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Home My WebLink About1224 ' That. in urder mo~e tully tu prutrct the ~ecurity ut Ihi. murtgage. tht murtg;y~ur, tuycihe~ w ith. anJ in aJJitiun to. Ihe monthly pa~ msnts v unJer Ihe trrm. ut thr notr stcurcd hr~rby, un thr firu Jay u( each muntA until ~he t~id nWe is (u~ly p:~iJ. will pay tu 1he mortgagrr thr tulluw- ing.ums: t~l An :+muunt +udicitnt tu pr.~vide ~he hulJzr hereuf x ith funJ+ ~u p:?y ~he nt~1 mung:yst in+urancr premium it thi. in.trumint anJ th~ nutr +ecureJ ha~eby ~re imurrd. or a munthly charge lio lieu ot a mort~e imu~ance prrmiuml if they arr heW by thr ticcrctar~ ut HuuainganJ Urban Ikvelupmcnt as folluws: ' (U It and w long a. saiJ nule ot cvrn J~te und thi~ imtrument are in~urtJ ot are reinsurtd unJer Ihe provi.iun~ uf the Na~iunal Houaing Act, an amount ~nffirient lo arcumulate in Ihe hanJ~ ot the huWet une 1 U manth prior la i1c due Jate thr annual mort- g:?ge inwrrn~e premium, in u~der tu proviJe cuch huWer wilh tunds to pay wcA premium Iu 1he Secretary of Huu,ing anJ Urban Development pprsuaqt to Ihe National Nuusing Acl, ac amended, and applicabk R~gulation+ thercunJt~: or 1111 If and so long ac .aid nwe u( e~en dale anJ thic inslrument are htld by the Sec~elary ot Hcwsing anJ Url+an IkvelopmeM. a mumhly rh:~rgt lin lieu o( a mortgage i~surance premium) which shell lx in an amount equal tu one-tw•rl(th l ll121 af one-half 11121 per crnwm ut the average ouistanding balance due un Ihe nWe computed withiwt ~aking inw arc.wn~ dclinyurncies or prepay menl~; ~ Ib1 A.um ~yual to ~he grouixl rrnts, if any, ne>t Jut. plus Ihe premiums that will next become Jue and payabk on pulicies ut fire and .~~h~r hararJ inwranre ruvenng Ihe mortgaged properly. pluc tatec and as~esxments next Jue on the mortgage+i property lall a~ esti- mateJ by tht m~x~gagtel ks~ all .um. alreaJy paid thrrefor divided by the numtxr of munths to elapse Ixtore one month prio~ to Ihe datr when ~uch grournl rrnt.. premium.. ta~e.. and ascessmrntc will t+ecome delinquent. wch sums ta 1+e htld by morlgagee in trust tu pay aaiJ grournl rems, premiums, taaes, and special asusxments; anJ Ic1 All paymrnts me~tioned in ~he 1wu prcceding suhcections uf this p~regr•rph :u~d all paymenis tu tx made urnier the nwe secureP ubre- bp shall be adJcJ tugNher and Ihe a~rcgate amount thereof shall t+e paid by the mortgagor earh month in a cingk paymem to tx ap- plied by the mortgagie tu ~he tollowing itcros in the order set fonh: (11 premium cFwrge~ unJer tAe cumract ot insurance with the Secrctary uf Housing and Ufian Development. ar monthly charge (in lieu ot mnrtg:qtt insurrece premium). ac the cau may be: UU gruu~xf rents, tr~es, a»essmtnts, fire, and other hazard insurance premiums: 1111 interest on the nwe .rcured hereby: and IiLi i amonitaiion ui ~ix p~irnipai ui ~aiu ~wic. Any Jeficiency in the amount of such:~gregate monthly payment shall. unless maJe gaoJ by lhe mortgagor prior to 1he Jue date uf Ihr neat wch payment, con.titwe an event ot default unJer this monReEte. 'fhe mort~tee may collect a"late charge" not to e~ceeJ tw~o cents 1'c) tor each d~llar (SI1 uf each p:+yment more thao fitteen USI Jays in arrearo tu cover tAe eatra ezpease involved in handling Jelinquent payments. 3. That if the twal of the peymenls made by ~he mortgagor urxler 1 b) ot paragraph 2 preceding shall exceeJ the amount of the p•rymrnts acwally made by the murt~gee. tor grounJ rems. ~a~ec and a~.essments and inwrance premiums, ac the case m•ry tx. cuch t~ress •rt the up- tiun ot the mortgagee. sh•rll. tx credited on aubuquent payments to be ma ie by the m~ng~tur, or retunded to tlx mortgagor. It. huwever, thc monthly payments madc by the murtg:~ur under Ib) of par•rgr:?ph'_ pra:eJing shall not tx suflicient to pay ground rents, taxes and assessments and insurance premiums. as the case may t+e. wheo the wme shall become Jue and payabk. Ihen the mortgagur shall pay to the morlgagee any amoum necessary to r.ial;e up ~he Jeficiency. un ur befure the Jate when payment ot wch ground rents. tazes. a~sessments, or insurance prem- iums shall t+e due. It at any time the mortgagor sh~ll tenJer to the mortgagee in xcordance v?