The URL can be used to link to this page

Home My WebLink About2160 . ,i.~G 2. Thxt, in order m~~re fully ta protect the security uf Ihic mor~~~ge. tht nwrt~a~ur. tugrther v?~th, aM1 in adJit~un w, thr nx~o~hly paymtnts under the ttrnu of the no~e secured hereby. u~ IAe first day uf r~h nwnth unul the w~d iwte i~ fully paW, wdl pay ta the morteagte ~he folluw~nY ~ums: la) An amourst sutlicient tu provide the Aolde~ herwf with futKis to pay lhe next mort~x~e inwrance prem~um i( this ~nsaument and the note secured hereby are insured, or a muntAly cha~~e lin lieu of a mon~a~e ~nsurance premiuml if they are held by the Secrewry of Housin~ and U~ban Development, as folbws: 11) If and so lon~ as said note d even date and this irtitrument ue imured or are reinsured uode~ the provixiuns of tht Nationd Nousint Act, an amount wt'ficie~t to accumulate in the hands d the holder one l 1) month prior to i~s due date the annual mort~age insurance premium, in or~ to pruviile such hdder w~th funds to pay such premwm to tAe Secretary of ~ Housin~ aod Urban Oevelopment punu~nt to the National Hous~n~ Act, as ame~xlai, anJ applicable Ra~ulations tfiereu~xier or tlll If and so lon~ as said note of even date and tAis instrument ue held by the Seeretuy of Housiny and U~Mo [kvelopment. a monthly char~c lin lieu~of a mortQa~e iosurance premium) which shall be in an amount cqual to one-twelfth IIll21 of one-half 1~ 1 per centum of tAe avera`e outstanJiag balaace Jue on the nae wmputed withuut tatin~ inte aa~wot ~ delinqucncia ~x prepayments; Ib) A sum cqual to the grournl rents, if any, next due, plus the premiums that will next become due a~xi payable un policies ot 6rc and other Aazard insurance covering the mortgaged property, plus tyxes and assessments nezt due un thc mortgaged properry latl as estimated by the morl~aa~eee) las aU sums already paid thcrefor divided by the number of mo~ths to elapae betore orte mootA prior to ahe date when such g~ound rents, prem~ums. taxa, and a.ssessments will become delinquent, such sums to be held by mor+ia~ee in trust to pay sanl ground rents, premiums, ta~ces, and special assessmcnts; and Ic) All psymeats mentioned in the two proceding subsatiom af this para~rapA and all paymena to be made under the note secured hcreby shall be added together and thr aggregate amount thereof shall be paid by the mort`agor cach month ~n a sin~le payment ~ to be applied by the mortgagee to the tdlowing items in tht order set forth: 111 premium charges under the cuntract of imurance with the Secretary o[ Housin` and Urban Devebprtxnt, or monthly charge !in lieu of mortgase insurance ptemiuml. as the case may be; llll ~round renis, tanes, asussaxnts, fire, and olher hwrd insurance prem~ums; (111) intcrest on ~he nde securod hereby; and (1V) amortization of tht principal of said note. ~ny Jrticiency in the acrwunt o[ ~uch aggrrgate munthly payment shall, unlc~s maJe guuJ by tht murtyag~x prior to lhe Juc date uf the neat such payment, consti~ute an evCnt of' Jefault un~t~r this murtgage. fhe m~xtgagte may cull~xt a"late ~harge' nW W tt~tril twu cents 12c) for each tiullar 1511 of ea:.h paymrnt more than fiftren 1151 duy~ in arrears tu cuvtr tht ext~a exptnx invulval in hanJling delinquem payments. 3. Thal if eht totxl of the payments made by thC murtgngur under Ibl of paraitraph 2 prcy:tding .hall rurrd thr amount of the payments actually made by the murtgagee, f~x grcwnJ rents, ~axes ~nd a.ssessmrnts and inwrance premiums, as the case may be, suct. excess at the option of the mon~ee, shall, be c~edited on subsoqueat payments to be made by the mo~t~r. or refunded to the mortgagor. If, huwever. ~he rn~nthly payments mxle by the mortgagor under Ib! ui paragraph 2 pre.:cding ,hall no1 be sufficient tu pay grourxl rents, taxes am1 a~se~mrnts and insurancr prrm~umx, as the case may be, when the same shall becomz due anJ payabla thrn the mortgagor shall pay to the mixtgagrt any amuunt nece~ary to make up the deficierny, on ax beforc the date v?hert payment of .uch ground