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Home My WebLink About1746 2. fhat, in urdc~ nxxr full~ t~~ prutc~~ ~he .~rurity ui ~hn mur~F.~gr. ~hr nw~ig.~dur. tu~r~hrr Ni~h. anJ in a.ldhiun tu. ~hr nwnthl~ paymrnh umltr Ihr ~rnm uf thr nc~~c .r~unvl h~r~hy. un Ihr finl day uf ra~h nwnth until Ihc ,.~id nu~r fully p:ud. ~~dl pay tu ~h~ nx,rtg.~gre thr f„IluNing wmc• la) An am~~unt sufficient la proviJe the hoW~r he~rof w~ith furxis tu pay thr nrxt morlgage incurance premium if ~his imtrument anJ the nute +ecurrJ hereby are insurcKl. ~ a manthly charge lin lieu of a martgage insurance prcmium) if lhey arc heW by lhe Sccretary uf Huusing anJ Urban Developmenl, as tollows: (1) If and w lun~ as said natt of evcn Jatt a~x1 this instrument :ue insurcvl or aro reinsureJ u~xler Ihe Provi+iuns af ~he National Housiog Act, an amount suf'~cient to accumulate in the hands of the holdar one 11) month prior to its due date the annual mort~age insurance premium, in orJtr ta proviJe ~uch holdtr with funda to pay +uch premium to thr Secretary of ~ Huusin~ a~d Urban Development pursuanl to 1hr Natiunal Hc~uUng Ac~, as amrnJnJ, arxl applwabla Rrgulatiuns the~eu~xler, or 1111 If and ~ long ss said note of' even date anJ this in,trument arr hrW by the Secretary of Housing anJ Urban [~velopment, a monlhly charge lin lieu of a mortguge insurance pr~miuml which shall be in an artwu~t rqual ta one-twelQh 11/12) of one-half l~) per cenlum of the average outstanding balance Jue on the no~e cumputed withuut taking intu aaount delinqurncies or prepayments; ~b) A sum equal 10 1he growxl rents, if any, neat Jue, plus Ihe premiums that will next t+ecome due arxl payable on policies of fire and other hazarJ imuranct coveriog the mortgaged property, plus taxes aad assasments next dur on ~he morigaged p~operly lall as estimated by the mortgagee) less all sums already paid therefo~ divided by the ~umber of months to clapse before one munth p~ior to the date whe~ such ground rents, pcem~ums, taxes, and assessm~nts will becume delinquent, such sums to be held by nwrtgagee io trust w pay said ground rents, prtmiums, taxes, and special assessments: anJ (c) All payments mentioned in tht two preceding subsections of this paragraph and all payments to be made urnler the note secured hrreby shall 6c added together and the aggregate amount thercof shall be paid by the mo~tgagor each manth in a siagle payment to bc applied by the moctga8ee to tht fellowing items in the urder set forth: 11) premium charges under the contract o[ insurance v?•ith the Secretary of Nousing and Urt+an.lkvelopment, or nwnthly charge lin lieu of m~xtgage insurance premium), as the case may be; (lU ground rents, taxes, asscssments. firc, arni Wher hauud insurance premiums; (111? interest on tht note secured hereby; and (IV) amorlization of the principal of said note. :~ny deticirncy in the amount oi wch a~regatr munthly payment shall, unlc~~ made g~xxl by the murtgagur prior to the dur datr uf the ne~t such payment, cunstitute an evem of Jefault u~xirr this mcxtgage. -I'he mortgagee m:~y cullect a"latc charge" not tu exceed two cents 12c3 for each ~Ilar IS11 of each paymen~ more ~han fiftecn I1S1 days in arrr:u~ tu cover the extra rxpa:mr im•olv~rf in ?ianJling Jrlinquent payments. _ s. That if the total of the paymrnt. made by the mortgagur under (h? of paragr~ph 2 pr~tirding .hall etcerJ thc anwunt uf thc payments actually maJ~ by the m~xtgagee, fur ground rcnts, ta~es anJ ac.e++ments and insurarne prcmium+, as 1he ~ex may be, such excess at the option of the mortgagee, shall, be credited on subsoquent payments to be made by thc mortgagor, or refunded to the murtgagur. If, however, the nwnthly paymentc maJe by the murtgagur unJer Ihl of paragraph 2 pr~~eJing shall not I+e sufficient to pay gruund rent~, taxes and assessments and inwrance prem~ums, :u Ihe case may tx:, when thr ~mt ~hall becomc due arxl payable, then the m~xtgagor shall pay to the murtgagee any anwunt necessary w maAe up the defx;icncy, on ~x t+rfure Ihr Jatr Khen pa)'ment of such