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Home My WebLink About1751 TAaI. in wdn mutr Wlly c~~ ptutc~t tht ~e~ur~ly uf thn m.u~gage. thr ~».x~~;,Yut, tcYrther v?ith, and in aJJiuon t~~, ~hr m,mhl~ p:?yn:rnt~ un~r~ tlir tarma of thr nutr s~ecure~l ~nrby, ~M l~lt ~If~l ~Iay af ra;h mantA unl~l Ihr wid nutt fully paiJ, v?ill pay to ~Ar munY:yjar tAc fu~luMir~ .uma: ~ lal 11n aawunt sufY'ici,nt tc ~vovide the holdcr htrraf with fun~ia to pay tht nra~ morlga~r insursnce p~rmium if this instruar~rnt and ~he ~x{e stcurcd herehy are insurrd. or a n.~nthly cnar~e lin lieu ol' a mortgs~e eawranct preir:iuml ii they are held by the Sa~aary of Housin~ and U~baa Development, u folla~v?s: l11 If and w lon~ ss said note of evea date aixi this instrument are insu~ed or are rcinsurtd wxler the p~avisiuns uf the Nationai Housin~ Act. an amou~t wflicient to accumulate in the ha~nds .~f the twlde~ une l ll mQnth prior to its due date the annual mon~a~e insurance prcmiu~n, in .xJe~ to provide sucA holaer witA tunds tu puy xucl~ prrmium tu Ihe Stcretary o~ Housin~ and U~ban Develapmtnt pu~su;~nt to the Natiwiaf Hous~ng Ac~. as amrnJed, arni applicable Reeulatiuns thereunder o~ ~111 If and so lon~ as said note of even ~iate and this i~t~ument are httd by the Secrctary of Housir.g and Urbao ikvelupmcnt, a munthty charge (in (ieu of a mortgagt insurance prem6um) whith shell bt in an amount ~qual to una-twzlflh 11112i of one-half per centum o[ the sverage ouutanding balance due on tht note romputed without takins into aacaunt dzlinqucncia or prepaymtnis; !b) A sum equal to the ~round _rents, ii any,_ neat duc, plus the premiums that will qcxt become due and payaWe on poli~;ies of fire and othe~ Aazard insu~ancr cavtring ihe moitgagc~ prope~ty, plus taxes and asxssments nett due un the mortgaged properry (all as estimated by the mortgagee) less all sums alrwdy paid the~efor dividod by the number of monthc to elapx before oM month prio~ to the datt w•A~n such ~ourd rents. prem~¢ms, taaes. and assessments will become delinquent, ~~~ch sum.c to be held by mortgagee in trust w p~y said g~ound rents, premiunu, taxes, and special asxssments; and (c) All paymcnts mentio:led in the tvao preceaiing subsections of this Qaragraph and all paymrnts to be made under the note secu~ed hcrtby shall bt addtd together and the aggregate amount Ihe~eof shall be paid by lhe mortgagor each month in a single payment to be applied Dy tte mongagee to the following items in the order sct forth: (U premium charges unde~ the coniract of insur-rnce with the Secrrtary of Hcwsing and Urban Dev~bpment, or monthly chargt (in lieu of matgage insuranco premium), as the case mag be; (11) groee:~d rcnts, taxes, asussme~ts. fi~e, and other hazard insurance premiums; (I11) interest on the nae secured heceby; and l!V) amortitation o[the principal of said note. Any deficiency in the amount of such aggregatt rtronthty payment shall. untcss maJe g~wd by thr mixtgagor priwr to the due date of the oext such payment, constitute an zvent of default under thic mortgage. Tht mortgagee may collect a"late ch:?rge" nut tu exc~eci ~~vu cents (2c) for each doUar (Sli of exh paymenl more than fifteen lISI daya in arrears to c~vt~ the e~tra eapense invv{vctil i~ handl:ng delinquent payments 3_ That if the total of the paymcnts madr by the mortgagor under tb1 of paragraph 2 prrceJing shall exceed !he amuunt uf thz payments actuaNy ma~le by the m~xlgagre. for ground rents, ta~es an.i accessments and insu~anee premiums, as the casr may be, such excess at the option of the mortgagee. shall, be credited on subsoquent payments to be made by the mortgago~, or rcfunded to the m~xtgagor. If, however, the rtwntAly payments made by the mortgagor under (h) of paragraph 2 preceding shall aut be sutl'icient to pay gruurK! ~ents, taaes ancf acsessmrnts anJ in+urance prrmiums, :?s the case may be, when the same shall become due arxl payable, then the rtwrtg:?gur ahall pay !o the mortgagee any amcwnt necessary to makr up ~he deficiency, on ~x t?eforr thr date when paymenl of such grourxf rents, ta~?es, as.xssments, or insurance premiums shall !