|
~~
<br />(GI) If and a long a said Note of even dste and tMS instrument are held by the 5suetavy of Haudng and Urban Development,
<br />e monthly service charge in an amount equal [o t/i2 of t /2%ot the avenge oulatending prindpil balance due on the Note
<br />rnmputed for each suceessiv¢ year be~nnin6 with the tin[ day of the month (oliowing the date of this instrument, it the
<br />3eeretary of Hooting and Urban lhvebpment is the Mortgagee (Benetidary) named herein, or the fort day of the month
<br />toliowtirsg atsignment, it the Noie snd this irutrument ue sssigned to the Sevetary oP Housing and Urban DevelopmenQ
<br />without taking into account delinquencies or prepayment;
<br />(bJ A sum equal [o the ground rents, if any, next due, plus the premiums that will nest become due and payable on polidea of ties
<br />and ether property insurance roveting the premises coverod hereby, plus caster rates, taxes and ataessmenn nest due on the
<br />premises covered hereby (alt as eatimafed by the Mortgagee} leas all sums already paid therefore divided by the number of months
<br />~ to ehpse before orts month prior to She date when such ground rants, txemiuma, water rates, razes and assessments will become
<br />detinquant, such sums to be held by Mortgsgee in [roar to pay sild ground rents, premiums, caster rtes, taxes, an6 sperasl
<br />rrtcessm¢nts.
<br />/cj An payments mentioned in the tvvo preceding subsections of this paragraph and ail payments .o be msde under the Note socuesd
<br />~ hereby shill be added together snd the aggrep[e amount thereof shall be paid each month in a single payment to be applied by
<br />Mortgages to the fo0owdng itetro in the order set forth:
<br />(I) premium charges under the Contract of Insurance witA the Secretary of Housing and Urban Devsiopment, suing by and
<br />^ through [hs Fedmil Haudng Commissiontr a service charge;
<br />t QI) ground rents, taxes, spedal amessmenta, water raH¢s, fare and other property insurance premiums;
<br />i (till interest on the Note secured hneby;
<br />r~ (IV) smoRizatbn of the prindpil o! said Notc;
<br />CQ 10. [n the event the Mortgagor fails to pay any sums provided for in this Mortgage, the Mortgagee, at its option, may pay
<br />the same. Any excess funds accumulated under (bJ of the preceding pazagraph remaining after payment of the items [herein
<br />mentioned, shall be credited to subsequent monthly payments of the same nature required thereunder; but if any such item
<br />shall exceed the estimate therefor, or if the Mortgagor shall fail to pay any othrx gavemmental or municipal charge, the
<br />Mortgagor shall forthwith make good the deficiency or pay the chazge before the same becomes delinquent or subject to
<br />interest ar penalties and in default thereof the Martpgee may pay the: same. AU sums paid by [he Mortgagee and any sums
<br />which the Mortgagee may be required to advance to pay mortgage insurance premiums shall be added to the principal of the
<br />debt secured hereby and shall bear interest from the date of payment at the rate specified in the Note and shall be due and
<br />payable on demand. In case of termination of the Contract of Mortgage Insurance by prepayment of the Mortgage in full, or
<br />otherwise (except as hereinafter provided), accumulations under (a/ of the preceding paragraph hereof not required to meet
<br />payments due under the Contrad of Mortgage Instuance, shall be credited to the Mortgagor If the property is sold under
<br />foreclosure or is otherwise acqured by the Mortgagee after default, any remaining balance of the accumulations under (b) of
<br />the preceding paragraph shall be credited to the principal of the Mortgage as of the date of the commencement of foreclosure
<br />proceedings or as of the dale the property is otherwise acquired; and accumulations under /a/ thereof shat] be likewise
<br />credited unless regttued to pay sums due the Secretary of f{orising and Urban Development, acting by and through the
<br />Federal Housing Commissioner under the Contract of Mortgage insurance;
<br />i L Thai the Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and
<br />improvements, and which may be levied upon this Mortgage or [he deb[ secured hereby (but only [o the extent that such is
<br />not prohibited by law and only to the extern [hat such will nor make this loan usurious), but excluding any income tax, State
<br />or Federal, imposed on Mortgagee, and will file [he official receipt showing such payment with the Mortgagee. Upon violation
<br />of this undertaking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any
<br />portion of the aforesaid taxes, or upon the rendering of any wort decree prohibiting the payment by the Mortgagor of any
<br />such texts, of if such taw or decree prondes that any amount so paid by the h{origagcr shall be credited on the mortgage
<br />debt, the Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged premises, requiring
<br />[he payment of the mortgage debt. If such notice be given, the said debt shall became due, payable, and wllec[ible at the
<br />expvation of said ninety (90) days.
