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Home My WebLink About2735 '11~at, in wSer m.xt tuUy w pwtecl tAc x~unl~ ut tlw+ nw~tya~o. lhc awtt~~x. t.ypuAcr v?ith. and i~ L;!3i1iu~ w. the m~~n~AM p+> mants ~ unJer ~bc tums ut thc nute anured Aereby. un ~he Cus~ J.Y u! cacA mauA until the ..iJ rwte is tuUy paid. wiC pay w iAc nwrt~ce ~he tullu~ • ins wms: ~ i la) An am~unt wl~ieai w pwrwk tbe FwWer he~evt ~i~A (und. to pa~ tht oe~t awnYase inwrance p~emwm i( this imuumeot aa1 the 1 nwe sccuted Aereb) =ue inwrcJ. ~x a m.?~ti?ly ch~rst lio licu d a utcx~~yyte inwran~e p~cmic~nl i( tAe~• ate hcld by ~Ae le~re~ary ot i Hwuine w~ UrDan laevelupmtnt as (~Iluw s: 'f ~ 111 It anJ w WnY a~ siid note ut evco J+Mt anJ ~his in~trumenl -+re iowred ot art rtinw~cd ua1c~ A~e ptov~~i~ns ut ttrc Natwnal ~ i H.w.in~ Act. an amouot wd~cicnl ta ac~umulale io tht hands ot the M~Wer w~e 111 aanth priur to il~ due datt tha annual murt- ~ ~ py~e inw~ance ~remium, in urde~ to pru~iJe such M~k1e~ witA lumts to pay wch premium ~o tiie Sec~etuy ut Hwsine ami 1 Urban Ot.•rlopment purwam to tAe ha~iooal Nousing Act, as amcnJe~l. am1 aDPGrabk ReYulatio~~ thercundc~: o~ ~ IIU It wd so lo~ as ~+~d nwe ot cven Jate aaf this insuun.ent ue heW by the Sccrcury of Housin~ and U~t+:+n [kYelopment. a;~„ nwntMy cAar`e lin Yeu o€++wapM inwra~c Pq°~~~~ "~1 bt in an am~wnt equal to w~e-twel(th 1111210( are-half l IRl per crntwn ut the avcn~t outsundi~ bal~n~~e due on the naMe cwapu~ed w~iihout tal:ir~ i~uo xcaunt deli~queecies or • ~ D«WY ments: . ~ Ibl A wm eQual to Ihe grouml renls, it xny. next due, pluc the prtmiums tha! wi0 nexl l+eewne ~1ue and payd?k on policies of 6re :+nd w~rr huard inwraoce coverin6 the mwt6a(ted propenY• Ph+. tarts and assessmeats ae~t dut un the a~o~tgafal ~operty I:JI as esti- mated by dx ~~t~eeD less all wms alreaiy paiJ ~herctur di~i.ied by ~he nwnbc~ ot months to elapse be(ore one month prior to the dite w~hen wc~ 8round rents, prea~iums, u~es, and asseisments wiH bcroa~e ~1eHnquent. wch wms to be held by mortt8~ee in uust _ to pay said sround rents, p~emiums, uxes, and special asxssmeats; aad ~ (c1 All payments mentioned in tl~e ta•o precedina wbsec.twns u[ ~his puagapl?+mf a~l Payments co be maJc under the nutc secu~ed he~e- by shall be aJded to6ether and the a~epte amount thereot shall be pa~d by the awrtp6or each month in a~ingk paYment tn be ap- p~ied by ihe monp~ee t3 thc [olbWinR itcros in ~he order ~et tonh: ll) premium charges uader the co~tnct ot in>urance wi~h the Secrctuy o[ Housing and Urban Developmen~. ~ mon~hly charge (in 6eu ot mortga,ge insurana prca~ium). u ~he case may be: - (lp groumt rc~ts, taxes. uxume~ts. fue, ami alKr hazard inwrance p~emiums; ` (111 interest oa the note securcd hereby: and lIV1 amonizatan of ti~e pri~cipal of said ~wte. llny deficie~cy in the amount o( wch aggegate monthly paYment ~lwll, u~leu madt g~wd by thc mu~tgagor prior to the dut date ot 1he nexl such paymeot. constitut~ aa eveat ot dttauq undet this mung~e. The monga~ee may cdkc~ a"late charee" twt to exceed two cenii fw uch dollar 1311 of each pvyment moro than fiiteen l15> days in arrcan to cuver the e~tn expense invdved in handling delinquent payments. 3. 'll~ it the total ot tlrc payments made by the mortga~or umier lbl of para6r+Pn'- P~K~~B ~1 excted thc amouat the payments ~~~~y ~n~ by the mortEagEe. (or ground rents. tares and asxssments and inwnnce premiums, u tht cau may be. such excess at the op- tion ot the mort~+~ee. shall. be cadited o~ wbsequent payments to be made by the mortEaBor, or ~etunded to ~he mor•.gagor. If. however, the monthty paYments made by tht mortpgot undec 1 bl ot puagraph 2 Precedins shall not be wlficient to paY ground rents. taxes and assessments and insunnce premiums, u the case may be. when the same shall becwne d~ and payabk, then the mottEagor sMall pay to the mo~tBaSec any amouot necesvey to make up the ~feficiency. on or betore the date