~e due. If a1 any time the mortgagor shall terxltr to the martgagrr in xcanlanc~ with Ihe provisiuns of tAe note ~ecured hereby, full payment of the rnlire irniebterlness reprecented therrby, the mortgagee xhall, in romputing the amount oCsuch inJabtcdness, c~edit to the account of thi mortgagix all payment~ made under the pruvisiuns uf ~al uf paragraph 2 hercof which the mongagee has not become ebligateci to pay to the Secretary of Housing arn1 t~r~+a: Dev~lopment and any balance remaining in the funJs accumulated unJer the provisions oF Ib? of said paragraph 2. If there shall be a ~tefault under any of the provisiuns of tAis mortgaga resulting in a public sale of the premisrs covere~l htreby, o~ if the mcxtgagtt a~quires the pruprrty otherK isr after default, the m~xlgagee shall apply, at the time af the c~mmencemenl of such procerding+ ~x at the time the property is otha~wise . acquirni. 1ne balance thcn rert:aining i~ the funJs accumulate.i under 1hl of paragraph 2 prrcrding a~ a cr~iit agaimt the amount of principat t~?en rentiaining unpaici untler sai~! rec~te a~u1 ~h:+l) pr~.~+erly adiust any paymentc ..hich ~hall hate been made undrr la? ot said paragraph. 4. That he will pay aU taxes, nssessmtints. water rates, anJ .uher governmental or municipal charges. fines. ix impositions, for Nhich provision has nat been madt hereint?efore, anJ in def:n~lt thrrruf the mortgagee may pay thr came; anJ that he Kilt prompd~ deliver the ot3Scia1 receipts there[ur to the morigagre. ' S. That h~ wi11 permit, cummit. or suft'er nu waste, impairmam, or deterioration of saiJ p~uperty or any part thrreof; ar~d in thr event uf the failure of the morigagor to keep the buildings on saiJ prrmists and tFnnr tu t+e er~cted on said premises, ur impruvements therron. in go~xi repair, the mortgagee may make sw:h repairs as in its diccretion it may Jrem n~r~wry f~x the pruper preten~atiun ~herrof and the full amount of each and every such paymznt shall t+e immediately due and prysble. arxf shall br ~ureJ by the li~n ~~f this mortgage. 6. That he ~lvill pay all and singulu the costs, charges, and expenses, including reasonable faw yer i fees, and costs of abstracts of title. incurred or paid at any time by the mortgagre because of ~he failure on the pan of the rtwrtgagor prumptly and Cully to perform the agreements and covenants of said promicwry nae and thix v~~xtgage, and said costs. charges, and expenses shalt be immediately dur and payable and shaU i~ secured by the lien of this mortgage. 7_ "~hat he M•ill teep the emprovements novr exi~~ing or hereafter erectrd on the rrwrtgagnt pn~pzrty. insured as may t+e requirni from time to time by the murigagee against loss by fire and other hazards, casufatics, and contingencers in wch amounu and for such peri.ris as may be required by mortgagee, and will pay prompd~, when due. any premiums on sach insurartce for payrtxnt of which pro. ision has not been made hereinbefore. A!! insurance shaU be carried in companies approved by morigagee and the policies and rcnewals thereof shall , t+e hzld by mongagee and have attached thereto loss payable clau~ts in favor of and in form acceptable to the rtwrtgager_ In event of loss he w•iU give immediate notice by mail to mortgagre, anci rtxx[gagee may make prcx?f of Ie~ss if rwi made promptly by murtgagor, and each inwrark~ company concerned is hercby authorized and d'erected to ma?e payment for such lixs Jirectly to mortgagee instzad of to rtwrtgagor arxl mortgagee jointly, anJ the insurance proceeds. or any part thereof, may be applied by motigagee at its option eithe~ to thz reduction uf the indebteciness hereby secured or to the restoration or repair of the property damaged. In event of fure~:lvsure uf this mortgage or o~her transRr uf title to the mortgaged property in ei!inguishment of the itxlebted~ess securctif hereby, all right. title. and interest of the murtgagor in and to any insurar.ce policirs then in force shall pass to the purchaser ~ grantre. 