79005271 - Laserfiche WebLink

Browse

(,!) month prior ut its due date the annual rrixartgage insurance premium in order to provide such ~hsaltler with funds to pay Buell premium to the Secretary of Housing and tJrb~an Ckvelupment pursuant to ihur ,q hiatit;mat Housing Act, as amersded, and appl~~iea'ble Regulations thereunder; ar 4 i /n, {If) ff and so long as said note of even date and this instrument are held by the Secretary of Housing and rJ urban Development, a monthly charge (in lieu oja +nortgage iraumnce premium] which shall he in an Q amount equal to one-twelfth fi(le) of one-half (1?Z) pe; centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; {b} A sum equal tq the ground rents, if any, next due, plus the premiums that will next become due and payable or. ~aj policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (al! as estimated by the Mortgagee) less all sums already paid therefor divided by the nwnber of months to elapse before one month poor to the date when such ground rents, premiwns, taxes and assessments will become delinquent, such Bunts to be held by Mortgagee in trust to pay said ground rents, pre• miums, taxes and special assessments; and {~) Ail 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 shall be paid by the Mortgagor each month in a sine}e 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 Rousting and Ur'oan I}evrlopment, ur montlily charge tin lieu oj'mortgage insurance premium), as the case may be; (-!) ground rents. taxes, assessments, fire and other hazard insurance premiums; (111) interest atn the note secured hereby; and (IV) amortization of the principal of said note. Any de@ciency in the amount of any such aggregate monthly payment shall, unless made good by the Mort- gagor prior hr the due date of the next such paynteut, constitute an event of default under this mortgage. The Mortgagee may collect a "tare charge" not to exceed tiler cents {4{r) for each dollar (51) of each payment m~xe than fifteen f ! ~) days in arras to cover the exva expense involved in handling delinquent payments. 3. '~ hat if the aria! of the payments made by the 1lortgagor under (h) of paragraph 2 preceding shall exceed the amount of payments actually made by the \iortgagee for s;round rents, taxes and assessments or insurance pre- miums, as the case may be, such excess, if the loan is current, at the option of the Rlortgagor, shall be credited b}' the Mortgagee on subsequent payments W lee made by the Rtortgaeur, or refunded to the llortoagoc lt, however, tote monthly pa}menu made be the Rtortgagor under /b) of paragraph Z preceding shall not be sufficient to pay ground rent, taxis and assessments or insurance premiums, as the case may be, when the same shall become due and pay- able, then th+~ )tartgagor shall pap to the Alorigagee any amount necessary to make up the deficiency, on or before the date when payment of such Kmund rents, taxes, assessments or :nsuranet+ premiums shall be due. If at any time the Mortgagor :hat! tender to the Rtortgagee, in accordance with the provisions of the note secured hereby, fait payment of the entire indehtedne.~s represented thereby, the Mortgagee shall, in computing the tunaunt at such indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (u) of paragraph 2 hereof which the Rbrtgaree has not became obligated to pat' to the ~cretar}' of Rousing and I',rbart Develtrpment and any balance remaining in the funds accumulated under the provisions off 6J of paragraph 2 hereot. If there shall be a default under an}' of the provisions of this mortgage resulting in a public sale of the. premises covered hereby, or if the lrrgagee acquires the properl} otherwise after default, the 1lortgagee shall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain- ing in the funds accumulated under iL1 of paragraph ?preceding, as a credit against the amount of principal then remaining unpaid under said note, :r-nd 4hat1 property adjust an} payments whit+t•. shall have been matte order=u! of paragraph 2. 1. That the Riurtgagor wilt pay ground rents, taxis. assessments. watzr rates, :md ottlr€ g.rvrrumentai ur municipal charges. fines, nr impositions, for which provisuln has not been made hereinhefore, and in default thereof rhr Mortgagee may pap the s~me; and that the Vforrgagnr wi€? p€ontptl} deliver the olf~lci?i receipts therefor to x~ ktarrigxgrr- #. The ;Llortgagor wilt pay ail taxes which..nuy be fevieti upon the Murtgagrc's interest in said real estttr and improve- mrnts, anc+. which Hies - levied upa.n this murtgagz or the dzht szctir+rd hr€eb} that Ditty ire thz zxrznt that such is not pruilibir- ed b 'a sad only t...