grourxi rents, taxes, assessments, or imurancr premiums shall Ue due. If at any timc ~he m~xtgag~K shaU terxfer to the mortgagce in xcord•rnCe with the provisions of the note cu:cureJ hereby, full payment of the entire irnlebtrdn~s representrd thereby, the rtwrtgagee .hall, in computing 1he amount of such inJebtctilness. cre.lit to the account of the murtgagix all payments maJe under ~he provisiuns of Iu) uf paragraph 2 hereof which 1he mortgagee has not t~ca~me obligated to pay tu 1he Se~:retary of Housing arxf Urban Development arxf any b:~lanse remaining in the funJs accumulateJ urxier the provi,iua~ of (b? of said paragraph 2. If therc shell br a default urnler any of the provisiom of ~his mortgage. resulting in a public ~ale of ~he premises covereJ hereby, or if the m~xtgagrr acyuires thr prupcrt~ otherwitie .~fter default, the mixtgagee shall apply, a1 the time of the commrncemrnt of w.;h procerdingti cx at thc time the pruperty i~ otherw•itie :icyuireJ, the balarne ihen remaining in the fun~h accumulalrJ under (h) u( paragraph 2 precrJing a. a creJit ag:~in~t thr umuunt uf principal then remaining unpaid urxler tiaid note anJ ,hall pru~erly aJjust any paymrntc wh::h .h:+ll havr txen maJc undcr lu) of said paragraph. J. "('hat he will pay all taxrc, ascescmrnts. w:iler rate~, anJ othrr guoernmeretal ix municipal ~harg«. fine~, ur imEx~si~iun~. for whieh pru~ision has not tKen made hereint+rfore. anJ in defaultlhercrif thr m~xtgagrr may pny thc ~ame::md that he v.ill prumptly drliver the official receipt+ therefor to the murtgagre. '~hat he w~ill permit, commit, or safTer no wa~te, impairmen4 cx deterioration of said proprrty or any part thereuf: arxi event uf the tailurr of the mortgagor to keep the boildings on sxid premises and thou to be ~recR'J on said premises. or improvements thercun. in giwJ repair, the rr~rlgagee m3y ma{:e sueh repain :u in its dixretiun it may Jeem ,ic-~;c.~+aary f~x the pr~r pre+rrvation Ihereof, anJ the full anwunt uf rach anJ every' such payment shall tx imm~diately d~e anJ payahle, ancl shall be secared by the lien of lhi~ mortgage. 6. That he w ill pay all anJ tiingular the c~xts, chargc~. arn1 expense~, inclu~!ing rrewnable law~yer's fee.. and costs uf abstracts of tiUe, incurreei or paid at any time by the rtwrtgagee because uf the failure on the part of : nwrtgagor promptly anJ fully tu pertorm the agreem.nts anJ covenants of said promiswry note anJ this murtgage. and said c~xts, charges. arxl expeme~ ~hall be immeJiately due and payable and shall be secured by the lien of this mongage. " ; 7. That he will keep the improvements now exi+ting or hereafter erected on the mortgagni property, insured as rt~••y t+e requiretil from i time w timr by the mortgagre against luss by fire am~ uther har.arJs, c:isulaties. and contingencic~s in such amount, ~nd for str:h periWls as ; m~y br requirrd by mortgagee, and w•ill pay promptly, w~hen Jue. any premiums on +uch insurance f~x payment uf which pro~~ision has not E been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee xnd the policies and renewals thereof shafl ~ he held by murtgagre and have attached thtreto luss payahle clauses in favor of and in fcxm acceptable to the rtwrtgagee. In event of losx he w ill give immcJiatr notice by mail to mortgagee. and nwrtg~~ee may make pr~~f uf Ims if rx~t maJe prompdy by mortgagor, and each insuranee company coicerned is hereb~ •~horized anJ directed to make pa~~ment for wch lu,s direcdy to rtx~rtgagee inst~aJ of to rtwxtgagur anJ murtgagee joinUy, and th-_ ~isurance proceeds, or : ~y part therc-~~f. may be applied by rtwrtgagee al itc option eithtr to the reJuctiun uf the indebteJness hereby secured ur to the restoration or rcpair of' the property damageJ. In event of forrclusure of this nxxtgage ur other transfer of title to thc mortgaged pruperty in extinguishment of the indebteain~•ss securc~f hereby, all ~ight, title. :~nd intere~t of the mortgagor in anJ to any insurancc pulicirs then in force shall pas~ to the purehaser or grantee. 8. 