The URL can be used to link to this page

Home My WebLink About0744 ' -i ~ f ~ ~ ' ~ That. in axJtr morc fully pn?t~l tht sc.u~ity of ihi+ nwrtpagt, the nwrtga~?r, ~ugrther wnh. ~~xi m x~'•lhiun t~~. thr mu~thly pa~~~uentc unde~ ~hr ttrm~ of thr nutr .tcurr.l htrchy. :in thr first Jay ut rach oh?ntA ~ntil Ihr .:iiJ ck?tc fully p~~J, Mill pay to ~he nw~tgaget ~hr Colluv?ing sums: !al An amount sut'ficirnl to pruvi~ the holJcr hercu[ vritA lunds w pey tht next m~xtga~e insurance premium if this inurument and ~Ae note ucuraf herrby are insu~ed, or a monthly chargt lin.lieu ot a mongaqe insura~ce ~amiuml ii they :ve hr16 by the Sccretary of Housi~~ and Urbart ikv:lopmrnt, as folbws: Ilf If and so tun~ as said note of e~en date and this instrun~ent are insureJ o~ are ~einwrcd urnler the ~ruv~aioos of tAe National Housing Act, an amount sufYicie~t to aaumulste in the hYndc of the twlder ont l l) month p~ior to its due da~e ti~e annual mort~agt inwraner prcmium, in ixd~ to provi~le such hulJer with fun~b to pay ~uch p~emium tu 1At ~rctary uf Hous~na and Urt+an DzveloQment pursuant to the National Housing Act, as ameixieJ, and applwabla Rrgul:.tiuns thereun~ler or 11U If anii so lon~ as sajd nae of tven Jate aixi tl~is instrument ue heki by the Sccretary of Hou~ing arni Urt+an Development, a munthly charge lin lieu oi a m~xtgage insurance premium) a~hich shall tx in an am~wr~t equal to on~-twelfth 11112) of one-half 15~4) per tentum of the aversgt ouutanding balatKe due on tht oote cumputrd withoul ta?ing intu aucouot delinquencies or prepayrteena; (b) A sum cqual ta the ground rents, if any, ne~?t due, plus the premiums that witl next bccortx due and payable on policieroi flre and other hazarJ insurance rnvering thr mortgaged property, plus tazes and sssessments ncxt due on the mortgaged properry (all u estimated by the mongagee) less al: sums already paid there[or dividod by the number c~ montl~., to elspsr before oae mcx?th prior to the dats when such grouixl rents, prom~ums, taaes, and assessmCnts will become delinquent, such sums to be held by mortgagee in trust w pay said ground ~ents, premiums, taxes, and special assessments; anJ tcl RII paymenu mentioncd in the two preceding wbsections of tAis parasraph and all pnymea~s to be made undec the note secured hcreby shall bt added togethtr and the aggregue amount thereof shall be paid by thc murtgagor each munth in a single payme~t to be applied by the mo~tgagtt to the following items in thc urdt~ set furth: t11 premium charges under the contract of insura~ce vvith the Secrctary o[ Housing and Urban Dtvrlopmtnt, or monthly charge (in lieu of mortgage insurance premium), as the case may be: pU gruund rents, uxes, assessmenu, 6re, and other hazard insurance premiums: (llll interest on the nae securnf hereby; and (IV) amortitation of the principal of said nota A~y deficiency in thr amount of sach aggregate rtwnthly payment shall, unless made g~xxf hy thr mortbsgur priur to ~he due Jate of the next such payment, constitute an evtnt of Jafault urxier this mortgage. "Thr mongagee m~y collect a"1•rte chargP' not to e~cred twu eents t2c) for each ~killar IS11 of rxh payment more than fifteen 1151 days in arrrars to cuvrr the rx~ra eapense invul~~eJ in harxiling ~i~nqurnt payments _ 3. That if the total of the paymtnts ma~ie by the mortgagor urnier lh) o! paragraph 2 precrd~rsg ~hall eacrrd the anwunt of the payments acwally made by the mortgagee, fur gruund rents, taxes and assessment~ and insurance premiums, as the case may be, such excesc at the optan of the mortgagee, sha14 be credited on wbs.quent paYmenu to be made by the mo~tgagor, or rrfundal tu the mortgagor. If, hoN~eve~, the monihly payments made by tl~e mongaaor unJer lbl of paragraph 2 prrcrding .hall nut be ~ufficient to pa~ grounci rents, ta~es arxl asxssm~nts and in.urancr premiu:ns, as the case may be. when the same ~hall t+rcome due ~nJ payable, thrn the m~xtgagor sl:all pay to the mo~tgagre any arrwunt necrs~: ry to make up thr deficiency, on or t+efore the date wh~n