The URL can be used to link to this page

Home My WebLink About0901 'fhat, in urJer mure tuUy ta protcct the ucurity ot 1hi. mungabe. Ihr mungagut, t~~c~her wi~h, anJ in :rldi~ian tu. the munthty p:~~ mrnts unJe~ ~he tcrms of 1he n~~te ucureJ hereby. ua tbe 4~s1.J~y u~ earh munth until ihe +aid n~ue i~ fully {+aid, wil! ~wy lo ~he munga~;ca Iht (ulluw- ing rum~: lal An:imuum wiCicirnt lu praviJe the hulder hereut with tunds to pay the neal munga~e inwrance premium i( Ihi,~imuumrn~ rnJ the nulr ~tcurtd ht~eby are inwred, ~x a munthly churgr lin lieu of a mutlgage inwranre premium) i( thty arr htlJ by tht tircrctary o! Itousing anJ Urtwn (kvtlupmrnt (ulluws: Ib It anJ so (ong ac wid nule of avrn J~tt anJ thi~ imtrument a~e insured or art reinsureJ unJe~ the pwvisiom ot ~he Naliunal ~ , , Huusing Ac1. an amount ~uflicient Io accumulatr in the hrnds ot Ihe hulde~ uno l I) month p~iat to itx Jue Jxte the aanuai murt- ~ ~ge insuruqce p~emium, in urJtr tu proviJe such hulJer wi~h funJs to pay such p~omium to ~he Secre~ary ol Hou~ing and Ufian Uevelopment punuant to ~hr Nati~mal Housing Ac~. as amtnded, and applicabk Regulations thereunJer; or U11 It and w lang as saiJ nae ot even daie and thi~ instniment are heW by ~he Secrctuy of Nousing and Urban (kvelupmeM, a monthly charge lin licu ot a mortgage insurance premiuml whKh ~all be in an amouM equal to one-twelfth (11131 of one-halt ( II'1 per centum uf the avt~agt uut~~anding bal~nce Jut on Ihe nWe computeil witlnwt taking into accuunt delinquencies or prcpayments; Ibf A wm eq4a1 to Ihe ground rents, it any, ne~t due. plus the premiums that will next becume due anJ p•ryabk un policies af firt anJ ~ alher har.a~J insurance covering 1he mortgaged pro{+eny, pius ta~es ~rn1 assessments next due on 1he mortp,aged prapeny lal) as esti- f m:~tctil by the mortgagce! ksc all sums already paiJ Iherefar diviJeJ by the numbe~ of munths to elapu l+efort one munth prior to IAe ' Jate w hen wch ground reots. premiums, taxes, anJ asxessments will becume delinquent, such sums ~o t~e held by mo~~gagee in trust to pay wiJ ground rents, premiums, taxes, and special a~sessments: and Ic) All payments mentioncJ in ~he twa precnling wbxctiuns of tAi+ paragraph and at) paymtnts to be madt under the note ucured here- by sball be added togelher and Ihe aggrcgate amount thereof shall tx ~?aid by tht mbrtg:?gor each month in a singk payment w t+e ap- ; plieJ by ehe mongagee to Iht folluwing items in the order xt torth: 111 premium charges wxler the contract of insurance with the Secretary ot Hcwsing and Ufian [kvdopment, o~ monthly charge (in lieu of mongage insurartce prtmiumi. as the case may Ae: t(U p.rowxl rents, taxes, a~sessments. fire. and othe~ hatard insurance premiums: , 1111 interest on the nutc secured hereby: and QVl amortization of Ihe principal ot wid note. Any dchcicocy in Ihe amount of such aggrtgate monthly paymenl shall, unless mado good by the murtg;~or prior Io the due date of the nexl such p:+yment, constitute an event of default under this mortgage. The morlg•rgee may collect a"late charge" not to exceed two centc ~2c) fix tach Joll•rr (SI ) of each payment mote tha~ fitteen ( IS) days in arrears to cover the extra e~penu involved in handiing Jrtinquent paymentc. That if the total of the payments madt by 1he mortgagor under (b) of par.,graph 2 prcceding shall exceed the amount o( the payments xtually made by the morigagee. for ground rents, taxes ~nd acussmentc and insurance premiums, as the cast may be. wch excess at Ihe op- tion of the mongagee, shall, be crediteJ on subxquent payment~ to be made by ~he motlgagor. or rctunded to the mortgagor. I(, however, 1he monthly payments made by the mortgagor unAer ( b) of paragraph Z preceJing shail not be sul~icient tu pay ground renls, taxes and assessments and inwr•rnce premiums. as the case may bt. when the wme shall become due ami payabk, then the mortgagor shall pay to the mortg:~gee •rny amuunt necessary to make up the deficiency, on