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Home My WebLink About0248 .r (hat. m~x~icr rtwrc full~ t~, prutc~l the ..tiuruy uf thi. +nurtgrgr, the nxxt`aE.x, t.~r~ht Mnh. rnJ in :wldi~K~n t~ti thr nx?nthfy pa~oxnh unJcr tAr tr~m..~f the n.Ne .c~urcd hcrchy, u~ thc firil Jay~ .~f ~:Kh nH+nth until thc wud r..ur ~ully p.~id. NIU ~:~Y lv ~hr nw~t~.qtrr tht fi~U.?uin',uro~.~ lal An amounl wt~'icient to paviJe ~he hulJtr hercof wilt~ funJ+ to pay the nex~ monQa~e inwrrnce prrmium if th~s inst~ umenl and ~Ilt 1101C SCCtlfi~I IltfCbY are insured. ot a munthly ~hau~e li~ litu of a tnortra~t inwranca prrmium) i~ ~'Kg are htld by tAe Sa~~et~,ry ot Nousin~ an~l UrDan Develupment. as folluws: UI U and so lon~ as sa~d n~te ~i cven ~ate arn1 this irstrumen~ are iasureJ or are rcinw~ed unJer the orovi.iuns uf tht Natiunal Housin~ Act, a~ am.w~t cufrcient to accumulate in ~he hands nf the hc~l~ler one 1 ~1 month p~ior tu itsdue date the a:mual mort~a~e inaurance premium, in u~Jer to proviJe such holdtr with tunds to pay ~uch {xrm~um to thr Secrctary oi Huusing and U~ban Developmtat pwwant tu the Natiu~al Housing Act, as amcrnlcd. arn1 ~PP~K:able Rtgulations thereurxle~: or l11) If and so lang as saiJ nott of zven date arn! this in+trument are heki by the Secrc~uy of Housing a~x1 Utban [kvelupmrnt. a munthly cha~ge lin lieu of a mort8age insuranre prrmiuml ~•hich ~hall be in a~ anxwnt rqual to une-twclQh 111121 of OM-h81~ (~tI centum af the avsragc outstarnting balance due o~ the nate a~mputnl wi~huut tak~ng intu noc~wnt delinqurncies or p~t~+ayments; (b) A suin equa~ ta the 8ruund rcnts, if any, next du~, plus the pemiums that wil~ ntat brcome due arx3 paYable un policies of ftre arni uihe~ ha~ard insurance cove~ing lt~e mcxtgaged prope~ty. Plus taxa and assessments neat due on the m~xtgaged properry (all as at+mated by the mwtgageel less all wms already paid thercfcr divided by the number ot awnths to !lapx betore one mo~th priix to the Jate v?•hen-suth Eround tents. Prrm~ams. ~a~es. and asse~s~M°u ill become delinquertt, c~~ch tums ta t+e htld by martgagee in trust to pay ssud Br.wnd rents, premiums, taxrs, anJ s~~~ mrnt ~y d (c? 411 paymenu mentioned_ in the tv?~o preccding sut?~ections of this and all ments to be m~1e urnler the note secu~ hereby shall be added tugtther a~d U~e aBBrrKate amount thereof shat! be paed by the murtgagor rach month in a singk pa_ to be applicd by the mottgagte to the following items in the o~Jer set Wrth~ tp premium charges unde~ ~he cuntract uf insurance with the Srcrttary ~~f Housing aad Urban Devebpme~t, or monthly charge iin lieu of rnortgage insurance premium~ as the case may be: 11U ground rents, taxes, assessments. firc, arn1 other hazard inwrance premiums; (lIq interesl on the note secured herrby; arni IIV1 amortization of the principal of said note. Any deficiency in the anwuni of sucA ag,gregate rtwnthly paymrnt sh:ll, unlecs made g~x~J by ~he cnurtgas~x pri.~r to che Juz date uf the ne~t such paymenl, constitute an rvtnt of J~faull ur?der this mortgage. "ihe mixtgag~e may c~~ll~tit a"lale charge" nut tu «ceeil lwo cents 12c) fix each dollar ISI1 of e:+ch PaYment m~xe than fifteen 1151 days in arrrars to cover the ritra e~?pe~?se invulvrJ in hanJling ~klinyuenl payments. - 3. "fhat if the total of the payments maJe by the mongagur unJer Ihl of paragraph 2 prrceding s1?all etcrzd ~ha anx~unt ot thz payments ac~ually made by the m~xtgagce, f.x grounJ rent~, taats a~x1 assessments and insurance prcmium~, as the case may be. such eacess at the option of the mortgagee, shall, be credited on sub6cquent PaYmenu to be made by the mortgagor, or refunded to the rtwngagor_ If, however, the monthly paymrnts made by the mortgagor under Ih1 of paragraph 2 pre~:eding shall not be ~ufficient to pay ground rents, ta~es and ~«rssments and in~urance {xemiums, as the case may be. v?hen the same ~hall becume due an~t payablr, then the mortgagor shall pay to the mortgagee any arrK~unt necessary tu make up the defic~ency. on ~x t+efore the datr w•hen pa~~nKnt uf such