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Home My WebLink About1837 Y 2. rhat, in urJcr nx?rc lully tu pro~~tit thr ~rcunry of ~hi. mu~~gagr, thr tmxigagur, wgelher with. arxl in :ulJ~uun ~o, thr nx+ntAlq paymrnu undrr thr trrm+ uf ihr nutr .rcurcvl hrr~hy, un the fint Jay of r:kh munth until the ~aid nwr fuUy paid, wi11 pay tu thr nw~tgagrr the fi~Uuw ing sums: (a) An anwunt sutficetnt to providt ~ho hoiJer hereof with funJs tu pay Iht neal rtwrtea~e insurance prrmium if this inurument anJ the note secured hereby are insu~cd, o~ a monthly charge lin lieu of a mu~tgage insuranct prcmium) if they ue held by the Secretary of Housin~ a~xf Urban Devetoprt?e~t. as fotbws: fl) !t and so lon~ as said note of cven Jate and this i~trument art insu~ed or arc reinxured under the provisions of the National Housing Act, an amount sutTicient to accumulate i~ the hands of the holder one (1 i month prior to its due date tAe annual mortgage insu~ance premium, in orckr to provide such holdtr wilh funds to pay ~uch prcmium to the Secretary of Housing and Urban Development pursuant to the National Nousing Act, as amznJed, and applicable Re~utatiuns thertun~ler; or IIU If and so long as said notc of even ~iate anJ this inst~ument are htld by Ihe Secretary ot Housing ami Urban Oevtlupmcn~, a monthly charge lin lieu of a mortgage insura~ce premium) which shall be in an amount equal to o~e-twelfth 111121 ot one-half ('h) per ce~lum of the average outstanding balance due on the note computed without taking into aocuunt - - - - !b) A sum tqual to ihe ground rents, if any, next due, plus the premiums thal will neat become due anJ payable on pol~c~es ot hre - and other hazard insu~ance covering ~he mo~tgaged property, plus taaes and asxssments next due on the mortgagM praperry (alt as estimated by the morigajee) iess all sums already paid theretor divided by the number of months to elapse beCore one month prior to the date when such ground rents, premwms, taxes, and assessmants will become delinquem, such sums to bc held by mortgagee in trust to pay said grcwnd rcnts, premiums, taxes, and spccial astestmrnts; and (c) All payments mentioncd in the two precedeng subsections of this paragraph and all payments to be made under the note stcuted hereby_shall t+t.added tngether and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the morlgagee to the falbwing ittms in the orde~ set forth: • ° (11 premium charges under the cuntract of imurance with tFx 5ecretary of Housing and Urban Devebprtxnt, or monthly charge lin lieu of morlgage insurance premium), as the case may t~e; (11) ground rents, taces, assessments, fire, and other hazard insurance premiums; . (illl interest on the nole secured hereby: and tIV) amortization of the principal of said note. Any deficiency in the amount uf such ap,gregate monthly payment ,hall, unlecs made goocf by ~h~ mortgagur prior tu thc Jue date of the next such payment, constitute an event uf detault urnfer thic mortgage. The m~tgag~e may cdlctit a"late .harge" aut to e~cee~i two cents 12c) for each dollar !S1) of exh payment mure than fifteen I ISI days in arr~ars to cover the extra expense involv~d in hanJling delinquent payments. Th1t if the total of thr payments made by the rtx~rtgagor urxter (bl of paragraph 2 prcYeding .hall etcerJ the anx~unt of the payments actually made by the m~tgagee, for ground rents, taxec anJ assesiments and insurance premiumc as the case may be, such exc,ess at the option of the mortgagee, shall, be credited on subsequent paymenu to be made by che mortgagor, or rcfundod to the mortgagor. if, how•ever, the moathly payments matle Ay the morigagor under Ib) of paragraph 2 preceding chall rtot bt sut'ficient to pay ground rents, taxes arxl as~essments and insurancr premiums, ac the case may t+e, when the same shall I+ecom~ due anJ payable, then the mortgagor shall pay to the morigagee any amount necessary to makr up the deficiency, on ~x before the date w hrn pay mret of ,uch gruurni rents, taaes, assessments, or insurarne premiums shall be due. If :+t any time the mortgagcu shall te~xier to the mortgagee in accordance with the pruvisions of the note securM hereby, full payment of the eotire indeMedness repreuotrd thereby. 