'f~hat if the premises, or an}• part thereof, be condemned ~~nder an}• po~+er of eminent domain, or acquir~d tor a public use, the dama~es, proceeds, and the consideration (or ::uch acquicition, to the extent of the full amount of indrbtedness upon this ~lurig:.ge, and the \ote sccured heteLy rr ~inin~ unpaid, are heteb}• assi~ned b~- the ~lort~agor to thi Nortga~~~ ~nd shall be pai~l (orth~~ith to th~ ~IottRa~ee to be applied bc it oo account ui the indebtedness secured hereby, ~.hether due or not. 9. Tha~ the mortgagre may. at an~~ time penJing a suit upun this mortgage. apply to 1he court having jariuliction thereof for the apFwintment of a receiver, and such court shall forthwith appoint a receiver of the prerttix~ cuvered hereby all and ~~ngular, including all anJ singular the income. profit~, i~surs. and revenues from whatever source derived, each ancl every of which. it being expressly unJerstooJ, is hereby mortgagecl as if specifically s~t forth anJ Jescribed in the granling and habenJum claucec hereof. and ~uch receiver ~ shall have all the broad and effective functions and powers in anyv~ise entrusted by a court tu a receiver, and such appointment shall be made by such coun as an admitted equity and a matter uf abwlutr right to s:+id mortgagee, anJ without reference to the ade~quacy or inadequacy of the value of the property mortgaged or to the wlvency or insolvency of said mortgagor or the defendents. arxl that wch rcnts, profits, income. issues. and revenues shall be applied by s~ch receiver accorJing to the lien of this mortgage and the practice of such wurt. In the event of any default un the part of the mortgagor hereunder. the rtwrtgagor agrees to pay to the mortgagee on demand as a rrawnable munthly rental fur the premix~ an amount at least dyuivalent to one-tw~rlfth 11/12) uf the aggregate of the twelve monthly installments payable in the then current year plus the actual amount uf the annual taxes. as.~etsments. w ater rates. anJ in+urance premiurtes ~ for ~uch year not coverevl by the aforesaid monthly payments. ~p, That Irr) in Ihe event of any breach of this murtgagc or JefauR on the part of Ihe nx~rtgagor, or Ih) in the cvent that any of t•rid ~ tiums of money herein referred to be not prompUy and fully paid w•ithout demand or notice. or (c-) in the event that each anJ every• the ,tipulations. agreements, conJitions, and covenants of said n~Ke anJ this mortc::ge. are nut duly. promptly, anJ fully performed: then in ~ either or any such event. the wid aggregate sum mentioneJ in said note then remainig unpaid_ with interest accrued to that timr. and all ~ rtxmeps s~:urrd hereby, shall become due and payable forthwith. or thereafter. at the option of said mextgagee. es fuily and completely a+ ~ if all of the ~iJ ~umti of rtwney w•cre originally stipulated to t+e paid un such day, an>•thing in s•riJ note or in this mortgage t~~ the contrary ~ notwithslaoding: and thereupon ur thereafler, at 1he uption of saiJ mortgagee. without rx~tice or demarxl. ~uit at law~ or in eyuity. may be prcnecuted as if all rrwneys secured hereby had matureJ prior tu itc institution. The mortgagee may foredi~,e this rtx~rtgage, ati to the " anx~unt so declared due anJ payable, and the said premi~es shall be sold ta satisfy and pay the same t~~gether K~ith co,ts, expenses. and allow•ances. In case of partial foreclosure of this mongage. the m~xtgageJ premises shall be wld ~ubjc~t to the continuing lien of this mortgage for the amount of the debt not then Jue and unpaiJ. In ~uch cace the provitiiun+ of thiti paragraph may again be availed of thereaker from time ta time by the mortgagee. ll. That ~he mortgagur will give immediate notice by mail to the rrxxtgagee of any conveyance, transfer, or change of owner~hip of ~he premi~. ~ 12. That no waiver of any cuvenant herein or af the obligation securnl hereby tihall at .my time thereafter l?e heW to be a wai~•er of the terms herrnf ur of the note secured hereby. ~~?.25 ~17~3 ~ - ~ . . ~ ~ - _ - r . ; „ r~. ' ~ ~ r .,;4~, i - ~ : . - - - •~n:?.~,~~` ^s~ : ~ . ,