ground rents._tates. ~ssessmznts. ar insurancr pramiums shall be dua !f at any time the mortgagor shall ternier to th~ murtgagee in xconiance with the provisions of thc note secured hereby, fuit payment of the entire iixiebtulnesc representeei the~eby. the nwrigagre ;hall, in ~~omputing tht amount i~f ~uch incieMr~iness, crrdit to the account of the mortgagur all payments madr urnkr the provisio~n of lu? uf paragraph 2 hereof vrhich the mortgagee has n~~t beaime ~ligated to pay to thr Secretary of Hous~ng arnf Urban [kvelopment snd any batance r.maining in the furnls xcumulatrJ urxler the provi.ion~ of Ih/ of saiJ pa~.?gra{+h 2. If there ,hal1 br a J~fault unJer :.ny of the provisionc of this mcrtgage, re~ulting in a public sale of 1he premixs co~•ered hereby, or if the mortgaget acquirtc the pmprrt~~ otherv?•ise aftrr Jefault, thr mortgagee shall apply, at the time of thr commencement of' such prcee~Yiings ~x at the ~ime thr propeny is othen.•ise acquirrJ, the i+alance then remaining in the fundc xcumulatt~l under ~hl of paragraph 2 preccYlic:g as a crc~iil again,t the amount of princiual then remaining unpaid urnfer wid note :,~xi ~hafl p~apttl~~ adjust an}' p•rym~Mc w`~::h +hal{ have heen made onder I~r) of +aed paragraph. - J. Thal he will pay all ta~es, a~xy~mentti, water rat~~.. anJ Wher governmrntal ur municipal chargr~ fi:xs. ~ empos~tions. for whieh pruvi~iun has not t+ren made hcreinbefore. and in Jefault ther~~f the murtgagrc may pay th~ ,ame: and th•rt hc Mill pn.mptly drliver the official re~eipts therefor to the mungagre. S. 'That he v?ill permit, commit. ~x sufTer !~o w:utc. impairment, o~ dtteriuration of seid property M auy part therrnf: arai r~~ent of tht faiturc of tht trwrtBagur to keep the builJings on said premix~ and tha+e to Ix erectc~l on saiJ premises, ix impruvemcats thereon. in goal repair. the mortgagee may make such repaits as in its discretion it may Jeem ~~tie~cary for 1he proper ptc~trvation th~Keof, and the full amodnt of each and every• such E+ayment shall t+e immecliately .iue aixl payable, anu chall hr secured by the lien of ~hi+ mortgage. 6. That he Nill pay all and singular the ecxts. charge+. a~xf ~xprnsti. inclu~'.ing reasunable IaNytr s fr~. anJ cotts of abtitracts uf titie. I incurred or paid at any time by the rtxirtgagrc becaus~ of the failure on the part of t: : nxxtgagor prumpUy anJ fully to perform the ~ agreem~nts a~xi covenants of said promissory note and thiti martgagr, and said ccntc, charget. arnl eapenses shall t+e immediately due and ~ payable and shall be se.:ured by the lien of this mortgage. ~ 7_ 'fhat ht wili leep the improvtmcnt~ now cxisting or hereafter erctitc^~! urt the m~~rtgagc*d property, insured •r, rr~y be required from i time to timt by the mortgagee against 1~x, t+y fire ar•~ vthrr hacarJs, ca~ulaties. arxl cuntingencies in ~uch amount~ anJ fur str_h peri~xts as may be rtquired by mortgagez. aRd ~viil pay prumptly. N hen due, any premiurnc on such insurarKe fcx payment of which provision has not been made hereinbefore_ 411 insurance shall be carried in companies approved by m~xtga8ee a~x1 the policies an.i renewals U~ereo[shail tx htld by mortgagee and have attxhed thereto loss payable clausts in favor of and in form acceptable to the rtwrtgagee. In event oi loss he will givr immediate notice by mail to mortgager, and rtwrtga~ee may make proof of loss if not made prampU}~ by mortgagor, and rach insurat~ce company coxernzJ is hereb~ •~horizrd and Jirected to make payment fur such Icxs directly to mortgagee inctead of to ~ mortgagor and mcxtgagee jointly, and the asurance proceeds. or : nY Part ther~Y~f. may t+e applied by nxxtgagee at its option either to the reJuction of the irxlebtninest hereby xcurc.i or to the restoration or repair of the property damagrd_ In event of foreclosure uf this murtgage or ot~irr transfer of tide to the mortgaged pre~+erty i~ extinguishment of the irxlebtednrc+ secureJ hereby. all r.'ght. litle, anc: interest of the mortgagor in arxi to a~y insuranc~ policies then in force shall