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Home My WebLink About2045 , . l. : a • ~ . ihat, in urdcr rtwrc full~ io pruia~t ihe.c:un~~ .~f ?h~, murtgsge. tht mu~tgegu~. t~~rthrr Nith. :+rxl in ;?Jditiun tu. Ihr nx~nthl~. paymrnu under tht lerms of the nuta xtiurral htrcbp. an lhe first da~ uf t:xh m.mth until thr wid n~~tr i~ fully paiJ, will pay tu the nwrtb:+gtc tht folluwing wms~ ; (al Aa amount suf'fwient to provKie the h.~l~ie~ herevf with fucxb to p~y tAe rKat mortBaBe inw~ancr prrmium if th~s instrumen~ anJ tlx note secured htre~ ue imured. or a monthlY ~har~e ~ a rtwrtgage insurance prrmium) if they arc held by the s Socreury ot Housinlt and Urba~' [kvclup~nene, u fdbv?s: ~ so lot~ u uid tate d e~Yn date and tbu inswme~t are insure+~ ~x are reinsured under the urovisions of tht N~~1 ~ousuu Act, an amount sutTicient to aaumulate in tAe hands of the hoMde~ one ~ month prior to its due date the ana~al mortpte insuratk,e premium. in .xder to prov~~le ~uch holJtr w~th funds to pay such premium to the Secretary af H~~~ ~ L~b~n p~velopment pursuani to the I~au~nal Housing Ac4 u anx~xled, and applicable Regulations theteunder, ar 111) If and so Iwig u said not~ d e~•en date arxf tdis instrurtxnt are heW by the Sec~etary of tiousing and Urban Development, ~~~h~y ~tu~g~ ~in ~ieu of a mo~tgage i~a~anct premium) NhKh shall be in an artwunt equal to une-Iwelflh 111121 of ooe.half ~~1 per oentum ot tbe average outstarniina bvlance due on tfie note wmpute+i withoul taking into account delinquencies oi p~epayments: lb1 A wm equal to the ground rents. i( aay. neat due, plus the premiums that will next brcome due a~xi payabl go~n popic~ of fire and othec haurd iaw~aoce covains the mo~tgased property p~us tua and atsessmrnts ntxt Jue on the mort a ed r rry (all w~ ~ea~r p~;d ttKrdor dividod bY the number of months to clapse before one month prpr to tbe date whea sutA BOU+d reMS- Pr~tw~~. ~~'~nu will becumt delinquent, such sums to be held by mory~aget in truu w pay said 6*«?nd rents, premiums, taxes. and spccial assrs~mcnts: anJ ag A11 payments mentioned in the tw~o prooed~nE subscctwns °f P~aPh and all payments to be made under the note secur ~~dod ~o~ether snd t1~e a~rc6ate amount theredshall be paid by the mortgagor each month in a singk payment to be applied by the mort~a6te w ~h~ fdlo~' ing itetns ia the order set forth: Prc~u~ ~~der ~he ~oovact o( i~nurance with the Secrelary of Housing and Urban [~evzbpment, or monthfy charge lin lieu of moctBa6e i~uraace Prtmiuml, u the case rt~ay be; g~und ~ea~s, tues, usessmcn~s. fue, and alKr hazard inwrancc premiums; UIU iaterest oa the aote socural hcreb~: and % llV) amotti=ation dthe principal dsaid nott- i Any deficiency in the am~wnt of wch aggegate rtK~nthly paymrnt shall, unlecs made g.xxi by the murtgagex priur to the Jue date of the next wch paymen~. constitute an eYent default unde~ this mortgagr. The m.xtgagre may collect a"late charge" nut to excr~f tNo crnts i2c) for each dollu IS11 of exh pa~ment m~xe ehan fifteen 1151 da~s ~n arrtars to cover the extra exper?se involvcv! in hsndling delinquent paymenis 3. That if the tdal of the payments madr M~ the mortgagvr urnler 1h1 of paragraph 2 prcYeJing ,h~ll txcreJ the amount of the payments xwally made by the matgagee. f~x ground rents. taies and azszssmrnts and insurancr premiums, as the case may be, such excess at the option of tbe nton~te. shal~- bt credued w~9ix~~ WY°~u to be made by the mortgagor, or refundod to the rtwrtgagor. If. how~ever, the monthly paymtnts madr b) the monRag~x under Ihi of paragraph 2 preceding shall not be sufficient to pay grournl rents, tates and assessments and inwrancr prem~ums. as the case may br. whert the same shall t?e~ume due ar~ payable, then the rrn~rtgagor shall pay to the mortgagrc any amount necessarp to malz up the defx:iency. on or before the date when paymrnt uf cucfi ground rents. ta~es. assessmtnts. or i~nuranct Premiums shall be due_ If at any time thc mortgagur shall terxler to the mortgagee in accordance v~ith tht provisiotts d[he note strurrd hereby, futl paymrni uf the entire inJebteJness reprc~nted thereby, the mortgagee shall. in compuung the amount of such indebtaJne+s. crealit to the an..wnt of thc m~xtgagor all payments made under the provisions uf Iul of paragraph 2 hereof v?hich the mortga~ete has not btcome uM~Bat~t1 to pay to the Secretary ~f Hoasing anJ l;rban Devtlopment aexf any balance remaining in the fun.ls xcumulatad ur?