rents, taxts, assessments, ur insurarke premiums shall t?e due. If at any time the mortgagix shall tenJer to the mortgagce in xconlancz with the provisions of the note securrd hereby, full payment of the entire indebte~lness rcpresentzd thercby, the mortgagee shall, in computing the amewnt of such indebtalness, credit to the aaount of the mcxtgaga all payments mecle under the provisions of {u) uf par:?graph 2 hereof which the rtwrtgagee has not bewme obligatod to pay to the Secrctary of Hwising and Urban Devebpment anJ any bafance remeining in the fu~xis accumulated under the provisioi» ~f th~ of saiJ paragraph 2. If there shall be a Jefault under any af the pruvisions of this mortgage, rrsulting in a public sale of the premises coverctil hereby, or if the m~xtgagee ac~uires the pruperty utherwise aCter default, the mc,~tgagce shali apply, at the time uf the cumme~tment of'such prucceding~rx at the t~me the property is otherw~se acquired, the balance then remaining in the funds accumulated under IA) of paragraph 2 prectding as a creciit agairtct the amuunt of principal thrn remaining unpaiJ ander w~d nWZ anJ shall properly adjust any payments v~hich shall have been maJt under lu) of said paragraph. A. That hr w~ll pay ~II tate~, assessmrnts, wattr ratr+, and other governmental ur mun~cipal charge~. finr~ ex imputiitwns, fur wh~ch provision has not been madr hrrc~nbeforr, and in default thereof the mortgagrt may pay thr same; and that hr will prumptly dclivcr the official rrceiph therefar to the mongaget. S. "I'hat he will permit, commit, or wf'ier no west~. impairment, ~x deterioration of saiJ property ~ any pa~t therevf: arxi in the eveni uf the fa~lurr uf the rtwrtgagor w ketp the build~ngs on said premises and tFxne to be erectetl on said premise~, or impruvem~nts therrun. in g~xx1 repair. the mortgagee may make stsh repain as in its discretion it may deem necessary for the proper preservatiun thereof, arn1 the full amount of each and even~ wch payment shall be immafiately duc and payablt, arxl.hal! be secured by the lien uf this murtgage. 6. That he will pay all anJ singular the rusts, charges, anJ expenxs, incluJing rtawnable lawytr s fees. and custs of abstracts of title. ~ incurrai or paiJ at any time by the mu~tgagee becaux of th~ failure un the pari of the rtartgagur prumptly and fully to perfurm the agreemen~ti anJ cuvenants of said promissory note and this mortgage, and said costs. charges, anJ expenses shall t+e immrdiatrly due anJ ! payable anJ tihall be secured by the lien of this mcxtgage. E 7. That he will teep the ~mprovements now existing ur hereatter erecteJ on the mortgagai propeny. in+urrJ ac may be requ~red from ume w time by the rtwrtgagee against Ic»s by fire anJ other hazards, casulaties, and continatncies ~n such amuunts and for uxh perwxls as ~ may be rcquireJ by mortgagce, anJ will pay prompUy, when due, any prem~urtU on such insuranct for paymrnt of'whkh provision ha~ oot ~ been made hereinbefore. All insurance shall be carriod in companies approved by mort~ and the policies and renewals thereof shall be he1J by murtgagee anJ have attache~ci thercto IQss payable clauses in favor of and in fixm acceptable to the murtgagce. In ~vent of luss ~ he wil! give immediate rwtice by mail to mortgaget, inJ mortgagee may malce proof of lass if not madt promptly by matgagix. anJ each ~ insurance company concerned is hereby authori~ed and directed to make paymrnt for such I~xx directly to rtwrtgagre instead uf to ~ mortgagur arn1 mortgagre jointly, arxi the insurance proceeds. cx any part thcrwf, may be appticcf~.