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HomeMy WebLinkAbout0921 fh~t, in orJer mure fuHy to protr~t the srrunty uf this murtgage, the ~n~~rtgagor, tugether with, and in adJitiun tu, the monthly E~eyments u~Jet the terms of the nute se~ureJ herchy, on the lirst day of rarh month unt~! t.he said note is fully paid, wtll pay to the murt- k.~grr thr f~~Uowing sums: ~ lal A sum equal tu thr ground rents, if any, next dur, pluc thr pr~miums ihat will next become due and payabie on poli~irs uf fire and uther haiarJ insunnce ruvering the mortgaged pmprtty, plus taYrs anJ assrssmcnts next due un the mortgaged prop~rty lall ~ as estimated hy thr mortgagen) I~~s all sums alrrady paiJ thrtrfur diviJrd by thr number ot rnunths to elapse bzforc une ~nunth ~ priot to the d~tr when su~h grounJ rents, premiums, t~xrs, aod asxssn~rnts will become drlinyue~t, such sums to tx hr1J by ~ murtgagnc in trust tu pay said ~r~~un~ renis, pr~miums, 1;!!(CS, and sprcial assrssmrnts; and Ibl All payments utrntionCd io the two prerrding subsr~tions of this paragraph and afl payments to be m~Je under thr notr cecurrd hereby ahxll be a~~rJ together and the a~rrgalr amuunt thereof shall br paid hy the mortgagor each month in a single payment to be ~pplieJ hy the mortg~gre to the following itrms in thr urdrr set forth: 11) ground rents, taxes, assessme~ts, firr, anJ other ha~ard insurance premiums: (II) intcrest on thr nute secured herrby;and (III) amartiz;~tion of the principal of sai~ nute. ' Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the mortgagor priur to the due date o( R the naxt such payment, ronstitute an event of default un~er this mortgage. The mortgagee may coUert a"late charge" not to rxcrrd fuut ~ents (4~) for each dollar (SI ) of each payment more than fifteen (I S) days in arrears to cover the extn expense involved in handling de- linyuent payments. 3. That i( the total uf thr payments made by the mortgage under (a) of paragraph 2 prcceding shall excetd the amount of the pa~•ments actually madr by the mortgage~, fur ground rents, taxes and aasessments and insurance premiums, as the case may be, such excess if the loan is current, at the ~,pt~on of the murtgagor, shall. be credotcd on subseyuent payments to be made by the murtgagor, or rctund~d to the mortgagor. lf. however, the ~onthly payments made by the murtgagor under (a) of paragraph 2 precedings shall not be sufficie~t to pay ground rents, taxcs, assessments, or E in,urance premiums shall be due. 1(at any time the mortgagor shall tendtr to the mortgagee in accordance with the provisions of the note securcd hereby, full paym~nt of the entire indebtedness reprrsrnted thereby, the mortgagce shall, incomputing theamount of such indebtedness.credit to the ,_~ccount of the mortagor any balance remaining in the funds accumulated under the provisions of (a) of said paragraph 2. If there ~hatl be a de(ault under any of the provisions of this mortgage, rcsulting in a public sale of the premists covercd hereby, or if thr mortgagee acquircs the propeny : uthrrwise a[ter default, the mortgagee shall apply, at the time af teh commencement of such proceedings or at the time the property is otherwise ~ aryuirrd, the balance thcn remaining in th~ funds accumulated undcr (a) of paragraph 2 preccding as a crcdit against the amount of principal then remaining unpaid under said nott. 4. That he wil! pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposrtions, for which provision has not been made hereinbefore. and in default thereuf the mortgagee may pay the same; and that he will promptty deliver the official receipts therefor to the mortgagee. 5. That he will permit, commit, or sufler no waste, impairment, or deterioration of said property or any part thereol; and in the event o! the failure af the mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the martgagee may make such repairs as in its discretion it may deem necessary for the proper preservation there- ; of, and ihe full amount of each and every such payment shall be immeJiately due and payabte, 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 failure on the part of the mortgagor promptly and fully to perform the ~ 3g:eements and covenants of said promissory• note and this mortgage, and said costs, charges, and expenses shall be immediately due and ` payable and shall be secured by the lien of this mortgage. ~ That he will .keep the improvements now existing or hereafter erected on the rr~ortgaged property insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casualities, and contingen~ies in such amounts and for such periods as may be required by mortgagee, and will pay prompdy, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the poficies and renewals thereof sha11 be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acreptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each in- surance company concerned is hereby authorized and directed to make payment for su~h loss directly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgager at its option either to the reduc- tion of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of [oreclosure of this mortgage or cther transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, aU right, title, and intercst of the mortgagor in and to any insurance policies then in fotce 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 ,iamages. proceeds. and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Nortgage, and the ~ote secured hereby remaining unpaid, an hereby assigned by the Mortgagor to the Nortgagee and shall be pa~d forthwith to the Mort- gagee to be app!ied 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 ha~~ing junsdiction thereof fo* the appointment of a receiver, and such court shall forthwith appoint a receiver of the prrmises covered hereby all and singular, including all ~ and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- ` stood, is henby mortgaged as if speciGcally set forth and described in the granting and habendum clauses hereof, and such receiver shall ; have all the broad and effective functions and powers in anywix entrusted by a court to a receivet, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without referersce 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, issues, and tevenues shall be apptied by such receiver according to the lien of this mortgage 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 demarsd as a reasonable „~onthly rental for the premises an amount at least equivalent to one-twelfth I 1/121 of the aggregate of the twelve monthly installments ~ payable in the then cuaent year plus the actual amount of the annual taxes, assessments, water tates, and insurance premiums for such year not covered by the aforesaid monthty Qayments. i t0. That (a) in the event of any breach of this mortgage or default on the part of thr mortgagor, or fb) in the e~ent that any of said ' surr,s of money herein refernd to be not prompdy and luUy 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 ia ~ either or any such event. the said aggregate wm rseentioned in said note then r~maining unpaid, with interest accrued to that time, and all moneys securcd hereby, shalt become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and ~ompletely as if all of the said sums of money werc originally stipulated to be paid on such day, anything in said note or in this mortgage to the roo- trary notwithstanding; and thereupen or thereafter, at the option of said mortgagee, without notice or demand, s~it at law or in equity, ' may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may forcclose this mortgage. as to " ; rhe amount so declared due and payable, and the said premises shall be wld to satisfy and pay the same together with ~osts, rxpenses, and ~ ~ :tlioKances. In case of partial foreclowrc 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. [n such cue the provisions o[ this paragraph may again be acadrd of thereafter . k ~rom time to time by the mortgagee. ~ ~ , 1 HUD-921 tOM 16-79) i } ~ , ~ ~ BOOK 512 PACE ~ ~ ~ ~ i ~ ~ Y ~4. ~ ~ ~ ~ ~ ~ ~ , ~..:z - _ - - _ . - . ~ ----------s- - - _ - ~ ~ ~ .