~1tr thc pru~isiocts of lb/ of ~aiJ paragraph 2. If ther~ ~hall be a default u~xler any of the provisions of this mortgage. resulting m a public sale of tM premis~s coverrd hereby. or if the m~tgagee aoquire+ the pruperty otherwi~r after default. the m.xtgaget sha1~ aPP~)• at the tirtK a~f the commerwemrnt of ,u~h prucc~Jingt ur at the time the property is olhzrW ise acquirctif. the balance then rrma~ning in thr fun~ts accumulatc~i undrr (b) of paragraph prece'.ling :u a credit sgaimt the ~mount of pnncipal then remaining unpaid under saW nute and shall prvpnl} aJjust an} payments w:?:~h ~hall havr be~n madr undrr lul of said paragraph. J. That he will pa) all taxs~ asx-ssmrnt~ water rates. an.1 .xher gu~rrnmental ur munecipal charges, fine~. ~x impu+itiuna for which provision has not t~ttn ma3e herrinbcfore_ anJ in eitfaul[ thrrr~f the mortgagtr may pay the same: and that he will prompdy dcliver the otficial receipti therefor to ihe mortgagtt- • S. That he will permi~ commit_ or wffer no w3sir_ impairment. ax deterioration of said property or any part thereuf: arxi e~•ent of thc failure of the mortsa~or to tceP the bu~1d~°Fs-°° sa'J Premisn and those to be erecte~i on said premises. or improvemer~u thereon. in good repair, the mortga~eee maY mite such repain as in it~ discrttiun it may derm :xY~ssar~ for the pr~r preservatiun thereof. and the full amount of each and e~ery wch pa~ ment shail be immnliatrly due a~x1 payablr, and ~hall be tieeurrd by the lien of this rtwrtgage. 6_ That he W ill pay a{I and singular the cusis. charges. arn1 e~penses. isklu~!ing re~•on:ible law~•er'c fees, anJ costs of absvaets af tide. incurrod or paid at an) time by t6t mortgaBee bewuse uf the failure un thr part of t- : murtgag~r prompUy and fully to perform the agreem~ntc and cm~enants of said promissor~~ note and this mortgage. and ~aid ccnts_ charge~. arxi expensc~s shall be immediately due and ~ payable and Shall be secwed by the lico of this mortgage- s 7. That he wi11 keep the improvtments no~ etisiing ur hereafter erecttJ un the rtwrtgag~! pruperty. insured ac rr~y be requirecl from ~ time to time by the mortgagte against lass by fire a~r+ othtr hazarcls. casulatirs. an.i contingencies in sucb amounts and tor w~_h periods as may tx required t+y mortga€et- and P~Y P~~M~)- ~hen due_ any prrmiums un such insurance for paymeni uf w~hich provision has not ~ been made hereinbefare_ All insuranoe sha1~ be curiod ~n comP~~a ~PP~oved by mortga8ee and the policies and rrnewals thereof shall ; t+e held b~• m.xtgagoe and ha~•e auach.~d thereto luss payable clauses ~n favor of and in fixm acceptable to the murtgagee. In event of losti ~ he w ill give immecfiat~ notwe b~' mail to m.xtpagee- and more8a~.ez m~y make proof of Ivss if rwt made promptly hy mcxtgagor. and each ~ insurance comPam coxerned is heret+~ -•horized and directed te make payment for such i~xs JirecQy to morlgagee instead of to ~ mortgagor and mcxt~tagee jointly. and tht uurance prt~eeeds. or :'~y Part theriof. may be applied b~~ mortgagez :~t its option either to the r rrduction of ihr indebtedness herrby stcure~ or to the restixatiun ~ repair of the property Jama~rJ_ In event of foreck»ure of this ~ rtartgagr or other transfer of title to the rtwrtgag,d propem in r~tinguishment uf the itKlebtedness secureJ hereby. atl right, title. and - ~ interest of the mortgago~ in arn1 to am insuranct poli.ies then in force shall pass to the purch~r or grantee. 