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Home My WebLink About2735 ti 2. I~hat. io u~dcr nwrc fully tu prut~tt ~hr +rcunry of th~~ murtgagr. thr mortgag~ir, tugclh~r Nith, anaf in adJitiun tu, thr rrx~nthly pa~mrnt. unJr~ ~hr term~ uf ih~ nutr ~~~ur~~al hrrrhy, un the fir.t Ju~ uf ra~h munih un~il thr .aiJ nutc i. fully paiJ, will pay tu tha nwrlb:~g~r Ihr fulluwing +umc: la) An anwunl wfficient tu pruvide the hulder hrra~f with fund+ to pay the nrzt martgage insurance p~emium if this ioslrumrnt and the not~ srcurtd hereby are in+u~eJ, or a monthly charge lin linu of a rtwrtgage iosu~aner premium) if they are held by the Sec~eta~y of Huusin~ and U~b3n Dnvelupmen~, as fullows: (1) If and so long as said note of even Jate and this instrument are insura! or are reinsu~ed uncler the Drovisions of the Nationaf Nowin~ Act, an amount suRicient to accumulate in the hands of the holde~ one (1) month prior to its due date the annual mortgage insurarne premium, in onler to proviJe such holJer with funJs to pay such premium tu the Secrctary o( Huusing and Utban Dtvelopmrnt pursuant tu the National Housing Ac~ as amrncied. end applicable Regulations thereunder, or 111) If and so (ong as wiJ note uf ~v~n Jate anJ this instrumrnt are held by Ihe Stcretary of Housing and Urban Developmenl, a monthly charge lin liru ot a murtgage insurance premium) which shall be in an amount equal to one-twelfth 11112? of one-half (~~4) per cenlum of ~I~e average outstanding balance due on the note computed without taking into aaount delinquencies or prepayments; Ib) A~um eq4al to the gruu~l rents, if any, next due. plus ~he premiurtu that will next become due arxt payable on policies uf fire and other h:uard inw~ance covering the mortgaged property, plus taxes and assessments next due on the mortgaged properry lall as estimatcd by the mortgagte) less all sums alr~ady paid therefor divided by the number ot monlhs t~ elapx before one month p~ior to the date when such grourxi rents, premwms, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay saiJ BrounJ rents, pr~miums, taxes, and special assessments; and (c) Alt payments mentioned in the tv?~o prtceding subsections of this paragraph and all payments to be made under the note secured i hrreby shall be added togetht~ anJ the aggregate amuunt thcreof shall be paid by the nwrlgagor each month in a singlz payment to be applied by the mortgagee to the following it~ms in the order set forth: lq premium chargts undtr the cuntract of insurance with the Secretary of Huu~ing and llrban Developmnnt, or monthly charge li~ lieu of mortgage insurance premiuml, as the case may be; (Ip ground rcnts, taxes, asses+ments, 6re, and other hazarJ insurance premiums; (111) interest on the note secured hereby; and (IV) amortization of the principal of'said note. ~ny deficiency in the amoun~ of wch aKgrrg•rte monlhly payment ,hall, unle~s made g~xx1 by the mortgagur prior to the Jue date of the nr±et such payment, cunstitute an event of default under this mortgage. The mortgagee may cullctit a°late charge" nut to excerd two cents i2c) for each dollar ISIi of r:+ch payment more than fifte~n IISI days in arrc:us to cover the extra expense involved in handling Jelir~yuent payments_ _ 3. That if the total of the payments made by the mortgagor under Ibl of paragraph 2 precrJing shall exceed the amuunt of the payments actually maJe by ~he mortgagze, for ground rent~, taaes arxi assessments and incurarxe premiumti, ac the ca~ may tx, such excess at the option of the mortgagce, shall, be crcdited on subsequent payments to be made by the mortgagor, or refunded to the rrx,rtgagor. If, hoWever, the monlhly payment~ made by the mortgagor under Ih) of paragraph 2 precrding ~hall not be sufhcient to pay grou~xi rents, taxec arni assessment. and incurance premiums, as the case may t+e, when the same shall became due a~xi payable. then the rrnutgag~r shall pay to the mortgagee any amoimt necess:+ry to make up the Jefic~ency. on ax t~fore the date when payment uf ~uch gruunci rents, taxrti, a~sessments, or