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Home My WebLink About2633 2. l~hal, in urJcr nxxr fully tu prutrc~ thc .r~u~ity ul~ thi~ mu~t6agc, th~ mu~t~.~gur. 1~~rthr~ ~~~lh, anJ in :sJJ~tiun 1u. thr nKm~hly paymrnu undrr the trrms uf Ihr nute ~~tiu~~yl hrrcby, un thr first Ja~• uf ~arh munth until thr .aid ~natr i. tully p:~id. Niil p.i~~ tu ~hr murtgabrr Ihr fulluwing ~um~: fa) An amount su(ficient to proviJt Ihe h~IJer hereuf wilh funJs tu pay the next murtgage insur;?nce prcmium if thi~ in+erument and the note secured hereby are insured, or a mor.thly charge lin lieu uf a morlgage in~urance prrmium) if' they are held by ihr Secretary of H~using and Urba~ Uevelopment, as foHuws: If and so lung as said nott of cvcn date and this instrument are insurc~l or a~r rCimurrd urxler ~he orovisiuns of the Natiunal Housing Act, an amount sutTcient to accumulate in the hatxis of thc holder one (1) month priar to its due Jate ~he annual mortgage insurance premium, in onler to proviJc such holder wi~h funJs Io pay such premium to ~he Sc~retary uf Housing and Urban ikvelopment pursuant to the Naiiunal Nousing Act, as artx?K1~J, and applKable krgulatiuns thereunder; or (IU If anJ w long as said nate of even date and this instrument ace held by the Secretary of Housing anel Urban Development. a?rwnlhly charge (in lieu uf a mortgage in~urance premium) which shall br in an amount equal to ooe-~welfth 11112) uf one-half Iti~l pe~ centum of the average outstanding balance due on the nute computzri without t•aking into account delinqucncies or prepayments; Ib) A~um equal ta the grourni rents, if any, nexl Jue, plu~ the premiums that will next become Jue and payable on policies of fire a~xi athe~ hazard insurance covering the mortgagrd property, plus taaes and a.csescments next due on Ihe mortgagrd property (alt as estimated by the mortgageel tess atl sums already paid therefor divided by the number of months to elapse betore one month prior to the date when such ground rents, prem~ums, taxes, and assessments vvi11 becume delinquent, such ~ums to be hcld by mortgagee in trust W pay ~aiJ ground rents, premiums, taxes, and special assessments; ~nd (c) All payments mentioned in the two prcreding subseclions of this paragraph and all payments to be maeie under the note sccured hereby shall br added togethe~ and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment tu be applied by the mongagee to the following items in the order xt forth: tl) prcmium charges under ~he coniract of insurance wilh the Secretary uf Housing and Urban Development, or nwnthly chargo lin lieu of m~xtgage insuranc~ premium), as the case may be; (11) ground rents, taxes, asussments, fi~e, a~x1 other hazard insurance premiums; (illl intqrest on the note secured hereby: and IIV) amortization of Ihe principal af said twta Any dcticiency in the anwunt of +uch aggregate monthly payment shall, unless maJe g~xxl by the mix~gagur priur to the Jue date of the neat such payment, constitute :in event of defauH under this mortgage. The mortgagee may cullect a°late charFr" not tu eyceed ~No cents l2cl for each ~Ilar IS11 of e:h:h payme~t mure than fifteen I151 Jays in arrears to cuver the eztra expen+e invulved in h~ndling delinquent p:+y ments. 3. That if the totat of the pagments made by the mortgagor unJer !h) of paragrapb 2 prrceJing sh;dl exceed the amuunt uf thr payments actually made by the mortga~et, for gruund rrnts, taxrs and assescments anJ insurarke premiums, a+ the case may be, such excess at the option of the mortgagee, shall, be creditcd on subsequent payments to be made by the mortgagor, or refunded to the mung:~gur. If, hov?ever. ?he rrwnthly paymrnts m~de by the mortgagor under Ih1 uf para~,r:~ph 2 pr~tieding ahall not tx: cuffi~ient tu pay grounJ rena, ta~es and ;u~ssmen~~ and in.urancc premiums, ac the case p~y t+r. N•hen the wmc tihali hecume Jue and pa~able, ihen the rtxxtgagor ~hall pay w the mortgager any amount nnr.sary• tv make up the deficiency, on .x t+~forc the datr when payn~ent of wch grounJ rents, taxes, assessments, or inwrance premiums shall Ae due. If at any time the mortgagex shall tencier to the mortgagre in ac~ordance w•ith the provisions of the nutr securrd hereby, full payment of the entire irnicbteJnc~c~ reprrsented thereby, the rrn~rtgsgee ,hall, in camputing the amount of such indebtedne.s. crcYfit to the account of the mortgagor atl payment~ made under the pro~•i,ions of l~r) uf pa~agraph 2 hereof a~hich 1he morlgagee ha~ na i+ecome ohligated to pay to ~he Secretary of Hou~ing and Urban Develuprnent anJ an> balance rrmaining in the funds xcumulateJ under the provi~iuns uf th~ of ,aiJ paragraph 2. If there +hall br a defauh urxirr any uf the provi~ions of this mortgagr, rcwulting io a public wle uf th~ premi.e. cuvercYl hereby, ur if the mixtgagrr ;~cyuirrs the property utheru isc - after default, the martgagee ~ha!! apply, at the time of tbe commencemem uf wch pnxecJingt or at thr time the properh i, utherH•itie :uquireci. the balance then rcmaining in the fund+ accum~latcYl undrr fb? of paragrxph 2 pre~c~fing ati a credit against Ihr amount of principal t,ien remaining unpaiJ unJer wid nute ~nd shall properly adjust an~ pa~~ment~ whic#~ sh:itl have hrrn m:~dr ur~der Iu) of ,~id paragraph. ~That he will pay all taxes, a~tiessmrntti. water ratr,, and uthrr guvernmental ur municipal charec,. finr~. or impositiuns, fur Hhich provision has nut t+een made hrreinFieforr, and in ~fefault ther~~uf the m.trtgager mac pay the same; aad thst he wii! pri~mpd~' Jele~~cr the ufficial re+ceipts therefor to the mortgagee. . 5. ~That he w ill permit, commit, or wffer no w aste, impairment, or deterio~ation of wiJ pr~rty or any part therei~f: atxl in the e~~cnt of the failurr uf thr rtx~rtgagor to keep the buiWings on said premiuK and thoce to t+e erected on said premises. or emprovements there~n. in giwd repair, the nx~rtgagee may make such rrpairs a~ in itc discretiun it may deem nrcessary for the pruExr preservation thrreof. and thr full amount of each and r~~ery such paymrnt tihal! be imm~~Jiat~ly due and payable, and,hail br ~ecurcJ hp the lien uf thi, rm~rtgage_ 6. -~hat he wi11 pay ell and singular the c~»ts, charge,. anJ expenu~, including reasunaMe lauper'+ fec~,. and cucts ~~f ahuracls of IiUr. incurreJ or paiJ at any time by the mortgagee be.:•ruse of the failure un the part uf the inurtg~gur promptly anJ fuUp to perfi~rm the agreemenis and covenants of said prumi+cory nute and ihic mortgage, and s~iJ cu,tti, eh:+rget. and cxpe~~c> >hall tx immedi~tely due and pa~ ab(e and shall be secured by the lien of thi+ mortgage. 7. That he will keep the impruvcmentc now exi,ting or hereafter crecR~d on Ihe mortg~grJ pruprrt~, imured ~t may br rryuir~~1 from time tu time by Ihe murtgagee ag~inst losc by fire and uther hazsrdc. ca,ulaties. and contingrr?cies in such anx~unt~ anJ fix ,uch perioJs a~ ma~• be requirrJ by mortgagee, and Kilt pay prompdy. uhen due, any premiumx on.ueh in~urance fur paymrnt t~f whwh provi~iun has not been made hereinbefore. All insurance shall be carried in companies appruved by mortgagee and the policies and renewals thereof ~hall be heW by mortgagee and have attach~~t Ihereto I~nc pxyable clauses in favor of anJ in form acceptable to ihe mortgager. In cvent of lus~ he w~ill give immrdiate notice by mail to mortgagee, arni morigagee may make proof of los+ if rn~t maJe promptly by mcxtgagur. ~nJ each - imurarke r.~mpany concerned is hereby authorizeJ anJ directrJ to make pa~•ment fur .uch Icx~ direcdy ro rtxirtgagee instcad of to rtx~rtgagor anJ murtgagee jointly, anJ the insurance pnxce~ls, ur any part thercti?f, m:sp he applied by rtx~rtgagee at its uption eilher t~~ the reduction of the indrbteJnest hereby seYUrei! o~ la the restix~teon ex repair uf the pruprrl}' damageJ. In ev~nl of foreclusure of thic ; rrxutgage or ulher transfer uf tide tu the mortgaged pr~erty in extinguishment of the indehteJne,ti .a,tiure~l hereby, all right. U11c, and interest uf the mortgagor in anJ to any inwrance pulicirs then in force shall past to thc