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HomeMy WebLinkAbout0970 2. Tnat, in utder more fully to protect the security of this mortgage, the mortgngor, together v?~th, and~in additiun to, the monthly E,,~ ments under the ternis of the note secured hereby, on the first day of each month until the sald note is fully paid, will pay to the mort- g,¢ee che lollowzng sums: _ _ _ __:f, _ t~-~+* .~1 t{r? sum equal to the ground rents, if any, nexi due, plus the premiums that w•ill next become due and payable on policies of ~ire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property lal! as estimated b}~ the mortgagee) less all sums already paid therefor divided by the number ~f months to elapse befure one month prior to the date when such Bound rents, premiums, taxes, and assessme~ts will become delinquent, such suris to he held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and ~e~? All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note se.ured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month en a single payment to be appl~e~ ey ine morigagee to ine Cviiuwir~g iir~s in ihe orde; set forth: -j_ ground rents, taxes, assessments, fire, and other hazard insurance premiums: fF~y interest on the note secured hereby; and =-T ~~t fM1y amortization of the principal of said note. i ~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good b~~ the mo; tgagor prior to the due date of ~ the next such payment, constitute an event of default under this mortgage. The mortgagre may collect a"late charge" not to excred four ,rnts (4Q) for each dollar (Si ) of each payment more than fifteen (15) days in arrears to cover the exira expense imolved in handling de- i~nquent payments. 3. That if the total of the payments made by the mortgagor under fl~ll of paragraph 2 preceding shall exceed the amount of the pay- r;:;nts acwall} made b~' the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess if che loan is current, at the opt~on ot the mortgagor, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to ;he mortgagor. if, h~we~•er, the monthly payments made by the mortgagor under {~A?1 of paragraph• 2 preceding shall not be sufficient to pa>• gronnd rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payab!e, then che mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such II ~*,>und rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accord- an~e uith the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in ~,~mputing the amount of such indebiedness, credit to the account of the mortgagor any balance remaining in the funds accumulated under the pro~isions of of said paragraph lf there shall be a default urder any of the provisions ~~f this mortgage, resulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherw~ise after de- ~su?t, the mortgagee shall apply, at t};e ttme of the ~ommencement of such proceedings or at the time the property is otherwise ac- ,~u:red, the balance then remaining in the funds accumulated under ~ of paraqraph ~ preceding as a credit against the amount of principal ~h~n remaining unpaid under said note . ' 4. That he w~ill pay a11 taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which _c .a~_ .i.., .,a ~h~r ho ar~ll nrmm~ilv rlPliver the ;U~~1SIU? R~15 ?OL OCCIi iuaue IiCICIIIUCIVi~l. d11U ~1~ u2iaiiil llil:fCv1 u~~ +i.vii~:abCi ++3~ ~-~u~ c - , . f,cial rece~pts therefor to the mortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or detenoration of said property or any part thereof; and in the _,~r.t of the failure of the mortgagor to keep the buildings on said premises and those to Ue erected on said prem?ses, ~~r impr~~vements ::~~~reon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessar} for the proper preser~~ation thete- and the fuli amount of eac:i and e~~er~~ such pa>ment shal! be immediatcly due and pa}abir, and shall be secured by the lien of this :r,ortgagee. ; 6. 7~hat he w~ill pa} ail and singular the costs, charges, and expenses, including reasonable lawyer's fees. and costs of absira:ts of ~:?ie. incurred or paid at an} time by the mortgagee because of the failure on the part of the mottgagor ~roinptl} and ful!y to perform the _ I ~~~eements and coLenants of said promissor~ note and th~s mortgage, anci sa~o costs, cnargrs, anu rxpru~c~ ~i~a~~ i~~ ,~~~~„~.;;a,t:~ u..~ j ; s~ ahle and shall be serured by~ the l~en of this mortgage. ~ i. That he w~ill keep the impro~ements now existing or hereafter erected on the mortgaged property insured as may be requited from ~ ~:^ie to time by the mortgagee against loss by fire and other hazards, casualities, and contingencies in such amounts and for such periods as ` •~~a~ be required by mortgagee, and wzll pay promptly, when due, any premiums on such insurance for payment of w~hich provision has not `.en made hereinhefore. All insurance shali be carried in companies approved by mortgagee and the policies and renewals thereof shall be ` ~:~1 { by~ mortgagee and have atcached thereto loss payable dauses in favor of and in form acceptable to the mortgagee. ln event of loss he ~ ill gi~•e immediate notice b}~ mail to mortgagee, and mortgagee may make ptoof of loss if not made premptly by mortgagor, and each in- surance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortga- ; ~~r and mor,gagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its optior. either to the reduc- ~~.or. of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or ~ t}«r tcansfer of title to the mortgaged propert}• in extinguishment of the indebredness secured hereby, all nght, title, and interest of the ~ ~::ortgagor in and to any insurance policies tnen in force shall pass to the purchaser o: 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 ~ !~n~ages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this ~iortgage, and ~ tiote secured hereby remaining unpaid, are hereby assigned by the Mortgagor to ihe Atortgagee and shall be paid fo:thwith to the MorL- ~.~~ee 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 jurisdiciion thereof for the ~;~pointment of a recei~•er, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all ~ ~nd s?ngular the income, profits, issues; and revenues from whatever source derived, each and every of which, it beina expressly under- ~ scood, is hereby mortgaged as if specifically set for~h and described in the granting and habendum clauses hereof, and such receiver shall _L_~~ L_ L.. ~ ~~a~e all the broad and effective functions and powers in anyvnse entrusted 'by a court to a receiver, anti sucii appvini,r~ciii ~,~a~, ,~~a~~ - ~uch court as an adrr-~itted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of " tt,e value of the ptoperty rhortgaged' or ta the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, in- ~ ~ome, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice af such court. In the e~ent 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-fwelfth (1/12) of the aggegate of the twelve monthly in~tallments - ; ay~abte in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such ear not covered by the aforesaid monthly payments. - 10. That (a) in the event of any beeach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said ~ums of money herein referred to be not prompdy and fully paid w~ithout demand or notice, or (c) in the event that each and every the st~- pulaiions, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fuily performed; then in either or any s~ch event, the said aggregate sum mentioned in said note then remaining unpaid, witt? interest accrued to that time, and all -~ioneys secured herzby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely ~ ~ a~ 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- F trary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The morigagee may forec]ose this mortgage, as to ~ the amour,t so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expensPs, and allow~ances. In case of partial foreclasure of this mortgage, the mortgaged 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 casP the provisions of this para~aph may again be availed of thereatter ~ lrom time to time by the mortgagee. ~ ~ ~ ~ HUD-92110M (6-791 s ~ i,rt(iK i~!C'E JU~ ~ - - _ _ _ _ _ _ - ~ .z=_,~=,~;~ ~_s.~;~~