~y rtwrtgagce at its uption C~thcr w the reduction of the irnlebteJncsc hereby securect or to the rest~xation ix repair uf the properly damaged. In evcnt uf f~xeclosure uf this ~ mortgage or other transfer of tiUe to the mortgaged property in extinguisFiment uf the indebtccfneas ~ured hrreby, all right, tiUe, and ~ interest uf the mortgagor in snd to any iasurance policies then in force shall pass to the purchaser a graniee. ~ 8. ~hat the mortgagre may, at any time pctxiing a suit upon this nwrtea~t, apply to tht court having ~unxikuun thcrcof for the ~ appointment of a«~eiver, and such court shall forthwith appoint a rectiver of the premises eovereJ herrby all anJ singular, incluJ~ng all ~ arxf singular the incume, profits, ~ssues, and revenues from whatever sourte derived, pch a0c! every of wh~ch, it being expressly ~ underst~xl, is hereby rtwrtgagaf :xs if specifxally set fortA :u~J describal in the granting and habendum clauses hercof. and such receiver ~ ~ shall have all the broad anJ e(1'ectivc functioas and powers in anywix entrusted !fy a Court to a receiver, and such appointment shall be ; m~le by such court a~ an admitted oquity and a matter of absolute right to said mortgagte. and wittwut reference to the a~iequacy or ~ inadequacy of the value uf the pmpe~ty mortgagod or to 1he solvency or insolvrncy of said rtw~ngagor ur thc defenJents, arxi that such ~ ronts, prufits, incume, issues, a~x1 revenues shall be applied by such receiver according to tht lien of this mortgage anJ the practice of such - ~ court. In the event of any dcfault on thc part of the mortgagor hereu~xier, the riwrtgagor atrees to pay to the mortgagec.on demarnl as a ; reasonable monthly rental for tht premises an amcwnt at teast equivalent to one-twclfth 11/12) of the aYgregate of thc twelve ~rwnthly ~ installments payable in the then current year~plua tAe actual amount of the annual tues, assessments, water rates, and insu~ance premiu~m `L for such year not coveral by the afcxesaid monthly payments. 9. That (o) in the event of any breach of this mortgage or default on the part uf thc mortgagor. or Ib) in the ercnt that any of said y~ sums of money herein referreci to br not promptly and fully paid without demand or notice, or (c) in the event that exh arxi every the supulations, agrcrments, conditions, and covenants of xaid note and this mixtga6e, are not duly, prumptly, arxl fully performal; then in cither or any such cvcnt, the saeJ aggregate sum m~ntioned in saicl rwte then rema~nig unpaid, with interewt accrucJ to Ihat timc, anci all munrys sn:ured hereby, sha!I become due and payable forihwith, or thereafter, at the oQtion uf sa~d murtgaget, as fully anJ compktely as - if all of the said +ums of money were or~g~naily xtipulated lo t+e paid on such Jay. anything in said note or in thi+ rtwrtgage to lht contrary notw~thstandin¢: and thereupon ~x thercaftrr, at tht oplwn of said mortgagee. w~thcwt rat~ct or demand, wit at law ur in equrty, may bt prusecuted as if all rtwncys srcurtJ hercby haJ mawreJ prwr tu its instiwtiun. ~Ihc rtx~rtg:tgee may fixeciox th~s mortgage, as w the - artkwnt w declared due anJ payable, and the said premises ~!?all be wIJ to satisfy and pay the same t~t~ther with cvsts, rxpenses. and _ allowancr+. In case of partial foreclvsure of thia murtgage, the m~xtgageJ premixs shaH be sold subject to the wnt~nuing I~en of this rrn~rtgage fur the amoun~ of the dcbt not thrn Jue arxl unpa~J. In s~xh ca~c the proviswns uf thi. paragraph may again t+e availcJ of thereafter from lime to t~mc by Ihe mortgagee. °<t 10. That 1he rtwrtgagur w~II give ~mmed~ate nwice by mail tu tht murtgagee uf any conveyance_ transfer, or ~hange of ownersh~p uf ~ the prrmnr~. . I 1. I hat no waivcr uf any cuvenant hcrcin or uf thr obl~gaUUn sccurcYl hercby .hal! at any umt thereafter bn c~W w be a wa~ver of ~ ~ thc tcrm+ hcrcuf ur of the rx~tc securcJ hcreby. t _ 12. That i[ Ihe murtgagor drfault ~n any uf thc cuvenants or agrccment~ contained hcrein. or in said note. th~n the mixtga`ee m+y perform 1he samt, arxl all e+?prnJ~turc~ 1~ncluJing rtasunable attorney'x feesl made by thc murtgagee in so Juing shall draw intercst at the rate sel forth in the rate xcureJ hereby, anJ shall tx rcpayable immerliately anJ w~thcwt dcmand by the mortea~ur W tht mortsa~et, and, ~ together with inttresl and c~nts xc~uing thercon, shall be secured by this mortgage. ~QQK i - i ,y ~ ' f = , = ~ _ ' - - - $~Y C' ' ,t - a+ , _ . - . . . . . ._!`L~