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HomeMy WebLinkAbout0416s• 2. That, in order more fuUy to protect the security of this mortga~e. the mortgagor, together with, and in addition to. the. monlhly payments under the tetm: of the note secured herebY, oA the Crst day of each month until the said note is fully Paid. will pay to the mort- gagee the foUowin6 sums: - • . _ (a) An amount su(ficient to provide the holder hercot with funds to psy the next mortgage insunnce premium if this instrument and the note xcuced henby are insured. or a month}y chuge (in lieu of a mortgage insunnce premium) if they are held by Ihe Secre- tary of Housing and Urban Development u follows: (1) If and so long as said note of even date and this~instrument are insuted or ue reinsured u~der the provisions ot theNational Housinj Act. an amount sufCcient to accumulate in the hands of the holder one (1) month prior to its due date the a~~ual mort6a`e insurance pnmium. in order to provide such holder with funds to pay such pnmium to the Secretary of Ilousing and Urban Development purwant to the Natio~al Nousina Act, as amended. a~d applicsble Rcgulations thereunder; or (11) 1[ and so lon~ as said note of even date and this instrumcnt are held by the Secretary of Nousi~g and Urban Development. a monthly charge (in lieu o( s mortgage insunnce premium) which shall be in an amount eyual to one-twelfth (1~12) of ono-half (1 /2) per centum of the avera6e outstandin~ balsnce due on the note computed wi hout taking into account da linquencies or prepayments: (b) A sum equal to the ground eents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other huard insurance covering the mortgaged property. Plus tsxes and assessme~ts ~ext due on the mortgaged property (alt as estimated by the mortgagee) less all sums already paid therefor divided by the number ~f months to elapse before onc month prior to the date when such Buund rents. pre~niums. taxes, and assessments will become delinquent. such sums to be held b~ mortgagee in tcust to pay said gound rents, premiums. taxes. and special assessments; and (c) All paymet-ts mentioned in the two preceding subsecrions of this paragraph and all payments to be made under the note secured hereby shaU 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 items in the order set torth: (1) premium charges under the contract of insvrance with the Secretary of Nousing and Urban Development, ot monthly charge (in lieu of mortgage insurance premium). as the case may be: (Il) ground rents, taxes, assessments, fire, and other hazard insurance premiums: (Ill) interest on the note secured hereby; and (1V) amortization oi 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 de[ault under this mortgage. The mortgagee may collect a"late charge" not to exceed four rents (4~) for each dollar (S1) of each payment more than fifteen (I S) days in arrears to cover the extn expense involved in handling de- linyuent payments. 3. That if the totai of thc payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the pay- ~iients actually made by the mortgagee. for ground rents. taxes and assessments and inwrance premiums, as the case may be, wch excess if the loan ~s curtent, at the option of the mortgagor. shall. be credited on subsequent payments to be made by the ntort~agor. or refu~ded to the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph~ 2 preceding shall not be suf~cient to pay ground rents, taxes and assessrnents and insurance premiums, as the cue may be, when the same shall become due snd payable. then the mortgagor shali pay to the mortgagee any amount necessary to make up the deficiency. on or before t6e date when payment of such ground rents, taxes. assessments, or insurance premiums shall be due. If at any time the mortgagor shall tendet to the mortgagee in accord- anre with the provisions of the note secured hereby, full payment of the ent~re indebtcdness represented thereby. the mort6agee shall. in ~umputing tby amount ot such indebtedness, creJit to the account ot the mortgagor all payments made under the provisions of (a)'of pan- graph 2 hereof w'hich lhe mortgagee has not become obligated to pay to the Secretary of Nousing and Urban Devetopment and any halance remaining in.YiNQunds accumulated under the provisions of. (b) of said para~aph 2. If there shall be a detault under any of the~prorisions of this mortgage~~esulting in a publiC sa~e o[ the premises covered hereby, or if the mortgagee acquires the property otherwise after de- fault, the mortgagee shall appTy, af thc time of the commencement of such proceedings or at the time the property is otherwise ac- yuired, the balance then re~il~biplpU~ funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal tt~en remaining unpaid ~de~said npte,~nd shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he will ~ay a1('ta~ss~tssmenfs. water rates, and other governmental or municipal chuges, fines, or impositions, for which provision has not been made heninbefore, and in detault thereot the mortgagee niay pay the same; and that he will promptly deliver the official receipts then(or 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 rvent of the (ailure of the mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repait, ihe mortgagee may make such repaits as in its discretion it may deem necessary for the proper preservation there- of, and the fuU amount of each and every such payment shap br immediately due and payable, and shall be secured by the lien of this mortgagee. 6. That he wdl pay ali and singular the costs, charges, and expenses, including reasonable lawyer's [ees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and Cully to perform the ~greements and covenants of said promissery note and this mortgage, and said costs, charges, and expenses shall be im~nediately 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 required from time to time by the mortgagee against loss by ~re and other hazards, cawalities, and contingenries in wch amounts and for such periods as rnay be nquired 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 camed in companies approved by mortgagee and the policies and rene~vals thereof shall be neld by mortg~g~ and have attached thereto loss payable clausrs in favor of and in form acceptablr to the mortgagee. In event of loss he 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 hereby authorized and directed to make payment for such lo~.c directly to mortgagee instead of to mortga- gur and mortgagee joindy, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduc- tion of the indebtedness hereby slcured or to the restotation or repair of the property damaged. In event of foreclosure ot this mortgage or ~,ther transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, ali right, tide, anJ intcrest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. Thai if the ptemixs, or any part thereof, be condemned uader any power of eminent domain, or acquired for a public use, the Jamages. proceeds~ and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and ; he Note secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mort- eagee to be applied by it on account of the indebtedncss secured hereby, whether duc or not. 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the sppointment 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 revenues from whatever source derived, each and every of which, it being expressly under- stood, is henby mortgaged as if specifically set forth and described in 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 shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reterence to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants. and that such rents, profits. jn- ~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 mottgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reawnable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for sucF. year not corered by the aforesaid monthly payments. 10. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor. or (b) in the event that any of said~ sums of money herein referred to be not prompdy and fuUy paid without demand or notice. or (c) in the event tliat each and every the sti- pulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and futly performed; then in e:ther or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter. at the option of said mortgagee, as fully and completely as if all of the said wms of money~ were originally stipulated to be paid on such day, anything in said note or in this mortgage to the con- trary notwithstanding; and thereupon or thereafter, at ths option of said mortgagee. without notice or demand, suit at law or in equity, may be prosocuted as if all moneys secured hereby had matund prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable. and the said premises shaU be sold to satisfy and pay the same together with costs, expenses. and allowances. In case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the contipuing lien of this mott- gage for the amount o[ 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. ~ ,~~~~~._~_y ..~.,_._r . _ _ . 80a ~~ ~A~~~l~ 1 ~ .,;a~34$-~ 416 ~` ~ .. . . ~ - ~Q.P,ecord -+uas2> >ow+ ~s-r~- ~ _. K _._~ ~a:--