imurance prrmiums shall t+~ due. If at any time the mcxtgag~x shall tnrxier to the mungagee in :wcorJance with ~he prmisiuns of the no~e securrd hereby, full payment of ihe entire inJebtedneat represented thereby, the mortgagee ,hall, in computing the amount of ~uch irxfebteclne+c. creJit to the account of the mortgag~x all payments made u~xter the pravisions uf I~U uf paragraph 2 hereof which the mortgagee has not t+ecome obligateJ to pay ta the Secretary of Housing arni Urban Development and any balance remaining in the funJs xcumulrtc-~i unJer the pruvisions uf Ih~ of saiJ paragr:iph 2. lf therr shall be a default under any of the pruvisium of this mixtgage, resulting in a public ~ale of the premises covered hereby, ur if the m~xtg;~gee arquircy the property utherH ise atter Jefault, the mortgagee shall apply, at the time of the cummencement of wch procerJings .rr at the time the praperty ~s olhrrwise acquireJ, the balance then remaining in the fund~ accumolatrd under ~h1 of paragraph 2 precrJing a~ a creJit againsl the amuum of prin~iF.a! then remaining unpaid unJer SaiJ note and ~hall properiy aJjust any payments which ~hall have t+een maJe under lu) of said paragraph. ! d. "fhat he aill pay all taxrs, assetisments, water ratec, and other governmrn~al or munic~pal charges. fine~, or imposition..l~or which ~ provisian has not been madr hercint+rfore, and in default thereof the murtgagee may pay the same; and that he will prumptly deliver the ufficial receipts therefor to the mortgagee. S. "That he will prrmit, tummit, or sut7er no wa+te. impairmcnt. ~x deteriuratiun of said property or any part ther~~f: anal in the event uf the failure uf the mongagur to keep the huilding~ on s:+id premises and those to t+e erecteJ on said premises, or impruvements thereon. in g~xxi rrpair. ihe mortgagee may make such repairs a~ in itti Jiuretion ic ma~~ drem necc~~ar}• for the proper preservation thereof, anJ ~ tht full arm>unt oieach and every~ ,uch paymrnt chall br immrJiately Jue anJ payablc, anJ shall be secureci by the lien of this mortgage. ! 6. That he N ill pay all and singular the costs, chargc~. anJ expenses, including reasunablr lawyer's fecs, and costs of abstrac~s of title. j inr~rrrd or paiJ at sny time by the mcxtqager bctiause of ihe failure on the part of thc rtx~rtgagor promptly :+nd fulty tu perform the ~ agreements and covenants of ~aiJ promis~ury note anJ this mortgage. and said c~xt,. chargr~. :~nJ expenses shall t?e immediately due and payable and ,hall bt secured Ay the lien uf this mortgage. 7. That he will lecp thr improvements now e~iuing or hrreafter erected on thr mungageJ pro~rt}~. insurrJ ss may br required from ; timr to time by the mortgager :?gaimt luss by fire and uther hazards, casulaties, and cuntingerx~ic~ in ,uch amuunts anJ fur ~uch peri~xlc as ~ msy lx required by murtgagee, and will pay promptlq, when due, any premiums on such inwrance fex pa}~mrnt of wbich pro~•ision has not ~ been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies arxi renewals thereof shall ~ br helJ by mortgagee and have attachcrl Ihereto lot+ payable clauses in favor of and in f~Km acceptahle to the mortgagee. In event of luss hr will give immeJiate notice by mail tu mortgagee. arxi mortgagee may make p~~wf uf lu,+ if n.u maJe prumptly by mortgagor. and each ~ in~urance company concerned ic hercby suthurized and directrJ to make pa~ment fur ~uch I~ns direetly to m~xtgagre in~irad of tu rnurtgagur anJ murtgagee joindy. nnd the in.urancr proeeedc. or any part thereof. may tx applied h~ murtgagee :?t it. uptiun either to the a reductiun uf the indebteJnecs hereby srcureJ or tu the rc~toratiun ur repair uf the property d.+ma~eJ. In e~~ent ~d fureclu.ure of thiti ~ murtgage or othe~ transfer of title to the m~~rtgagcd proQerty in extioguishment c~f the inJebte~inec~ cccured hereM. all right. title, anJ e ~ intere,t of the mortgagur in anJ to any inwrance policies thrn in force shal! pacc tu thc purch:~,er ur grantre. ; ~ 8. That if the pr~mises, or any part thereo(, be coademned unJer any povicer uf eminent danain, or acquir~~i for a public use, t ~ th~ dama~e~, proceed., and the consideration for su~•h acquisitiun, to the extc•nt u( the full :?mount of indi•Ltedness upun this ~ ~Inrt~a~<•,.mdthe~ote secured hereb~• ~emainin~ unpaiJ,are hereby assi~ned b~~ thr \lort~a~or toth~ Uortga~~~~• .