payment uf ~uch growxi rents, taxes. a.s.xssments. or insuraoct premiums shall be due. If at any time the m~xtgagor shall ternfer tu the mixtgag~ in xa~nfance with ~he provisions of the note sr~ured txreby, tull payment of the entire indebteJness represrnteci thereby, the mortgagrr shall, in computing Ihe amount of such imiebte.lness, crctiiit to the accuunt of the mixtgag~~r all payments maJe urx3er the provisiuns of Ial of paragraph 2 herrof vehich the murtgagee has not beco~ne obligated to pay w the Secrctary of Huusing an.: Vrban Ikvelupment ~rxf any bal~nce remaining in the furxis xcumulatnl un.fer the provisiuns of (h? of said paragraph 2. If there .hall be a default urxf~r any of the pruvisions of this mcxtgage, resulting in a pubtic sale of the premises covered hrreby, or it the mortgagrr aoquire. the pr~~erty otherwite aQrr Jefault, the mortgagre shall apply, at the time uf the cummencrment uf such pmcee~iing~ .x at the time the pruper~y i~ otherv~ ise xquireJ. the balance ~he^ remaining in the fun~is accumulat~i under ~b/ of paragraph 2 pre~rJ~ng a~ a crrdit ag~in.1 the :~muunt of principal then scmaining unpa'sd unJer saiJ notc and shall properly •rJjust any payments which shall havr becn maJc ur~der lu) of said paragraph. That he M~ili p-?y aU taies, at~~mcnts. water ralrc. and wher governmental or mumcipal ehargtc. hne~ ~x imp.»itiuns. fur Nhich provisiun h:u not t+een made hereinbeforc. and in default thrrarof the mortgagee may pay thr ~amr: and thal hc will prumptly Jrliva r thc ufficial receipts therefor to the mortgagee. S. That he w•il) permit, commit, or wffer no wast~. impairmrnt, cx detrrioration of wid pra~erty or any part thercY~f; arxi in the event uf the failure of tht mortgagor to keep the buiWings on tiaid prtmists and th~ne to t?e ertctrd on ,aiJ premixs. cx impro~•emrnK thereun. in gocxl repair. the mortgagec ma~- make ~uch reNain as in itc diuretion it may deem na~r~tiary fur thr pn~+er precrrvation theteof, and the full artaunt of each and ev~ry~ such paymeat shaU he imm~iiatrly due and payable, a~xf ~hall be xtiurnl by the lien of this rrnxtgage. 6. Th~t he will pay all and singular the coau: charge+, anJ expenuc. irtcluding reaconable lawyer'c fer~. and costs ~f al+ctracts uf title. I~ ~nyurr.~ or Raid at any time by the moRgagre t?a:ausr uf the failure on the part uf the mu~tgagur prompUy and fully to perform the ( agre~men:s anJ cuvenants of said prnmissory nate anJ this mortgagt, and said c~xts. charges. :ux1 eapen;es shall be immediately Jue and ~ payabfe a~ shall be secured by the lien of this matgage. - 7. That he will kerp the improvemznts nuw existing or hereafter erected on the nwrtg•rgeJ pr.~perty, inwrrd ac m:iy be rrquir~! G~:m time to time by the mortgagte against loss by fire and uiher hazards. casulaties. anJ coatingerxits in ~uch anx?unts enJ for such perKxls as ma~ E+e rtquired by mortgagee, and will pay prompUy. vvhen due. any premiums on such insurancr for payment of Nhich pruvitiN?n has not been made hereinbefore. All insurance shall be carried in compania approved by mortgagee and the policicc and renew~als thereof shall t+e held by mongagee and have attached thereto loss payable clauses in favor of and in fam accepiable to thr murtgagre. ir. r~~ent uf luss he will give imme.iiate notice by mail to mortgagee, arxl mortgage~ may maAe pnx~f of loct if rx~t made promptfy by murtgag~x, anJ each insurance company concerned ic hereby authorized and directed to make payment foe cuch locs directty to nxtttgagre inctcad of tu rt~rtpagor and mortgagee joinUy, and the insurance proceeds, or any part theroof. may be applied Tny rr~rtgagee at it~ uption e~iher to th~ reduction of the inJebteJness htreby sec.uretii or tu the restoration ~ repair of thr property damaged. In ~vent .~f foreclu,ure of this rrWrtgage ur othei transfer of tiUe to thr mortgaged property in eatinguishment of the iodebtcYinec~ sctiur~~i hrreb}~. all right. tide. and incereu of the mortgagor in aix! to any insurance policirs then in force shall pass Lu the purchasrr ~x grantee. 