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Home My WebLink About2459 ~1 i~~ ~1','.~. 2. Ihat, ~n ~xdar mure fully tu prote+~t ~he secunty uf lhis murtgagr, ihr murlgag~ir, tugethr~ Nhh, a~Hl in adJition tu, tht rtrinthly paynxnt~ undrr thr trrms uf the note +nurrJ hrreby, un thr fir~~ J:.y uf r~ch nwnth unul 1hr .:uJ nuie n fully paiJ. Mill pa) ~u thr murtgagc~ thr fulluNing wm~: lal An :+muunt ~uffk~en~ tu provide the hoWer hrre.~f wi~h fund~ tu pay the nc!~t nxxtYaYt in~urance pcrmium if thi~ ~n,trumcn~ anJ thr note secured herrby are insurr~l. ~ a munthly charge lin lieu uf a rtwrtgage imurance premium) if thry are hrld by the k~:rctary of Howing and Urban Develupment, as fulbws: ' 111 If anJ x~ long as +aid nute of even date atxi this instrumrnt are in~ur~d or are rcinsurcYi unJer the provisiuns of the National Housing Act, an amuunt wfi~icient to accumulxte io the hancls of the holder une 1 I) month priur to its due date tht annual mortgage inwrance premium, in orJer to pruviJe such ht~lder with funJ~ to paY ~uch premium to 1he tiecrrtary of Housing anJ Urban Developmrnt punuant to ~he Nauunal Nuu~ing Act, as amrndrJ, anJ applicable Rrgutatiuns thereuncier, ~x 111) If and u~ long a~ said nott ~f evrn date and ~his instrument arc heW by lhe Secrctary of Hou~ing :~rxi Urban ikYelupment, a nwnthly charge lin lieu of a mortgage insurance ~xemium) v?•h~ch +hall be in an anwun~ ryual tu one-tKZlfth 111121 uf one-half t' a 1 ptr c~Mum of the average outsta~xiing balancr due un Iht nute cumputrJ w~thuut taking into accuunt delinquencie~ ur prrpayments; Ihl A ium tqusl to the gruurnl rent~, if any, next due, plus the premiums that wil~ next t+~come due arxl payablt on policie+ of firc arxl o[her hazarJ ~n+urarn:e covering the mortgagctil property, plus taacy aod a~+essmrntc ne~t Jur un the murtgaged property (all a~ e~umated by the mor~gager) less all sums alrcady paid therefor dividcd by the numt~r of munths ta elapsr txiore one munth prior to the date Nhen such ground rents, prem~ums, taxes, an.1 asse~sments will become delinquent, such sumc to be held by mortgagee in trust to puy said gruund rents, promiums, taxes, and special 3„e*+mr~ts: and Icl All paymems mentioneJ in the ~wo preceding subsections of this paragraph am1 all payment~ to tx maJt unJer the ~wte se~ured hrreby shall t+e sddrd tugether and the aggregate amount thercof shall tx paid by the rtxx~g~gor rach month in a single payment to be applied by ~he mortgagee to ~he follov?ing items in the order set forth: 1t? premium charge. unJe~ the cuntract of inturance with the Secretary af Huu~ing and Urt+an Ikvalopment, ur rtxmthly chargr lin lieu of mixtgage insurarn:e premium), ac the case may br; 111? ground rent~, taxes, xsseuments, fire, and uther harard in+urancr premiums; 11II) interest on the nwe secured hereby; and (IV) amortization of the principal of sa~d note. :~ny .Irficien~y in thr anwum uf wch aggrcgate m.