79006360 - Laserfiche WebLink

Browse

7~-~ (t 1 rnnnth prior tit its roue date tt;e anrp~oal nrR>rtgage itrr~u:anee premium in ~arrclt!s' to I~trovide sucfu hctlde~~r +tai4h fiands to pay such ',pru:miurn u> ihr~ `.x•ea>=vt~ary of I1~:?u:~6ng an;~~ Urha,n f)~eu~e:h?pm~atni lam~su~~an't to the Natirrtt21 Housing A+,t, a~~n~ ament3ed, and apptica'i>fe Regulatirtns tia~e€eunder; or (L) [( and so long as said note of even date and this instmmeni are held by the Secretary oC Housing and Urban Development, a monthly charge Tin lieu cif a mortgage insurance preruiumJ which shad be in an amount equal to one-twrtfth {1/12j of one-hail {1/21 per centum of the average outstanding balance due nn the note computed without taking into account delinquencies or prepayments; (b) A swn equal tq the ground rents, if ary, next due, Pius the premiums that will next became due and payable on policies of fire and other hazard insurance covering the mortgaged property, pins taxes and assessments next due on the mortgaged property fall as estimated fir the Murrgagcel less 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 will become delingacnt. such sums to be held by Mortgagee in trust to pay said ground rents, pre- miums, taxes and special assessments; and {c) All payments ntenticnrd in the two preceding subsections of this paragraph and all payments to he made under the note secured hereby shalt br added together, ar;d the a~.regate amount thereof shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the foIlowing items ut the order set forth: (il premium charges under the eontraet of insurance witlr the Secretary ut flouring and Urban Development, or monthly charge (ln /itzr nfnutrtgage irasurmtml~rentiuml, as the case may be; flll ground rents, taxes. assessments. toe and other hazard insurance premiums; (ill} interest on the note senued lterebv; and QV) a;nurtizatiim of the prineipai of said note. .Any deficiency in the amount of any such ai;gregate monthly pa}-merit shaIl, unless mach good by the Mbrt- gagoi prior to the due date of the neat such i?ayntent. constitute au evem of default undee this mortgage. The Mortgagee may collect a "late charge" not to exceed fin:r cents t4(<} for each dollar (5 t) of each payment more- tha» fifteen (151 days in areas to cover the extra expense involved in handling dehnqucnt payments. 3. 'that if the total of the pavmeuts made 6y the Mortgagor under ir) of paragraph ~ preceding shall exceed the amount of pacments act.ualh made by the 1lortgagae for eround rents, taxe.~ and assessments or insuranev pre- miums, as tho ra_-e may be, such exceas, if the loran is current, at the optiatt of the lfongagor, sha(1 be credited by ihv Mor!gagee tin .~ubsvqusnt pamments to be made by the ;9ortgagor, ar refandvu to the ~iorigagor. if„ however, ihv Monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall oat be sufficient to pay ground rent, tuxes 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 deficianey, vn or before the date when pay^ment of such gmund rents, taxes, assvssmen[4 or insurance premiums shall be due. If :tt am time the Alortgagor shall tender to tht• Mortgagee, in accordance with the prncisiona of the note securad hereby, full payment of the entire indebfedness represented thereby, the 1lortgagee ;halt, in computing the amount of such indebtedness, credit to the acccxmt of the Martgagor all payments made under the provisions of rat of paragraph hereof which the itortgagee has not become obligated to pay to the '+rcretar} of Housing and Crban (}~~"olopment and ttny balance remaining in the fund= accumulated under the provisions of t'^I of paragraph Y hereof. if there shall he a default under ans of the provisions of this mortgage resulting in a public Talc of the premises covered hereby, or if the lkxigagee acquires the property' otherwise after default, the Mortgagee shall appl}, at the tim«• of the commencement of such proceedings, or at the time the propery is ir[heneise acquired, the balance than remain- ing in the funds accumulated under ; ?J of paragraph 'preceding, a- a credit against the amount of principal then remaining unpaid tinder =aid note, and =hail property adjure any payment.4 which shaft have been made under (e~' rf paragraph _', 4. That the :Mortgagex will pay ground rent;, taxes, asses.tnents. water rates, and other governmental or municipal charges, fine;, ur imposition,, fur which uruvision ha, nut tteett made hereini?efure. and in default thereof the Mortgagee :*tav pay-the same; aed that the ~lortitagor will promptly dchxer the utfictai receipts the«fur to the 4lnrtgagrc. s. Tate +4.