•ith the pro~•isions ot the note secured hereby. tull pa~•ment ot the en~irr inJzbtednecc repretented therehy. the mortgagee .h:~ll. in a~mputing the amount ot cuch irxlebtedness. credit to the ac- ~ pay tu Ihe Secretary of H~w.ing and Urben Development anJ any t.?Irnce remaining in Ihe tunds accumulated under the provisions of Ib) ot said paragraph 2. I( ~here shall tx a default under any of the pruvisi~nsot this mortgage, resulting in public sale of the premicec ci.vered here- by. or it ttx mortgagee acquires the pruperty otherwise atter de(ault. the mottg:+gee shall apply, at tht time of the commen~ement u( ,uch pru- ceedings or at the timt the propert~ is otherveise acquired. Ihe balance then remaining in the funds accumulated under 1 bl of paragraph 2 preceJ- ing as a credit against the amount ut prirx.ipal then rcmaining unpaid mxier said note and shall properly adjust any payments which sh~ll havt txen made under la) of said paragraph. . ~ ~ - _ . . . . _ . . _ . _ . - - . s.._ . _ Y. f fid~ iN: N111 `ldy dfl ~d\l~. v\\t\\Ill<Ill\. N~11Li Idill .~IiU U\Iill ~~/~CIf1fl~Cfildl UI iilUfllt~~IN~ ti~ai~t~. ~1~i~~. Va ~~~t~~u.~f~~vi~~. ~Va w~~~~~~ Yia~i ~i,ion ba+ not hre~ m:~Jr hereint+eforr. and io dcfault thrreof the mangagee m:~y pay Iht ~ame: anJ Ihat he will promptly Jrlivrr Ihr otTicial receipt. therefor ~o thr mur~gacet 5. That he will ~?ermit. commit. or cu8rr no w a.te. impairment, or deterioration of wiJ property or any part Ihereof: and in tbe event of !he failurt of the mortgagor to keep tF?e huiWing. on wiJ premice. anJ Ihcxe ro tx ereeted on saiJ premicec. or improvemenh thereon_ in g~wd re- pair, the mortgagre ma} m:+ke wch repain a, in its di~cretion it may deem necess:~ry for ~he proper presen•~~ion thereof. and the full amount of rach anJ every wch payment tih~ll t+r immediately Jue anJ payable. and ~hall be ~ecured by 1he lien of this mortgage_ 6. That he will pay :?II anJ cingul~r the cost~, chargec. and expense~. inrluding reason:~bk lawyer's fees, anJ custs of abstracts of IiUe_ in- ' curred or paid at any time by ~F?e mort~gce t+ecaux of ~he faiiure on the patt of ~he mortgagor prompUy and fully to perform Ihe :+greementc i and covenants ot ~aid promissory note anJ this mortgage. and SaiJ cosl+. ch:?rges, and e~penses chall tx immrdiateh• due anJ payabk and tih~ll be ucured by Ihe lien of thic mortg~ge. ; That he will keep the improcemen~s now e~i,~ing ur hereafter erecleJ on the morigaged property_ inwreJ a~ may be required from time ' I to time by 1he morl~gee againct bsc by fire anJ ulher ha~ardc. cawaUiec. anJ runlingenrie~ in xuch :~muunu and tor wch {+erials a~ may be j required by mortg:+gee. and wi0 pay promptly. when Jue. any premiumt on such inwrance (or payment of which provicion tws niK been maJe ~ hereinhefure. All in.ur:~nce ~hall tx rarried in comp:mie. appraveJ hy mt~rlgagee and the policies and renewals thereof shall t?e held by mortga- gee :+nd have attacheJ Ihereti~ locs payabk clauseti in favur of anJ in form ~ccept•rbk to the mortg:~gee. In evmt of lotis he will give immediate ~ nolice by mail to mortgagte. anJ mortgagee may make proof of losc if not maJe prompdy by murtgagor. and each i~surance company con- ~ cernc~i ic hereby auihurizrd anJ Jirccted to make payment for such bcs direcdy tu mortgagee instead ot to mortgagor anJ mortp,agee jointly. ~ anJ thr inwr~nce proceeds. or any part thereof. may be applied by mortg-rgee at its oplion either to tht reduclion of ~he indebtednecs hereby ~ secureJ or to the re+toration or repair of the propetty damaged. In event of furecbsurt of this mongage or other t~am(er of titk to the mort- gagcd pro{+ert~ in extingui~hment ut the indebteJne~c xecured hereby. aU right. tide. anJ interest ot the mortg:qtor in and to any insurance ~x~li- ~ cies ~hen in ti~rce tihatl pass to the purcha~er ur grantee. "I?