|
200304288
<br />(11) If and so long as said Note of even date and this instrument are held by the Secretary of Housing and Urban Development,
<br />a monthly service charge in an amount equal to 1/12 of 1/2% of the average outstanding principal balance &e on the Note
<br />computed for each successive year beginning with the first day of the month following the date of this instrument, if the
<br />Secretary of Housing and Urban Development is the Mortgagee (Beneficiary) named herein, or the first day of the month
<br />following assignment, if the Note and this instrument are assigned to the Secretary of Housing and Urban Development,
<br />without taking into account delinquencies or prepayment;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable ompolicies of fire
<br />and other property insurance covering the premises covered hereby, plus water rates, taxes and assessments not due on the
<br />premises covered hereby (all as estimated by the Mortgagee) less all sums already paid therefore divided by the number of months
<br />to elapse before one month prior to the date when such ground rents, premiums, water rates, taxes and assessments will become
<br />delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, water rates, taxes, and special
<br />assessments.
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the Note secured
<br />hereby shall be added together and the aggregate amount thereof shall be paid each month in a single payment to be applied by
<br />Mortgagee to the following items in the order set forth:
<br />(I) premium charges under the Contract of Insurance with the Secretary of Housing and Urban Development, acting by and
<br />through the Federal Housing Commissioner or service charge;
<br />(I1) ground rents, taxes, special assessments, water rates, fire and other property insurance premiums;
<br />(Ill) interest on the Note secured hereby;
<br />(IV) amortization of the principal of said Note;
<br />10. In the event the Mortgagor fails to pay any sums provided for in this Mortgage, the Mortgagee, at its option, may pay
<br />the same. Any excess funds accumulated under f b) of the preceding paragraph remaining after payment of the Items therein
<br />mentioned, shall be credited to subsequent monthly payments of the same nature required thereunder; but if any such item
<br />shall exceed the estimate therefor, or if the Mortgagor shall fail to pay any other governmental or municipo charge, the
<br />Mortgagor shall forthwith make good the deficiency or pay the charge before the same becomes delinquent or subject to
<br />interest or penalties and in default thereof the. Mortgagee may pay the same. All sums paid by the Mortgagee Ind any sums
<br />which the Mortgagee may be required to advance to pay mortgage insurance premiums shall be added to the principal of the
<br />debt secured hereby and shall bear interest from the date of payment at the rate specified in the Note and shall be due and
<br />payable on demand. In case of termination of the Contract of Mortgage Insurance by prepayment of the Mortgage in full, or
<br />otherwise (except as hereinafter provided), accumulations under (a) of the preceding paragraph hereof not required to meet
<br />payments due under the Contract of Mortgage Insurance, shall be credited to the Mortgagor. If the property is sold under
<br />foreclosure or is otherwise acquired by the Mortgagee after default, any remaining balance of the accumulations: under (b) of
<br />the preceding paragraph shall be credited to the principal of the Mortgage as of the date of the commencement of foreclosure
<br />proceedings or as of the date the property is otherwise acquired; and accumulations under (a) thereof shall be likewise
<br />credited unless required to pay sums due the Secretary of Housing and Urban Development, acting by and: through the
<br />Federal Housing Commissioner under the Contract of Mortgage insurance;
<br />11. That the Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and
<br />improvements, and which may be levied upon this Mortgage or the debt secured hereby (but only to the extent that such is
<br />not prohibited by law and only to the extent that such will not make this loan usurious), but excluding any income tax, State
<br />or Federal, imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation
<br />of this undertaking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any
<br />portion of the aforesaid taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor of any
<br />such taxes, or if such law or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage
<br />debt, the Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged premises, requiring
<br />the payment of the mortgage debt. If such notice be given, the said debt shall become due, payable, and collectible at the
<br />expiration of said ninety (90) days.
<br />12. That Mortgagor will not commit, permit, or suffer waste, impairment, or deterioration of said property or any
<br />part thereof, and in the event of the failure of the Mortgagor to keep the buildings on said premises and those to be erected
<br />on said premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may
<br />deem necessary for the proper preservation thereof, and any sums paid for such repairs shall bear interest from the date of
<br />payment at the rate specified in the Note, shall be due and payable on demand and shall be fully secured by the Mortgage;
<br />13. That if there shall be a default in any of the terms, conditions, or covenants of this Mortgage, or the Note secured
<br />hereby, then any sums owing by the Mortgagor to the Mortgagee shall, at the option of the Mortgagee, become i0mediately
<br />due and payable. The Mortgagee or any holder of this Mortgage and the Note secured hereby shall then have the right to enter
<br />into the possession of the mortgaged premises and collect the rents, issues, and profits thereof. In any action to foreclose, the
<br />holder of this Mortgage shall be entitled to the appointment of a receiver of the rents and profits of the mortgaged premises
<br />as a matter of right and without notice with power to collect the rents, issues, and profits of said mortgaged premises, due
<br />and becoming due during the pendency of such foreclosure suit, such rents and profits being hereby expressly assigned and
<br />pledged as additional security for the payment of the indebtedness secured by this Mortgage, without regard to :the value of
<br />the mortgaged premises or the solvency of any person or persons liable for the payment of the mortgage indebtedness. This
<br />Mortgagor for itself and any subsequent owner hereby waives any and all defenses to the application for a receiver as above
<br />and hereby specifically consents to such appointment without notice, but nothing herein contained is to be construed to
<br />deprive the holder of- the Mortgage of any other right, remedy, or privilege it may now have under the law to have a receiver
<br />appointed. The provision for the appointment of a receiver of the rents and profits and the assignment of such rents and
<br />profits is made an express condition upon which the loan hereby secured is made;
<br />14. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to
<br />be a waiver of the terms hereof or of the Note secured hereby;
<br />15. That all payments made by the Mortgagee to remedy a default by the Mortgagor as aforesaid and the total of any
<br />payment or payments due from the Mortgagor to the Mortgagee and in default shall be added to the debt secuxed by this
<br />Mortgage and shall be repaid to the Mortgagee upon demand. Any such sum and interest thereon at the rate specified in the
<br />Note shall be a lien on the premises, prior to any other lien attaching or accruing subsequent to the lien of this Mortgage;
<br />16. That so long as the Mortgage is insured under the provisions of the National Housing Act or held by the Secretary
<br />of Housing and Urban Development, it will not voluntarily create or permit to be created against the property su Iect to this
<br />Mortgage any lien or liens inferior or superior to the lien of this Mortgage, and further it will keep and maintain tl same free
<br />from the claim of all persons supplying labor or materials which will enter into the construction of any and all buildings now
<br />being erected or to be erected on said premises;
<br />17. That the improvements about to be made upon the premises above described and all plans and specifications
<br />comply with all municipal ordinances and regulations made or promulgated by lawful authority, and that the samb will upon
<br />completion comply with all such municipal ordinances and regulations and with the rules of the fire rating or! inspection
<br />organization, bureau, association or office which are now or may hereafter become applicable to the prerriises above
<br />described;
<br />.� y,. . M.
<br />
|