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HomeMy WebLinkAbout0950 . • .y~ t ~ • l j` And shatl duly, p~omptly, and tully perform, discharge, execute, et(ect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and ~aven~nts of said promissory note and oi this morigage, then this morigage and the estate he~eby c~eated shalt cease and be null and void. And the Mortgagor turthe~ covenants as foltows: t. That he will pey the indebtedness, as hereinbetore provided. Privitege is reserved to pay the debt, in whols or in part, on any i~Stu°ii.i.vi2i L'~:t.°. !~$ZE- 2. That, in order more ~fully to protect the security of this mortgage, the Morigagor, together with, and in addition to, the monthly payments unde~ the te~ms of the note secu~ed hereby, on the tirst day of each month until the said note is fully paid, will pay to the Mortgagee ihe tollowing sus!?~: (e) An amount suHicie~t to provide the holder hereof with tunds to pay the next mortgage insurance p~emium it this inst~ument and the note secured hereby are insured, or a monthly charge ~in lieu of a mortgage insurance premium) if ihey a~e held by the Secretary of Housi~g and Urban Development as follows: (i) li and so long as said ~ote oi even date and lhis instrument are insured or are ~einsured under the provisions of the National Housing Act, an amount sufficient to accumulate in the hands of ihe holder one (1) month prior to its due date !he annual mortgage insurance premium, in order to ptovide such hotder with tunds to pay such premium to the Secretary of Housing a~d U~ban Development pursuant to the National Housing Act, as amended, and applicabte Regulations the~eunder; or (ii) It and so long as said note oi even date r~nd ihis instrument a~e held by the Secretary of Housing and Urban Devalopment, a mnn~hly cha~ge (in tieu of a mortgage i~surence premium) which shall be in an amou~t equal to one-twelfth (1 /12) of one-half (1 /2) oer centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments: (b) A sum equal to the grou~d rents, if any, next due, plus the premiums that witt next become due and payable on policies of tire and other hazard insurance covering the mortgaged p~operty, plus taxes and assessments next due on the mortgaged property ~all as estimated by ihe Morigagee) 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 delinquent, such sums to be held by Mortgagee in trust to pay said grou~d rents, premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments lo be made under the note secured hereby shall be added together and the aggregate amount ihereoi shall be paid by the Mortgagor each month in a singls --payment to be applied by the Mortgagee to the following items in the order set forth: (i) premium charges under the cont~act of insurance w~th the Secretary o! Housing and Urban Development, or monthly charge (in lieu of mo~tgage insurance premium), as the case may be: (ii) graund rents, taxes, assessments, tire, and other hazard insu~ance premiums: (iii) interest on the note secured hereby; and (iv) amo~tization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagor prior to the due date of ~ the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed f fou~ cents (4C? for each dollar (S1j oi each payment more than fifteen (t5) days in arrears to cover the exira expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the Mortgagor under ~b) of paragraph 2 preceding shall exceed the amount of the i ~ payments actually made by the Mo~tgagee, for ground rents, taxes and assessments and insurance premiums, as ihe 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 Morigagor, or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay gtound rents, taxes and assessments and in~urance premiums, as the case may be, when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary ta make up the deficiency, on o~ before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the Mortgagor shall tender to ihe Mortgagee in accordance with the provisions of the ~ote secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, i~ comput+ng the amount of such indebtedness, cr~dit 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 (bj of said paragraph 2. tf there shalt be a defauft under any of the provisions of this mortgage, resulting in a public sale ; of the premises covered hereby, or if the Mortgagee acquires ihe property otherwise aiter defautt, the Mortgagee shall appty, at the j time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the i , funds accumulated unde~ (b) ot paragraph 2 preceding as a Credit against ihe amaunt oi principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of s~id paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositfons, 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 official receipts thereFor to the Mortgagee. ~ 4 5. That he witl permit, commit, or suffer no waste, impairment, or deterioration oi said property or any part thereof; and +n the ~ event ot the failure of the Mortgago~ 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 for thP ` proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shalt be ~ secured by ihe lien of this Mortgage. S. That he wil! pay a!1 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 Mongagee because of the failure on the part of the Mortgagor promptly and fully to perform ~ tf~e agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immed~ately due and payable and shall be secured by the lien oi this mortgage. 7. That he wiN keep the improvements rtow existing or hereafter erecled on the mortgaged property insured as may be rer~uired from time to time by the Mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may b$ required by Mortgagee, and will pay promptly, when due, any premiums on such insurance ior payment of ; which provision has not been made hereinbefore. All insurance sha!! be carried in companies approved by Mortgagee and the ' policies and renewals ihereof shall be hold by Mortgagee and have attached thereto loss payable clauses in favor of and in form 3 acceptable to the Nfortgagee. In event of loss he will give immediate notice by mail to Mongagee, and Mortgagee may make proof of loss if not made promptty by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the i~surance proceeds, or any part thereof, ; may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resturation or repair of the property damaged. ln event ot foreclosure of this mortgage ar other transfer of title to the mortgaged property in extinguishment ! of the indebtedness secured hereby, all right, title, and interest of the Mortgagor 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 pubiic use, the damages, prceeeds, and the consideration for such acquisition, to the extent ot the full amount of indebtedness upon this Mortgage, and the Note secured hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee and shall be paid ~ fonhwith to the Mortgagee to be applied by it on account of the incfebtedness secured hereby, wh~ther due or not. 9. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction the~eot for the appointment ot a receiver, and such court shall forthwith appoint a receiver of the premises coverd hereby all and singular, includ~ng alt and singular the income, protits, issues, and revenues irom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum c(auses hereof, and such receiver shall have alt the broad and effective functions and powers in anywise ent~usted by a court to a receiver, and such appointment shall be made by such coun as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy oi the value of ihe property mortgaged or to the so{vency or insolvency of said Mortgagor or tf~e defendants, and that such rents, profijs, income, issues, and revenues sha!! be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on ihe 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 equivatent to orte-twetf(~ (1 /12j of the aggregate of the twelva monthly installment; payable in the then current year plus ihe actual amount of the annuat taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthty payments. , ~ Page 2 of 4 0 R 5~ 600K . . . _ , -M-,-~~.-_ . r: ~ : r t,; , _ _...v..__. r _ . . : _ . _ ~ _ - - _ - ~ _ . . . . -