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HomeMy WebLinkAbout1390 "fhat, in urJe~ mure (ully tu ptuttct !ht ~r~uri4~ of Ihi~ molt~;a~t. Ihe m~~ng:~gor, t.~gtihtr w i~h.:~nJ in adJi~iun t~~. ~hr munthly paymtnt. . under ~hr ttrm~ uf lh~ not: s~cu~.J hcrthy, on ~he fin~ day ut earF, mun~h until the ,:+i~ nutz is fuliy paiJ. ~~itl ~+~y to thc mur~g:,~;er thr fu~low•- ing.um.: la) :M:~muunt .ullicient to proviJt ~he h~,ld~r htrru( with tun•ls t~i pay the ncu munc;~r in.ur.~nrc prcmium if Ih~. imlrumrnt anJ tht _ n~~tr szcurcd hc~chy arc inwrrJ. ur u monthly cha~g~ lin (i~u i~f :t mart~;agt imurancc prcmium) if lhry :~re helil by Ih~ tierrc!;uy uf i - Huu~ing and Urb:in 1)~vclupmrnt a. f~~lluw•~: ~ r~~ ' U1 If and I~~ng ac ,aiJ notc ut evcn Jate anJ thi. imtrumen~ arc insurrd ur ar~ ~tinsureJ under thc pruvi.iuns af ~he Natiun:~l , t , IJ~w.ing Act. an amuunt SulTirient tu arrumulate i~n Ihe hanJc of the h~~ldtr one l11 munth prior tu i~c du~ Jatr ~fit annual morl- ~ gag~ insur,nr. pr~mium, in ordrr tu provide +uch h~dJtr with tundc tu pay such ptimium to lht.Serrrlary of H~~u~ing and Urban I)evclupmeni pur~uant to Ihe Nulional I lou~ing Act, a+ amc~dcd. and applicahlt Rtgulatiun. thcrrunJzr, or ;Y_.r (I11 If anJ ~i~ lun~; a. .aiJ note ot r~•rn da~e nnd Ihis in~trument are hcld by the Secretary of Hoo~ing anJ Urhan (kvelopment, a ~ j~ • manthly ~harge (in lieu ~~t a mur~ba~e in~ur~nce prrmium> «~hich shall be in an amoum equal to one-hveltth (11121 ot one•hal[ , _ ~ 11?1 ~+er rentum uf ihr :?ver.ig~ uu~sta~Jing balance Jue un ~he nate computed w~ithout t~~king int~~ ;~c~ount delinquencicc or prep:tym~nts: lb) A~um eyu:d tu thi grt~!tnd rrnts. if any. ne~t due, pluc ~he premiunts Ihat will nea! t=:c~~!ne due an~ payable t~n {wliCie~ uf liro .+nd • ather haratd i~n~.r:~nce cavcring the m~~rtgaged propzr~y, pluc taxes and asces.me~t~ ne~t Jue an the mortgaged pruper~y (all a. e~li- m~iteJ by the niorlgagec) Irss all sums a1r~aJy p.~id ~hercfor divided by the numtxr ~~t momhs tu elapse before one monlh prior to the Jate when ~uch ground remx. premiumc, ta~es. anJ .ti :~essments ~~ill t~come delinyuent. such +ums w t?e held h~• mor~gagec in trust to pay saiJ ground rents, premiums, tares, anJ special atsessmenl+; and ~ • (c) All payments mentianeJ in ~he uvo preceding subsec~ions of ~his pa~agraph anJ all payments to be made unJer ~he n~~tt xcured hrre• by shall be aJded together :+nd tkr a~rebate ami~unt Ihticu( shall be ~aiJ by the murtFagor tach mnnth in a sinblc paymtm tu bt ap- ~ plied by lhe mortg:+gee to the fall~~win~ items in ~he arder sr~ forth: ~ (1) premium eharges under the contract o( insuran~e with the Secret.uy of NousinF and Urban [k~~el~~pment. ur momhly charge ~ (in lieu of mortgage iaxur.incr premiuml. as the r.?.e may t~e: , ' tll) brounJ renis. ta~es, asse:smenu, fi~e, and uthe~ hazarJ insurance prrmiums: ~ ' ~ Ill! interest an the note secured he~eby: anJ ~ - 11V1 amartiration o[ the Grincipal ut saiJ note. ~ Any Jtficiency in the amount ut such a~regate moqthly payment shall, unless made good by the morlgagor prior to thr Jue Jate of the nett ~ such payment, constiwte an event of default under this morlgage. 'I~he mortg:+gee may collect a"late charge" not to exceed tw~o rentc (2c) f~x ~ each dollar (SI) of each payment more ~han fifteen ( IS) days in arrears to cuver the extra expense im~ol~•ed in handling delinyuent paymentc. 3: That if the tutal of the payments made by tt~c mortgaour under (b) ot paragraph 2 preceding shall exceeJ the amount ot the payments _ actually made hy the mortgagee, tor grounJ rents. tare~ anJ :?scessments and imurance premiums, as the case may t?e. ~uch etrecs at the ap- ( tion of the mortgagee, shall, l~e credited un subsequent payments to be made by the mortgagor, or retunded to the mortgagor. however, the monthly payments made by the mortgagor under (b) of parag~aph 2 p~ecedin~ shall not tK sutlicient to pay F,round rents, taxes and assessmt~ts ~ and insuranre przmiums, as the case may t+e, when the same shall becom~ due and payxble, then the mortgagor shall pay to the mortgagee any , amount