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Home My WebLink About0863 . 'That. m ~i~~rr murc ~uny a~ pruicc~ ~~n ~c~~.~. . undt~ Ihe ttrm. af Ihe nott ucur~d hCrcbY. un the firsl Jay ut tach mun~h until thr ~aiJ nutt i~ (uliy pai~1. witl paY tu 1he murtga~et t o w- ing+um~: lal An amuun! sutTi~ient tu pruviJe 1he holdtr he~eut wi~h turnls lu paY lhe nc!et m~~ng:y~c inwranre premium it this irtmtrumcnt and t nute ~ecurcd hereby arc i9wred. or a mumhly charge lin 6eu ot a mongage inwrence premiuml i! lhey are ha1J by ~he Srcretary of Housing aoJ Urban [kvelopme~t a, !ulluws: • . (1) If anJ w long as saiJ note ot eveo drtt and this instroment aut inwred o~ are ~einwrcd u~ler the provisiun~ of lhe National Howing Act. xn amounl sufl5cient 1u accumulate in the h~nds ~if Iht holJer une (11 month p~iur tu it~ due date 1he annurl mart- ~e i~~uranre ptemium. in order tu provide such holJer w~ith tunJs to pay .uch premium to the Stcrrtary o( Huu.ing and Urban (kvelopment puRUant to the National Huusing Act. as ameodtd. snJ applicabk Regulation~ IhereunJer: at 1111 If and so long as said nae ut even date and this iosuumen~ a~e hekt by the Secretary ut Hcwsing and Urban [kvelupment, a munthly charge lin lieu ot a mortgags insu~ance premium) which shall t+e in an am~~unt eQual to one-twel(th 11112i ~~i one-half (112) per centum ui Ii~e average outstanJing b:+lanee due un the nwe computed witMwt taking into ac~ounl Jelinquencies or prcpaymcnts; lb3 A ium tqual Io the grounJ tent~. it any, ne~?t Jue. pluc the prtmiums thal will ~xxl become due aod payabk ~~n policie+ at fire and olher hatard insuronca covering Iht mostg:igni property. plus taxes and assessmeols nexl Jue un the mortgaged propeny lall a~ esti- mated by the mor~gageel kss all sums already pa~d there(or diviJeJ by tht number of monthx 1o elapse t+etore one monlh pri~x to Ihe date when such grounJ rcnts. premiums, taxts. anJ :+csescment~ will t~ecome delinqutnt. such wms 1a tx heW by mortgagte in trus~ tu pay said gruumf rents, p~emiums, taxes, and special asussmentc; and 1c? All payments mentional in the two precaling wbs~ctiuns ot this paragraph anJ all paymenls to be made under the nae securcd he~e- by shall be aJded together and the aggregatt amou~t lhereo( shall be Qaid MY Ihe murtgagor each munth in a.ingk payment ~o be ap- plinl by tlx mortgagce to the follow~n8 item~ in the order set torthi (1? premium charges unJer the contnet ot insuranet vrith the Secretary of Housing anJ Urban Development, or monthly cAarge (in lieu of mongage irtwrance premium). as the case may be: ' ~ UI? gcounJ rents, taxes, assessments, fire. and other hazard insurance premiums; (111 intercst on the note secured hereby: anJ (IV1 amortizatiw? ot the principal ot saiJ note_ Any deficiency in the amount ot such aggregate munthly pay mtnt shall, urikss maJe good by the mortgagor ptior to the dut Jate ot 1he next iuch paymenl. constitute an event ot detault under this mongage. The murtgagee may cullect a"late charge" not 1o txceed two cents 1?c) (or each Jollar ISI1 of each payment more than 6iteen (1 S) days in arrear~ to cover Ihe extra expense involveJ in handling delinquent p:~ymeots. 3. 'ihat if the total of the payments mr~1e by tlx mortgagor under lb) ot paragraph 2 ptecedinyj shall exceed the amount ut the payments - actually made by the mortgagee, tor ground rents. taxes and asxessments anJ insurance prcmiums, as the case may be. sucK excess at the op- tion of the mortgagee. shall, be crcdited on subsequent payments to be made by the mortgagor. or retunded to the morlgagor. It, however. the monthly payments made by Ihc mortgagor u~er Ib) ot paragraph 2 preceding shall not be suf6cienl to pay ground rents. taxes and assessmcnts and insurance premiums. as the case may be. when the same shall become Jue and payabk. then the mortgagor shall pay to the morlgagee any amount necessary to make up the defici~ncy. on or be~ore the Jatt when paymenl ot such gound rents. taxes, assessments, or insuranct prem- iums