HomeMy WebLinkAbout0958 And ,hall dt~ly, promptly, ~~nd tulty pe~form, discharya, Qxecute, ~itecl, complele, and comply with and abufe Uy eaeh an~1 c~very
the st~pulatoons, ayreements, condiuons, and covenants of said pro?nissory note and of i~us mortgaye, then th~s i7~ortg:+ge anci ihe
estate heraby created shall ceaso and be null and ~~o~d
And ihe Mortgagor further co~c:nants as ic,llows:
1, that he will pay the indebtedness, as hereinbetore provided. Priwlege ~s reserved to pay lhe debt, in ~vhole or ~n p3r1, cn any ~
installmem due date.
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2. That, in order more tully to protect the security ui this mortgac~e, the Mortgagor, together with, and +n ad~iitior. to, the ~
monthly paymenls under tf?e terms of the nate secured hereby, on the lirst day of each month unt~l the said note is tully paid, will pay
to ; he Mortgagee the following sums: 3~
f~) An arnount sufficisni to provide the holdQr hereof with tunds to pay th~ next rnortgage i~surance premium it lhis instrument ~
and the note secured hereby are insured, o~ a monthly charge (in lieu of a mortgage insurance premi~m) if they are neld by the ~
Secreiary oi Housing and Urban Development as follows: ~
(i) tf and so long as said note of oven date and lhis instrument are insured or are reinsured under 1he provisions of th;~ Natioi~al ~
Housing Act, an amount sufticient to accumulate in ttie hands of the holder one (1) month prior to its due date the annual mortgaQe
insurance premium, in order to prQVide such holder with funds to pay such premi~m to the Secretary of Housing and Urban ~
Oevetopment pursuant to the tVat+onal Nousing Aci, as amended, and applicable Regulalions thereunder; or ~
lii~ !f and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development, a ~
monthly charge (in lieu oi a mortgage insurance p: emium) rvhich shail be in an amount equal to one-twelfth {1 / 12) of one-halt (1 /2]
per centum of lhe average outstanding balance due on ihe note computed without laking into accounl delinquencies ar prepayments: ~
(b) A sum equal to the ground rants, if any, next due, pius the p~emiums tt~at will next become due and payabie on policies of
tire and ott~er hazard irisurance covering the matgaged property, plus taxes anci assessments nexi due an the mortgaged property
(all as estimated by the Mortgagee) less all sums al~eady paid therefor divided by the numbe~ of mon!hs to elapse betore one month
prior to the date when such gr~und rents, p~emiums, taxes, and assessments will become deiinquent, such sums to be hel~l by
Mortgagee in trust to pay said ground rents, premiUms, taxes, and special assassments; and
. (c~ All payments msntioned in the two preceding subsections of this paragrapti and al1 payments to be made unde~ tlie note
secured hereby sha!! be added together and the aggregate amount thereof shall be paid by the Morlgagor each month in a single
' payment to be applied hy the Mortgagee to the following items in the order set forth:
(i) premium charges under the coniract of insu~ance ~,vitl~ the Secretary of Housing and Urban Development, or monthly charge (in
I+eu of mortgage insurance premium), as the case may be:
(ii) ground rents, taxes, assessments, fire, and other hazard insurance premiums: _
(iii) interest on tlie note secured hereby; and ~
(iv) amortization of the principal of said note.
Any deficiency i~ the amount of such aggregate montt~ly Paymeni shall, unless made good by the Mortgagos prior lo the due date ot ~
tt~e nexi such paymeni, constitute an event of default under thi~ martgage. The Mortgagee may collect a"late charge" nol to exceed ~
fou~ cents (~C) for each dollar (S1) of each payment more than tiiteen (15) days in arrears to cover ttie extra expense invotved in
handling delinq~ent payments. ~
3. That if the total of the payments made by the Mortgagor under (b) of paragraph 2 preceding shall exceed the amount of thP ~
payments actuatty made by the Mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be,
such excess if the loan is currant, at the option of the Mortgagor, shall, be credited on subsequent payments to be made by the
Mortgagor, or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (b) of paragraph 2 ~
preceding shall n~t be sufiicient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the ~
same shall become due and payable, then ihe Mortgagor shall pay to the Mortgagee any amount necessary to make up the
deficiency, on or before the date ~ahen payment of such grc+und rents, taxes, assessments, o~ insurance premiums shali be due. If at ~
any time the Mortgagor shali tenJer to the ~iortgagee in accordance w+th 1he provisions o! the note secured hereby, full payment of
the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the ~
account of the Mortgagor all payments made under the provisions of (a) ot paragraph 2 hereof which the Mortgagee has not become
obl:gated to pay to the Secretary of Housing and Urban Devetopment and any balance remaining in the funds accumulated under the ~
provisions of (b) ot said paragraph 2. If there shall be a default under any of the prcvisions of this mortgage, resulting ~n a public sale
of thP premises covered hereby, or if the Mortgagee acquires the property othe~wise after default, the Mortga~ee shalt appty, at the
time of ihe commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the
funds accumulated under {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 shal! have been made under (a) of said paragraph.
