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Home My WebLink About1653 • e~.• Y~ t . • v I hat. in urJrr nxirr fully tu p~at~~t Ihr .«urhy uf ~h~. muitKagr. the murtgagur. ~ugrth~r w ~th, u~xi ~n :~~J~uun tu, ~h~ nx~nthl~ p.~~m~nt. undtr thr trrm~ uf thr nutc .~-~u~~tit hrrrhy. .~n thr fint Jay ul rach munth umil ttic ,aiJ nu~r fuUy paid. Kiii pap tu ~hr murtgageC the foUuKing.um.: !a) .An amount suificient to provide the hoWer herrof wi~h fu~Js to pay thr next murtgage ~nvurancr ~tiSiam if thi. instrument and the nutr secu~ed hertby are insu~ed, ex a munthly charge li~ lieu of a mortgage inzuraoce q~nrutn) if they arr hrW by the Stcretary of Nausing anJ Urban Develupment, ac folluws: - (l) If a~d w long as saiJ note of even date and this ins~rume=i~ are insured or are reinsured urxie~ the provi~ions of the Natio~al Housing Ac1, an amount sup(icicnt to accumu~ate in the hands of the hotde~ one month prio~ to its due Jate Ihe annu~l rtwrtgage insurarK;e premium, in ~x~far io provide cu~:A halder with fun~k tu pay +~ch p~emium to the Secretary of Housing and Urban [kvelopmrnt pur~uant tu thz National Nousing Act, as amenJeJ, anJ applicable Regulatium thereunder, or (Ui If and tio long as.aid nute o('evert date arx! ~his imtrument art held by the Secrc~ary of Housing arxi Urban Ikvrlopmrnt. a munthly charge 1in lieu of a mangage imurance prrmiuml which shall br in an amoum ryual to unr-twelf~h 111121 of onr-half 1'~4 ) per centum af the average uut+tanJing balunce due un ~the note computed without taking into accuunt drlinquencies or prepayment~; Ib) A+um equal to the gruu~xi rents, if any, next Jue, plu~ the prrmiums that will next brcome due arxi payable on policin of fire and other hatard insurance covering the mortgaged propeny, plus taxes and acsnsments orxt Jue on the mortgaged prope~ty (al! as estimated by the mortgagte) less all sums already peid therefor divided by ihe number of months to elapse before one month prior to the date wh~n such gruu~xi rents, prem~ums, taxes, arxi assessments will bnome delinquent, such sums to be held by nwrtgsgee in trust to pay saiJ ground rents, premiums, taxes, and spccial assessments; and fc) All paymrnis mentioned in the Iwo preceding subsections of this paragraph and all payments to be made under the note securcd hereby shall be added together and the aggrrgate amuunt thereof shall be paid by the rtwrtgagor tau:h month in a single payn~nt to be applied by the mortgsgee to the fottovving itzms in ti~ orJer set forth: _ U1 premeum charges under the contract of insur:?nce w•ith the Secr~tary of Housing and Urban [kvelopment, or monthly charge lin lieu of mortgage inturance premium), as the case may t+e; UI) ground rents, taxes, assessments, firc, arxl other hatard insurance prrmiums; (11!) interest on the note secured hereby; ancl (IV) amortitation of the principal of said nute. Any Jeficiency in thr amount of w~h aggregate monlhly payment chall, unle+s made goud by [hr murtgagur priur tu the due date of the next such paymrnt, constitute art evrn~ uf default under this murtgage. ~fhe mortgagee may cullect a"latr charge" nut w exceed ~a•~~ cenis 12c) for each clollar IS11 of each paymenl mwr ihan fiftrrn 1151 days in arreers to cuver ihe e~tra expen~e in~olvcd in hanJling detinquent payments_ 3. Th:~t if the total of the payments maJe by the mortgagor under IA1 of paragraph 2 preceJing shall exce~d thr amuunt i~f ihe payments actually maJe by the m~xtgagee. fur ground rent~, ta!ers and assessments and i~surarke premiums, as the casr may be, such excess at the option of the mortgagee, shall, be creJital on subsoquent payments to be made by the mortgagor, ar rcfunded to the rtwrtgagur. If, how~ever, the monthly payment~ made b~ the mortgago~ under Ihl of paragraph 2 prcceJiog shall nut be wtlicient to pay 6ruunJ rentc, wxts anJ acse~~menu and imurance prcmiums, as the cast may t?e, when the wme shall become due arnl payable, then the ~nortgagor sh:~ll pay to the murtgag~e any amuunt nc~essary ti~ makr