Laserfiche WebLink
(I), If and so long as said note of even date and this instrument are insured or arc reinsured.under the provisions of the National housing Act, an <br />amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium in order to <br />provide such holder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, <br />as amended, and applicable Regulations thereunder; or <br />(Ii) if and so long as said note of even date and this instrument arc held by the Secretary of Housing and Urban Development, a monthly charge (in <br />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 out- <br />standing balance due on the note computed without taking into account delinquencies or prepayments; <br />(b) A sum equal.to the ground rents, if any, nextduc, phis the premiums that will next become due and payable on policies of fire and other hazard insurance <br />covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the Mortgagee) less all sums al- <br />ready paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums: taxes and assess- <br />ments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, taxes and special assessments; and <br />(c) . All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added <br />together, and the aggregate amount thereof shall be paid by the I+fortgagor each month in a single payment to be applied by the Mortgagee to the follow- <br />ing items in the order set forth: <br />(1) premium`charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage <br />insurance premium), as the case may be; . <br />(ii) ground rents, taxes,'asscssments; fire and other hazard insurance premiums: <br />(II1) interest on the note secured hereby; and <br />(IV) amortization of the principal of said note.' • ' ' <br />Any deficiency in the amount of any such hggrcgate'monthly payment shall, unless made good by the Mortgagor prior to the due date'of the next such <br />. payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed two cents (2C) for each dollar (51) <br />of each payment more than fifteen (15) days in arears to cover the extra expense involved in handling delinquent payments. <br />3. That if the total of the payments made by'the Mortgagor under (b) of paragraph 2 preceding shall exceed the amount of <br />payments actually made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, as the case may be, <br />such excess, at the option of the Mortgagee, shall be credited by the Mortgagee on subsequent payments to be made by the <br />Mortgagor, or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (b) of paragraph 2 <br />preceding shall not be sufficient to pay ground rents; taxes and assessments or insurance premiums, as the case may be, when <br />the same shall become due and payable, then the shall pay to the ,Mortgagee any amount necessary to make up the <br />deficiency, on or before the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. If <br />at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby; full <br />payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the.amount of such'indebtedness, <br />credit to the account of the Mortgagor all payments'made under the provisions of (a) of paragraph 2 hereof which the Mortgagee' <br />has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds <br />accumulated under the provisions of (b)of paragraph 2 hereof. if there shall be a default under any of the provisions of this <br />mortgage resulting in public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after <br />default, the Mortgagee shall apply, at the time of the commencement of such proceedings; or at'the time the property is other- <br />wise acquired, the balance then remaining in the .funds accumulated under (b) of paragraph 2 preceding, as a credit against the <br />amount of principal then remaining unpaid'undei'said note,and shall properly adjust any payments which shall have been made <br />under (a) of paragraph 2. <br />4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or municipal <br />charges, fines, or impositions,;for which provision has not been made hereinbefore, and in default thereof the Mortgagee may: <br />pay the same; and that'the Mortgagor will. promptly, deliver the official receipts therefor to the 4fortgagee. <br />5. The Mortgagor will pay all taxes which may be levied upon theMortgagec's interest in said real estate. and improve; <br />ments, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit- <br />ed by law and only to the extent that such will not make this loan usurious), buf excluoing any income tax, State or Federal,, <br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation of this under- <br />taking, or if the Mortgagor is prohibited by any law -now or hereafter existing from'paying the. whole or any portion of the afore- <br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law <br />or decree provides that any amount so paid by the Mortgagor shall be credited on'ihe mortgage debt, the Mortgagee shall have <br />the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage <br />debt. If such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days. <br />6. That should he fail to pay any sum or keep any covenant provided. for in ihis Mortgage, then the Mortgagee, at its op- <br />tion, may pay or perform the same, and all expenditures so made shall be added fo the principal sum owing on the above note,' <br />shall be secured hereby, and shall bear interest at the rate set forth in the said note,'until paid. <br />7. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all <br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said <br />note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted- <br />ness shall remain unpaid; and.the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose -of <br />repairing said premises and of renting the same and collecting the rents, revenues and income,, and it may pay out of said in- <br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the <br />same and of collecting rentals, therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage <br />indebtedness. <br />8. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be. <br />required from time to time by the Mortgagee against -loss by fire and other hazards, casualties and contingencies in such <br />amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums on such <br />insurance provision for payment of which has not been made hereinbefore. All insurance shall be carried in companies ap= <br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss <br />payable clauses in favor of and in form acceptable' to the Mortgagee. In event of loss Mortgagor will give immediate notice by <br />mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-, <br />cerned is hereby authorized and directed to make payment for.such loss directly to the Mortgagee instead of to'the Mortgagor <br />and the Mortgagee jointly, and the insurance proceeds, or any part thereof, maybe,applied by the Mortgagee at itsoption either <br />to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In even[ of foreclo= <br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, <br />all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. <br />9. That as additional and collateral security, for the payment of the note described, and all sums to become due under this <br />mortgage, the Mortgagor hereby_assigns'to the,Mortgagee all profits, revenues, royalties, rights and benefits accruing to the <br />Mortgagor under any and all oil and gas leases on said premises, with the right to receive and receipt for the same and apply <br />them to said indebtedness as well before as after default in the conditions of this mortgage, and the Mortgagee may demand, sue <br />for and recover any such payments when due'and payable, but shall not be required so to do. This assignment,is to terminate <br />and become null and void upon release of this mortgage: <br />.10.'That the Mortgagor will keep the buildings upon said premises in good repair, and neither commit nor permit waste <br />upon said land, -nor suffer the said premises to be used for any unlawful purpose.: <br />11. That if the premises,:or any part thereof, be condemned under the power of eminent domain, or acquired for a public <br />use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full <br />amount of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid, are hereby assigned -by the <br />Mortgagor to the Mortgagee, and shall be paid forthwith to said Mortgagee to be applied by the latter on account of the next <br />maturing installments of such indebtedness. <br />