purcha~er or grantee. ; 8. "I~hat i( the premises, or ao~• part thrreof, be cundemned under anq poaer o( emiqent-do~ii~in, or acquirF~! !or a public a~r, j thr dama~es, proz~eed{, and thr consideration for su~~h acqaisitiun, to the erten~ o( the full amount of indrbtedne~s upun thic 's ~1ort~a~r, and th~• ~ote secured hen•b~~ remainin€ unpaid, an• heteb~~ a~sirneJ bc the ~lort~agor to the 1lortg;~~eP ,~nd shall be paid ~ forthti.iti~ to th~~ ~Iort~age~• to be applied b}- it on account of tht> indrhtednFS~ serar~d hrreby, :,heih~~r dur or not. 9. Tbat the murtgagee may, at anq time ~ending a suit upon this mortgage, apply tu the court having jurixliction thercof for the ~ appuintmrnt of a rrceiver, anJ tiuch court ~hall forthwith appoint a rttriver of the premises covered herehy all arxl ,ingular, including :?11 y and singular the ir?cume, profiu. issues, and revenu~~ frum NF1;1~CY~f u~urce derivrd, earh anJ tvery of which. it being espre,sly ; unJerstiwd, i~ hereby mortgaged as if ~pe~:itically ~et fc~rth and deuribed in the granting anJ hattndum clause, herruf, anJ s~ch receiver t shall have al! thr brvad and effective fanctions and po~~ers in anywise entrusted by a court to a receiver. anJ such appointment ~haU be made by such court as an aJmitted ~uity and a matter yf ahsolute right to wid mortgagee, and w~ithow reference tu the aJc~quacy ur inadequacy uf the value of the property mortgaged or to the x~l~ency or insolvency of saiJ mortgagur or the defenJe~ts, and that .uch rent., profits, incumr, is,urs. and revenues shall be ;?pplied by wch receiver according to the lirn uf Ihic r?xtt~gabe .~nJ the practice of,ach court. tn Ihe event of any default u~ the part of the mortgagor hereunJer. the murtgagor agrre+ tu pay tu the murtgage~ un drmand ati a reaaun~ble munthly rental for the premises an amount at least equivalent to one-twelflh 11~121 of the aggregate of the t~elve rrx.mhl~~ imtallments payable in the then current yrar plu+the actual amount of the annual taxes, ati~etisments, watrr rates, anJ insurance premiums ~ for such year no[ co~•ereJ by the aforesaiJ monthly paymrnis. ; 10. That (u? in the event of any breach uf this mortgage or default on the part of the rrx~rtgagur, ur Ih) in thr event that any uf ,aid sums of money herein rcferred to be not promptly and fully paid Nithout demand ur nutice. ~x Icl in the e~•ent that each and every the ytipulations, agreemcnts, conditions, and coven~nts of,aiJ nete anJ thic m~Ktgage, are not July~. promptty. arxl fu!!y Exrformed, then in either or any wch event. the tiaid aggregate cum mentioneJ in said nute t6en remainig unpaid, with intere~t acerued t~~ that timr. and al! rrK~neyc secureJ hereb~, tihali t~come Jue ~nd payahle furihw ith, or thereafter. at ihe c~tion uf said miNtgager. as fully anJ complete(y as ~ if all of the wiJ tium~ of money were origioaNy stipulated to bc paid un cuch day, anything en r:iiJ noie or in thi. r?w~r~gage to the cuntrary notwithstanJing: and thereupon ur thereaftrr. at the option of,aiJ morigagee. Nithuut ruuice or demarul, wit at law ur in cyuiry. may be pro~ecuted ati if all muneys secured hereby had mawred prior to itti institution. The murtgagee ma~ foreclose this rtu?rtgage, ati to thr = arrx~unt so declared due anJ payable. anJ thr said premises ~hal! t?e u~ld tv ~ati~fy and pay the ,ame wgether xith cuet+. expente~. anJ aUowanceti. In ca~ of partial furedowre uf this mongage. the murtgagrd premities ~hall t+e wld tiubj~rt to the continuing licn ot thit rnortgage for the amoum of the Jebt nut Ihen Jue and anpaid. In tiuch ca~e Ihe provi~ions of lhis paragraph may again he ao~iled of thereafter from time to time by the mortgagee. - 1l. That the martp.agur will give immediate noticr by mail to the mortgagee ~~f any cunveyance. transfer, or change of owne~.hip of the premities. I2. That no waiver of any cuvenaot herein or of the obligaleun ~ecanti! herehy ch~ll at any time thereaRer br heW to he a waiver of the lerms hereof ur of thr notc tiecured hcrehy. ' ~ : ;`~3 F,,~E~633 - ;