85005690 - Laserfiche WebLink

Browse

(1) month prior to its due date the annual mortgage insurance premium in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urban Nvelopmenl pursuant to the National Housing Act, as amended, and applicable Regulations thereunder: or (11) If and so long as said note of event date and this instrument are held by the Secretary of }sousing and Urban Development, a monthly charge (in lieu of a mortgage insurance premium,i which shall be in an Q amount equal to one- twelfth (1 /12) of one -half (1 /2) per centum of the average outstanding balance 4Z due on the note computed without taking into account delinquencies or prepayments-. (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on 40 policies of fire and other hazard insurance covering the mortgaged property, plus faxes and assessments next due 0 O on the mortgaged property (all as estimated Irp the Mortgagee) less all sums already paid therefor divided by the O number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre - mituns, taxes and special assessments, and (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 together, and the aggregate amount thereof s11311 be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in fife order set forth: (1) premium charges under the contract of insurance with the Secretary of Housing and Urban sleveloprrx nt. or monthly charge (in lieu of mortgage insurance rrcmium�, as the case may he; (11) ground rents, taxes, assessments, fire and other hazard insurance premiums; (111) interest on the note secured hereby: and (IV) amortization of the principal of said note. Any deficiency m the amount of any such aggregate monthly payment shall, unless made good by the Mort- gagor prior to tfie due date of the next such paymetit. constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed tour cents 140 for each dollar ($I) of each payment more than fifteen (1 5 1 clays in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the Nkm4gagor under i ki of paragraph '_' preceding shall exceed the amount of payments actually made: by the Mortgagee for r-mond rents. taxes and assessments or insurance pre- miurn. s, as the crtse may be, such excess, if the loan is current, at the option of the Mortgagor, shall he credited by the lsortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. If. however, the monthly payments made In the Mortgagor under (h) of paragraph ' preceding shall not he sufficient to pay ground rent, taxes and assessments or insurance premiums. as the rase may be. when the same shall become due and pay- able, then rite+ Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, on nr before the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. If at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented themby. the lrgagee shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor all payments made under the provisions of !a) of paragraph ? hereof which the 1orgagee has not become obligated to pay to the �wcrelary of siousing and I!rhan Development and any balance remaining in the funds ac•eumulated under tie provisions of (b) of paragraph ? hereof. If there shall see a default under any of the provisions of this mortgage resulting in a public - e ale of the premiss covered hereby, or if the Mortgagee acquire= the property otherwise after default, the Nlortgage•e• --hall apply, at the time of the commencement (of such proceedings, or at the lime the property is otherwise acquired• the balance then remain- ing in the funds accumulated under ('•i of paragraph 2 preceding. as a credit against the amount of principal then remaining unpaid under said note, and shall prttperiy adjust any ^ ayments which shall have litsvir made under fa) of paragraph 1. 4. That the Mortgagor will pay ground rents, iaxe%. assessments, water rates. and other governmental or municipal charges. fines, or impersrtfom, for which provision has not been made heremtef0Te, and in default thereof the Mortgagee may Pay the %ame. and that the Mortgagor will promptly deliver The official receipts therefor io the Mortgagee *. The Mortgagor will pay all taxes which may he levied upon the Mortgagee's interest in said real estate and improve- ments, and which may be levied upon this mortgage or the debt wt ured herehy Phut only to the extent that such is not prohibit - ed by law and only to the extent that such will not make this loan usurious). but excluding any income tax. State or federal. imposed on Mortgagee. and will file thr official receipt showing such payment with the Mortgagee. Upon violation of this under - taking. or if the Mortgagor is prohibited tsv any law now or hereafter c xisting from paying the whole or any portion of the afore- said taxes. or upon the rendering of any court decree prohibiting the pay ment by the Mortgagor or any such taxi %. or if such law in decree provides that any amount sn paid by the Mortgagor shall he credited on the mortgage debt, the Mortgagee %hall have the right to Fire moot% days' written notice to the owner of the mortgaged premises. requiring the payment (if the mortgage debt. If such notice he given, the said debt shall become due. payable and collectible at the expiration of said ninety days. 6. That .hookl he fait to pay any sum sir keep anycoven ant provided for in this Mortgage, then the Mortgagee. at its op- tion, may pay oe perform the same, and all expenditures %o made shall he added to the principal sum owing on the above note. %hall he secured herrbv, and %hall hear interest at the rate set forth in the said nole. until paid. That he hereby assign%, transfers and wt %over to the Mortgagee, to be applied toward the payment of the note and all sums secured hereby in caw of a default in the performance of any of the terms and conditions of this Mortgage or the said note. all the tents, revenues and income io he derived from the mortgaged premises during such time a% the mortgage indebted- ness shall remain unpaid: and the Mortgagee %hall have power to appoint any agent or agent% it may desire for the purpose of repaiting said premiw% and of renting the %ame and collecting the rents. revenues :end income• and it may pay nut of said m- comes all expenses of repairing said premises and necessary commis%ion% and expenses incurred in renting and managing the same and of collecting recitals therefrom: the balance remaining, if any, to he applied toward the discharge of %aid mortgage indehtedney%. If, That he will keep the improvements now existing n• hereafter erected on the mortgaged property• insured as may be required from time to tame by the Moigagee agairta loss by fire and other hazard %. casualties and conunftencies in such amount% and for Such periods as may be tequired by the Mori tgee and will pay promptly, when due, any premium-., on such insurance provision for payment (if which has not been made hereinfeefore. All insurance shall he carried in companies ap- proved by the Mertgollfre and the policies and renewals thereof %hall he held by the Mortgagee and have attached thereto lo%% payable clauses in favor off and in form acceptahlc to the Mortgagee. In event of Isis% Mortgagor will give immediate notice b% mail to the *+Imiguftre. whit may make proof of It m% if nsif made promptly by Mortgagor. and each insurance company con - cerned is hereby authorized and directed fu make payment for Such los% directly to the Mortgagee instead of to the Mortgagor and the 1Ncrtfr+gxe j++ ntly. and the m%urance proceeds, w any part thcteof, may he applied by the Mortgafter ai its option eitbet to rite. reduchoon cd the indehtednr %% herebv Secured cur to the rc%tor anion or repair of the property damaged In event of foicclm sure of this mortftafor air other transfer of role io the mortgaged property fn extingu shment of the nrdchtedne%s secured helebv. all r*d. folk and tmttr %t of lire Mortgaftot in acrd to any tnsurancc policie% then in forte shall pas% 1l, the putch:ascr or grantee 9. That a% adduiemal and cotlutetal %eeurny 1'or the payment of the Hutt dc%cnlx•d..enJ : +II sums tot E%rtouhe due undea this mi'tt"fle. fife ifforigaUSorr herehy a%siftn% fit the Mortgagee all proof%. revenues nnaltte%. rights and benefit, ihccinhng to the `forlftafEcrr under any and all of and gas tease% his said premtsr%. with the fight to recene and receipt for the same and app)% them rn sand budrhtcdne%% aS well Isettre as each default to tlhc tondttn)m of this mongvxe ,ind the Mortgagee ma% demand sue for ,ind reci�-vo :,nv ,1104 paytrirats. when disc and paSahie, bur shall 11411 he rettuiord ,, to da, l h,. ""lKmnrnt 1s n. lernmian- afvd lwttomc null nd ,oid upmt relvo,c >t ihts rau,tlgaire 1