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Home My WebLink About2186 2. That, in o~Je~ more fuUy to pn~lect the security o( thi~ mort~e, the mu~t~~u, t.~tther witA, anJ io aJJition lo. the munthly p•ryments ~ undcr the ~erm+of the nwe secu~eJ hereby. w~ the first Jay ut each munth until ~he ~aiJ note is tuUy p;?id, wiU pay to the murty:wre ~he tulluw- ~ . . a ing.ums: ~ la) An am~un~ suflicient to pruviJe ~he hulde~ hercut with tunds to pay the next mortgage insu~ance ~xemium i( this insaument :?nJ ~he nwe securcd hereby are inwred, or a munthly charge lin lieu of a morlgage insurance p~emiuml ii Ihey ue held by the Szcrctary ot Nousing anJ Urban Dcvelupmenl as tullow•s: ~ (1? It anJ w long ac said nwe ot even date anJ ~his iosuument are inwrcd ix arc reinsured undet the pruviaions uf the Na~iunal Halsin~ Rct. an amount sufBcirnt to acrumulate in ~he hanJs of the holder one l l) mon~h prior to its due date the annuel murt- g:~ge insurance premium, in ~xder to pruvide such holJer with tunJs to pay such premium to the Secretary of Hou~ing and Urban Devebpmeot punuanl to the National Housing Act, as amenJed. and applicabk Regulationa thereunJer; or , IIU It and u? long as said nwe ot even date and this ins~rument are heW by the Secretary ot Housing and Urban pevelopment. a monthly chuge lin licu ot a mongage inwt+~nce proaiium-1'wlii~ti s~ia11 ht in an amount equal to une-twel(th 11112) ot one-twlt ( I/?1 per centum of the aver~~e outstanding balanee Jue on the nae cwnputed witMwt Iaking into account delinquertcies or propayments; (b? A sum equal to Ihe ground rents, it any. oext Jue, plus tAe p~emiums that will next becume due and payabk on policies ot fire arui oiher hazard insurance covering the mortgaged propeny, plus taxex and assessments next due un 1he mortgageJ prope~ty lall as esti- mated by the mortgageel kss all sums already paid therefor divided by the number ot month~ to elapse betorc one mooth priw to the date when suc~i ground rents, pcemiums, taxes, and assessments will become delinquent. wch wms to be heW by mungagee in uust . to pay said grourni rents, premiums, taxes, and special asussments: and - ~ (c) All paymeots mentioned in the two precaiing wbsections of this paragraph and xll payments to be madt wxier the nae securcd here- by shall be added togelher and the aggrcgate amount thereot shall be paid by tht mortgagor each month in a singk payment to be ap- plinl by thc moNgagte to the tolbwing items in lhe order set torih: - 11) premium charges under the contract of inwrance with the Secre~ary ot Housing artJ Urban Development, or monthly charge (in fieu of mongage insurance premium). as the cau may be: (Iq ground rents, taxes, asxssments, firc. and other hazard insurance premiums: 1111 intzrest on the nwe secured hereby; and (1 V) amortization ot ihe principal ot said note. Any deficieney in the amount ot such aggregate munthly payment shall. unkss made goal by the mortgagor prior to the due date of the Mxt wch payment, constitute an event ot detault under this mortgage. The mongagee may collect a"late charge" not to exceed two cents (2c1 for each dollar (S11 of each payment more than fifteen (1 S~ ~ys in arrears to cover the extra expeose involved irt handling delinquent payments. 3. 71~at it the total ot the payme~ts made by tlx mortgagor under ! b) ot paragraph 2 preceding shall exceed the amount ot the payments actually made by the inortgagce. for ground rents, taxes and assessments and insurance premiums. as the cue may be. such eacess at the op- tion ot tlx mortgagee, shall, be credited on subsequrnt payments to be made by the mongagor, or retu~ed to the mongagor. If, however. the monthly payments made by the mortgagor under l6) ot paragraph 2 preceding shpll not be suN'icient to pay ground rents, taxes and assessments and inwrance premiums. as Ihe case may be. wheo the same shall become due and payab~. then the mortgagor shaU pay to the moRgagee any • amount necessary to make up the deficiency. on or be(ore the date wheo payment of such g~round rcnts. taxes, uussments. or insurance prcm- iums shall be due. I( at any time the mortgagor shall tender to tlx mortgaget in accordance with the provisions ot the note securcd hereby. full payment ot the entire indebtcdness represcnted thereby. the mortgagce ;hall, in computing the amount ot such indebtedness, c~tdit to the ac- cwnt ot the mortgegor all payments made under the provisions pt la) of paragraph ? hereot which`the mortgagee has not become obligated to pay to thc Secretary of Housing and Urbai? Devebpment and any balance rcmaining in the tunds accumulated under the provisions ot (b) ot said paragraph 2_ If there shall be a defauh under any of tfx provisions of this mortgage, rtsulting in a public sale ot the premicex covered here- by, or ii the mortgagee acquires the p~operly otherwiu after default, the mortgagte shall apply, at thc time of the commenrement ot ~uch pru- ceedings or at the time the property is othervrise acquired, tlx balance then remaining ia thc funds accumulated under (b) of paragraph 2 preced- fi ing as a credit against the amount of principal then remaining unpaid under said aote and shall properly adjust any payments which shall have ; been made under (a) of said paragraph. 4. That he will pay all taxes. assessments, water rates. and other governmental or municipal charges, fints, or impositions. for which pro- vision twx not been made hereinbcfi~re, and in default thereof the mortgagte may pay the +ame: and thal he witl promptly Jeliver the o(ficial ~ rcctipts tixrctor to the mortgagea ~ . S. That be will permit. commit, or suiier no wastc, impairment. or deterioration of said property or any pan thereof: and in the event of the failure of the mongagor to keep ~he buildings on said premises and those to be erected on said premises, or improvements thereoo. in g,ood re- pair, ihe mortgagee may make such repain as in its discrction it may deem necessary tor the pruper preservation thercof. and the full amount of each and every such payment shall be immediately due and payabk. and shall be secured by the lien of this mongage. 