or lxtore tht Jatr w hen payment ot such grounJ rents, taxes, assessments, or inwrance prem- iums shall t+e Jue. If at any time the mortgago~ shalf tender to the martgagee in accordance with the provisions of Ihe note securcd hereby, fut! payment of the entire indebtedncss representeJ thereby. the mortgagee sh:~ll, in computing tlx amount of such indebtedness, credit to 1he ac- count of the martgagor all paymcnts made urnier ~he provisiunc of la1 ot paragraph 2 hereof which the mort~agee hac na t+ecome obligattrl to WY ~o ~~etary ot Housing and Urban Drvelopment and •rny halance ~emaining in the funds accumulated under the provisions ot (b) of said paragraph 2. If tlxre shall be a default under any of the provisions uf this mortgage, resulti~ in a publie sale of the premicec covcreJ here- by. or it the mortgagee acquires the property oiticrwiu atter dttault, !tx mortgagee shal! apply. at the time of the commerx~ment uf w~h pra- cetdings or at the time tt~e ptoperty is otherwise acquired, the balance then remaining in the tunds accumulated urder 1 b) of paragraph 2 preced- ing as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay alt tazes. assessments. Natcr rates and other governmenlal or municipal ch•rrges. fines. or imposi~ions. for w hich pro- vici~n Fws not t?een maJe hcreintxiore, anJ in default thercof the mort~~get ma~~ pay the came: and ~hat he aitl prompUy Jrliver the otTicial rcceiptc therefor to tF~ murtgagec. S- Tha1 he will permit, commi~. or sufTer no waste. impairment _ or de~erioration ot saiJ property or any part thercof; ~nJ in !he event ot thc 1 failure ot the mortgagor to keep lt~e buiWings on saiJ premises and those ta lx erected un said premises. w improvementc Ihereon, in good re- pair. the mortgagee may make such repain as in its discretion it may deem necessary tor the proper prexrvation thertot_ anJ thr full amount ot each and every such p0yment shall be immediately due anJ payabk. and xhrll bt secured by 1he lien of ~hix mort~ge. 6• That he will pay aU and singular the costs, charge~. and expenses, including reasonabk lawye?'s ftes. and cosis of abstracts ot tilk. in- curred or paid at any timt by the mortgagee because of Ihe failure on Ihe pan ot the mortgagor promptly and tully to perform the agreemenis and covenants of said promissory note and this mortgage. and wiJ co~ts. charges. and expenses shall be immediately due and payabk and shall be cecured by the lieo of this mortgage. 7. That he will keep the improvemertts oow existing or hereatter erected on tht mongaged property. insurcd as may be required from lime ~ to time by the mortgagee against bss by fire.~nd ather hazardc_ casualties. and contingencies in such amounts and for such perials as may be required by mongagce. and will pay promptly_ when due. any premiums on wch inxurance for payment of which ptovicion h•rs not been made hereinbefore. All insurance shall be carried in companies approveJ by mortgagee and Ihe policies and renewals thereof shall be heki by mortga- gee and have attxhed thereto loss payabk cfauxs in favor of •rnd in form acceptabk to the mortp,agee. In eve~t of loss he will give immediate notice by mail to mongagee. and mortgagee may make proot of bss it no1 lnade promptly by mortgagor, and each insurance company con- cerned is hereby authorized and directed Io make paymeot for such loss directly to mortgagee instead of to mortgagor and mortgagee jantty. and ~he insurance procceds, w any part tAereof. may be applied by mortgagee at its option either to the reduction of Ihe indebtedness hereby xcwcd or to !he res~oration or repair of ~he property damaged. In event of forecbsure of this mortgage or other transter of titk to the morl- gaged property in extinguishment of the indebtedness secured hereby, all right, titk. and interest of the mongagor in aod to any insurance poli- cies then in force shall pass to Ihe purchaser or grantee_ ~ 8. 