up the deficiency, on or l~fore the dat~ when payment of .uch grourxi rents. taxcw, assessments. ur inwrance premiums .hall be Jue. If at any time the m~xtgagor shatl terxler to ~he murtgagre in , accorJ~nce with the provitiuns of the note .ecured hereby, full payment of the entire indebtedn~s represented thereby, the mortgagee shall. in computing the amuunt uf wch indebt~vinr.s, crc~iit to thr account uf the mortgagur ~II paymtnts made unde~ the provisions uf lul ~~f paragraph 2 hereof which ~he mortgagee has not t+ecomr obligate~i to pay to the Secretary of Housing at~d Urban Devzlopment and any balance rrmaining in the funJs accumulateci unJer the pruvisions of Ib~ of saiJ paragraph 2. tf there shall be a Jefault urxler any of the ~n~visions of thi+ m~xtgage, resuhin~ in a public sale uf the premises coverecl hereby. or if the m~xtgagee acquires Ihe p~~~erty otherwi,e after dei'au{t. Ihe murigagee tihall apply, at the time uf the cummencement uf ~uch prcx:eeding~ ur at thr time the property is alherwise :nyuireJ. the b:?laoce then rem~ining in ihe fi?nJs accumulatrJ under Ih? of paragraph 2 prece+ling as a creJit againcl the amuunt i~f principal t~ien remaining unpaid under SaiJ nutr and sh:+ll pruE?rrl}• ~Jjust any paymenis Hhich ~h:~l! have be~n maJe under lu) ot ~id paragraph. -3. '~ha~ he .?ill p:?y a11 taic~+, a~~e~.mentc. w,iter r.~t~~, and ather go~~ernmental or municipal charge~, fines. or imFx~sition+. for which pro~~isi~n has not heen made herrinhrfi~re. anJ in drfault thrrrof ihe mortgagee may pay the 1~me: ~nd th~t he will promp~ly Jeliver the ~ifficial receipts therefur ta the murtK~+R«- 5. 7hat he wiU ptrm~t. commit. or ~ufTer no M a,tr, impairment, ur Jeterioratiun uf ,aid pruperty or :?ny part ~herc~~t~: anJ in thc r~•ent uf the faiturr of thr mortgagor to i~eep thr betildengs on said premises and lhose to he erc~led on said premi+es, ix impravemrnts thrreun. in g~xxi ~epair, the nwrtgagre may make wch repairs as in its discretion it may derm nctic~ssary for the proper preservation thereof, and the Pull am~wm of cach anJ tvery such payment shall be immeJiatcly due and payable, anct ~hall be xYUr~~1 by Ihe lien of thi~ mortgagr. 6. That he will pay a!f arx! singul~r the cosis. chargrc. and expen+es. inrluding reasonable lawyer's fees, and costs of at+ttracts af tiUe, incurred or paid at :+ny timr by thr mortgagrr bcti:~use uf th~ failure un the part of ihe mortgagor promptly anJ fully to ~rform the agreement, and covenants of saiJ promisti..ry note anJ thi~ mortgage, an~i said costs, ch~rge+. and expenses shall t~ immediately due :?nJ payable and shall he +ecured by ihe leen uf thic morlgage. _ 7. ~lhat he Kill keep 1he improvrment~ now- existing or hereafter erected un the mortgaged pruperry, insured as may be ~equire~! from time to timr by the rrwrtgagee against lins by fire and other hazards, casulatiec, and contingencies in wch anwunts and fur such peri~xis as may be required by murlgagee, and will pay prumptly. when due. any premiums on wch insursnce for payment of which provision has not bcen made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and ~enewals thereof shall be held by mongager anJ have attached thereto luss payaMe clauses in tavor of and io form acceptahle ta the mortgagee_ !n event of loss he u i!1 give immeJiate notice by mail to mortgagee, and mortgagee may make pnwf of loss if not made prumpdy by mortgagor, anJ each imurarkr company cuncerneJ is hereby authurizeJ and directed tu make paymrnt for such loss directly to rrwrtgagee instead uf to rtwrtgagur and mortgagee juint(p, and the intiurance proceeJs. or any part thereaf. may be applieJ by murtgagee at its opiion either w!he rrJuction u1 the inJehtc~lnes~ herehy ~ecureel ur to the restoration or repair of the property damaged_ In event af (oreclinure of this murtgage or other transfer af tiUe to the mixtgaged pn~eny in extinguishment of the indeMcJness secured hereby, all right, title. and int~rest vf the mortgagor in and to any insurance poticies