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Home My WebLink About2742 10. Aoy e:cesa [uods ¦ccumul~ted u~der (b) ot (hI precedin~ p~r~a~pl~ rem~ininQ •fler poywant ot the ltems therein mentfoned, ah~ll be c~edited to •ubse.~uent monthly payme~ts ot the s~me n~tu~e eequlred thereunder; but, it •ny such item shall exceed the estim~te there[o? ths mort~~eor •h~ll without demand forthwritA a?~ke ~ood the deticie~cy. F~ilure to do so before the due d~te o( auch ilem sh~ll be ~ de[~ult hereunder. ln c~se o[ te~min~tlon of the Cantnct o[ Mort~~~e Insur~ace by prepayment o( the mortQ~~e in tull, or othenvise (e:cept ss hercinofter p~ovided), ~ccumul~tioa• wder ot the next precedinQ pera~aph hercot n~t ~equ"ued ~.e~ o~.meata due under lhe Contt~cl ot MoriQ~Qe Ineur~nce. sh~ll be credited to the mortQ~qor. If the property is sold under [oreclwuro or is othenvLe acquired by the morte~~ee •[tet det~uit. any tem~~n?nQ bai~nce oi ine ¦ccumuu~iun~ unuet ~b% ~i u~~ - ne:t pcecedlA~ p~t~~~ph ~hal? bs credited to the ptlnclp~l o[ lhe morte~Qs •s ot the d~te o[ the commencement of toreclosure prw c~edlnas or ~s ot the date the property i~ otker~viae •cquired; •nd ~ccwaul~tfons under thereot sl~ali be filcewriae credited un- less required to p~r sums due tLs Seeretary ot NouelnQ ~nd Ur4~n Development under the Contract ot YortQa~e insur~nce; 11. T1~t it ~rlll p~r •11 taxes. osses:ments~ w~ter r~tes. •nd other governa~eniol or muoicipat charQes. [ines. or impositions, to? wrhlch provlsioa has not been m~de by p~ymeats •s hereinbe[ore provided. •nd in det~ult thereot the mo~taaQee m~y p.y the same; and th~t it will promptly deliver t2~e ottlci~l ~eceipts Weretor to the mortgagee; 12. 'Ire mocteaQee shall have the rl~ht to p~y mortaa~e insur~nce premiums to the extent the a~me. •re not provided [or by p~y- meats made by the mort~aQot under subp~r~~~,~h ~bove; 13. Tlat it aill permit. commlt. or su[ter no waste. imp~irmeat. or deteriora/ion ot •aid property or any p~rt thereot; and in tde event ot the tailure ot the mort~Qat to klep lhe buiWinas on s~id premises ~nd those to be erected on s~id prcmises. or impwvr meats thereoa, ia ~ood repalr. tbe mo~t~~ee m~q make such repeirs •s in its discretioa it may deem necess~ry [or thc proper pres- erv~tion thereo[. aad the [nll amoual ot e~ch and every such p~yment ahall be lmmedi~tely due ~nd p~y~ble, and shall be secured by the lien o[ this moKaaQe; • 14. 'tbat it wiU p~y all ¦nd sln~ular the cost~. charges ~nd e:peoses. including reasonable lawyer's fees. ~nd costs o[ abstracts o( title, iacurred or p~id •t aay tlme hr the mort~a~ee because of the tsilure on the p~n oi ii~e mori~¦rur ~ocnp[ty acid fuity to per- torm the ~~reements •nd covenants ot said promissory aote •nd this mortQ~ge. ond soid costs, chargea. ~nd e:penses sh~ll be im- med'utely due ~ad p~yable ~nd sh~ll be secured by t6e lien of thls mortesQe; 15. 1~t the impwvement• ~bout to be m~de upon the premisea ~bove described •nd •il plana and specific~tioas comply aith atl municip~l ordinances ~nd regulatioas made or promutgated by law[ul authority, and that fhe same ~rill upoa completion comply with •ll such municip~l ordinances and regulations and writh the rules c+t the t've rating or inapection wganizatloa, bureou, osaoci~tion or ottice; • 16. Yatgagor covenants and •grees tJ~t ao long as this mort~ge ond the a~id aote secured hereby are insured or held by the Secrctuy of Housing and Urbaa Development under tha provisions ot the Notio~al Housing Act. it ~riil not e:ecute or (ile Eor record •ny insWmept which imposea • reatriction upoa the sale or occuprncy o[ the mortgaged property on !he basis ot race. color or creed; 17. In the evmt ot any detault oa thc p~rt ot the mortgagor 6ercunder. the mortQagor aerees to pay ta the mortgagee on demand •s • reasonable monthly rental tor the premisea ~ omount rt Ieast equivalent to one•twelfth (1/12) of the aggregate o[ the 12 manth- ly installments p~yabie in the tLen curreot pear plus the actual amount ot the amual ta:es. asseasmeats. wrter rates, aad insu~ ~ w. ut~~ •t„n~~~~id ~wnn~Atv tivnunta• e~IlcC ~7f~~niiiuss ivi 6uCu jci7 aa..a ~.v~e~e .q ~ ' 18. l~at in the eveat ot de[ault in making any monthiy p~yment pwvided tor herein or in the note securcd he~eby, and i[ such de- [ault ia not mrde good prio~ to the due date of the ne:t such installment, or in the event o[ a breach of ony other stipulations. agree- ments. coaditions ~nd covenanb of this mortpge; then in either or nny such event. the said aggregate aum mentioned in said note thea remaininQ unpoid, writh iaterest accrued to th~t time, and ull moneys secured hereby. shall becoa?e due and poyable [orthwrith, or there~fter, ~t ffie option of said mortgogee, as fuUy and completcly as i[ ail ot the soid sums o[ money were origin~lly stipulated to be p~Id oa such day. ~aythioe ia said note or in this mortgage to the contrary notwithatanding; and thereupoa or therea[ter, rt the ' optioo ot said mortga~ee. ~rithout aotice or demaad. suit at law or in equity. m~y be prosecuted oa it all moaeya secured hereby had matured prior to its institutioa. 