'llw[ if the premises, or any part thercoL t?e coademned under any power ot eminent domain. or acquired tor a puMic use. the damages. procceds. and the consideration for such acquisition. to the e~tent of the tull amount of indebtednt~s upon this Mortgage. and Ihe Note ucured { hereby remaining unpaid. are hereby assigned by the Mongagur to Ihe Mortgagee and ahall be paid fonhwilh to 1he Mortgagee to be applied by * it on account of tlie iridebteness securcd hereby. whether due or not. 9. TAai the mortgagee may. at any time pending a suit upon this mortgage_ apply Io the coun having jurisdictiun thereot (or the appoint- ment of a receiver. and such court shall forthwith appoint a receiver of Ihe premises covered hereby all and singular. including all and singular tlx income. profits, issues, and revenues from whatever source derived. each and every of which. it being expressly u~ferslooJ. is hereby ~ mongaged as if specifically set fonh and descritxd in the granting anJ habenJum clauus hereof. and such receiver shaA have all !he broad and ~ eHective functions and powers in anywix entrusted by a coun to a receiver. and such appointment shall be m•rde by such court as an admitttd equity anJ a matter of abaolute right to said mortgagee, and without reterence to Ihe adequacy or inadequacy of ~he value oi the property mon- ~ged or to the ~olvency i?r insvlvency of said mortg:+gor or the defendant~. anJ that such rents, profits. incume. i~,aec. anJ revenuec sh•rlt t?c applied by such receiver according to the lien of this mortgage anJ the practice of sunc ~ourt. In the event ot any default on tlx part of the mort- gagor hereunder, the mortgagor agrces to pay to the mortgagee on dema~d ac a reasonabk monthly rental tor the premisas an amount at kast equivalent to one-tweltth ( U12? of the ap,Rregate of the twelve monthly installments payabk in the Ihen current year pluc the actual amoum of ~ the annual taxes, assessments. water rates, and insurance premiums for such year nM covertJ by 1he aforesaid monthly payments. ~ 10. That (ai in the event ot any breach of this mortgagr or de(ault un tbe part of the mortp,agor. or l b) in the event that any of said sums o( money herein re(erred to be not promptly and fully paid without demand or naice. or Ic1 in the event that each and every the ctipul•rtionc. :~reemcnts. conditions. and covenants of said nole and lhis mortgage. are not duly. promptly. and tuUy performed: then in either or any wch rven~. the said aggregate cum mentioned in tiaid ncue then remaining unpaid. with interest accrued to that t+me. artd all moneys secured F?ereby. shaN txcome due and payabk /otlhwith. or Ihereafltr, al Ihe option uf wid morigagee. as fully and compktely as if all ot the said sums of moa- ey w~ere orip,inatly stipulated to tx paid on such day. anything in said note or in this morigage to Ihe comrary nolwithstanding: and Ihereupon or ~ 'i ~hereaf~er. at the option of said mortgagee. withoul notice or Jemand. wit at law or in equi~y. may tx prosecuted as if all moneyx secured here- ~ by had matured prior to its institution. The mortFagee may forecbx this mongsge. as to tbe amount so declareJ due and payabk. and tF~e said : ~ premices shall be so1J to +alisfy and pay the same together with costs, eapenses. and allowances. In case of panial (oreclosure of this mortgage. s the mortgaged premises xhall be sold subject to the continuirtF lien ot this mortgage (or the amount ot tFx debt not then due and unpaid. In such ' case Ihe provisions ot Ihis paragrapb may again ix availed ot thereatter from lime to timo by the mortgagte. - I 1. That the mortgagor will give immeJiate notice by mail to the mortgaget ot any conveyanct. transter. or change of ownership of the premises. : I?. Tha~ no waiver ot any covenant hertin or of the o i tio cy~ed hereby shall at any time thereatter be held to be a waiver of the ~ terms hcreof or ot the note secured hereby. r ~ ~{MX 1 t'~i;t ~ ~ : ~y~- ~ - ~'d°°~ ~~~.~''^.'-".~.F' :..~d~~,..~`~-~'~ ~,V....t ~t. . I _u-~.+m.Esrz ~+.a~`~'.~.'s~~s`.3Y~