~at i( Ihe premiuc. or any part3hereoL he conJemned unJer any power of eminent Jomain. ur acyuired (or a public uce. the damage~. ~ proceedc. and the cunsideration [or wch xqui.ition. to the e~lent o( tht full •rmoum of indebtedness upon thic Mort~ge. anJ the Note secureJ hzreby remaining unpaid. are hereby as~igned by the 1Nurtgagor to Ihe Mortgagce and ~hall be paiJ torthwith to the hlongagee to be applieJ by it ~~n account ot thr indebteness secured heceby. whether due or not. y. That ~he mor~g:~gee may. at any time pending a suit upon this mortg:?ge. apply to the cuun having juri~iictiun thereof for the appoint- ~ mrnt o( a receiver. anJ .ucb court shall tonhwith appoint a receiver of the premi~c covered hereby all anJ singular. including a!1 ~nd cingular 5 ~he income. profitx. iswes. anJ revenues (rom wh-rtever souret deriveJ. each and every of which_ it t+eing e~?pressl~ uncientaxf. ic hereby ; mongaged ac if specifically u~ forth and Jeceritxd in Ihe grantiag and hatxndum clauces hereot. and such receiver shall have aU the broaJ and ~ ~ ~ etiectire function+ .~nJ powers in anyv~i~e enlrusteJ by a coun to a receiver. and such appointment shall be maJe by such court as an aJmiUed ~ equity and a malter of abx~IWe right to ~aiJ morl~gee. and withvut re(erenre to the adequacy ~r inadequacy o( the value o( the properly mort- Faged or to tfie wfrrnrr .K in+.~lvfncy uf .aiJ mortga~or or the defendant.. anJ th~t wch renb. profitt. income. ic~ue._ anJ revenue. ~hall he •rpplied by such receiver according to the lien o( Ihis morlgage anJ the practice of wch court. In the event of any default on the part o( the mort- - ~:?gor hereunder. the mungagor agrecs to pay ro the mortgagee on JemanJ as a reawnabk monthly rental tor the premises an amuunt at kasl " equivalent to one-twel(Ih 111121 of Ihe aggregate o( Ihe twelv~ munthly installments payabk in tbt then current year plus tht xwa! amuunt of ~ ' s the annuAl ta~e~. a+se~sments. Nater rate~. :~nd inwrance premiums for such year not covered by the aforesaid monthly payment~. 10. "Il~at Ia1 in the event ot any breach of thi~ mur~~ge or de(ault on Ihe pan of the mottgagor. or Ib) in the event tbal •rny of saiJ .ums ot money herein re(erred to tx ncN prompd~ :mJ (ully paiJ withiwt dem:+nJ or no~ict. or Icl in the event thal each •rnd e~•ery the ~lipulatium. i~ agreemenls. conditiunc. and ro~•enantt of said note and thi~ mortgrgt. are not July. prompdy. and fully performeJ: theo in eilher or any .urh ~ event. the ~aiJ a~reg:?tr cum mentioneJ in wiJ note Ihen remaining unpaid. with interest accrued to that lime. anJ all money+?ecured hereby. chall t+ecome Jue anJ p:?qahk fonhw ith. ar thereafler. at the option of said mortgagee. a~ (ully and completely ac it all ot the saiJ sums of mon- ~ e~ were urigina~ly stipulated to tx paid on coch day. anything in said note or in this mort~ge 1o Ihe contrary nwwithstanJing: anJ thereupun or therea(ter. at the o tion o( ~aid mort a et. wilhout notice or demand. suit al law or in e uit may Ix prosecuted a~ if all mone t secured here- p S' S 9 Y- Y by h~1 malured prior to it+ imtitution. The mortgagze may torccbce ~his mortgage. as to tlx amount sn declared due anJ payabk. and Ihe SaiJ premicec shall tx sold ro ~ati~(y and pay Ihe .ame li~gtlher wilh co~tti. e~penxs. anJ allow•rnces. In case uf parlial torecbsure o( Ihis mortgage. ti Ihe mort~ged premi~t~ chall he .oW whject to the continuing lien o( this mortp,age (or Ihe amoont of 1he JeM nd lhen due aod unpaiJ. In wch case 1he provisionc ot this paragraph may again he avaikd ot thereafter from time to time by the mortp,agee. 11. That the mortgagor will gi~e immediate notice by mail to the mortg:+get o( any conveyance. Iransfer_ or change uf owner+hip oi Ihe - premius. I?. That no waiver of ~ny co~eoant herein or of lhe ebligation ~ecured hereby shall at any time thereafter tx held to tx a waiver ot the # ~erms hercof or of the note secured herehy. Q ~ SGOK ~~V PA6E ~ . . ~ - _ _ _ ; . v~