necessary tu make up the deficiency, un or betore the date whzn paymeot of such g,round rents. ~aaes, assessments, ur inwrance prem- ~ iums shall be due. lf at any time the mor~gagor.hall tender to the mortgagee in accordance with the provisions of the note secureJ hereby. full payment of the e~uire indebtcdnes~ representeJ thereby, the murtg:+gee shall. in computing the amount of such indehtedness. tredit to the ac- . - ~ caunt ot the mortFagor all payments madr under the provisions of (a) of paragraph 3 hereot a~hich Ihe mor.gagee has not txcome oblibaied to ~ pay to the Secretarp of Housing and Urban Ik~~elopment and any balance remaining in the funJs accumulated under the provisions of lb) of said paragraph 2. It there shall be a default urxier any of the provisions ot this mortgage, resulting, ina public sale of the premi~e. cu. cred here- i~y, u~ ii ihe rtoztgagee acquires .he propesty otherw•ise afte: de[ault, the mon~gee shall apply, at the ti!ne of the comn~e~r~ment o~ .~i~h nru- ~ cezdings or at the time the property is utherw•ise acquired, the balance then rtmaining in the funds accumulated under t b) of paragraph ? prrred- ing as a credit against the amount of p~inripal then remaining unpaid under said note and sha~~ properly adjust any payments w•hich shall have ~ ~ been made under (a) of said paragraph. - • ~ _ _ • - 4. That he will p:+y all taxes. at~essment~ .~~~ater r•rtes and other governmental or municipal charges, fineti, or impi~.itionc, for ~•hich pro- : vi~ion has not txen made hereinbefore. and in Jefatdt thrreof fhe mungager may pay the samc: and that he il) promptty~ deli~~er the uliici.~l ~ receipts there(orto the mortgagee. _ ~ " 5. That he will petmit, commit. or sut~er no waste. impairment. or deterioration of saiJ property or any part thereof: and in thr event of Ihc (ailure of the mortgagor tu keep the buildings on saiil premises an:i thosc to he erected on said premises. or improvements thereon. in eouJ re- ~ pair, the mortgagee may make 3uch rep5irti as in its discretian it may deem necessary for the proper preservation thereof. :1nJ the full amuunt ~~f ~ ~ach and every such pa}~ment shall be immeJiately due and pnyable. and shall be secured by the lien of this mortgage. . b. 'That he u~~ll pay all.s~d singul:~r the costs, charges. and e~penses, including reasonable lati•yer's (ees. and casts of abstracts of titlr, in- _ curred ur paid at any time by the mortgagee because o! the tailure on the p5rt of the murtgagor promptly and fully ta perform the ag~cements • 5nd covenants of said promissory note and this martgage. anJ said cutts. cha~ges, and expenses shnll be immeJiately due and payable and shall ; be secured by the tien of this martgage. 7. That he w•ill keep the impro~~ements now existing or hereafter erected on the mortgaged property, incured a. may t~ reyuired from time ~ to ~ime by the mong~gee again~t loss by fire and other h:+zards. caseafties. and contingP ~cies in such amounts :,nJ (or such ~xrioJs as may t~ required by rtiorigagee, anJ w~ill pay prompily. when due, any premium~ on such insurance for payment ot w~hich provision has not been made hereinbefore. All insurance shall be carrieJ in comp~nies approved by mortgagee and the policies and renew•als t'~ereof sha;l be helJ by mortga- gee and have au:iched fhereta luss payable clausts in fa~~or of and in form acceptable to the mortgagee. In e+•ent of loss he w~ili give immeJiate notice by mail to morlgagee. and mortgagee may make proot ot loss if nol made prompUy by mortgagor. and each insurance company ~on- ! cerned is hertby authoriieJ and directed to make payment foi such loss direcQy to moitgagee instead of to mortgagor and mortgagee jointly. f and ihe insurance roceeds, or an art thercof. ma be a lied b• mort + ee at its o tion either to the reduction of the ind~btedness hereb p Y P" Y PP 1 S~ 8 P y secureJ or to the restorai~on or re~air ot the property damaged. In e~~ent of foreclosure ot this mortgage or other transfer of title to the mort- gaged propert~~ in extinguishment ~f the inJebteJness seci~red hereby, ail right, title_ and interest