~nthty payment .ha1L unle» maJe gu~xl by the m~.ngagur priur to Ihr dur dalr uf thr ne~t ,uch paymtnt, cumtiwtr an e~ent uf default ~nder this murtd~ge. The m~~rtgagre m~y cullctit a°I:itr chargr" nut tu ~~~rrd two crnts 12c1 for earh dullar IS11 uf ~:xh psyment more ~han tiftern 11~1 Jays in arrcar, to c~~v~r ~hr rtlra cxpencr invulvrJ in handl~ng Jrlinyu~nt paymrnt,. 3. l hat if the w~:il of the paymrms maJe b~ Ihe mortgagor under Ih? of pa~agraph 2 prc~rdinc .hall eacerd thr arrw~unt .~f the pa~~mrnt+ :utually maJe hy the mortgagrr, for gruunJ rrnt~, taar+ :+nd as,e*~mrnh and ~nwranre prrmium.. a~ ~he ~ax ~,:?y~ n~. ~~~t~. excess at the optiun of the mortgagce, shall, be crediteJ on subsequent payments to be made by the mortgagor, or refundcd to the murtgagor. If, ho~~ever, the monthly p3ymenu m:x1c hy the murtgag.x undrr 161 of p:~ragraph 2 prc-~rJing shall nut br +ufficient tu pay grourxi renh. tax~. arxl ati+~~.ment~ anJ in.urance prcmiumc, a+ the case may t+r. ..hen the wmr ~hall t+rcome Jue arn! pay:+bl~. then ~he murtgsgor ,hall pay tu thc mo~tgab« any amuunt ncYresary tu make up Ihe deficiency. un ix t+efore the date when paymrnt of cuch grounJ rcnt~, ta~e,, a~x.~ment~, ur imurance premiums shall hr duc_ If at any time thr m.xtgagur ~h~ll tcnJer tu thr murtb~grr in ac~urSancr with the pruvi+ionc of the note xcureJ hereby. full paymcnt uf ihe rnUre indeM~lness rcprr~entrd thrreby. the rtxxtgagee ~hall, in ~umputing the amuunt uf such i~Jehtetilness, crc~iit to the accounl uf thr mortb:?gur all payment, made under the pruvi~iuns uf Inl uf paragraph 2 hrreuf ~hich ihe mortgagee has not t~come obtigaR~i tu pay~ to the Sctiretar~• ut Hou~ing arxi Urban [kvelopment and any bal~nce rcmaining in the fund+ xcumulateJ under thc pruvi~ions uf I61 uf ,aid paragraph L If lhere +hall l+e a default urxler any of the pruvision+ uf thi~ mwtgage. resulting a public sale of thr premues co~~~r~ti hereby. ur if the murlg»gee auquirr, the pn,p~rty uthrrwi,e after Jefault, thr murtgager shall apply, at thr time of the commencemrnt of .uch proceedings cx at ihe lime the property utherN ~rr :kquirrd, the balancr thr~ ~cmaining m thc fund~ accumulxtrJ undcr ih~ uf paragraph 2 prccc~fing a. crrd~t :?gaimt thr amuunt uf princ~pal thtn remaining unpaid unJer ~aid nute anJ ~h:~ll pru~xrl~ aJju~t an} payment. ~~hich ~h:Jl ha« he~n madr undrr ~~~1 uf ~iJ paragraph. a. fhat he MIII (1:l)' :lU QI\~'ti. :l~1thlOllOl1, N':1(Cf flfll~l.:tRll uthrr ~.u~rrnmrntal ~.r mumripal charg~~. fin~~. ur imEx~.iuun.. (ur Nhich provi,iun ha~ n~u tken maJr hercinbef~~re. anJ m JeL~ult th~rcY~f th~ murtgag~e ma~ pa~~ thr ~amr: anJ that he aill prumptl~ Jrlivrr the oificial rctieipts therefor to the mortbagee. • 5. That he wi0 permit, cummil, or ~ut'fer no w:utr. impairmem, or drteriuratiun uf +aiJ pn~rty ur an~ part thrreuf; :~nJ in ~h< <<cnt ; oC thr failure of the mortgagur to keep the building. on ~aid premises snd those to t+r crected on said premi~ec. cx impruvement~ thereon, ~n g~xx1 repair. Ihe mortgagee may make such repairs a. in itc dixretion it may deem nec~~.sary fw the proper prc~ser~ation thereof. and ~ the fuD anx~unt of each