shall be due. It at any time the mortgagor shall tender to the mortgagte in accordance with the provisions oi Ihe note secured hereby. full payment ot the entire indebtedness represented thereby. the mortgagee shall, in computing the amount ~t sach indebtedness, credit to the ac- count ot the mortgagor all paymeots made u~er the provisions ot la) of paragraph ? hereot which the mortgapee has not become obligated to pay to the Secretary of H~wsing and Ufian Developme~t :~nd any h•rlar?ce remaining in the funds accumulated under the pruvitions ot tb) of said paragraph 2. It ltxre sha~~ be a default under any ot the provisions uf this morigage. resulting in a public sale o( the premi.e. covered here- by. or it the mortgaget acquires the praperty otherw~se after default, the mortgagee shall apply. at the time of tlx commenremenl of ~uch pro- ceedings or at ttx time the p~operty is otherwise acquired, the balance then remaining in the tunds accumuiated under (~)"of paragraph 2 preced- i~e as a credit againsl tFrc amount of principal ttxn remaining unpaid under said note and ~hall properly adjust any payments which shall have been made under la) of said paragrap}?-_._ 4. That he w•ill pay all taxes. ascessmenu, water rates- •rnd other go~•etnmental or munic:ipal charges. fines. or impositions. (or which pro- vision has nw t+een maJe hereinhetore. anJ in detault therc~?t the mong:~gee may pay the .ame: anJ tha~ he will prompUy Jzliver the ufficial receip~~ therctur to the mortgagte. 5. That he will permit_ cummit. or sufTer no wastt. impairment_ or Jetcrioration ot caid property or any part ther~of : and in the event of the tailure of the mortgagor.to keep the twiWings on saiJ premises and those to 1x ercctrd on said premises. br improvemrnta thereun. in ~od ra ~i pair. the mortgagee may make such repairs as in its dixrelion it may deem necessary for the proper preservation thereo(. and the full amount ut each anJ every wch payment shall be immediately due and pay•rbk. anJ shall be secured by thc lien ot this mortgage. 6. Thal he will pay all and singular the costs. charges, and expenses. including rcasonabk lavvyei s ttes, and costs of abstracts of titk. in- curred or paid at any time by the mortgagee because of the failure on the parl of the mortgagor promp~ly and tully to {+erform Ihe agreemems ~li and covenants ot said promissory note and this morigage. and said costs. charges, and expensts shall tx immediately dur and payabk and shall ~ tx securcd by the lien of this mortgage. j 7_ That he will keep the improvements nuw existing or hrrcafter erected on the moriy,aged property. inwred as may br requireJ irom time ~ to Iime by the mortgagee against loss by fire and other hazardc. casuallies_ anJ contingencies in xuch amounts and (or such {xri~xls as may be ~ required by mortgagee. and w•ill pay promptty. w~hen Juz. •rny premiums on wcA incurance for payment ot which provision h:?s not txen m•rde ; hereintxfore. All inwrance shatl be camed in companies approved by mortgagee anJ 1he policies and rcnewals thereof shall be heW by mortga- gee •rnJ have •rttached thereto loss payabk clauses in favor of and in form acceptabk to the mortgagee. ln event ot loss he will give immediate naice by m~il ~o mortp,dgee. and mortpgee may make proof of locs if not made promptly by mortgagor. and each insurance company con- cerned is hereby authorizni and dire~ted to make payment for wch bss direcdy to mortgagee instead ot to mongagor and mortgagee jointly. and the insurance proceedc. or any part thereof. may be applied by mortgagce at its option either to tix rcduction ot tfx indebtedness hereby secured or to the restoration or repair o( Ihe property damaged. In event ot torecbsure of this mortgage or other transter of titk to Ihe mort- gaged propen~~ in extinguichment of the indebtedness xecured hereby. all right. title. and interest ot the mortgagor in and to any insurance poli- cies ~hen in force shall pass to the purchas:r or grantee. R. "I~hat if the