th~n in force shall pass to the purrhnser or grantee_ 8. That if thc~ premises, or an}- part thereo(, be cuodemaed ander any power o! eminent domain, or acyuireJ lor a public u.e, , the dama~es, proreeds, and th~ consideration (or su~~h acqui~ition, to the extPnt o[ the (ull amount o( iodebtedness upon this 11ortFa~P,:~ndthe\ote secured hereby remaining unpaid,are hereby assigncd b}~ the 11ortRagor tothe ~fortgagee and shall be paid forth~cith to th~~ 11ortRa~ee to be applied b~~ it on account of the indrbtednes~ s~cured h~rehy, N•hether dur or not. 9. That the mortgagee may, at any time penJing a tiuit upon ~his mc~rtgage, apply to the cuurt having jurixliction thrreof for the appi~intmenl of a receiver, :~nd wch cuurt shall forthwith appoint a recriver oPthe premitin covereJ hereby all and singutar, including all and cingular the irxome, prufitr, i~~ues. and revenues from whatever source derived. each anJ every of N~hich. it being expre~tily understo«i. is hereby mortgagcYi as if spetiifically set fvrth and Jc~cribed in the granting and h~benJum clau~es hereof. and ,uch reti;eiver shall have all the broad and effective functiuns and powers in anywi+~ entr~sted by a court to e receiver, and such appointment ~hal1 be made b~• such court :is an admilted equitp anJ a matter of abwlute right to said mortgagee, and w•itlwut reference to the adequacy or inaJequacy uf the value of the property mortgageJ or to the sc~lvency or inwh~ency of said rtwrtgagor or the defendents. and that such rcnts. profits, income. issues, and revenues shall be applied by such receiver according to the iien of this martgage and the practice of ~uch court In the cvent uf any Jefault on the part of thr rr?~rtgagor hrreunder, the mortgagor agrees to pay tu the murtgagec un demand as a reawnsble momhly rental for the premises an amounl at le3st equivalent to one-twelfth 11112? of the aggregate of the twelve rrainthly imtallments pay~able in the then current year plus the actuaf amouM uf the annual taxec. assessments, water rates, and iosurance premiumc for such year nut covereJ by tbe aforesaiJ monlhly payments_ 10. That la) in lhe event of any brcach of this murtgage ur def:?ult on the part of the mortgagur, or Ib) in the event that any of caid sums of money herein referreJ to be not prompdy and fully paiJ without demand or no~ice. or (cl in the event tha~ each anJ every the +tipulativns, agreements, conJition~, anJ covenants of ~aid notr and this mortgage. are not duly, promptly, anJ fully perfurmcd: then in either or any sach e~ent, the said aggregate som mentiuned in ~aid note then remainig unpaid, w ith interest accrued to that time. and ail m.m~ys secureJ hereb~, tihall become due and payable forthw ith, or thereaRrr. at the option uf tiaid murtgagee, as fullp anJ completely as if at! of thc said wms of rr~vneq were originally stipulated to be paiJ on wch day. anything in saiJ note or in thi, rtx~rtgage to the contrary notwithctanding; and thereupun or thereafter, at the optiun uf saiJ rtwrtgagee, without nutice ar demanJ, cuit at laN~ or in cquity. m~y te prosecuted as if all muneys s~ureJ herrby haJ ma~ured prior to its instiwtion. "fhe nx~rtgagee m:~y foreclose this rr~rtgage, a~ tu the amuurtt so declared due and payable, and Ihe s:iiJ prrmises shall t?e sold to tiatisfy and pay the tiame together with antc, expenscs. and alluwances. In case of partial fureclu,ure of ihis murigage, thr morigaged premisc~ Shall be v~ld subject to Ihe cuntinuing lien of this nx~rtgage for the amoum of the Jebt not then due and unpaiJ. (n ti~ch ca~e the provi~ions of this paragraph may again br availed of thereafter from time to lime by Ihe mor~gagee. 1 l. That the rtwrtgagor w ill gi~•r immeJiate notice by mail to the mortgagee of any conveparkc, transfer, or change of ownership of the premiu~. 12. That no Naiver of any cs~venant herein or uf thr ubligatiun ~ecureJ herehy shall at a~ny time thereaRer be helJ to t+e a waiver uf the term~ hercY~f or of the note ucured herehy. ~~Rx ~~Q r~at~