pao to the purchaser or granter_ That ii the premises, or any part theteof, be condemoed under aay poNCr of eminant domain, or aequired (or a puElic use, the dam~ges, proceeds, and the consiJeration tor ::uch acquisitioa. to the e:tent o( the (ull amount o( indebte~lness upcrn this \;ortg::ge.aodthe:Vote srcu~e~ hereby re- ~ining anpsid,arc herehy assigned by the 31ortRagor tothe \lortgaet~P an~ shall be paid fotth~. ith to the ~lort~ta~ee to be applied bc it on account of the indebtednPSS se. ured hereby, ~c:~ether due or not. 9. That the rtwrtg:,get may. at any time perxling a suit upon this mortgage, appty to the court havin¢ }urivliction thereof for the apFwintttxnt of a receiver, and su:h cuurt shall forthw ith appoint a receiver of the premi~c covered hereby all arnt singular, incluJing all anJ sirtgular the income. profits, i~tiues..and revenues from v?hate~er xwrce dericctif, each a~l every of which. ~t beinx expressly understoexl. is hereby mortgaged a+ if specifically set forth an.1 dexribed in the granting and habendum clauses hereof, and such recei~•er shall have ail the broad and efFective functions and pov?ers in anywise entrus~ed by a court ta a receiver. and such appointment chall tse made by such court as an admitt~d equity and a ntatte~ of at+s~lute right to said mort~;agee, anJ without refererke to the adequacy or inaJequacy of the value of the pro{x~rty mongaged cx to the wlvency or insolvency of said rtx,rigagor or the deiendents. and that such rents. profits. ina~me. iisues. an~i revenur chall be aQplied by such receiver according to tne fien of this mortgage anJ ihe practice of such cuurt. In the event of any Jrfa^~It on the part of the mortgagor herrurxler. the rtwrtgagvr agrees to pay tr the mortgagce on demand as a reawnable monthl~ rent~l for the premises an amuunt at least equivalent to one-tw~clfth 11/:21 of the aggregate ~ the lwelve nx~nthly in~tallmems payabie in the then current year p{us the actuai amount of the annual taxes, asses~ments, wate~ rates. and imura~ce premiums for such year not covered by thc aforesxid mon~hiy paymcnts_ ~ ~p, That In) in the event of any breach of thic mortga¢~ or Jefault un the part af the rrx~rtgagor. cx Ih) in the event Ihat any uf caid su:ns of money her :en referraf to bt not promptly and fully paid without demand ar notice, or Ic-) in tne event that each arxi evrry thr stipulati~ns, agrcrneuts. conditiua;. and coven::nts of said note artJ this moc'igage, are nut duly. ~omptly. ancl fulfy performeel: then io _ rither or any sucF. -went, the saiJ aggegate sum mentioned in said note Ihen rcmainig unpaiJ. with interest accrued to th•rt time. and all rrwneys xcurzJ here~y. shall becc.rtx due anJ payable CorthW ith. or Ihereafter. at the option of saiJ m~xtgagee. as fully anJ completely as if aL' of the said sums of money were originally stipu~at~d to tr paiJ un such day, anyihing in s:iid note or io this mortgage to the cont-ary notwithstanding: and thereupon or thereafter. at the oplien of said mortgagee. without +x~tice vr demancl, wit at law or in equity. ma)' be prusecuted as if all moneys securaf hereby had mat!~rer1 prior to i~c institutiun. The rtx~rtgagze may f~xeckne this mortgage, as to the artwunt so declared due and payable, and the said premixs shall be sold to satisfy and pay ihe same tvgeiher with ca.t~, expenxs. and alk~wances_ In case of partial foreebsute uf this mortgage. the m~xtgaged premises shall t?e wld subject to the continuing lien of this rtwrtgage for the amount uf the debt not then due arxi unpaid. In such cace ~he provisionc of this paragraph may again be avaited of thr•eafter from time 1o time try the morlgagec. 1 I. Tfiat the mortgagor will give immeJiate n~~tice by rrail to the rtwrtgagee of any co~veyance. traasfer. or change of ow~nerst~ip of tht prcmises. . 12. That no vcaiver of •rny covenant herein or of the obligrtion securerl hereby >hall at any time thereafter be held tu be a veaiver of the terms hereof ix of the notc secured hereby. ~,:°~231 ~~~E 24~ ~ ~ ~ - - ~ _ - . - - - -