premises, or any part thereof. he coodemned under any power ot eminent domain. or acquired for a pubtic u~e. tix damage~. proceeJs. anJ the consideration for such acqui.i~ion. to the extent of the full amount of indebtednesc upon this Mortgage. and the Note secured hereby remaining unpaid. are hereby assignzd by ihe Mor~g:?gor to the Mortgagee and shall be paid (ortbwith to the Mongagee to tx applied by i it un a^.count uf the indebteness secured hereby. whether due or not. ; 9. That the murtgagee may. at any time pending a cuit upon lhis mortgage_ apply to the court having jurisdictiun thereof for the appoint- f ment of a receiver, and such court ahatl fonhwith appoim a receiver ot the premises covered hereby all an~ singular: including all and singular ~ the incortie. profits, issues. and revenues from what~ver source derived. each and every ot which. it txing expressly understood. is hereby ~ ~ mongageJ as i( specifically set tonh and deuritxd in the granting and habendum clauses hertof, and such receiver shall have all the broad ~and eticctive functiom •rnd powerc in anywise entrusteJ by a ceurt to a receiver. anJ wch appoinlment shall be made by wcb caurt as an aJmitted equity and a matter ot absolute right tu caiJ mortgagee. and wi~lxwt reference to Ihe adequacy or inadequacy o( the value of the property mort- g;,gzd or Iu the wlvency or in,olvency of .aid mort~gor ar the defenJants. anJ ~hat such ren~s. profits. income. iti~uec. and revenuec sh•rU tx ~ applicd by such receiver according to ~he lien ot this morigage and tlx practice of such court. (n the event of any default on the part of the mort- ~eor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonabk monthly rental for the premises an amount at kas~ r_: equivalent to one-twel(th 111121 of the aggregate ot Ihe twelve monthly ins~allments payabk io the then curcent year plus the actual amount o ~ t1x •rnnual taxes. asussment~. vwater rates. and insurance premiums for such year not covered by the aforesaid monthly payments. ~s 10. That lal in the event ot any breach of this mortgage ot defaull on the part ot 1he morlQa~or. or ( b) in the event that any of said sums uf ~ money herein refured to tx not promptly aod (ully paid without demand or notica ar !c1 in the evenl that each •rnd every the slipulationx. agrcements. conditions. and covenant~ of said note and this mortgage. are not duly_ promptiy. and tully performeJ: then in either or any wch ~ rvent_ the saiJ apgregate sum mentioned in ~aid note then remaining unpaid. with interest accrucd to that time. and •rll moneyt secureJ hereby. ~ chall t?ecome due and payabk lorthwith. or Ihereafter. at the option o( said mortgagee. as fully and completely as if all of 1he ~aid ~ums of mon- ~ ey were originally stipul•rted to tx paiJ on wch day. anything in saiJ note or in this mortgeFe to the comrary notM•ithstanJing: and tFxreu{wn or thereafter. at the option o( said mortEtagce. Nithout notice or demand. wit at law or in equity- may tx prosecuted a~ it •rIF money~ secured here- ~ by had matured priar to its institu~ion. The mortgagee may forecb~e this murtgage. a~ to the amount so declareJ dut and payabk. acK! the said _ premices shall tx sold to satisfy and pay the same t~ether with costs. expenses_ and a{k.wances. In case ot partial foreclosure of this mortgage. ~ the mortgaged premise+ shall tx wld suhject to the continuing lien o( this mortR:?ge tor the amount o( the debt not then due and unpaid. In such ~ case the provisions of this paragraph may again be availed ot therea(ter (rom time to time by the mortgagee. : 11. That the mortgagor will give immeJiate notice by mail to Ihe mortgaget of any comeyance. transfer. or change of ownership of ihe ~ premises. - ~2. That no waiver oi any covenant herein or ot Ihe obligation xcuted hereby shall at any time thetea(ter tx held to tx a waiver of Iht : terms hereof or of ~he note xcured herchy. ~ R~~ ~ ~ l~ _ °r' ~.c..~-°=~ ~ - . '~'"`~i -~`.~~`X ~;iy~~~-3~e*3~~ ~ - ~ ~ ~ a ~ , ~ .v'~~.~.y~~ _