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Home My WebLink About0451 , I hai, in urJtr nwre tully Ii~ pru~«t thr .riuri~y uf ~hi. mungagr, iht murldagur, lugrl~lr wi1h. arhi io a~IdiUun tu. thr nN~nthly pa~~ntnh undtr thr term~ uf ~hr nui~ .~tiunyl hrrrhy. un thr ti~.l Jay ul ~:~~h munth un1i1 Ihr v~id nutr i. fidly p:uJ. Nili p:~~ to ~h~ nwr~~asre thc fuUuNins,um.= lal An amount ~ufficient to provide the hulJer hrrrof with funJ+ to pay th~ nrxt rr~urtgage imurance prcmium if 1hi+ im~runxnt and the nute secured herrby are insureJ, or a munthly chargr lin (ieu o[ a mongage incurance premium) if they :ue hrlJ by ~he Srcretary of Housing anJ Urban D~velopment, as follows: 111 If and w long a3 said note uf even Jate and Ihis instrument are insurctil or arc reinsurcrl urxier the provisiunc uf thr National Housing Act, an amount sufficient to accumulate in the hands of the t?older one 11) month pr~o~ to its due Jate ~he annual morlgagr imurancz premium, in ~xdrr to pruviJe such hulder with fund~ to pay .uch premium to thr Secrctary of Huusing anJ Urban Developmenl purcu:+nt to ~he Natiunal Huuwing Act, a. amerxlyd, anJ applK~ble Reguluuum 1~1ifCUDl~tf; O[ llll If and w lung as said note of even Jate arnf ~his inserument are heW by thr Secretary of Hausing anJ Urban [kvrlopment, a monthly charge lin li.u af a m~~rtgage insuranre premiuml which ~hall br in an amount equal to onr-twrlfth I1/121 ~~f one-half 1441 per centum of the average ~~utsta~ding balance Jua on ~he note cumpute~i vaithuut t:tking into auuunt delioqurncies cx prepuyments; Ib) A wm equal to the gruund ronts, if any. neXt Jue, plus the premiums that will next became due aMl payable on palkie~ of fire anJ oth~r hazard insurance covering the mortgaged property, plus taxes and auessments next due i~n the mortgaged property lall as escimated by the mortgagee) las all sums alreaJy paid therefor Jivided by the number of months ta elapse before one month p~ior to the date when such ground rents. premiums, taxes, arn! as~e~ssments will becume delinquent, such xums to be held by mortgagee in trusl to pay ~aid ground rents, premiums, taxes, a~J special assessments; and Ic) All payments mentioncd in the two preceding subsections of this paragraph and all payments to be rtiade unde~ the note secured hereby shall bc addtd together a~d the~aggregate amaunt Ihereof shall be paid by ~he mortgagor each month in a single payme~t to be applied by the mortgagee to the folluwing item+ in 1he order set forth: 111 premium cha~ges under the contract of insurance with the Secretary of Hausing and Urban Ueveloprt~nt, or rtwnthly charge lin liru of m~xtgage insurance premium?, as the case may be; lll) ground rents, taaes, asseuments, fire, and other haz~rd inwran~:e premiums; llll) intertst on the nWe securc-~i hereby; and (IV) amortiration of the principal of said note. Any Jeficiency in the amuunt uf.uch aggregatr munthly paymcnt shall, unlr,s made g.xxl by the nwrtbagur pri~~~ to the Jur datc of the next wch payrt~m. cons~itute an rveat of Jrfault unJer this m~Klgage. ~~hr mortgagee may cul~~rt a-~late .:harge" out tu eticeeJ tv~o cents 12c) fix each ~Ilar IS11 of e:Kh paymrnt more than fifteen I IS? days in arrr:us to covcr the ealra rxprme im•ah•eJ in handling ~elinquent payments. _ ~ 3. That if the total uf the paymrnn maJe by the mortgagur under Ib) of parag~aph 2 prrceJing shall rtcrrJ thr anx~unt of thr payments actually made by the m~xtgagee. fur ground rents. taxes and as,~sments and insurance premium~, as the ~ax may be, such excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the rrw~rtgagor. If. however. the nwnthly paymentc made b~~ the mortgagur undrr 161 uf paray,raph 2 prctirding shall not be sufficient tu pa~ gruunJ rent~, tatia~ anJ as~s~ments and insurante premiums, as the case may be. ~vhtn the wme shall br~ome due a?xl payable, then the rtx?rlgagur shall pay tu ihe murtgagre any amount nece+.ary tu mai;e up thr deficierky. on or t+rfore the datr when pa}•mem of wch gruuixi rent., ta+er+. assetcments, or inwrance premiums shall t~ due. If at any time the m~xlgagor shall tendrr to the mortgagee in acaxJancc with the pmvisiom of the note secured hereby, full p•ryment of the entire inJebtrdness reprtsented thereby, the murtgagre ,hall, in a~mputing the amount of wch indebtecine~s, crc-~iit to tfie accuunt of the mortgagor all paymrnts maJe unJer the pruvisiuns of lul uf paragraph 2 harcof which the mortgagee has not becume ~ligated to pay to the Secretary of Housing and Lrban Dtvelopment aixf any twlxnce remaining in thr funds accumulatni unJer the provisions of Ib/ of +aid paragraph 2. If there shall be a default under any of the pruvisi~~ns of thiti mort~agr, resulting in a public sale of thr premix~s ~ovrre-~i hereby. ur if thr m~xtgagre acquiie, the proprrly uthen~ ice aftrr defauli, the mortgagee shall apply, at the timr uf the cummencement c~f wch prc~eeJing. ~x at ihe time thc pmpertp i~ otherwi~e acyuire-~1. thr balance then remaining in th~ fund+ :.crumulated unJrr Ib/ of paragraph 2 pre~ctling a~ a credit again.t thr amuunt uf prin~ipal t~~rn rem:.ining anpaid under ~aid note a?xl ~hall properly adjuct any pap:: ent+ Nhich ,hall h:~vr he~n maJr onJrr lu) of said paragraph. _ J. That hr ~ill pay all ta~r+, a+se+,mentti. w:.. •r ratc+. anJ uther guvernmental ur munic~pal aharge+. fine~. ~x imFx»itiun.. for which provision hac not heen made hereinbrfure. and in Jefault thereuf the morigager may pay th~ wme: and that hc will prompllp delivrr thr official rctieiptc therefor to thr mortgager. S_ That hr will prrmit, commit. or sutl'er no aaste, impairment, ur det~ri~iration of caeJ property or any part th~rec:f: arx! in the event uf the failure of the nx~rtgagur to Aeep 1he builJings on said premises and those ~o be erected on tiaid premises. or improvements there~n. in gooJ repair, the mcxtgagre may make w~h rcpain a~ in it~ diticretiun it may deem ncYCwsary for th~ pn~per precen•ation thereoG and the full artwunt uf each and e~~erp such paym~nt ,hall be immrJiatrly Jue and payahlr, anJ shall t+e utiur~l by thr lien of thi+ rrwrtgage. 6. That he will pay all anJ singalar the emts, chargec_ and exprns~s. including rrssonable lawyer'. fe~. and cost~ of abstrac~s uf title. i incurred or paid at any time by Ihe nwrtgagee because .?f the failure on the psrt of' the rtxxtgagor prampUy and iull~~ to prrform thc agreementc and covenantti of s:?id prumi++ory nute and thi~ mortgage. and saiJ casis, charges, ~nJ expenses ~hall be immeJiatel~• due and ~ ~ payable and shall Ix .ecureJ b~~ Ihe lien of this mortgage. ' 7_ That he w•ill keep the impruvements rwN rxi~ting ur hereafter erect~~i on the mortgageJ property, insured as may be requircYl frum F time to time hy thr rtx~rtgagee against loss by fire and other hazardti. ca+ulatirs, :•nJ contingerniec in tiuch ar?x~unts and fur such periiHfi ar may be requireel by mortgagee, and W ill pay promptly, Nhen due, any premium~ on ,uch insurance fa- paymrnt of Nhwh t.ro~i~• ~i has not ~ been made hereinbefore. All insurance shail be carriod in compania approved by mortgagee and the policies and rene~vals thereof shall ! be held by mortgagrr anJ have attached thereto Ic»s payable clauses in favor of and in form acc^ptable to thr r~wrt¢:,gee. In r~~ent of loss ~ hr will give immediate notice b}• mail to mortg~+gee. arxl mortgagre may make pr~~f uf Imc if rK~t m:+de promptly b~• mcutgagor. and each imurance company concerneJ is hereby aWhorized anJ Jirected tu maAe payment far wch i~ns dirrctl}~ to rrwrtgager imteaJ of to ~ rnortgagor anJ mortgagee jointly. and ihe insurance proceeJs. ix any Part thereof. may be applied by rrxtt~gagee at itc i~ption rither to the ~ rrduction of the indebtc~iness -eby secured or to the restoration or repair of the property Jamaged_ In eve~t uf foreclmure of this ~ murtgage or other transfer of tiUe tu the mortgageJ property in e~tinguishment of ihe indebteJncys secured hrreby. all right. title. and ~ interest of the mortgagur in and to an~• imurance policie~ then in force ~hall pass to the purchaser or grantre. ~ That i( ~hr prrmise~, or an~• part thereo(, Ge