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HomeMy WebLinkAbout0950 , 2. TAat, in ordsr mors fuUy to protect tAe ~scwity ot this mo~tpse. tAt mor~o~I to~ethet wft~, and in addition to. tae moethly payment: under the term~ of th~ aote securod b~teby. oa tbe tint day ot eacb montA uAtil tbe ~aid note ~ tulty paid. ~iU pay to tAe mon- ~asee the tolfowini sums: (a) M amouat at'ticieat to proridt tUe bdd~r Aaeot ~r1tA Mad~ to pay the next mortpse iAwnace premiwn if th~ instrument and the note iocured hereby an buured. or a montWy cbarse (in tiau ot a mortpje in:urance premium) iI tAey arc held py the Secra tary ot Hou~nj aad Utb~u Dwdopmstu u toUows: (1) lt aad w loaj ss Wd note o[ rea date aad thh insttument ate iasuted or aro reintuted under the pwvi:ior?s of theNational Housin~ Act. an amount at8cisat to acoumulate ia Ne Aandt ot tbe hdder one ( l} month prior to ib due date the annual mort~ase insutanoe preratum. In ocdar to proride weh Adder with fl~nds to psy wch pnmium to the Secretary ot Housins aad Urbaa De~relopment punuant to the National Houtin~ Act. ss amended. Rnd applicable Re~ulations thereunder; or (II) 1[ and ~ lon~ u uid aote of evea date and this iait:ument are held by the Secnury of Ho~uint and Urban Development, a monthly cltar~e (ia lieu of a mort~ase insurance pnmlum) which s1~a0 be in an amount equal to ono-twelRh (1/12) of ~ one-half (1/2) per centum o! We avera=e outstandin~ balance due o~ the note computed without takinj into account da linquendes or prepaymenb: (b) A wm equal to the ~round renb. if any, aext due, plus the pr~t ums that wip next become due and payable on policies of tu~e and othet Aazud insurance coverint the mortpted property, plris taxea and assasments next due on the mort~aged property (all u estimated by the mort~ee) leu all sums alrady paid therefor dlvided by tRe number ~f month: to elapu befon one month prior to the date when such ~ound nnts, pnmiums, taxes. and assesunents will become delinquent. such sums to be held by mortgagce in tnut to pay said ~round nnts. premiums. taxes, aad special assessments; and ~ (c) All payments mentioned in the two precedi~ subsections of this para~raph and all payments to be made under the note secured ' henby shall be added together and the a~gregate amount thereot shall be paid by the mortgaaor wch month in a sinale payment to be applied ~y the mortga~ce to the followint items in the order aet forth:_ (I) premium charses under the contract of insurance with the Secntuy of Housing and Urban Development, or monthly chuge (in lieu of mortgsge iasurance premium), as the case may be: (11) ground nnts, taxa, assessments, fire, and othet haaard inaunnce pnmiums: (IIi) interest on the note secured henby; and (IV) amartization of the principal of said note. Any deficiency in the-amount of such a~regate monthly payment shall~ unless made good by the mortgagor prior to the due date of the next such payment. constitute an event of default under this mortgage. The mortgagee may collect a"late chuge" not to exceed four cents (4~) for each dollar (S1) of each payment mon than fifteea (15) days in urears to cover the extra expense involved in handling de- linquent payments. 3. That ii 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 mortg,agee, for smund rents. taxes and assessments and insurance premiums. u the case may bc, such excess if the loan u 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 pnceding shall not be suf~cient to pay ground nnts, taxes and assess~nents and insurance premiums. as the case may be, when the same shall become due and payable~ then the mortgagor shall pay to the mortgagee any unount necessary to make up tAe deficiency, on or befon the date when payment of such ground nnts, taxes. assessments, or insurance premiums ahall be due. If at any time the mortgagor shaU tender to the mortgagee in accord- ance with the provisions of the aote ucured hereby, full payment of the entire indebtedness represented thenby, the mortgagee shall. in computing the amount of such indebtedness, cndit to the account of the mortgagor all payments made under the provisions of (a) of para- graph 2 hereof which the mortgagee hu not become obligated to pay to the Sectetary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said puagraph 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 de- fault. the mortgagee shall apply. at tt~.e time of the commencement of such proceedings or at the time the property is otherwise ac- quired, the balance then remaining in the funds accumulated under (b) of puagraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall propedy adjust any payments which shall have been made under (a) of said paragraph. 4. That he will psy all taxes. assessments. water rates, and other governmental or municipal charges, fina, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the 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 thereoi; 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 there- of, and the full amount of each and every such payment shall be immediately due and payable. and shall be ucured by the lien of this mortgagee. 6. That he will pay all 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 failure on the part of the mortgagor promptty and fuily to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, 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 encted on the mortgaged property insured as may be required from time to time by the mortgagee against loss by fin and other hazards. cawalities, and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay prompUy. when due, any premiums on such insurance for payment of which provision has not ' been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals theteof shall be ! held by mortgagee and have attached thento loss payable clauses in favor of and in form acceptable to the mortgagee. !n 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 suthorized and d'uected to make payment for such loss directly to mortgagee instead of to mortga- E gor and mortgagee jointly, 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 secund or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or ~ other ttansfer of tide 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 then in force shall pass to the purchaser or grantee. ; 8_ That if the premises, or any part thereof, be condemned under any power of eminent domain. or acquired for a public use, the # damages, proceeds, and the consideration for such acquisition, to the extent of the fup amount of indebtedness upon this Mortgage, and ~ the Note secured hereby remaining unpaid, are hereby ascigned by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mort- gagee to be applied by it on account of the indebtedness secured 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 thereof for the ~ appointment of a rcceiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. profits, iswes, and nvenues from whatever source derived, each and every of which, it being expressly under- stood, is hereby mortgaged as if speci~catly set forth and described in the granting and habendum clauses hereof~ and such receiver shall have zll the broad and effective functipns and powers in anywise entnuted 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 aolvency or insolvency of said mortgagor or the defendants, and that such rents, profits, in- come, issues, and revenues shaU 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 henunder. the mortgagor agrea to pay to the mortgagee on demand as a reasonable ~ monthly rental for the premises an amount at least equivalent to ono-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 such = year not covered by tbe aforesaid monthly payments. ~ ~ 10. That (a) in the event of any bnach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said ~ sums of money herein refernd to be not promPdy and fully paid without demand or notice. or (c) in the event that each and every the sti- ~ pulations. agreements, conditibns, and covenants of said note and this mortgage. are not duly; prompUy, and fuUy performed; then in , either or any wch event, the said aggregate sum mentioned in said note then remaining unpaid, with intereri 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 sums of money wen originally stipula!ed to be paid on such day. anything in said note or in this mortgage to the con- z trary notwithstanding; and thereupon or theteafter. at the option of said mortgagee, without notice or demand, suit at law or in equity. ~ may be prosecuted as it all moneys secured hereby had matured pri~r to its institution. The mortgaRee may foreclou this mortgage. as to the amount. so declared due and payable, and the said premisea shall be sold to satisfy and pay the sam~ together with costs, expenses, and ~ltowances. In case of partial foreclosun of thia mortgage, the mortgagqd premises shall be sold subject to the continuing lien of this mort- ~ gage for the amount of the debt not then due and unpaid. In-such cas~ the pmvitions of this paragraph may again be availed of thereafter from time to time by the mortaagee. {'`.j'~~f.~.'~ HUD-92110M (6-79) a~ 418 PA~ 950 ~ ~ ~ ~-.'y~` i ' ^ f'-~irr!~'!Q~r ~ Y ~ . ,m~'~~: -~;a' ;w ~ .