1he mortgagee may foreclose this mortgage, os to the amounts so declared due and poyable, and the i s~id premises shaU be sold to satisfy and p~y the some togeteer with costa, e:penses, •nd sllwvancea; in cose of p~rtial [oreclo- sure ot this mortg~ge. the mortgaged premises shall be sold subyect to the continuing lien o[ thia mort~age [or the amount ot the debt ; not then due •nd unpaid. In such case the provisions of this pora~aph moy again be rvailed of thereatter Irom time to time by the ~ mortgr~ee; ~ 19. 'Ih~t the mortgagor ~vill give immediate notice by mail to the mortgagee o[ any tire domage or othcr casualty to the prem- ~ ises, or o[ aay conveyaace, tnnsfer, or change of ownership ot the premises; ~ 20. That ao w~icrr ot any covenont herein or o[ the obligation secured hereby shall at any time thereafter be held to be a w~iver ot the terms heroo[ or of tbe note secured hereby; ~ ~ 21. lhat ail p~yments mode by the mortgagee to remedy a default by the mortgagor as a[oresoid(including reasonable •ttomry's fees) shell be added to the debt securrd by this mortgage and shall be repoid to the mortgagee upon demand. Any such sum and in- ~ tercst tbereon at the same nte •s provided in the note secured hereby shall be a lien oa the premises, prior to any other lien attach- ~ ing or aceruing subaequent to the lien of this mortgoge; • 22. That the mailing of • avritten notice or demand oddressed to the owner of record of the mortQaged premises. or duected to the a~id o~vner at the l~st address actuallr furaished to the mortpgee, or ditected to said owner at said mortgaged premises, and ~ ~ mailed by the United States maib, shall be suI[icient notice and dem~nd in any case arising mder this inatrument and requited by ~ the provisions hercot or by Ir~v; ~ 23. 'Ibrt the eoortgagor will not voluatarily create or permit to be created ogainst the property subject to thin mortgage aay lien or lieas inferior or superior to the lien of this mortgage •nd further that it wilt keep and maintain the same (ree from the claim of all ~ persons supplying labor or materials which wrill enter into the construction of any a~d ail buitdinga now being erccted or to be ~ erccted on said preoises; 24. 'iliat the [unds to be advanced herein •re to be used in the construction o[ certain improvements on the land herein described, } in accordance ~rith • building loan agrcement behveen the mortgagor and the mortgagee dated Ocfober . Z9 which building loan ogreement (e:cept such port or parts thereof •s m~y be inconsistent herewith) is incorpor~ted herein by reference to the aame e:tent and e[tect •s it fully set forth and made • port ot this mortgage; and i[ the construction o[ the improvements to be made pursuaat to said buildinQ loan a~eement shall not be ca~ried on aith reasonable diligence, or sholl be discontinued at any tune ~ tor anr reason other tha~ strikes or lock-outs, the mortgo¢ee, atter due notice to the mortgagor o~ any subsequent owner, is hereby d& invested writl+ full ond compfete ~uthority to enter upon the s~id prcmises, employ wratch~en to protect such impwvements trom dep- redation or injurY and to preserve and protect the penonat property therein, and to continue any and all outstanding cmtncts (or the erection and completion o[ said buildinQ or buildings, to make and enter into ony contracts and opti~ations arherever necessary, ~ either ia its owrn name or in the name of the mortgagor, and to p~y and disch~rge all debts, obliQations andlubilities incurred therr ~ by. A11 such sums so advanced by the mort~gee (exclusive of advonces of the princip~l o( lhe indebtedness securcd hereby) shall be sdded to the ptincipol o[ the iadebtedness secured hereby ond sh~li be secured by lhis moHgage and shal! be due and p~yable on demand ~rit6 interost at the nte ot the s~me nte •s provided in the note aecured hereby, but no such •dvances shait be insured un- 4s~ s~a?e are apeci(ically approved br the SecreGary o[ Housing ~nd Urban Developrt?ent acting by ond throuQh the Fedehl Housing ~ Coian~ssioner ptior to the m~kinQ t6ereot. The princiQ~l sum and other charQes provided tor herein shall. at lhe optiot? of the mort- ~ gagee or holder of this mort~pQe ~nd the note secured hereby, become d~e snd poypbte on the [~ilure of the mortg~~or to keep and ~ perform •ny of the covenants, conditions, •ad •greemenls of soid buildinQ Iwn •~eement. "Il~is covenant shall be tcrminated upon the complettoa of the improvements to the satisfaction of the mort~a~ee ond the mokinQ of the fin~l ydvance os provided in said buitdinQ lo~n ~~eement; 25. The covenants lferein contained sh~ll bind, ~nd the bene[its •nd advantages shall inure to, the rcspective succeasors •nd assi s of the rties hereto. Nhenever used, t}~ ~in j~ umber lude the lural, thr lurol 1he sin ul~r, and tbe use of ~ anr ~ der ~all include •il ¢enders. bO~~~j~ P P ¢ V ~ _a~ ~ _ . . . . _ ~ :~v ~ ~_u~e~e _