87107363 - Laserfiche WebLink

Browse

r L 87-10'1363 (a) A sum equal to the ground rents, if any, next due. plus the premiums that will next become due and payable on policies of fire and olher hazard Insurance covering the mortgaged property. plus taxes and assessmenls nexl due on Ihe mortgaged property (all as estimated by the Mortgagee) less all sums already paid Iherefor divided by the number of months to elapse before one (1)monlh prior to the date when such ground rents, premiums. taxes and assessmenls will become delinquenl, such sums to be held by Mort- gagee in trusl to pay said ground renls, premiums, taxes and special assessmenls; and (b) All paymenls mentioned in the two preceding subsections of this paragraph and aU paymenls to be made under the nole secured hereby shall be added together, and the aggregate amounl thereof shall be paid by the Mortgagor each monlh in a single payment to be applied by Ihe Mortgagee to the following items in the order set forth: (I) ground renls, taxes, assessmenls. fire and other hazard insurance premiums; (II) interest on the note secured hereby; and (III) amortization of the principal of said note. Any deficiency in the amount of such aggregate monlhly paymenls shall, unless made good by the Mortgagor prior to the due dale of the next such payment, conslilule an event 01 delaull under this mortgage. The Mortgagee may collect a "late charge" not to ex- ceed four cents (4c) for each doRar ($1) of each paymenl more than fifteen (15) days in arrears, to cover the extra expense invotied in handling delinquenl payments. 3. That If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shaR exceed the amount of the paymenls actually made by the Mortgagee for ground renls. laxes and assessments or insurance premiums. as the case may be. such excess. if the loan is current, al the option of the Mortgagor. shall be credited by the Mortgagee OIl subsequent paymenls to be made by the Mortgagor, or refunded to the Mortgagor. If. however, the monthly payments made by the Mortgagor under (a) of paragraph 2 precedilg shall nol be sufficient to pay ground rent, taxes and assessments or illsurance premiums, as the case may be. when the same shal become due and payable. then the Mortgagor shall pay to the Mortgagee any amount neoessalY to make up the deficiency. on or before the date when pay- menl of such ground renls, taxes. assessments or ill surace premiums shall be due. If at any fule the Mortgagor shall tender to the MoIlga- gee. in accordance wilh the provisions of the note secured hereby. fun payment of the mlire indebtedness represented thereby. the Mo.-tga- gee shall, In computing the amount of such illdebtedlless. cred~ 10 the 8lXXM1nt 01 the Mortgagor. any balance rern.amg illhe funds accu- mulated under the provisions of (a) of paragraph 2 hereof. If there shaD be a default under any of the provisions of this mortgage resulOOg ill a public sale of Ihe premises covered hereby, or if the Mortgagee acquires tile property othawise aller default. the Mortgagee shal apply. at the time of the commencement of such proceed'lTlgs. or at the time Ihe property is olh_ise aC(JIired. the balance then rernainirlg ill the funds accumulated under (a) of paragraph 2 preceding, as a creal! against the amounl of principal then remaining unpaid under sald note. 4. That the Mortgagor will pay all ground rents, taxes and assessments, waler rales, and other governmental or IOOnicipaJ charges. fines. 0<' impositions. for which provision has nol been made hereirlbefore. and in ~ thEreOf the Mortgagee may pay the same; and lhal Ihe Moo. gagor wil promptly deliver the official receipts therefor 10 Ihe Mortgagee, 5. The Mortgagor wiD pay aD taxes which may be liMed upon the Mortgagee's interesl in saki real estate and ~vements. which may be levied upon this mortgage or the debt secured hereby (but only to tile extent that suc!l is not probbiiled by law and only 10 the extent that such will not malte this loan usurious). but excluding any income tax. Stale or Federal. imposed en Mortgagee. and wiI file the ol5ciiaJ receipt showing such payment ~ the Mortgagee. Upon violation of this Uhdeltak1ng, or if the Mortgagor is prohbled by any law now or hereafter eXisting from paying the whole or any portion of the lIforesaid taxes, or upon the reIldering 01 8.'