whrn Qayment o( such ground re~ts, taxes. uuuments. or inwaoce prem- iums shall be due. It at any time the mortBa6or shall tender to the monsa~gee in accordsnce with the provisions ot the note securcd hereby. (utt payment ot the entirc imkbttdncss represented thereby. the mortgaBee shall. io cumputing tt~e amount ~t such irnlebtedness. credil to 1he ac- count ot the mortg,agor all Payments maJe umler the procisions ot ia) ot parsgraph 2 hercot wAich the mortpgee hu not become obli8ated to paY to the Sec~elary ot Housing and Urban Devebpment and any balance remaini~g in the tunds accumutated unde~ the provisions ot (b) of said paragaph 2. It the~e shall be a default under aoy ot the provisia?s of this mortga~e. resulting in a public sak o! the premia~ c.~. ered hert- by. or if the mortgagte acquires the property otherwise atter detauh. the mortg?get shall apply. at the time of the commtnremtn~ uf surh pn~- ceediogs o: at the eime the property is otherwix acquired. the balan~e then remairrng in the funds xcumulatnl under lb) of paragr+Ph 2 Preced- ing u a credit ag,ainst tbe amou~u ot princiPal then reeui~rng w~paid under uid note aod sball pmperly adjuu anY WY~nts wh+cfi shall have been madc under 1 a) ot said PangraPh- 4. That I~e will pay all ~axes. a~~tssments. w•ater ntes. amt othe~ governmenu) or municipal clnraes. 6nes. or impusitio~s. for which pro- vision has ~ot bten made hereintx(ort. and in detault thcreot the mort~+get may pay the saa~e: and 1ha1 be wd1 PranW~Y dehrer Ihe otficial receipts theretor to the mongaLeee. . : , S_ That he will pcrmi~, commit. o~ wBer no waste_ impairment. ot deterioration ot said propeny or any part thereof: a~n1 in tlx eveot of the tailurc ot the mortg,+gor to keep the buildinEs on said premises am1 those to be erectcd on said premixs. or improvemeatc ~hereon, in good re- pair_ the mortgrgee may nulce such repairs as in its disc~etioo it .ray deem necessary for ~he proper prexervation thereof. and tlx (ull amounl ot each and every wch payment shall be immediately due and payable. ~nd shal~ be securcd by the lien ot this morigaga _ 6. That he will pay atl and sin~ular the costs, charges. and expenses, includi~ reasonable hwyer's tees, and costs ot abstncts ot titk. io- ~ ~vrred or paid at any time by the mongagee becaux of the taik~re on the part ot the irsort&~8a Promptly and fupy to perform the agreements and covcnants of said promissory note and this mortgage. and sa~d costs, charges. and expenxs shall be immediately due and payabk and sha~l be securcd by the lien of this mortgage- . . . 7. That he v?i0 keep the improvements now existing o~ he~eafter erected on ~he m~rtgaged propertY• ~nsured as may be required trom time to time by the mongagee againct bss by fve and aher haeards. cawaltics. and conti~encies io wch amounts anJ tor wch periods as maq be rcquircd by mortga~tce. and wiU paY prumptly. whrn due. anx premiums on wch inwraace for payment ot which provision has not been made lxreinbefore_ All inwnnce shall be carried in companics approved by mortg.~ee and the policies anJ tenewals thereot shall t+e held bY mortga- gee and havc attxhed thereto bss payabk clauses in favcx of and in torm xceptabk to tlx mottgagee. In eveni of bss he wi11 give immcdiate notice by mail to mortFagee. and monBaEee may make prout ot bss if na made p~omptly by mortgzgor. ~nd each inwnnce armpany con- cemed is hrreby authorizni a~d directed to ssake payment for such bss directty to morip~gee instead of to mortgrgor and mo~tgagee jointly. and the inwrance pr~ceeds. or any pan thereof. may be appli~d by mortgagee at its option either to the reduction of the indebtedncas he~eby securcd or to the restoration o~ repair ot the property da~ua8ed- In evrnt ot f~reclowrc ut this mortglge o~ oeher ~r+ds~~r of titk to the mort- gaged propert~ io e~tinguishment of the ind~btedness securni hereby. alf righ1. titk. and interest ot the mortgagor in arn1 to any