8. That if the premises. or any part therea(, be coademned under an~• poNer of eminent domain, or acquired (or a pnblic +~.e. the Jama¢es. proceeds, and the consideration for such acquisition, to the eatent ot the tull amount of indebtedaess cpon this ~ ~lortga~e,andthe~iote secured hereby remaining ~npaid,are hereb~ assip,ned b~• thc ~lortgagor tothe )1ort~aRee .?nd shall be paid i fotth:. ith to thc- 11ortRaRee to be applird by it on accouut o( the indebtednesG secured hereb}•, w~hether dae or not. 4. That the mortgagee may, at any time pending a suit upon ~hi: mortgage, apply to the court having jurisdiction thereof for the i appointmem of a recei~er, anci such court shall fax.hwith appoint a receiver of the premises covered hereby all arni singular. including all arxi singular the income, profits, issues. and revenues from whatever source Jerived, tach anJ-cvery of ahich, it t~eing expressly ~ understiw~d. is hereby mortgaged as if sprcifically se1 forih and dexribed in the granting and habtRdum claus~s hcrrof. and such receiver I shall have all the broad and cffective tunetions and powers in anywix entrustcd by a court tn a recciver, and such appointment shall t+r made by such court as an aJmitted equity and a mattrr of at+solute right to saiJ mortgagee. and without retereoce w the adeq~acy or inadequacy uf the value of tht property mongaged or to the solvency or insolvency of said mortgagor or the defen~ie~tw and that such , rents, profits. income. issues. arni revenues shall be applied try such receiver acwrding to the lien of this mortgage arxi the p~actice of such court_ In the event of any default on the part of the mortgagor hereurKier, the mortgagor agrees to pay to the mortgagee un demand as a ' reawnablc monthly :ental for the piemises an amount at least oquivalent to one-twelftb 11/121 of the aggregate of the twelve monthly installments payable in the then current year plus the acmal amount o!'the annual taxes. atitievments. water rates. and insura~ce premiums Wr such year not covered by the aforesaid momhiy paymenti. , (p. ~at (u) in the event of any breach of this mortgag~ or Jefault on the part uf the rrwrtgagor. cx Ih) in the event that any of said sums of money herein rcferrtd to be not promptly and fully paid vrithout demand or notice. or Ic1 in the evrnl that each and even• the ~.tipulations, agreements. conditions, and covenants of said note and this mortgage, are aut duiy, prompdy. arkJ (ully perfiir:ned: then in either ex any such event. the said aggregate sum mentioned in said note then remainig unpaid. w ith iaierest accrued te that time, and all rtxmeys secured hereby, shall become due and payable fathwilh. or thercaRer. ai the opteon of saiJ mortgagee, as fully anJ :ompletely as if all of the said sums of money were originally stipulated to tK paid vn such Jay, anything in saiJ note or in this rtxirtgaRe to the contrar~~ notwithstanciing: and lhereupon or thercafter. at the option of said m..rlgagee. without rwuce or demaMl, suit at law• or in equily. may be prvseeuteef ac if all moneys secured hereby had matured prior to it= instiwtion. The rrwrtg3gee may fcxecloce thi~ r~wrtgage, as to the artwunt so declared due and payable, and the said premisc~s shali be wW to satis(y- and pay the +artx together with co.ts. eapenses. and allowarrces. In case of partial foreclosure of this morigage, the m~tgageJ premives chall t+e sold subject W the continuing litn of this . nx~rtgage for the amount of the debt not then due and unpaid_ In such case ihe pro~~isions of tiii, paragraph may again t?e a~~aiied of thereafter from time to time by the mcxtgagee. 11. That the m~rtgagor will geve immediate nolice by mail to the rtwrtgagee of any comeyance, transfer, or change vf ownership of the premises. 12. That no waiver of any covenant h~rei~ or of the obligation srcured hereby shall at any time there::ftrr t+e heW to be a xai~~er of the terms hcrea>f .x of the note securrd hereby. eovK21~ ~u} 1749 ~ : - _ - . ~ ~ _ 3 ~ ' ~ ; x. ~ . . ~ _ ~ _ ~:,~x -