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HomeMy WebLinkAbout0984 ~ • t ~ . _ ~ t ~ . . _ ; And shall duly, promptly, and fully perform, discharge, execute. eftect, complete, and comply with and abide by each and every ~ the stipulations, agreements, conditions, and covenants of said promisso~y note and of this mortgage, then this mortgage and the 4 estate hereby created shall cease and be null and void ~ i And the mortgagor funher covenants as follows: ~ ~ 1. That he wili pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debi in whole, or in an amount ~ j equa! to one or mo?e monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: ~ Provided, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment. ~ 2. That, in order more fully to protect the security of this mortgage, the mortgagw, together with, and in addition to, the monthty p payments under the terms oi the note secured hereby, on the first day of each month urttil the said noie is fully paid, will pay to the ~ i mortgagee the fvllowing sums: ~ ~ ~a) An amount sufficient to provide the holder hereof with tunds to pay the next mortgage insurance premium if this instrument ~ , and the note secured hereby are insured, or a monthly charge (in fieu of a mortgage insurance premium) if they are held by ~ the Secretary of Housing and Urban Oevelopment as foilows: (tj If and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the National ~ Nousing Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the annual f mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urban Deve!opment pursuant to the National Housing Act, as asnended, and appticabfe Regulations thereunder; or ~ I (II? If and so lang as said note of even date and this enstrumeni are held by ihe Secretary of Housing and Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1 /12) of one-half (1 !2) per centum of the average outstanding balance due on the note computed without = I taking into account delinquencies or prepayments: ; ~ ~b? A sum equal to the ground rents, it any, next due, plus the premiums that wiN nexi became due and payable on policies of iire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged - property (all as estimated by the mongagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become definquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessmenis; and : (c~ All payments mentioned in ihe two preceding subsections of this paragraph and all payments to be made under the note ? secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items in the order set forth: (I? premium charges ~nder the contract of insurance with the Secretary of Nousing and Urban Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the case may t.~: (Ip ground rents, taxes, assessments, fire, and other hazard insurar~ce premiums: ~ (Illj interest on ihe note secured hereby; and (IV) amortization of the principal of said note. ~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by ihe mortgagor prior to the due date of the next s~ch payment, constitute an event of default under this mortgage. The mortgagee may collect a'"late charge'" not to - exceed four cents (4C) for each dollar (St ) of each payment more than fifteen (15) days in arrears to cover the extra expense involved ~n handiing delinquent payments. ' ~r 3. That if the total of the payments made by the mortgagor under (b) o( paragraph 2 preceding shaN exceed the amount of the payments actually made by the mongagee, for ground rents, taxes and assessme~ts and insurance premiums, as the case may be, such excess if the loan is current, at the option of the mortgagor, shall, be credited on subsequent payments to be made by the mortgagor, or retunded to the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 • preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the f same shall become due and payable, then the mortgagor shaN pay to the rr~ortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tende~ to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in computing the amount of such indebtedness, c~edit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. Ii there shall be a default under any of the provisions of this mongage, resuiting in a pubtic sale of the premises ~ covered hereby, or if the mortgagee acquires the property otherwise aher default, the mongagee shalt apply, at the time of the { commencement of such proceedings or at the time the property is otherwise acquired, the balance then remain+ng in the funds accumulated unde~ (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under ~a) of said Qaragraph. 4. That he will pay all taxes, assessments, water rates, and other 9overnmental or municipal charges, fines, 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 officiat receipts therefor ta the mortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; 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 tor the proper preservation thereof, and the full amount of each and every such payment shaN be immediate~y due and payable, and sha!! be secured by the lien ot this mortgagee. 10~ ~ ~ ~ . ~ _ ~ HUD-9211 OM (6•791 _ _ _ - - ~ - - - - _ . . ~ ~ _ - _ . _ . _ _ - - ---r ~ i