<br />l2. That Mortgagor witl not commit, permit, or suffer waste, impairment, or deterioration of said property or any
<br />part thereof, and in tht event of the failure of rho Mortgagor to keep the buildings on said premises and those to be erected
<br />on said premises, oz improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may
<br />deem neoessazy for the proper preservation thereof, and any sums paid for such repairs shall bear interest from the date of
<br />payment at [he rate specified in the Note, shall be due and payable on demand and shall be fully secured by the Mortgage;
<br />i3. That if there shall be a default in any of [he terms, conditions, or covenants of this Mortgage, or [he Note secured
<br />hereby, then any sums owing by the Mortgagor to the Mortgagee shalt, at [he option of the Mortgagee, become immediately
<br />due and payable The Mortgagee or any holder of this Mortgage and the Note secured hereby shall thou have the right to enter
<br />info rho possession of the rrtortgaged premises and wHect the rents, issues, and profits fhereot. In any action to foreclose, the
<br />holder of this Mortgage shall be entitled to the appointment of a receiver of the rents and profits of the mortgaged premises
<br />as a matter of right and without notice with power to caller[ the rents, issues, and profits of said mortgaged premises, due
<br />and becoming due during the pendency of such foreclosure suit, such rents and profits being hereby expreuly assigned and
<br />pledged as additional security for the payment of the indebtedness secured by this Mortgage, without regazd to the value of
<br />the mortgaged premises or the solvency of any person or persons liable for the payment of the mortgage indebtedness. This
<br />Mortgagor for itself and any subsequent owner hereby waives any and all defenses to the application for o receiver as above
<br />and hereby specifically wnsents to such appointment without notice, but nothing herein contained is to be construed io
<br />deprive the holder of the Mortgage of any other right, remedy, or privilege it may now have under the law to have a receiver
<br />appointed. The provision Cor the appointment of a recerver of the rents and profits and the assignment of such rents and
<br />profits is trade an express condition upon which the loan hereby secured is made;
<br />14. That no waiver of any convestant herein or of the obligation secured hereby shall at any time thereafter be held to
<br />be a waiver of the terms hereof or of the Note secured hereby;
<br />I5. "that all payments made by the Mortgagee to remedy a default by the Mortgagor as aforesaid and the total of any
<br />payment or payments due from the Mortgagor [o rite Mortgagee and in default shall be added to the debt secured by this
<br />Mortgage and shall bo repaid to the Mortgagee upon demand. Any such sum and interest [hereon a[ the rate specified in the
<br />Note shall be a lien on Lhe premises, prior to any other her, attaching or accruing subsequent to the Uen of this Mortgage;
<br />1 b. That sa long as the Mortgage is insured under the pro~~sions of the National Housing AcY or held by the Secretary
<br />of Housing and Urban Development, it wilt not voluntarily create or permit [o be created against the property subject to [his
<br />Mortgage any lien or liens inferior or superior to the lien of this Mortgage, and further it will keep and maintain rho same free
<br />from the claim of all persons supplying labor or materials w}tich will enter :rate the wnstruc[ion oa nay and all buildings now
<br />being erected or io be erected on said premises;
<br />l3. 't'hat the improvements about to be made upon the premises above described and ail plans and sprdficatiors
<br />wmply with alt municipal ordinances and regulations made or promulgated by lawful authority, and that [he same will upon
<br />wmpktion wmpiy with all such municipal ordinances and regulations and with the rules of the fire rating or inspection
<br />organiwfion, bureau, association or oifirx which are now or may hereafter became applicable to [he premises above
<br />described;
<br />1g. That the funds to be advanced herein are to be rased m the wnstrucUan of certain improvements on the lands
<br />horeist dsxribed, in accordance with a building ban agreement dated MARCH I t~TH , l9 8l, between the Mortgagor
<br />and Fhe fi{otlgagee, which huddrng loan agraonlent rho Mortgagor covenants to perform, if the wrtstructian of the
<br />PAGE ? ;,.F PAGES
<br />
|