14. In order more fully to protect the security of
this mortgage, the Mortgagor will pay the Mortgagee toqether
with, and in addition to, the monthly payments under the
terms of the note secured hereby, on the ~ue date of each
month commencing the month in which repayment of principal
commences until the said note is fully paid, a sum equal to
the premiums tnat wili next become due and payabie on poiicies
of fire and other hazard insurance covering the mortgaged
premises, plus taxes and assessments next due on the mortgaged
premises (all as estimated by the Mortgagee), plus monthly
replacement reserve payments required by 24 CFR 880.602,
less all sums already paid therefor divided by the number of
months to elapse before one month prior to the date when
such premiums, taxes and assessments and reserve requirements
will become due, such sums to be accepted by Mortgagee to
pay said premiums, taxes and assessments. Replacement_
reserves will be established ar,d maintair.ed in accord with
24 CFR 880.602 and applicable HUD guidelines promulgated
from time to time thereunder.
If the total of the payments made by the mortgagor
under this paragraph shall exceed the amounts of payments
actually made by the Mortgagee, for taxes and assessments,
insurance premiums and replacement reserves, as the case may
be, such excess shall be credited annually against the next
escrow payments to be made by the Mortgagor for such purposes
and such subsequent payments reduced accordingly, or tc
payment or reduction of any indebte~ness secured by this
mortgage. If, however, the month~y payments made by the
Mortgagor under this paragraph shall not be sufficient to
pay taxes, assessments, insurance premiums and replacement
reserves, as the case may be, when the same shall become due
and payable, then the Mortgagor shall pay to the Mortgagee
all amounts necessary to make up the deficiency, prior to
the date the next monthly payment shall be due hereunder.
Escrow money held by the Mortgagee in accordance with
this provision shall be non-interest bearing, except the
replacement reserve which shall bear inte~est, and shall
stand as additional security for the performance of this
B~~i~K ~~~, F~ t~~
-5-