+nd shall b~ paid , ~ forth~.ith to thc~ \tortQa~ee to be applied by it on aecount of the indebtedne~ss securPd hereby, Hhether due or not. a ~ 9. That thr rmxtg~gee may. al any time pending a suit uEwn this mortgage, apply to the court ha~ing jun,eiictiun thereof for the apEx~intment of a rrceiver, and tiuch cuurt ~hall forthw~ith appoint a receiver of the premises cu~•errJ hereby all anJ cingular. includin~t all ~ arxi singular the income. profits. i»ur~. anJ revenuet frum ahateve~ source derived. each anJ every• of which. it being expressly ~ understixxf. is hereby mortgageJ ati if tipc~:ifically set fixih anJ Jc~scri~-d in the granting and habendum claus~~s hereof, and ~uch rer.eiver s = Shall have aU the hruaJ arxi efFective functions anJ powers in anyw ise enttvsted by a cuurt ta a receiver. and such appointment shall be = made by such caurt as an admitted equity and a matter of atxolute right to said mortgagee. and w~ithout reference to the aJrquacy or ~ ~nadeyuacy ~~f the value of the property mortgaged or to the wlvency or inwlvency of s•rid mortgagor or the defendents. and that such # rentc, profits, incume. issue+, arxi re~enut~ shall t+e applied by s~ch receiver according to the lien of ~his mortgage and the practice of ,uch ~ courl. In the event of any Jefault on the part of the rm~rtgagor here~nder, the mortgagor agrees to pay to the mortKagee on JemanJ as a S - rca.unable monthly rental for the premises an amount at least equivalent to one-tw~elfth 11/121 of ihe aggregate of the twelve m.mthly ~ intitallments papabte in the then current year plus the acluat amount of the annual ta~es, assn,mem~. water rate~. and insurance premiumc j for such year nut covered by the aforesaid monthly payments. - ~p, "fhat la) in the event of any hreach uf this murtt}?ge ur default on the psrt uf thr rrxirtbagor. or 1h) in the event th:~t any of +aid - sums of money herein referre~l to be not promptly and fully paiJ without demand or notice, or ) in thr rvent that each anJ e~~ery the ~tipulations, agreements, conJitions, anJ covenants of said nate and this mortgage, are not duly, prompUy. and fully performrd; then in tither or any tiuch e~•ent. Ihe caiJ aggregate sum mentiuneJ in .aid note then remainig anpaiJ. w ith interetit accrued to that time. anJ all " monrys uYUred hereby, tihall become due and payable forthw iih. or Ihereafter. at the optiun uf saiJ mcNtgagee. as fully and completely as if all of the wid sum~ of money were uriginally +tipulated to be paiJ on such Jay. anything in said note or in this mortgage to the contrary notwithstanJing: anJ thereupon gr thereafter, at thr i~ption uf ~aid mortgagee. w~ithout rwtice or Jemand. suit at law ur in equity. may be prenecuted as if all rtxmeys cecured hereby had mawreJ prior lo its institution. -The rtwrtgagee may foreclose Ihis mortgage, as to the - arr?uunt so declared due and payable. and the said premise+ shall be sold tu satisfy and pay the wme together with costs. ex~?enses, anJ _ all.~wances. In case of parlial foreclrnure of thii mortgage, the mortg3geJ premi~es ~hall be solJ wbject to the cuntinuing lien uf this morigage for the amount nf the JeM not then due and unp:~iJ. In wch ca~e the provitiiuns of this paragraph may again be availyd of - thereafter from time to time by the mcxtgagee. 1l. That the mortgagur Hill give immedi~te nutice by mail to the mortgagee of any conveyance. transfer, or change of ownership of : the premice~. :F~; 12. That no waiver of any covenant herein or uf the obligatiun secured hereby shall at any time thereafler be heW to tx a waiver of = the term~ hrreoi or of the note secureJ hcrehy. 0 R . ~~r y BOGK 22b ~~r,~ ~3 - - ~`.~3 . 3S -i!n. . - ~ ~ yryF F - J~~`~ .z_. . . . . . ' _ ~ _ _