Laserfiche WebLink
<br />1- <br /> <br />88- 101591 <br /> <br />The Morlgllgor In order more fully to prolect the securll)' of <br />Ihls Morlgage, IIgrees: <br /> <br />1. ThaI he will pay Ihe mdeblednc,"s, as hereinbefore provided, <br />Privilege is reserved 10 pay the debr in whole or in parr on <lny <br />installment due dale. <br /> <br />2, That, together wilh. and in addilion to, Ihe monthly <br />payments of principal and intereSI payable under the terms of the <br />note secured hereby, the Mortgagor will pay 10 the Mortgagee, <br />on the firsl day of each monlh until the said note is fully paid, <br />the following sums: <br /> <br />(a) Amount sufficient to provide the holder hereof v. ith funds <br />to pay the next mortgage insurance premium if Ihis instrument <br />and the note secured hereby are insured, or a monthly charge (in <br />lieu of a mortgage insurance premium) if they are held by the <br />Secretary of Housing and Urban Development, as follows: <br /> <br />(I) If and so long as said note of even d~-1e and this in- <br />strument are insured or are reinsured under the provisions of the <br />National Housing Act, an amount sufficient to accumulate in the <br />hands of the holder one (I) month prior to its due date the an- <br />nual mortgage insurance premium in order to provide such holder <br />with funds to pay such premium to the Secretary of Housing and <br />Urban Development pursuant to lhe National Housing ACI, as <br />amended, and applicable Regulations thereunder; or <br /> <br />(II) If and so long as said note of even date and this in- <br />strument are held by the Secretary of Housing and Urban <br />Development, a monthly charge (in lieu of a mortgage insurance <br />premium) which shall be in an amount equal to one-twelfth <br />(1/12) of one-half (1/2) per cenlUm of the average outstanding <br />balance due on the note computed withoUI taking into account <br />delinquencies or prcpayments; <br /> <br />(b) A sum equal to the ground rents, if any, next due, plus [he <br />premiums that will next become due and payable on policies of <br />fire and other hazard insurance covering the mortgaged property, <br />plus taxes and assessments next due on the mortgaged property <br />(all as estimated by the Morlgagee) less all sums already paid <br />therefor divided by the number of months to elapse befor~ one <br />(l) month prior to the date when such ground rel.ts, premiums, <br />taxes and assessments will become delinquent, such sums to be <br />held by Mc.rtgagee in trust to pay said ground rents, premiums, <br />taxes anJ special assessments; and <br /> <br />(c) All rayments mentioned in the twO preceding subsections <br />of this paragraph and all payments to be made under the nOle <br />secured bereby shall be added together, and the aggregate amount <br />thereof shall be paid by the Mortgagor each month in a single <br />payment to be applied by the Mortgagee 10 the following items in <br />the order set forth: <br /> <br />(I) premium charges under the contract of insurance with <br />the Secretary of Housing and Urban Development, or monthly <br />charge (in lieu of mortgage insurance premium), as the case may <br />be; <br /> <br />(II) ground rems, taxes, assessments, fire and other hazard <br />insurance premiums; <br /> <br />(HI) interest on the note secured hereby; <br /> <br />(IV) amortization of the principal of said note; and <br /> <br />(V) late charges. <br /> <br />Any deficiency in the amount of such aggregate monthly pay. <br />ment shall, unless made good by the Mortgagor prior to the due <br />date of the next such payment, constitute an event of default <br />under this mortgage. The Mortgagee may wllecl a "lale charge" <br />not to exceed four cents (4it) for each dollar ($1) of each pay- <br /> <br />men! more than fifleen (15) days in arrears to cover the extra ex- <br />pcnse involved in handling delinquent payments. <br /> <br />3. That if the lotal of the payments made by the Mortgagor <br />under (h) of paragraph 2 preceding shall exceed the amount of <br />payments actually made by the Mortgagee for ground renlS, taxes <br />and asse~sments or insurance premiums. as the case may be, such <br />excess, if the loan is current, at the option of the Mortgagor, <br />shall be crediled by the Mortgagee on subsequent payments to be <br />made by the Mortgagor, or refunded to Ih~ Mortgagor. If, <br />however, the monthly payments made by the Morlgal!or under <br />(b) of paragraph 2 preceding shall not be sufficient 10 pay <br />ground rents, taxes and assessments or insurance premiums, as <br />the case may be, when the same shall become due and payable, <br />then the Mortgagor shall pay to the Mortgagee any amount <br />necessary to make up the deficiency. on or before the date when <br />payment of such ground rents, taxes, assessments, or insurance <br />premiums shall be due. If at any time the Mortgagor shall lender <br />10 the Mortgagee, in accordance with the provisions of the note <br />secured hereby, full payment of the entire indebtedness <br />represented thereby, the Mortgagee shall, in computing the <br />amount of such indebtedness, credit to the account of the Mort- <br />gagor all payments made under the provisions of (a) paragraph 2 <br />hereof which the Mortgagee has not become obligated to pay to <br />the Secretary of Housing and Urban Development and any <br />balance remaining in the funds accumulated under the provisions <br />of (b) of paragraph 2 hereof. If there shall be a default under <br />any of the provisions of this mortgage resulting in a public sale <br />of the premises covered hereby, or if the Mortgagee acquires the <br />property otherwise after default, the Mortgagee shall apply, at <br />the time of the commencement of such proceedings, or at the <br />time the property is otherwise acquired, the balance then remain- <br />ing in the funds accumulated under (b) of paragraph 2 preceding, <br />as a credit against the amount l'f prindpal then remaining unpaid <br />under said note, and shall properly adjust any payments which <br />shall have been made under (a) of paragraph 2. <br /> <br />4. That the Mortgagor will pay ground rents, taxes, <br />assessments, water rates, and other governmental or munidpal <br />charges, fines, or impositions, for which provision has not been <br />made hereinbefore, and in default thereof lhe Mortgagee may <br />pay Ihe same; and that the Mortgagor will promptly deliver the <br />official receipts therefor to the Mortgagee, <br /> <br />5. The Mortgagor will pay all taxes which may be levied upon <br />lhe Mortgagee's interest in said real estate and improvements, <br />and which may be levied upon Ihis mortgage or the debt secured <br />hereby (but only to the extent that such is not prohibited by law <br />and only to the extent that such will not make this loan <br />usuriou:;), but excluding any income tax, State or Federal, im- <br />posed on Mortgagee, and will file the official receipt showing <br />such payment with the Mortgagee, Upon violation of this under- <br />taking, or if the Mortgagor is prohibited by any law now or <br />hereafter existing from paying the whole or any portion of the <br />aforesaid taxes, or upon the rendering of any court decree pro- <br />hibiting Ihe payment by the Mortgagor of any such taxes, or if <br />such law or decree provides that any amount so paid by the <br />Mortgagor shall be credited on the mortgage debt. the Mortgagee <br />shall have the right to give ninety days' wrillen notice to the <br />owner of the mortgaged premises, requiring the payment of the <br />mortgage debt. If such notice be given, the said debt shall <br />become due, payable and collectible at the expiration of said <br />ninety day~. <br /> <br />6, That should the Mortgagor fail to pay any sum or keep any <br />covenant provided for in this mortgage, then the Mortgagee, at <br />its option, may payor perform the same, and all expenditure~ so <br /> <br />r" <br /> <br />Page 2 of 4 <br /> <br />L <br /> <br />~ <br /> <br />-' <br /> <br />.. <br /> <br />L <br />