inwtanct poli- cies then in torce shall pass to the purchaser or p,rantee. R. That it the premises. or any part thereot. be co~ulemned under any power of eminent domain. a xquiral for a public use. the Jamages. proceeJs, and the consideration for wch xquisition. to the e~tent of the (ull amount ot indebtedness upon this Mortgage. and the Note secured hereby remaining unpaid. ue hereby usigne~i by tlx Mortgagor to the Mort~agee and sha{I be paid torthwith to the I?fortgagce to be applied by it on xcount ot the indebteness secured hereby. vvhetlxr due or not- 9. Tha1 the mortpagte may. at any time pendi+ig a wit upon this mortgage. apply to the coun havi~ jurisJiction thcreot (or the appoint- ment of=a receiver. and wch court shall fonbwith appoim a receiver ot the premixscovered hereby ail and singular. including all and singuhr t~e income. profits. iswes. and revcnues from wlwever so~rce derived. exh and every of which. it bting exF+ressly understood. is hereby mongaged u if specifically xt torth and dr3cribrd in tht granting and habendum ciauses hereot_ and sucb receiver shal! havt all the brwd and etiective tunctions and powen in anywix enttusted by a court to a receiver_ and wch appointment shall t+t made by wcA court ss an admitied equity and a mattet ot at?wlute right to wid mongaEte. and w ithout reference to ~be adequxy or inadequxy ot the value oi the property mort- grgcd ur to the sol~ency or ~e+o~vtncy ot wid mwtp,:qeor or the dttenJants. anJ that wcf~ rcnts. profits. income. i+wes_ anJ re~enues shall be applicd by wch rcceiver xcordin~t to 1he lien of this monpge and the pnctice of wch couA. In tAe event ot any de(auft on the pan of the mort- gagor hereunder. the mongagor aY,rees to pay to the monp~tee on dcmand as a rnsonaMe monthlY renul for Ihe premises an +mount at kast equivalent to one-tw•elfth 111121 ot the aggregate o( thc ~wefve monthly ins~allments payable in the then current year plus the xtual amount ot the annual tates. assessments. w~ater ntes. and inwnnce premiums [or wch year,not covered by Ihe aforevid monthly payments. 10. Tha~ Ia) in the evcnt of any hrcach of this mongage or default on the part o( the mortpagor_ or lb) in the event that any of said sums of mooey hercin referted to be rro1 promQtly and tupy paid rri~hout dema~i or ratice. a Icl in tlx e~•ent that each and every Ihe stipulatans. agreements. conditiwns. and covenants of said nott and thi~ mort~ge. ue not duly. promplly_ anJ fuily performed: then in either or any wch even~. the s•rid aggegate wm mentioned in taid note thcn rcmaining unpaid. with interest accrued to that time. am1 all moneys secured hereby. sfiall l~ecomt dut and payahle [prthwith. or lhereatter, at the option of sa~d m~rtBaget• n tully and compkttly as it all of tht said sums ot mon- ey were originally slipulated to be paid on wch day. anylhina in said note or in Ihis mortgage to Iht contnry notwithstandina: and thereupon ot thereatter. at the optan c.f said mwtga8ee- without naice or demand_ wit at hw or in equily. may tx prosecuted as it all monty~ ucured here- ' by had'matured prior to its ie?stiwtioo_ The mortp~eee may torecbx this mortgage. as to Ihe amount so declared due and Wyabk. and ~he said premises shal{ be sold to satisfy and paY the same together.with costs. tapensec. and albw•ances. In case of partial foreclowre of Ihis mortgage. ~he mortg~ged premise~ shall be sold wbject to the continuing iien ot this morlg~te tor 1Frc amount o( tlx debt nd then due aod unpaid. In wcfi case the provisions ot this paragnph may again be avaikd ot thereafter from time to time by the mottpaget- 11. That the mortg~gor wili give immcdiate naice by mail to the mortgagte of any conveyance. tr~nsfer. or chan~e o( ow~erst~ip o( the prcmises_ 12. Tlut no v~aivtr of any covenan~ herein or ~t the d+~igation secured Ixreby shall at any time tt~eteafter be Aeld to be a waiver of the terms hercof or of ~he note secured hercby_