Loading...
HomeMy WebLinkAbout0947 P~ ' f ~ ~ 2. Th~t. in otder morc fu{ly to protect the secwity•of-this mort~a6e, the mort~~~or, together with, and in ~dditiun to, the montAly p~yments undcr the terms of the note ~ecurcd hereDy, on tlit fitst d~y oi cach month until the sa~d note is fully paid, wUl p~y to the mort- `~~re thr foUowin~ sum:~ la) A tum equal to the ~round nnts, if ~ny, next due, plus the premiums tA~t will next becomr due and piYable on policie: of Cre and other haz~rd insunnce coverin~ the mort~ted proQetty. plu: taze: and auessments next due on the morttaaed propeny (aU as estimated by the mort~a~ee) less all tum~ already pud thercfar divided by the number of months to el~pse beforc ons month pnor to the dste when sucA ~toued tents, prcmiums. taxea, and •ssessments will become delinquent, ach wms to be held by mort~a~ee in trust to pay uid ~round rents, prcmiums, taxes, and special ~sxssments; and (b) All payments mentioned io tAe two prccedine subsections of this puagr~pA ~nd all payme~ts to be m~de under the note securcd ? hereby shall be added together and the ~~regate amount thereof shall be paid by the mort~a~or wch month in ~:intle p~yment ~ to De applied by the mort~aaee to the followin~ items in the order set fotth: (I1 ~round rc~ts, taxes, assessments, firc, and other hazard inaunnce prcmiums: ~ (11) interest on the note securcd hercby; snd ' (111) amortization of the principal of s~id note. Any deficiency in the smount of wch a~repte monthly payment shaU, unless made `ood by the mortgagor prior to the due date ot the next wch payment, constitute an event of default undet this mort~ate. The mort~agee may collect a"iate charge" not to exceed four cents (4~) [or each dollar (S1) of each payment more than tfteen (1$) days in arrears to cover the extra exprnu involved in handling de- tinquent psyme~ts. 3. That if the total of the payments rtude by the mort~age under (a) oi para~raph 2 prcceding shall exaed the amount of the payments actwliy made by the monga~ee, for ground rcnts, taxes ~nd assossments a~d insurana prcmiums, as the case may be,:uch excess if the loan is curnnt. ~t the option of the mort~agor, shall. bc credoted on suDseque~t payments to be madc by the mort~agor, or rcfunded to the tnon~agor. If. however. the ' monthly payments made by the mortgagor under (a) of paragr+ph 2 prcadings shall not bc sutficier.t to p~y ground rents, texc~s, asseuments. or insurana prcmiums shall be due. If at any time th~ mortgagor shall tender to the mortgagee in eccordance with the provisions of thr note securcd hcrcD~~, full payment of the entirc indebtcdneu rcprcsented thercby, the mortgagee shall, in computing the amount of such indebtedness, crcdit to the account of the mortagor any balance rcmaining in the funds accumulated under thc provisions oI (a) of said paragraph 2. If therc shall be a de[ault under any o( the provisions of this mortgage, rcsulting in a public sale of the prcmises covercd hercby, or if the mortgagee acquires the property otherv?•ise after default, the mortgagee :hall apply, at the time of teh commencement of such proceedings or at tht time the property is otherwise acyuircd, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a crcdit against the amount of principal then remaining unpaid under said aote. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefor~, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgsgee. 5. That he will permit, commit, or w[fer no waste, impairment, or deterioration of said property or any part thereof; and in the event of. the failure of the mortgagor to keep thc buildings on said premixs 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 preser+~ation there- ot, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured 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 failurr on the part oi the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and ezpenses shall be immediately due and payable and shall be s~currd 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 tue and other hazards, casualities, and contingencies in such amounts and for such periods as may be required by rr.ortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not b~en made hereinbefore. All insurance shall be carried in companies approved by~ mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in fa~or of and in form acceptablr to the mortgagee. In event of loss he will give unmediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly b}• mortgagor, and each in- suran;e company concerned is hereby suthorized and directed to make payment for such loss directly to mortgagee instead of to mortga- 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 secured ot to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other tnnsfer of title to the mortgaged propetty ir extinguishment of the indebtedness secured hereby. ali nght, title. and interest of the mortgagor in and ta any insuran:e policies then in force shall pass to the purchaser or grantee. 8. That if the premises, or any part thereoi, be condemned under any power o! eminent domain, or acquircd for a public use, the damagos, proceeds, and the considention for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and the Note xcured hereby remaining unpaid, are hereby assigned by the Mortgagor to the ~lortgager and shall be paid forthwith to the 6lort- gagee to be applied by it on account of the indebtedness secured hereby. whether due or not. 9. That the mortga~ee may, at any time pending a suit upon this mortgage, appl~~ to the court ha~ing juri~dict~on thereof for the [ j appointment of a receiver, and such court shall forthwith appoint a recerver of the premises covered hereby~ all and singular, including all ' ~ and singular the income, profits, issues, and revenues from whateyer source derived, each and every of which, it being expressl}- under- [ ~ stood, is hereby mortgag~d as ii speciGcally set forth and described in the granting and habendum clauses hereot, and such receiver shall ~ ~ have all the broad and effectiv~ functions and powen in anywise entrusted by a court to a receiver, and such appointment shall be made by ~ such couri as an admitted equity and a matter of sbsolute right to said mortgagee, and without reference 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, in- come, icsues, and revenues shall be applied by such receiver according to the lien of this mort~tage and the practice of such court. In the ~ event 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 /I 2) of the aggregate of the twel~e monthly installments ; payablt 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 the afotesaid monthly payments. 10. That (a) in the event of any brcach of this mortgage or detault on the part of the mortgagor, or (b) in the e~ent that any of said sums of money herein tef~rred to be not prompdy and fu11y~ paid without demand or notice, or (cl in the event that each and every the sti- ' ~ pulations, a6reements, conditions, and covenants of said note and this mortgage, are not duly. promptly, and fully performed: then in either or any such evant, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that timc, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option ot said mortgagee, as fully and completely as 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 notvrithstanding: and thereupon or thereafter. at the option of said mortgagec, w-ithout notice or demand, suit at law• or in equit}~, may be proucuted as if all moneys secured hereby had matured prior to its institution. Thr mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisf~ and pay the same togethrr with costs, exprnses, and allawances. In case of partial foteclosure of this mortgage, the mortgaged premises shall be sold subject to the cont~nu~ng Len of this mort•? gage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph ma~ again be a~ailyd oi thereafter from time to time by the mortgagee. ~ r ~ HUD-92110M (6-791 ~ ~ gooK501 PAGE 945 . ~ ~ ~ . . . . ah - - _ ,