anJ r~~ery wch pay ment sh:Jl br immrdiatrly Jue and payable, and ~hall ix u~.un~i by the litn uf thi. mortgagr. ~ 6. That he wil! psy 3tl ~nd ~ingul~r the c~nts, ch:~rge~, anJ rxpem~~+. in~luding rea~un:?ble IaNyer'. tee~. anJ cust, uf ah~~ra~l~ uf IiUe, . ~ ~ncurrcni or paid at an}~ timc hy the rtx~rtgagee txtiautir of thr f~ilure un the part of thr mortgagor prompUy anJ ful1~~ to p~rfurm Ihr ; agreementti :~nJ cuvenants uf ,aiJ prumi~,ury nute anJ thn murtgage. aod ,aid cwh. charges. anci e~prnx~ +hall ix immrJiat~ly Juc and payable anJ ~hall h~ ,ecured by the lien of this mortgage. ~ 7. "~hat he w ill kerp the improvrmenh nuw exi,t~ng or hereafter erect~tii on the murtgagrd property. imurrJ a, may hr rrywrcYf Gum ume to time by the nwrtgagre ag:~inst loss by fire ancl olher ha[an1s, cawlaues. arxl contingencirs in tiuch amuunt~ and fur ,u~h p~nuJ~ ati may be rrquireJ by mortgager, and will pay prompUy. Nh~n due. any premiums un +uch insurance fcx payment of whwh pru~ i+iun ha~ not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals ~hereof shall ~ t+e hrld by mortgagee anJ ha~e attached thereto loss payable clau~es in favor of and in form acceptable ti: thr rtx~rtgagee. In tvent uf lus, ~ he w ill give immediate nolice by mail to mortgagee. and murtgagee mxy rnake pnwf of loss if not made prumpUy by m~tgagur, arx! each g imur~ncr cumpany cuncerneJ ic hereby authonced and Jirected tu make payment fur ~uch I~xs Jirectly ti~ mortgagee imtead of to ~ mcxtgagur and mixtgagrc j~eintly. anJ the inwrance pnxerJ+, or any part thrr~~a~G may t+e appGed by rtwrtgager at it, option eilhrr tu thr ~ reductiun uf the indeMc~ine.~ hereby .ctiurni ur tu the re~tor~~ion ur rcpa~r uf' the pruperly Jamaged. In event uf furrcluwre uf this , r?wrtgage or uther trantifer uf utle tu th~ morlgageJ property in ~~?t~nguishmrnt uf the inJebteJnec~ .ctiurrJ herehy. :JI right, tiUe. anJ ~ intereu i~f the mortgagur in and tu any insurance policiec then in force shatl pa+s tu the purchaser or granter. ~ S. That the rnortgagre may, at any time pending a suit upon this mortgage, apply to lhe court h•r~in~ jun+J~ctiun thereof Cur the ~ appointmrnt of a re.:eiver. and .uch court shall forthwith appoint a rectirer of the premises covered hereby all arni singular. ~ncluJing ~II ~ and +ingular the irx:ume_ pmfits, u~ues, and revenu~ from whatever wurce decived. each and every of which, it t+e~ng expre»ly underu~xxf. is hereby mortgagrd as if specific:+lly +et furth and describeei in the granting and habendum clauses hereuf, and .uch receiver ~ shall have all the bruaJ and effective functiom and powerc in anyw•ise entrusted by a court to a receiver, and wch appuintment shall be ~ made by such court as an aJmitted cqurty anJ a matter ut abwlute right to said mortgagee, and ~ithout rekrencr to the aJeyuec~~ or ~ inadeyuacy uf the value of the property morigage~i or to the solvency ur inwlvency uf saiJ rtwrtgagor ur the defendent~, and that such ~ rents, profits, income. is.ues, and revenue~ shall be applieJ try such receiver