8. That if the premises. or any part theseo(. be condemaed under any ~ower of erninent domain, or acquire~f (or a public u~e, the dama~es, proceeds. and the consideration for such acquisition, t¢ the ecteat ot the full ~mount oi indc•btedness ~pon thi~ ~lort~agc,andthc\ote secured hereb~• remaininR unpaid,are hereby assigaed b~ the \Ion~aRor tothe ~lort~a~e-e aad shall be paid (o~th~.ith to the ~1ort~taRee to be applied by it on account o[ the indebtedness secureJ herehv, ~vhether duP or uot. 9. That the rtx~rtgagte may, at any time penJing a suit :~pon this mvrtgage, apply to thr cuurt having juri+uiiction thereof for the appoint:nent of a receiver. and sueh court chall forthw~ith appoint a receiver c?f the premises covered hereby all arxf ~ingular, incluJing a!1 arxf singular the income. profits, issues. anJ revenues from whatever source Jerivrd. each anJ every of M~hich, it t~eing expre~cly undersUwd. is hereby mortgaged as if specifically set forth and dexriNed in the granting and habendum clauses here~f, anJ cuch receiver shall have aU the t?ro:u1 and effective fur~ctio~u anJ pow~ers in anyw ise entrusted by a court to a receiver, and ~uch appointment ;hall t+e made by such court ac an admitteel equity and a matter of abwlute right to said mertgagee, and w ittwut reference to the adequacy or ~nadeyuacy of the value of the p:uperty mortgagecf ix to the uilvtne~• or incolvency uf said rrx~rtgagor or the defendents, anci that such rrnts. profits, income. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such ~ cuurt. In the evcnt of any default on the part of 1he mortgagor hercunJer, the mortgagor agrees to pay to ihe mortgagee on dcmand as a r~ re: wnabte monthly rental for the premises on amount at least equivalent to one-tv?~elfth (11121 uf the aggregate of the twelve monthly in~tallmenis pa~~able in the then current year plus .he aclual amouot uf the annual ta~es, a,sessments. v~ater rates. and inwrance premiums ~ for such year not covered by the aforesaid moNhly payments. ~p~, ~p, That la) in the event of any breach of this mortgage or defsult un the part of Ihe mortgagor. ~x 16) in the e.ent that any of said ~ sums of money herein rcferred to be not prornptly and fully paid without JemanJ or n~Hice, ur Ic) in Ihe event that cach arx! ,very the stipulat~ons. agreements, conJitions, and covenants of said nate and this mortgage, are not July, prom~tlq. arx! fully performed: theo in ~ eithtr or any~ such event, the said aggregate sum mrntioned in said r,ote then remainig unpaid. wi~h interest accrutd ta that time. and all ~ rtKmey~ u~ureJ hereby. ;hall txcome due and payable forthw ith. or thereafter. at the optio~ of said mcxtgagee. a, f~lly and completely as ~ if all of the said sums of money w~ere Miginally stipulated to be paid on such day. anything in saiu note or in thi. mortga~e to the contrary notwi~hstanding: artd there:~pon or thcreafter, at the optio:? of sa~d mortgagee. Kithout nutice or demanJ..uit at law or in equity. may be ~ pr~secuteei as if all moneys ~:cured hereby haJ mawred prior to its institution. The rtwrtgagee may fixeckne this mortgage, as to the artx~unt so declareci due and payable. and the c~id premises shall be ~Id to satisfy and pay the same tage~her with c.xts. axpenses, and ~ albwances. In case of partial fore:losure of this mortgage. the m~xtgaged premises shall he wIJ ~ubject to the continuing lien vf this n~rtgage for the amouat of the debt not then due and unpaid. In such case Ihe provisions of this paragraph may again he arailed of thcrtafter from time to time try the morigagee_ ~ 1 l. That the mortgagor w ill give immediate noticc by mail to the mongegce of any convcyan:e, transfer. or change of ow~nerchip of ~ 1he premixc. 12. That no wai~er of any covenant herein or ot the o~ligatiun secureei heret~y shall at ar.y tirr.e thereaRer t+e held to he a w~aiver of ~ lhe termc hereof or uf thc note sccured herehy. ~ booK2i1 ~~E 7'44 ~ ~ - Y`3 _ _ ' _ _ - - r'' _ _ - - y~.~ ~ ~ ~i^ . - , , . . . . , . . _ , . -