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HomeMy WebLinkAbout0933 a • ~ t • ' . ~ ~ i 1. That, in order more [uUy to protect the security of this mortgage, ihe mortgagor, together with, and in addition to, the monthly pa>•ments under eRe term: ot the note securcd hereby. on the fint day of e~ch month until the said note is fully paid, will pay to the mort- gagee the foUowing sums: 8~7~ (a) A sum equ o e groun ren s. i any~ next due, Plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, 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 ~f months to elapse before one month prior to the date when such gtound rents, premiums, taxes, and asxssments will become delinquent, such sums to be held by mortgagee in trust to pay said ~ound rents, premiums, taxes, and special assessments; and All payments mentioned in the two preceding subsections of this pua~aph and all payments to be made under the note secured hereby shall be added togethet and the aggegate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by tht mortgagee to the following items in the order set forth: ( IL ground rents, taxes, assessments, fire, and other hazard insurance premiums: ( Il) interest on the note xcured hereby; and ( IZI) amortization of the princiFal of said note. Any deCciency in the-amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next sueh payment, constitute an event of default 4nder this mortgage. The mortgagee may collect a"late charge" not to exceed four :ents (4~) for each dollar (tl ) of each payment mote than ffteen days in arrears to cover the extra expense involved in handlina de- linquent payments. 3. That if the total of the payments made by the mortgagor under (a) of paragraph 2 preceding shall exceed the amount of the pay- t:ients actually made by the mortgagee, for ground rents. taxes and assessments and insurance premiums, as the case may be, such excess ii ;he loan is current, at the option of the mortgagor, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to thP mort¢a¢nr. If. hciwever fhe mt~nthlv navmnnte m~A• hv thr mnrfosanr nnr~nr !„1 nf n~r~o.~..l,. 7 nr~~nA.ao eh~ll n.+f 1.a ~..F~:..:.~~ _ . . _ . - - - , ~a~~ ground rents, taxes and assessments and insurance premiums, as the case may be. when the same shall become due and payable, then ihe mortgagor shali pay to the mortgagee any amount necessary to make up the de[iciency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. I[ at ai~y time the mortgagor shall tender to the mortgagee in accord- an,:e with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in ~omputing the amount of such indebtedness, credit to the account of the mort ago ny balance r~maining in the funds accumulated under the provisions of (a) of said paragraph 2. If there shall be a default under any of the proviseons Ji i,ii3 ~i~~li:au6~, icSuiQii~~ 'u~ u Niiviii. ifiic vi `L{io }~icTiil~c~ CUrcICU IICfCOY, UI ll l[IC morigagre acquires ine properiy oiherwi~e aiter dr- ~a~~lt, the mortgagee shall apply, at tt~e time of the commencement of such proceedings or at the time the property is otherwise ac- :~uired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal ~hen remaining unpaid under said note 4. That he w•ill pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which ~ ro~•ision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the ,~fficial receipts therefor to the mortgagee. 5. That he will permii, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the :~:;nt of the failute of the mortgagor to keep the buildings on sazd premises and those to be erected on said premises, ot improvements c!~rreon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation there- f and the full amount of each 3nd every such payment shall be immediately due and payable, and shali he secured by the lien of this ,~;ortgagee. ~ 6. That he will pay all and singular the costs, chuges, and expenses, including reasonable lawyer's fees, and costs of abstracts of ~ ;;cie, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fuily to perform the :creements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and able and shall be secured by the lien of this mortgage. ' 7. 7hai he wili keep the improvements now existing or hereafter erected on the mortgaged propetty insured as may be required from r ~:~e to time by the mortgagee against loss by fire and other hazards, casualities, and contingencies in such amounts and for such periods as ! r:;a} be requ'ued by mortgagee, and will pay promptly, when due, any premiums on such insutance for payment of which provision has not ~ rn made hereinbefore. All insurance shall be carried in com anies a € - p pproved by mortgagee and the policies and renewals thereof shall be E `:.;d by mortgagee and have attached thereto loss payable clauses in favor of ar.d in form acceptable to the mortgagee. In event of loss he ill give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each in- ~u*ance company concerned is hereby authorized and duected to make payment for such loss directly to mortgagee instead of to mortga- ~ k::; and mortgagee joindy, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduc- ~ ;:on of the indebtedness hereby secured or to the restoration or repait of the property damaged. In event of foreclosure of this mortgage or ` ~ther transfer of title to the mortgaged ptoperty in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the ~ -~:ortgagor 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 ~ 'amages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and tiote secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee and shali be paid forthwith to the biort- t3g_=e to be applied by it on accaunt of the indebtedness secured hereby, whether due or not. 3 9. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the a ,~pointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including ali : and sineular the ircome. orofits, issues: and revenues fr~m whatever sn~irc_.e rirrived earh an~i Pvrry nf urh;rh, ;r h~ing ~xnressly un~?~- ~ no~~d, is hereby mortgaged as if specifically set forth and describ~d in the granting and habendum dauses hereof, and such receiver shal! i x' ^3~•e all the broad and effective functions and powers in anyw-ise entrusted by a court to a receiver, and such appointment shall be made b}• 1 _ s~; h court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of 1 ~ ;ne value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, in- ~ r _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 A :vent of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly installments ~:ayable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance ptemiums for such ~ ear not covered by the aforesaid monthly payments. ~ 10. That (a) in the event of any br~ach of this mortgage or default on the part of the mortgagor, or (b) in the e~•eni that any of said + st:ms of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the sti- pulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in ~ ither or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with intetest accrued to that time, and all ;rioneys secured hereby, shal! become due and payable [or:hwith, or thereafter, at the option of said mortgagee, as fully and completely ~s if all of the said sums 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 the option of said mortgagee, without notice or demand, suit at law or in equity, ~~~ay be prosecuted as if all moneys secured hereby had matured prior to ~ts institution. The mortgaRee may foreclose this mortgage, as to ;he amount so declared due and payable, and the said ptemises shall be sold to satisfy and pay the sarne together with costs, expenses, and - allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mort- ~age for the amount of the debt not then due and unpaid. In such cue the provisions of this paragraph may again be availed of thereafter _ from time to time by the mortgagee. ~ ~n~ .`~'•i• HUD-92110M (6-79) ~ ~ ~