according tu Ihr lirn of this martgage and the practice of such ~ court_ In the event of an Jefault on the rrt ~~f the rtwrt s or hereunder, the mort a or a rees to a to the mort a re on JemanJ as a ~ Y P" B" B B" R S P' Y B" B reasonable monthly rtntal for the premises an amount at least equivalent to one-twelRh 11/121 ~sf the aggregate of the twelve monthly p~ imtallments payable in the ~hen current year plus the actual amount of'the annual taxes. assessments, water rates, and insurance premiums • for ~uch year not covered t~y Ihe aforesaiJ monthly payments. 9. That (u) in Ihe event of any breach of this mortgagc or Jefault on the part uf the mortgagor. or Ih) in the event that any of .aid ~ sum~ of mooey herein referred to t+e not prompUy and fully paid without drmand ur nolict. or (c) in Ihe e~•ent that each arxi cvcry thc y stipulatiun~. agreements, conditium. and wvenants of said note and this mextg•rge. are not duty, promptly, anJ fully perforrteed: then ~n either or a~y such e~~ent, the +aid aggregate sum mentioned in said ~wte then remainig unpaid. with interect accrueJ to that time, anJ all ; rtx~nry~ ucured fiercby, shall become due anJ payable forthwith. or thereafter. at th~ upti~~n uf saiJ m.xtgagre. as fully anJ completelg a~ if all of the said sumc of money were urigin~Uy titipulated to be paid on ~uch day. anything in ~aid nute or in this mortgagr to the contrary notNith+tanJing: and Ihereupon o? ~hrreafter, a~ Ihe optiun of taid mortgagee. withuut nuUCe ur drmanJ. wii at law~ ur in eyuity_ may t+e pnnrcuteJ a. if all muneys secured hereby had matureci prior ta itti institution. The mortgagee may foreclu+r thiti rtwrtg~ge. a~ tu the art~unt ~o declareJ due anJ payablr, anJ the wiJ premises chell be u~ld to cat~sfy and pay the wme tugether w~th antc. ea~nses, and aUuwance~. In cacr of part~al furedo~ure of this mortgage. the murtgaged premitirti tihall tK wld ~ubject tu thr continuinF lien ~~f this L~ mcxtgage fur the amuunt uf thr deM nut thrn Jue and unpaid. In .uch catir the pru~~i~ion+ of thi. paragraph may aga~n he a~~ilyd of - thereafter frum time tu time by the mortgagee. ' 10. That Ihr nwrtgagur ~ ~il g~~~e immediate nutice by mail tv the mortgagee of any com•eyancr. I~amfrr, ur change of ownrr.hip of thc prem~x~. I I. I~~1:11 RO Naiver uf any cuvenam herein ur oi the ohhgatiun ~cYUred herrhy .hall a~ c+ny ume thereafter t~e hrW to br a uaiver of the term~ hereuf ur i~f the notr kcureJ hereby. 12. ~hat if the nxxlgag~~r Jrf~uh in any uf thr cuvrnant~ or agreement~ cunta~neJ herein, vr in wid nute, then the mortg:+gee may ~i perform lhr same, and all expenJiwre.l including reatiun~hle atti~rnry'+ ler.l madr hy thr murtgager in w duing ~hall draN~ inierest at the rate ut forth in the note ~ecured hrreby. ~nJ .hall t+e repayable immediately and N ithuut demand by the nwrtgagor tu the mortgagee, and. r~' - tugether with interest and costs accruing lhereon. shall t?e ~ecured by thi~ mortgage. n~ ~~^j $1}jjl~(~ Pai'~~.r~ ~ _ - - ~ , b ~ ~ ~ ~_w ww ~ W r ,~_.r ~ _ ~ .~<.6.