83004482 - Laserfiche WebLink

Browse

I 83...... 004402.. (I) 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 Development pursuantto the National Hvusing Act, as amended, and applicable Regulations thereunder; or r (n) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which .shall be in an amount equal to one-twelfth (1/12) of one-half (1/2) per centum of the average outstanding balance due on the note computed without taking into accQunt 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 policies. of fire and other hazard insurance covering the. mortgaged property, plus taxes and assessments nexldue on the mortgaged property (all as estimated by the Mortgagee! ;~SS all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assessments wilJ.become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre- miums, taxes and special assessmen ts; and (c) Allpayments 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 shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium). as the case may be: (II) ground rents. taxes, assessments, fire and other hazard insurance premiums; (III) interest on the note secured herebv; and (IV) amortization of the principal of said note. Any defiCiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort- gagor prior to the due date of the next such payment. wl1stitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed four cents l4~) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the \lort/;a/;or under (b} of paragraph:! preceding shall exceed the amount of payments actually made by the \Iortga/!ee for !!fOund rents, taxes and assessments or insurance pre- miums, as the case may be, such excess, if rhe loan is current, at the option of the Morrgagor, shall be credired b} the Mortgagee on subsequent payments to be made by the Mortgagor. or refunded hI the \lortgagor, If, however, the monthly payments made by the Mortgagor under (b) of paragraph .2 preceding shall not be sufficient to pay ground rent, taxes and assessments or insurance premiums. as the case may be. when the same shall become due and pay- able, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the dencil'ncy, on or before the date wLpn payment of such ground rents, taxes, assessments or insurance premiums shall be due. If at any time the Mortgagor shall tender to the ~Iortgagee, in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, th" \lort/;agee shall. in computing thl' amount of such indebredness, credit to the account of the Mortgagor all payments made under the provisions of I ,,) of paragraph 2 hereof which the Mortgagee has not become obi igated to pay to the :-;ecretary of lIousing and lirban Development and any balance reinaining in the funds accumulated under the provisions of {b} of paragraph 2 hereof. If thl!fe shall be a default under any of the provisions of this mortg~e f<'sulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default. thl' \lortgagec shall apply, at the time of the commencement of such proceedings, or at the time the property is othl'rwise acquired, the balance then remain- ing in the funds accumulated under (hi d par~raph 2 pr('('l'ding, as a credit ~ainslthe amount of prinl"ipal then remaining unpaid under said note, and shall properly adjust any payments which shall ban' bel'n made under (a) of paragraph 2, 4. That the Mortgagor will pay ground rents. taxes. assessments. water rates. and other governmental ll[ municipal charges, fines, or impositions. for which provision has not been made hereinbefore. and in default thereof the Mortgagee may pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee. S. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve. ments, and which may be levied upon this mortgage vIr the debt secured hereby lbut only to the extent that such is not prohibit. ed by law and only to the extent that such will nol m:lke this loan usurious), bUI excluding any income tax. Slate or Federal. imposed on Mortgagee, and will file the official receipl showing such payment with Ihe Mortgagee. Vpon violation of this under- taking. or if the Mortgagor is prohibited by any law now llf hereafter existing from paying the whole or any portion of the afore. said taxes. or upon the rendering of any courl decree prohibiting tbe payment by the Mortgagor or any such taxes, or if such law or decree provides Ihat any amount so paid ,,} the Mortgagor shall be credited on Ihe mortgage debt. the Mortgagee shall have the right to give ninety days' written notice 10 tbe owner l,f Ihe mortgaged premises, requiring the payment of the mortgage debt. If such notice be given. the said debt sball become due, payable and colleclible at Ibe expiration of said ninety days. 6, That should he fail to pay any sum or keep any coven ant provided for in this Mortgage, then tbe Mortgagee, at its op- tion, may pay or perform the same, and all expenditures so made shall be added to the principal sum owing on the above note. shall be secured hereby, and shall bear interest at the rale ,et forth in tbe said nOle, until paid. 7, That be hereby assigns, transfers and sets over to the Mortgagee. 10 be applied toward the payment of the note and all sums secured hereby in case of a default in the performance of any of tbe terms and wnditions of this Mongage vIr the said note, all the rents, revenues and income to be derived from the mongaged premises during such time as the mortgage indebted- ness shall remain unpaid; and tbe Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of repairing said premises and of renting the same and collecting tbe rents. revenues and income, and i! may payout of said in- c{\mes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the same and of COllecting rentals tberefrom; the balance remaining, if any. to be applied toward the discharge of said mortgage indebtedness. 8. That he will keep the improvements now existing or hereafter erecled on the mortgaged propeny. insured :IS may be required from time to time by the Mortgagee against loss by fire and other hazards. casualties and contingencies in such amounts anliJorsuch periods as may be required by tbe Mongagee and will pay promptly. when due. any premiums on such ins!U'ance .Pfovision for payment of whi>:h has not been made hereinbefore. All insurance shall be carried in ,ompanies ap- proved by the Mortgagee and the policies and renewals thereof shall be held by Ihe Mortgagee and bave attached there'" loss payable clauses in favor oLand in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate nOlice by mailtotlle-Mo~e, who may make prOQf of loss if not made promptly by Mortgagor, and each insurance company con. cerncli~herebY3Qtboriudand directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor alldthe Mortgagee jointly. and tli<; insurance proceeds, or any part tbereof. may be applied by the Mortgagee at its option either to t!le,r~ucti(m of the ill>lebtedness hereby secured or ,to the restQratiQn or repair of Ihe property damaged. In evenl of foreclo, sure oftl!is.zq~orothertransfefof title to t!)emortgaged property in extinguishment of Ihe indebtedness secured hereby. , allr~t,tltk M<linlerestolthe Mort8880r in aod to any insurance policies then in force shall pass to the purchaser 01 grantee. it That aS8liditillnal and collateral security for the payment of the note described. and all ,ums to become due uuder this ~r~gt,t~.Morl&allor h"reby assigns to the Mortgagee all profits, revenues, royalties, rights and bei1dib ace'ruing to the Mo~gQr ull>ler !lny and all oil and gas I<:ases on said premises. with the right to receive and rec.eipt fl)r the same 3nJ fOPp!} th1l1ll tos~Jlin4t"tedncss~ well before as afl.<;r defaultlnthecQf\ditjons prthis mongage, and the Mortgagee Illa} demand. slle fOr andreCQver any such payments when due and payable. bUt shali!lol be required so to do This assig11tnenr is to Icrmill"" and Mcollle IlUII and void UllQO release of tllh mortJllllle, HUI.1-9214JM 19 rHI