1he mungagr~ shall. in computing the amount of such irxlebterlneu, credit to the accuun~ of Ihr mortgagcx att paymrats mack uncier the proviciorts uf 1a1 uf paragraph 2 hereof which ihe mortgagee bas not become obligated to pay to the Secretary of Housing and l;rban Development arxi any balanc~ remaining in the funds accumulate~t u~xfe~ the provi~iuns of (b) uf said paragraph 2_ If thrre shall be a default urrirr anp of thz provisians of this mortgage, resulting in a public tale of the premi~ec covered hereby, or if the mortgagee aaquirrc the prciprrt~ utherw ise after default, ihe mortgagce shall aEy~ly, at the time u!' the commencemen~ i~f tiuch ju~icerdin~ ~ at th~ time th~ prupert~ utherv?~x acquired. the balance ~hcn remaining in the funds accumulate-~i unJer ~h~ af p:uagraph 2 pre~:rding ac a c~c-~iit agaimt thr smuunt uf ~ principal t.~en remaining unpaiJ u?nler +aid note and chalt pr~perly adjust any payments Khirh shall havr heen m:~ie under !u? of tiaiJ paragraph. J. That he will pay all laxes, a~~ments. water rates, anJ ~xher gavernmental or municipal charge,. hne+. or impusitiom. for which provision has not been maJe hereinbefi~re. and in defauft therrof 1hr m~tgag~ may pay thr same; :snJ that he w~ll promplly deli?er the officia) rereipls therefor to the mortgagee. S. That he will permit, commil, or auffer no waite. impairment, or drterioratiort of wiJ pruperlq or any part thereof; arnl in the e~~ent , of the failure of the mortgagor ta keep the buiidings on said premises and thou to be erected on said premiscs. cx improtiements therron. m gooJ repair, the mortgagee may make such rrpain as i~ its discretion it may Jeem necessary for the proper prexrvation thereof. and the full amount of exh and eveq~ wch payment shali be immediately due and payabte, and shali be secureti t~y the lien of thiti mortgage. b. That he v~ill pay all and singutar the costs, charget. :~nJ eapenses. incluJing reasonahle lawyer i fees, and costs of' at»tracts of tiUe. incurre:t or pai.i at any iitne by the nwrigag~ hctau+e ut tF?c failure ~u; the-part uf t!u- r~~rtgag.x-puunptl~ a~u1 full~ t~ pe~taum tf?e agreements arxl covenants of said promi~xxy nwe anJ this mvrtgage, anJ s:iid cotits. ch•rrg~. ~rnl e~pens~ shall be immediately due anJ payable and Shali be secured by the lien of this mortgage. 7. That he wi11 keep the improvements now existing or hereaRer erectc-~I on the mortgagctii prupeny. inwreJ at may t+t requireti from time to time by the mortgagee against loss by fire~xf whrr hazards, casulaties, and contingencic~ in tuch artx~unt~ and for cuch peri.~s as may t~ rrquirecl by mortgagee, anJ w iU pay prompily. a hen Jue. any premiurm on such insuranee fcx payment of w~hich provision hai not been made hereinbefore. All insurance shall be carried in companies approved by mongagee and the policies and renew-als the~eof shall t+r heW by mongagee and have attached thercto lon payable clautes in favur of anJ in iixm accep~able to the rtxingagce. In tvent of lost he a~ill give immediate rwtice b~• mail to mortgagee, and mongagee may make prouf of loss if not made prompUy by m~xtgagor~ ark! each insurance company concerneJ is hereby authorized anJ directed to make payment for ~uch loss directly to rtwrtgagee irKtead of to murtg~gor and mcxtgagee jointty, and the inwrance proceeds, or any part ~hertof, may be :~?plied by m~mgagre at its option eithrr to the reduction of the inJebtedneca hereby secure+l or to Ihe resUxation cx repair af' ihe property Jamaged. In event of foreclixure d this nxmgage or other transfer of tiUe to the mortgaged pruperty in ectinguishment of the i?