~, _- teat tk t ~ch wl - +ml,c t-t login a ,~rrc+u+?, .at _x_.udm~, an4 inca.t'ta :. :~:tte cx rzdrr!, imposed un Mortgagee. andwdl file rhr ut}icia! ezceipt show tint such paymr_nt with ihr Rlurrgagre- L nun viutjtiun ~ thi_• under- taking, or ii the Mortgagor is prohibited by ana taw row or hereafter existing from paying the w hate «r ant tx'rtion of the ::frrrr- said hexes, ur upon ihr rendering of any court decree prohibiting the payment by the Mortgagor ur any such taus. ur i[ such law ur decree ilnlvidrs that any amount su paid h} ihr Riurtgagur vhatl hr credited un ihr mortgage det+t, the Mortgagee shat! have the right to give ninety days' written Hauer to the owner of the mortgaged premise<, reyuiring ihr pavo,rnt of ihr nwrtg-age debt. If such notice he given. the acid debt shall hr, ome due. pay able and coltectihte at ihr expiration of utir+ ninety days. 6. That should he fail to pay any sum or keep any covenant provided for in this Mortgage. then rhr Riurtttagrr, at its op- tion, may pay or preform the same, and atI expenditure, cu made sh:dl be added h> the principal sum owing on the above Holz. shall t>e secured hereby.:md shall liar interest at the rate set forth in the said note, until paid. ,. 'I hat hr hrrrlly assigns, transfers and sets over [o the Mortgagee, to be applied toward ihr payment .=t ihr note and alt sums secured ttzrzhy in ease of a drfuutt in rhr prrfa~rmancr of am of ihr terms and canditiuns of this Rtortcular or the said Hate, alt the rent,, revenues and tnr;omr to he derived from the martgaged premises during such time as ihr mortwuge indrhted- rtzss shall remain unpaid; and ihr Mortgagee shall have power to appoint any agent or agents it ma} desire fur ihr purpose of €epairing said premises and of renhrtg the same and collecting ihr rents, revenues and income. and it may pay out of said in- carrnes ail expenses of repairing ,aid premises and necessary commissions and ext+rnsrs incurred in rentinrt and mana_¢:ne the same and of collecting rentals thrrefnlm; ihr batanae remaining, if any. to he applied toward fire discharge of said mortgage indehttdncss. S. That hr will keep ihr improvements Haw existing ar hereafter erected an the martgaged property, insured as may he required front timz is time by rhr Rtart>vagcr aeainst toss by fie end other hazards. casualties and continezncies in such amounts and for such perialds rrs may. br required by thz MorteaIIee and will nay prumnti} _ when iue, env premiums un Both i..^.surance pravisiar, for payment of which has ni.t t1Crr1 ritadr hereinhefure. Ail insurance shall he carried-ln cr:mpanies ap- proved by ihr Mortgagee and the policies and renewals thereof shalt he held by the Mortgagee and have attarhrd thereto loss payable clauses in favor of and in Form acceptable to the Mortgagee. In event of lass Mortgagor will give immediate Holier t+y malt to the Mortgagee, who may make proof of loss if not made promptly by Morttagor, and each insurancz company con- cerned is hereby authorized and directed to make payment far such toss directly to the Mortgagce inateud of w the Mortgagor and the Mortgagee jointly, and the insurance proceeds, ar any part thereof, may i?r applied by the Mortgagee at its option either to thz reduction of ihr indebtedness t.rreby secured ur to the restoration or repair of the proaerty damaged. In event of toreclu- sure.of this nturtgage ar other transfer of tide to the nwrtgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and. collates! security fur the payment of the note described, and ail sums to become due under this mortgage, rhr Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights and benefits accruing to the Mortgagor under any and ail oil and gas leases on said premises, with the right to receive and receipt far the same and apply them to said indebtedness as writ before as after default in rhr conditions of this mortgage, and the Riurtgagre may demand. Bur for and recuvrr any such payments when due and payable. but shall not Ex reyuirzd so to da. This assignment i. to terminate and hecomz null and void upon release of this mortgage. FHA 2143M 110 77)