\Y court deaee prohlliling the pa)1Tlelll by the Mortgagor of any such taxes. or if such law or dea'ee proWdes lhal any a!noun1 so paid by the Mortgagor shaJ be credled on the mortgage debt, the Mortgagee shal hlrVe the right to give ninety (90) days' wriIlen notice to the owner 01 the mortgaged premses. requmg the paymenl of the mortgage debl If such notice be given. the said debt shaD become due. payable and ooIIlect'bGe at the expiration of sa.id ninety (90) days. 6. That should he tall to pay any sum or keep any covenalll provlded lor irl this Mortgage. then the Mortgagee. at its option. may pay or perlonn the same. and aD expendihnes so made shall be added to the prinoiPal sum owing on the above note. sha1 be secured hereby. and shall bear interest at the rate set forth in the said note. until paid. 7. Thai he hereby as!'iglls. trensfars and sets over to the Mortgagee. 10 be a,pplied toward the pa)'merlt of the note and aii sums seaKed hereby in case of a delaull in the performa.nce of any of the terms and oondiOOns 01 tbis Mortgage or the said nole. all the rents. rE'tenues and income to be derived from the mortgaged premises dllrirlg such time as Ihe mGltgage indebtedness sha!li remain unpaid; and the Mort- gagee shall have power 10 8Pi>Oint any agent or .gents it may desire lor the purpose ot repairing said prenises and of renmg the same and collecIing the rents, revenues and income. and it may pay out 01 said illoome5 aD Elq)ooses of repairing sa.id prerrSses and necessary c0m- missions and expensoes incurred in renting and maNlgillg the same and of collecting rentals therelrom; the balance remaDing. If any. to be applied 10000rd the discharge of said mortgage indebtedlless. 8. That he wil keep the improvements now existing or hereafter erected on lhe mortgaged property, iIlsured as may be required Irom 00\e 10 time by the Mortgagee agairlst loss by fire and other hazatds. cas.uallies and contingencies in such amounts &Ild for such periods as may be requ~ by the Mortgagee and will pay promptly. wilen due, any premilJlllS on such inS\JlllllCll! pro,isXln for pa)'ment of which has not !lee., made hereinbefore. All insuranoe shal be carried in companies approved by the Mortgagee and the policies and renewals thereof shal be held by the Mortgllgee and have attached thereto loss payalle clauses in favor of and in form aooeplab\e 10 the Mortgagee. In event ot loss Mortgagor wlI fjrie immediale notice by ma1 to the Mortgagee, who may /nI.\(e proof of loss if not made ~ by Mortgagor. and each insurance company concerned Is hereby authorized and direded to make Pll)'ment for such loss cfcectly to the Mortgagee inslead 01 to the "Mortgagor and the Mortgagee jointly. &Ild the insurance proceeds. or any part Ihereof. may be applied by Ihe Mortgagee al its oplion either to the reduction 01 the indebtedness hereby secured, or to tile resloration or repair 01 the property damaged. In the event 01 lore- dosure of this mortgage or other ttansfer of tiIIe 10 the mortgaged property in extlrlguishment of the indebtedlless secured hereby. all right. tilJe and interest of the Mortgagor in and to any illsurance policies then in foroe sha~ pass to the purchaser or QlBntee. 9. That as addItional and collateral security for the pa)1Tlellt of the note described, and al sums to become due under this mortgage. the Mortgagor hereby assigns 10 the Mortgagee all profrls. re.'enues. royalties. righlS and beoef4s accruirlg to the Mortgagor under any and al o-J and gas leases on said pl'l!!lrises. with the righl to receive and receipt for the same and apply them to said indebtedness as wel before as alter defaull in the conditions of this mortgage, and the MoIlgagee may demand. sue for and recover any such ~ts when due and pay. able. but shd not be required to do so. This assignment is to terminate and become nul and void upon release of this mortgage. 10. That the MoIlgagor wiI keep the buioll'lgs upon said prenises in good repair. and neither commit nor permit waste upon said land. nor . suffer the said premises to be used for any unlawful purpose. 1 t. That If the prernlses. or any part thereof. be condemned under the power of eminenl domain, or acquired for a pubic use. Ihe damages awarded. the proceeds for the takkig of, or the consideration for such acquisition. to the extent of Ihe ful amount 01 indebtedness upon Ihis mortgage and the note which Ills g/>'en to secure remaining unpaid, are hereby assigned by the Mortgagor to Ihe Mortgagee. and shal be paid forthwith to said Mortgagee to be applied by Ihe Ia!ler on accounl of the next maturing inslallmenls of such indebtedness. '~ ., J~ ~~ ;. Pa';)t '} r:.f J ~