~rttrttgor wi;! p- _...a;~.. ;vhicit . y he ieFiett itpt?:: the tf nrtg;:gcc's SFterr st in said r:ai eraie and intprove- nrnents, and which may he ievieti up:m this mortgage or the debt ,ecured he«hv tt+ut ant: to the e+:tent that such is nut nruh_ihit- ed by taw and ant ,o ;he rzrz tht such viii m*t make this loan usuriaust. but evending any income tar, Mare or f~ederai. ~•ttpnsed .;n Murt~eece. and ,-.it hie the nf€tci.d «cCipt ,hcu ire curb paytrtcnt with the Mortgagee- [pan via?atinn of this under- taking, or if the Mortgagor is prohibited he- any lane now or he«after existing from paying the whole or any piretian of the sfnre- said taxes. nr upon the rendering of any crnat deorrr pn?hihiting the payment h}"the Mortgagor or any;uch rtees. or if such htw ar decree provides that any amount w paid by the Mortgagor .hail he credited un the mortgage debt, the ~lortgagre shall have the right m give ninety da},' written nutter n? the owner of the mortgaged premises, requiring the payment of the mortgage debt. !F snob notice he Kiven, the said dept shall become due, payable and coltectihle at the e<.piratinn of ,aid ninety days. b. 'that should he Fail a? pat am~ win or keep any cotenant provided for in this Mortgage, then the Mortgagor. ants op- tion, may pay or prrfnnrt the same, and all expenditures su made sh:di br added to the principal sum owing on the above note,. shall he secured hereby. and shall bear interest at the rate sc t forth in the saiii note. until paid. '. "That he heerh_v assigns. transters and set. over to the hiurtgagre, to he applied toward the payment of the n,?te and :dl stuns secured hereby in case of a default in the prrfnrmanoe of any of the terms and conditions of thi; Moetgagr :>r the ,aid note. all the rents. revenue, and income to he denard tram the mortgaged premises during such dine as the mongagr indrhtcd- nrss shaft «main unpaid: and the Mungugee ,hall h;nr powr.r to appoint am' agent or agents it may desire for the purpose of repairing soul premise; and of «nting the. same and a?Ileoting the rem., rrvenuzs and inc't)me, and it may pay nut of said in- cutnes alt expenses of repairing said pretnisen and necessary rommissians :md expenses incurred in renting and managing the same and of collecting «ntals therefrom; the balance remaining, if any, to be applied toward the dischar¢r of .aid mortgage indebtedness. 8. Thal he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may 6e raquirrd from time- to time by the ii<trtgagre against lass by fire ;end other hazards, ruutaities and contingencies in such amounts utd far such periods as may br «yuired by the Mortgagee and will pay promptly, when due, an} premium. on Bach insurance pravlsian for payment of which has not teen made hereinbefore. A8 insurance shall he rtrrird in camp;rnirs ap- proved by the Mortgagor and the politics and renewals thereof shalt he held by the Mortgagor and have attached thereto loss payable clauses in favor of and in farm acceptable to the Mortg::g:•e. In event of loss Mortgagor will give immediate oozier t+y mail io the Mortgagee, who may make proof of loss if not made promptly by htortgagur. and each insurance company am- eerned s hereby authorized and dire.ted to make payment fur such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, ar any part Yhereof, may he applied by the Mortgagee at its option either m the reduction of the indebtedness beech-- secured ar to the restoration ar repair of the property damaged. hi event of foreolo- sure of this martgaga or other transfer of [tile to the mortgaged property in extinguishment of the indebtedness secured hereby. alt right, title and interest of the Martgagor in and to any insurance policies then in force shaft pass to the purchaser or grantee. 9. That as additional and collateral security for the payment of the note described. and at! sums to became due under this mortgage,-the Martgagor-hereby assigns to the M1fartgagee atl profits, revenues, royalties, rights and txnefits accruing to the Martgagor tinder any and alt oil and gas (eases an said premises, with the right to receive and receipt for the same and apply them to said indebtedness :as well betore as after default in the conditions uF this mortgage, and the Mortgagee may demand, sue fur and recover any- such payments when due and payable, but shalt not be required so to do, This assignment is to terminate and become nail and void upon release of this mortgage. FHA~Zt 43M (1077)