|
<br />200605642
<br />
<br />(II) If and so long as said Noll' of even dale and Ihls inslrument are held hy Ihe Secrelary of Ilousing and Urhan Developmenl,
<br />a monlhly service charge in lIU amounl "qual 10 I fl2 of I f2% of Ihe average nulslanding principal balance due on Ihe Nule
<br />cnmpuled for eHch successive year beginning wilh Ihe first day of lhe mOlllh following Ihe dale of Ihis inslrument, if Ihe
<br />Secrelary of Housing and Urhan Oevelopmeul is Ihe Morlgagee (Oencficiary) named herein, nr Ihe firsl day of Ihe month
<br />follnwing as.signmenl, if Ihe Nnle au'" Ihis inslrnmenl arc assigned 10 Ihe Secrelary of "nusing :lIld lIrban Devclopmenl,
<br />wilhollllaking in In accounl delinquencies or prepaymenl;
<br />(hJ A sum "qual 10 Ihe ground renls, if :lIlY, next due, pillS Ihe premillms that will next become due and pllyahle on policies of fire
<br />and nlher properly insurance covering Ihe premises covered herehy, plus waler rales, Inxes and assessments nexl due on Ihe
<br />premises covered herehy (all us eslimaled hy the Mnrlgagee) less all sums already paidlhercfore divided by Ihe numher of monlhs
<br />10 elapse hefore one mflulh prior 10 Ihe dale when such ground renls, premiums, waler rutes, laxes and assessmenls will become
<br />delinqu"nl, such sums 10 h" held by Mortgagee in Irusl 10 pay said ground renls, premiums, waler rales, laxes, and specinl
<br />as.sessmenls,
<br />(eJ All paymenls menlioned in Ihe lwo preceding subseclions of Ihis pnragraph and all paymenls 10 be made under Ihe Note secured
<br />herehy shall be added togelher and the aggregate amount Ihereof shall be paid each monlhin a single paymenllo be applied by
<br />Morlgagee 10 Ihe following items in Ihe order sel forlh:
<br />(I) premium charges under Ihe Contracl of Insurance wilh Ihe Secretary of Bousing and Urban Developmenl, acting by and
<br />through Ihe Federal I-lousing Commissioner or service charge;
<br />(II) ground rents. laxes. special asses.smenls, waler rail'S, fire and olher properly Insurance premiums;
<br />(III) inleresl On Ihe Noll' secured hereby:
<br />(IV) anlOrli1.:llion flf Ihe principal of said Nole;
<br />
<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 (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 thereror, or if the Mortgagof shall fail to pay any alher governmental or municipal charge, the
<br />Mortgagor shall forthwith make good the dericiency or pay the charge berore the same becomes delinquent or subject to
<br />interest or penilllies and in derault thereof the Mortgagee may pay the sallie. All sums paid by the Mortgagee and any sums
<br />whil;h the Mortgagee may be required to advance to pay mortgage insurance p'remiums 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 l)y prepayment of the Mortgage in full, or
<br />otherwise (except as hereinafter provided), accumulations under (a) of the prcceding paragraph hereof not required to Illeet
<br />payments due under the Contract of Mortgage Insurance, shall be credited to the Mortgagor. If the propcrty is sold under
<br />foreclosure or is otherwise acquired by the Mortgagee after derault, 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 Uevclopment, acting by and through the
<br />Federal Housing Commissioner under the Contract of Mortgage insurance;
<br />
<br />II. That the Mortgagor will pay all taxes which may be levicd 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 lhe extent that such is
<br />not prohibited by law and only lo the extent that such will not make this loan usurious), but excluding any income tax, Stale
<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 lhe 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 />
<br />12. That Mortgagor will not commit, permit, or suffer wasle, 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 il 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 />
<br />13. That if there shall be a default in any of the terms, conditions, or covenants of this Mortgage, or the Note securcd
<br />hereby, then any sums owing by the MOftgagor to the Mortgagee shall, at the option of the Mortgagce, become immediately
<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 posscssion of the mortgaged premises and collect the rents, issues, and profits thereof. In any action to foreclose, the
<br />holder of this Mortgagc 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 noticc with power to collect the rents, issues, and profits of said mortgaged premises, due
<br />and becoming duc during the pendcncy of such foreclosure suit, such rents and profits be.ing hereby expressly assigned and
<br />pledged as additional security for the payment of the indebtedness secured by this Mortgage, without regard to lhe valuc of
<br />the mortgaged premises or the solvency of any person or persons Iiabte 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 />nppointed. The provision for the appointment of a receiver of the rents and profits and Ihe assignment of such rents and
<br />profits is made an express condition upon which the loan hereby secured is made;
<br />
<br />14. That no waiver of any covenant herein or of the obligation secured hereby shall at :lny time thereafter be held to
<br />be a waiver of the terms hereof or of lhe Note secured hereby;
<br />
<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 shl1l1 be added to the debt secured 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 />
<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 voluntafily create or permit to be createtl against the property subject to this
<br />Mortgage any lien Of liens inferior or superior to the lien of this Mortgage, and further it will keep and maintain the same free
<br />from the claim of all persons supplying labor or materials which will enter into the c~nstructlon of any and all buildings now
<br />being erected or to be erected on said premises; SEE RIDER ATTACHED HERETO AND INCORPORATED HEREIN BY THIS
<br />REFERENCE.
<br />11. That the improvements about to be made upon the premises above descrihed and all plans and specifications
<br />comply with all municipal ordinances and regulations made or promulgated by lawful authority, and that the same 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 hereaftcr be~oml't. applicable to the premises above
<br />described;
<br />
<br />18. Thill thll f'olM1I6 t9 "elHlnMBell hereiN ere t9 he tl8et! iR lite eeR8trtl',tien ~f ~ertllin in'"re,elllent8 en thv lauds
<br />hereiN t!e6sri"etf, i.. ~1"811 '"lith a \!tlihliNg 191.. agreeMent lIatet! "' 19 , hel.. Dell the hhutglll;ur
<br />"A'I tho ~hHI8a8118, "'hir;h Imihlin8 IgaR ;tgrlllllll'llRl lhH M9rt8118Qr SQ\'HRIIRls" le flllrr9~Rl; if thl! tl8R8trnli8R sf UM
<br />
|