cundemned ~ndFr any po~.er of eminrnt ~iomain, or ai yuire~i fur a p~'~lic u.e. ~ the dama;,es, Proceedc, ,~nd the consideration tor such :~cquisitioa, to the e:tent of the ful) amount o! indebtedness upon thi~ \lort~agF~,andthc~~ute secured hercb~~ rcmainin~ unpaid,are hercb~• assi~ned b~~ thc~ 1lortga~or tothe ~lort~a~er and shall bc paid ~ (otth~.ith to th~• ~lorl~aRee ro be applieJ br it on account of the indebtednec~ secureJ h~reb~-, ~~hether due or not. 9. Thac the rtx~rtgagee may. at any time prnJing a~uit upun this mortgage. apply to the court having juriwiKtian thereof for the ~ ap~~intment uf a receiver. anJ ,uch rourt tihaU forthW ith appoint a receiver of the premiset coverrd hereby all anJ Singular. irxluding all ~nd .ingular Ihe income. prufit,, i,+uc~. and revenueti from whatevrr wuree deri~•ed. rach and every• of Nhich. it t~eing expre~sly ~ unJerstovd, is hereby mortgageJ as if tp~tiifically ut forth anJ dc~urit+eJ in the granting and hat+enJum clau~e~ hereof. and wch receiver ~ shall have all the br~d and effective functions anJ powers in anyw ise entrusted by a cou}t to a receiver, and such appointment tihall be ~ maJe by such court as an aJmitted equity and a matter of at.wlute ~ight to said rtwrtgagee, anJ Nitixiut refererxe to the aJeyuac}• or inadequacy of the value of the pro~rty mortg:?ged cx to the wlvency or insolvency of .aiJ rtx~rtgagor or the defendents. anJ that wch ~ rents, profits, income. e~cueti. and revenues shall be applied by such receiver according to the lien of this morigage anJ the practice of wch ~ court_ In the e~•ent of any Jefault on the part of the mortgagor hereunder, the murtgagor agrees to pay to the murtgagee on demanJ ati a rraiunable monthly rental for the premises an amount at Irast equivalent to one-tw~elfth 111121 of the aggregate of the tNelvr rtx~nthly ~ imtallments pay:+ble in the then current yrar plus the aetual amount af the annual ta~es, aste~timents. w•ater rates, anJ insurance premiums for such year not covereJ by the aforesaid monthly payments. ~ ~p. 7hat lu) in the event of any breach of this m~xtgage or Jefault un the part uf the rrnxtgagor. or Ih) ~n the event that any of wiJ sums uf money herein referred to be not prompUy and fully paid Withuut demanJ ur nutice. ur Ic? in the event that rach anJ e~'ery the ~ stipulationti, agreements, conJitions. and covenants of saiJ nute and Ihis murt e. are not dul rom tl anJ full ~ erfixmed: then ~n 8'B Y•P P Y•" 5P `s either or any such event. the wid aggregate sum mentioneJ in saiJ notc then remainig unpaiJ. with intere.t accrued to Ihat ~ime, and all muney~ secureel hereby. tihall txcome due anJ payable f~xthwith, ur thereafler. at the ~~tiun of saiJ murtgagee. as fully and.ompletelq as if sll of the ~:?id sum~ of rrwney were uriginally uipulatrJ tu hr paiJ on wch day. anything in wiJ nute ur in this rrw~rtgagr to the contrary ~ nWw ithuanJing: and thereu{x~n or thereafter, al the option uf ~aid mortgagee, without notice or demanJ. suit at law or in equity. may he ~ pro~ecuted ac if all rtwneys secureJ hereby haJ mature~l prior to its instiwtion. The rtx~rtgagee may f~xecluse thic murtgage, as Iu the artx~um w declareJ Jue and payable. and the wiJ premises shall be u~IJ to satisfy :~nd pay the wme together with c~ntt. expenses. and ~ alluwances. In case of partial foreclosure of ~hiti mortgage, the mortgageJ prcmicc~s,h:?II t+e wIJ tiubject to the continuing lien of this rnortgage for thr am<~unt of the debt n~it then due anJ unp~iJ. to ~uch cace the provi~i~~m ~~f this paragraph may again he a~~ailcd ~~f thereafter from time to time h} 1he mortgagec. 1 l. That Ihe rtxirtgagur w ill give immediatr notice by mail to the mortgagee of any com~eyance. Iramfer. or change of ownership i.f ~j Ihe premise~. . r~ 12, i hat nu waiver of any covenant herein or of Ihe obligation sccured herrhy ~hall at any time ihcreaRer t+e helJ tu he a wa~~er of ;k~ the term~ hereof or uf the nutc tecured hereby. ~~R 5~0~ ~~6 4~i ~ ~ ~ ~ - : ~z~ e.~ 1 ~ ~sy._.5~-".dY,P''y~~~-~`-~~.~"3='~~.-- ~':c~i."^_.! ~S ~~i^'~~_~