of Ihe mortgagot in and to any insurance poli- - cies then in (orce shall pasc to the purcha~er or grantee. - ~ tt. "~ha~ if the premises. or any part thereof. t~e condemneJ under any pow•er o( emirent Jomain. or acquireJ for a public use. thc damages. ~ proceeJs. anJ the consiJeration fur wch a~quitiition, to thr e~tent o( the full :~mount o( inJeMrdrtess upon thi~ ~tortgc~c;e. anJ the Note secureJ _ i hereby remaining unpaid. are hereby assigned ~ thc ~fortgagor to th~ \1urt~,acee and shalt be paid f~~rth~~ ith t~. ihe Atuetgagee ti~ he applied h}• - it on account of the indebtene~s secured hereby. whether Juc or not. 9. That the mortgagee may. at any lime pending a tuit upon this mortgage. apply to the coun ha~•ing jurisJictiun thereo( for the appc~int- ~ ment of a recei~°er, and such court shaU forthwith appoint a receiver o( the premises co~•ered hereby all and singvlar. including aU and singular the income, profits, issues. anJ re~•enues trom w•hate+~er spurce derived. each and every of which, it being expressly understuod. i~ hereby ~ morlgaged as if specifically set f~rth and Jescribed ir~ ~he granting anJ habendum clauses hereof, anJ such receiver shall have all the broad and ei~ective functions and powers in anyw~ise entrusted by a court to a receiver. and such appnintment shall be made hy such coort as an admi(ted equity and a mat(er of absolute right to said mortgagee. and without refzrencc to the adequacy or inadequacy uf Ihe value of tht property m~~rt-_ gageJ or to 1t~e wlvency or imul~~ency of"said morsgagur or ihe defendants_ a~~d tha. such tent~. profits, income. is;uz~. anJ re~•~nues ~hall be _ applied by soch rPceiver according io the lien of this m~rtgage and the practice of such caurt. In the event of any defaolt on the patt of the mort- . gagot hereunder. the mortgagor agrees to pay to the mortgag2e on demand as a reasonat~le mon[hly renta~ for the premises an amo~nt at le~st _ ~q~ivalent to one-t:~•elfth (1?13) ot the aggregate of the tweh-e monlhly instalbnents payab:e in the then current year pios the actual amount of . the annual taxes. atsessments. ~~ater rates. anJ insurance premiums for such year not covered by the aforesaid monthly payments. 10_ That in the eveni o( anyb~cach of this mortgage or detault on the part of the mortgagor. or (b) in ~he e~~eni that a~y of said surns vf muney herein referred to be not prompily anJ fuily paiJ w~ithout demand or notice. or (r) in the e~~ent that each and e~~ery the stipulations. agreemenls. condilions. anJ covenants of said note and this mortga~e. are nct duly. promptly, and fuUy performed: then in eilher or any such • event. the ~aid aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time. ard all moneys secured hereby. - shall become due and payable forihw•ith. or thereafte~, at the option of said martgagee. as fully and completely as if all of the saiJ sums oi mon- - ey were oriy:inally stipulateJ tu be paid on such day. anything in said note or in ihis mortgage to ~he contraey notwithstanJing; and ihereu~+c~n or thereafter, at the oplion of said mortgagee. without notice or demand. suit ai law or in eq~iiy. may be prosecuted as if all moneys ~~cured herc- hy h<~d matureJ prior to its institulion. "Ihe mortgagee may foreclose this morlgage. as to the am~unt so declared due and ~apati:t. and ~he said premises shatl be sald to satisfy anJ ~ay the same together wilh costs. expenses. and allowances. In cace of prrtial foreclosure ot this mortgage. the mongageJ ~remises shatl be sold subject t~ ~he con~inuing fien rf this mortgage for the amount o( the debt n~t then due anJ unpaid. In such case the provisions of this paragraph may again be availeJ of thereatter trom time to time hy the mortgage.. - 1 I. Thal the mortgagor wiU Five immeJiate notice by mail to ctie morlgagee of any conveyance. transfer. or change of ou~nership of .he premises. ' ~ ` ~ : ' , ~ , - 12. Thai no wai~•er of arey co~•enant herein or o( the obliga!ion secured hereby shall at any time th~ereafter be held to tx a waiver of the terms hereo~ or e( ~he note secured hereby. r~ ~ ' BOOKIG4O PAGE~c~C7~7 "