~iehteJnt~s xcureJ hereby, all right. title. and intereu .if the morlgagcx in anJ to any in~urance palicies then in furcr shall past to thr purchaser cx gran[ee. 8. That if the premises, or an}~ part thereot, be condemned under any- power ol eminent dvniam, or acqu~rrd ior a puDiic use, the dama~es, proceeds, and the consideration tor such acquisition, to the e<tent of the full amount of indebtedaess upon thic Nort~age,andtheYote secured hereby remainin~ unpaid,are 6ereby assiRned b~• thc ~Iort~aRor tothe ~Iortga~eP and shail be paid forth~.ith to the ~lortga~ee to be applieJ 6c it on account o( the indebtedness secured hereb~, ~.hether due or not. 9. That the nxtttgagee may, at any lime penJing a,uit upon this mortgage. apply tu the court having jurisdiction thereof for the appointmem of a receiver. and such cuurt +hall fcxthwith appuint a ~aeiver of 1he premi~s covered hereby all anJ singu(ar. ~ncluding all arxl singular the income. profits, itsua,•and revenuc~s from whatever source deris~ed, each an~! e~•ery of which_ it being e~pre~sly understcx~cl, is hereby mortgageJ as if specifically set forih anJ describeJ in the granting and habendum clauses hereof. and ~uch receive~ shall have all the t+road and efTective functions and powers in anyw•ix entrusted by a court to a receiver. and such appointment shatt be made by such court as an admitted oquity and a matter o( absolute right to sai~1 morlgagce, and witF~out rtferenc~ w the ad~quacy or io' ~e~i ' uacy u t e ve u-i e o~ tTi-e r eq p opcny tnortgag~ii- to t e so vency or m vency o sa~ moitgagor vr tfie deTendent3; anJ thal +uch ' rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this morlgage arxl the practice of such court. In the rvent of any default on the part of the mortgagor hereunJer, the nwrtgagor agrees Io pay to the mortgagee on demand aa a reasonable monthly rental for Ihe premises an amount at least equi~~alent to one-twelfth 11/121 of the aggregate of the tw•el~e munthly in+tallments payable in the th~n current year plus the actua) amount of the annual taxes. assessmentc. w ater rate~. and insurante premiums for such year not covered by the atoresaid monthly payments_ !0. That (n) in the event of any breach of this mcxtgage or default on the part of the rtx~rtgagor. or Ib) i~ the event that any of said sums of money herein referred to bt not promp0y and fully paid without demand or notice. or Ic1 in the e~•ent that each arxi every• the stipu(ations, agreementc, cunditions. anJ covenants ot said note and this mortgage, are twt duly. promatly. arxl tully performed: then in either or any such event, the said aggregate sum mentioned in said note then remainig unpaid. w ith interc~t accrued to that time, arwl all ~ rtwneys securetil hrreby, shall become Jue and payable forthN ith, or thereafter, at Ihe optiun of saiJ m~xtgagee, as fully and completel~ as if all of the saiJ wms uf money w~ere originally stipulated to be paid on such Jay. anything in saiJ nute or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option of,aid mortgagee, without rwtice or demarxl_ ~ui1 at law or in cquity, m;iy be prosecuted ac if all moneys secured hereby had mawred prior to its i~(iwtion, ll~e rtwr[gagee may forec(cne this rtx~rigage, a~ to the artxwnt so declared dur and payable, and the said premius shal! be sold to satisty and pay tbe same together w~ith costs. expenses. aad allowancet. In case of partial foreclosure of lhis mortgage, the morigaged premises shall t+e wld subject to the continuing lien of this r?x~rlgage for the amount of the debt not then due arni unpaid. In cuch case the provisiuns ot this parag~aph may again be avaiied of thereafter from time to time t+y thc mortgagee. 1 l. That the nwrtgagor vvil) give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 12. That no waiver of any covenant herein or of the obligatiun secureJ heret+y shall al any time thereaRer be held to be a waiver of the terms hereof or of the note secured hereby. 8o~z~s ~~s~ ~ ~ : " 3 . , ~~~~~~~`ti *`€s'- 2r; ~ _ ~ ~r ~ih ~Y".~~