4. That he wilf pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for
which provision i~as not been made hereinbefore, and in default thereof the Mortyagee may pay the same; and that he will promptly
deliver the official receipts iherefor to ihe Mortgagee. ~
5. That he will permit, comm~t, or suffer no waste, irnpairment, or deterioration uf 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 d!scretion it may deem necessary for the ~
proper preservation thereof, and the full amount oi each and every such payment shatl be ~mmediatety due and payable, and shall be ~
secured by the lien ot this Mortgage. . ~
6. That he will pay all and singutar the costs, charges, and expenses, ~ncluding reasonablE lawyer's fess, and costs of ab~tra~ts
of titfe, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor promptly and fully to pe: form ~
the agreements and cavenants of said promissory note and this mortgage, and sa~d costs, charges, and expenses s~~all be ~
. imme~+iately due and payable and shall be secured by the lien oi 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 fire and othe~ hazards, casualties, and contingencies in such amounts and for
such ~eriods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for payment oi
which provision has not been made hereinbefore. All insurance shall be carried in companies appraved by Mortgagee and the ~
policies and renewals thereof shait be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form '
acceptable to ihe Mortgagee. In event of loss he will give immedia[e notice by mail to Mortgagee, and Mortgagee may make Rroof of
loss if not made promptly 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 insaran~e proceeds, or any part thereof, -
may be applied by Mortgagee at iis option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of titte to the mo: tgaged property in extinguishment
of the indebtedness secured hereby, all right, titte, anu interest of the Mortgagor in and to any insuranee policies then in force shall
pass to the purchas~i or grantee.
8. That if the premise5, or any part thereof, be condernned under any power of eminent domain, or acquired for a public use,
the damages, proceeds, and tne consideration for such ac~uisition, to the extent of the full amount of indebt~dness ~~pon this
Mortgage, anci the Note secured hereby rerreaining unpaid, ase hereby assigned by the Mortg~gor to the Mortgagee and shall be pa'id
forthwith to the Mortgagee to Ee apptied by it on account ot the inde~tedness secureJ hereby, whether due or not.
9. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to ihe cou~t having j~risdiction thereof for the
appointment of a receiver, and such couri shalf forthwilh appoint a receiver of the premises coverd hereby all and singular, including
all and singular the income, prafits, issues, and revenues trom whatevar source derived, each and every of which, it being expressly
understood, is hereby mortgaged as if s~ecifically sEt tortF? and described in the granting and habendum clauses hereof, and such
receiver shall have all the ~rGad and effective functions and povvers in anyvrise entrusted by a court to a receiver, and such
appointment shall be made by s!~ch court as an admitted equity ~nd a matter of absolute right to said Mortgagee, and without
reference to the adequacy or iiiadequacy ot the value of the property mortgaged or to the sotvency or inso~vency of said Morlgagor o:
the defendants, and that such rents, protits, income, issues, and ~evenues shall be applied by such recei~er according to the lien of
th6s rROrtgage and the practice of such cflurt. In the event of any defauli on the part of the Mortgagor hereunder, the Mortgagor
agrees to pay to the Mnrtgagee on demand as a reasonable munthly rental for the prem~ises an amount at least eqc;ivalent *.o
one-twelfth ~t /12) of the aggregate o1 the twetr;~ monthly rnstailments payable in the the» current year p)us ths actual amount of the
a~nuat taxes, assessmenis, v~ater rates, and insurance premiums tor such year not covered by the aforesoid monthly payments.
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