8. That i{ the ptemises, or an~ part ~hereof, be condemned under au~ poNer of eminent domain, or acquired tor a public use, ~ the damages, p~oceeds, and the coasideration tor suc6 acqaisition, to the extenf of the full amouot o( indrbtedness upoa this e;, \tortg::ge,aadthe~ote s~cnred heteb~~ rr ~iain¢ unpaid,are hereb~ a~si~ned b}- thr ~lort~a~or tothe ~lurt~gee and shall be paid ,r-~'' (orthwit6 to the \tort~agee to be applied b~ it oo account o( the in~ebtedness ~ecured hereb}~, ~.hether due or not. 9. Tbat the mortgaEee may~. at an} tirtK prrni~ng a suit upun this mortgagr. apply to the court ha~•ing jurixiiction thereof for the ~ appointment of a rKei~tr. and wch:ourt sha11 fotthw~ih appu~nt a rzccir•er of the prrmisc~ co~'ered'nereby all arn! ~ingul•rr. including all ~ snd singular the income, prufits, iswts. and rt~~enues from what~~~er wurce derived. each arxi every of which. it being rxpressl~~ understood. is herel+}~ morigagtd u if sPec~fwall}~ srt fi.rth and descnN~i in the granting and habendum clauses hereof. and +uch rttiei~•er shall have ai{ the broad and effcrt~Ye functiarts and pmsen in anywise entru~ted by a court to a receiver, and such appointment shall t+e made by such court as an adm~ued e9uit~ and a matttr of at+solute right to saiJ mortp.agee, and M itFwut reference to the adequacy ur ~r ~nadequacy of ihe value af the propert} mortgaged or to the wl~tn~y or iawl~ency of said mortgagor or the Jefendents. arxl that such rents, profiu, income. issues. and re~~enues shall be applied b~ su~h rrcei~~er accorJiag to the lien of this mortgage arni the practice of such court. In the e~~cnt of any default on the part of the mongagor hereunder. the rtx~rtgagor agren to pay to the mortgagee on deman as a reawoable monthly rental for thr prcm~ses an amajnt at least equiralent to une-twtlfth 111~'1 of the aggregate of the twelve rtwnthly ~nstallmenu payable ie the then turrent year plus the actual amwint of the :u~nual ta~es. assessments. N ater ratts. and intiurance premiums iu for such ycar not co~ered by ehe aforesad monthl~ pay rrKnts ° ~p. That Ia) in tht eveni of any hr~a~h of this m«tgagt or dcfauit on the part of the nx~rtgagur, vr Ih) in the evem that an}~ of wid i c sums of ineney herein reterrod to be nd prompth aad fultY paid Nithout demand ur nutice. or Ii-) in the event that each and every the t F~y; stipulations, agreements. conditiim~ a~x1 co~enanu of said nute anJ this murtgage. are nW July. promptly, arxl fully performed: then in : either or any~ such e~ent. the said aggegate wm mrntioned m saW nute then rema~nig unpaid. with intercit accrued ti~ that time, anJ all rtwneps eecured hereby. shall txcortx due and pa~aMe farth.?~th. or thrreafter. at the opti~~n of said m~xtgagee, as fully anJ completely as if all of the said sums of moneY werc ongmal{~~ stipulated to E+e paid on w:h Jay. anything in said note or in this mortgage to the cuntrary rwtw ithstanding: and therrupon or thereaftet. at the option of said mortgagee_ W itF?out nutice or demancl. suit at law~ or in equity. ma)~ be = prosecuted as if all morte}~s sc+cured heret~y had maturrd prior to its instieuuon. The rtwrigagee may foredc~se this rtwrtgage, a~ to the - amount so declared due and pa~at+le. and the said premixs shall be wld to satisfy anJ pay the ti-rme together with co.tc. expenses. and = allowances. In case of paslial foreclinurc of this murtgagc. the m.xtgaged premises ~hall be wld ~ubject to the continuing lien of this rrwrtgage for the am~wnt of the debt ~wt thrn due and unpanl. In such ca~e 1he provisionti of thic paragraph may again t+e availeci of thercafter from time to time t+y' thc mor~gagee. A_;; 11. That the mortgagor will gh~e immrd~ate notice by ma~t to thc rtwrtp,:?gee uf an~• comeyarxe, transfer. or change of ownership af the premises. :~r,: 12. That no wai~er of any to~eaant htrtin ur .~f the obfigatw~n ~ura1 hereby shall at any time therea(ter be helS to t+e a wai~er of ' the tcrms hercot a of the note xcurrd hereM. ~ ' = a~a~~ - , ~f` - ~ - _ - - _ - - - ~s~_. - - _ _ = - ,