6. That he will pay all and singutxr the costs. charges. and expenses, including reasonabk lawyer's fees, and costs of abstracts of titk. in- ; curred or paid at any time by the mortgagee because of the failurc on the part of the mortgagor promplly and fully to pertorm the agrcements ~ and covenants of said promismry rate and this mongage. and said costs, charges, and expenses shall be immediately due and payable and shall i be secured by the lien ot this mongdge. 1 7. 'Il?at Ix will keep the improvements now existingon c~reatter erected on the mortgaged property. inwrcd as may be required from time E to time by the mortgagee against bss by fire and uther hazards. casualties. and contingencitx in wch amounts and tor such perials a~ may be } ` requi:ed by rt~pngagee. anJ will pay promptly. when due. any premiums on such insyran~s for payment of which provision has not been made ~ hereinbefore. All insurance shall bt carricJ in companies approved by mongagee and the policies and renewals thereof shall be held by mortga- ~ gec and have attached thcreto bss payabk clauses in favor of apd in tofm acceptabk to the mortg,agee. In evept of bss he will give immediate ~otice by mail to mortgagce. and mortgaget may make proot o( loss if nd made promptly by mortgagor. and each inwrance company con- } cemed is hereby authorized and direcied to make payment for such bss direCtly to mortgagee instead o( to mortgagor and mongagee jantly. ~ ~ ~nd Ihe insurance proceecfs, or any paA thueof, may be applied by moRgagee at its option tither to the reduction of ihe indebtedness hereby ~ ~ sccured or to the restoration or repair of Ihe propeny damaged. In event o( foreclo~surc o( this mongage or other tnnster ot titk to the mort- ` gaged propert~ in extinguishmenl of tt~e indebtedness secured hereby. all right. titk. and interest ot the mortgagor in aRd to any insurance poli- cies then in force shall pass to the purchaser or grantee. , . _ R. That if tMe premises. or any part thereof. tx condemned under any power of eminent domain. or acquired tor a put+lic use. the damages. proceeJs. and the consideration for such acquisition. to tAe extent of the full amount o( indebtednes~ upon this 6lortgage. and the Note se:ured hereby remaining unpaid, are hereby assigneJ by the Mortgagor to the Mortgagee and shall be paid forihwith to tlx Mortgagce to tx applied by it on eccount of the indebteness secured hereby. whether Jue or not. 9. That the mongagee may. at any time pending a suit upon this mongage. apply to the court having jurisdicliw~ thereof for the appoinl- ment ot a receiver. and such court shaU torthwith appoint a receiver of the premises covered hereby all and singular, including all and singular ~ ~ the income. profits. issues. and revenues from whatever source derived. each and every of which. it being expressly understood. is hereby ~ mortgageJ as if specifically set (onh and described in the granting and habendum clauses hereot_ and such receiver shall have all the broad and etTectivptunctionx and powers in anywise entrusteJ by a court to a receiver. and such appointment shall be made by such court as an admiltcd equity and a matter of absolute right to said mortyagee. and without re(eren[e to the aJequacy or inadequacy of the value of the properly mort- gageJ or to the solvency or insolvency of said mortp.agor or the dctendants, and thal wch rents. profita. income, issues. and revenues shall tx ~ ~ applied by wch receiver according to the lien of this mortgage and the practice o( wch court. In the event of any default on the part ot the mort- r 4, gagor htreunder. tlx mortgagor agrces. to pay to the mongagte on demand as a reasonabk monthly rcnta) for the premises an amount at kasl ~ ~ equivalent to one-tweltih l U12) of thc a~eregate af the twelvc monthly installments payabk in the then current year plus the actual amount of the annual ta~es. assessments, water ratec, and inwrance premiums for such year not covered by the a(oresaid monthly payments. ~ 10_ That Ia) in the event o( any breach ot thi3 martgage or detault on the pan ot the mortgagor, or (b) in the event that any of said sums ot ~ money herein re(erred to be not prompUy and fully paid without demand or nolice. or (cl in tMe event that each and every the stipulalions. ~ agreements. conditions, and covenants of said note and lhis morlgage. are nol duly, promptly, and fully pertormrd: tMen in either or any wch ~ . evenl.lhe said ap,gregate sum mentioneJ in tiaid note then remaining unpaid. with interest accrued to that time. and all moneyx secured hereby. ~ shall become due and payabk torthwith. or thereafter. ai the option of said morlgagee. as futly and compktely as if all of the xaid sums ot mon- ~ ey were originally stipulated to be paid un wch day, anything in said note or in this mortgage to the contrary notwithstanding: and thertupon or thercafter, a~ Ihe option of said mortgagce. without notice or demand. suit at law or in equity. may be proxecuted as it all moneys secured here- ~ by had matured prior to its insliwtion. The mortgagee may foreclose this mortgage. as to the amount so declared due and payabk. and the said ~ premises shall tie sold to satisfy and pay Ihe ~ame togdher with costs. e~penus. and allowances. In case of partial torecbsurc of this morlgage. ' ttx mortgaged premisrs shall be solyJ suhject to the continuing lien of Ihis mortgage for 1he amount of the debt not then due and unpaid. In wch case the provisions of this paragraph may again be avaikd of thereaf~er from time to timc by the mortgagee. ~ 11. That the mortgagor wi0 give immediate notice by mail to Ihe mortga~tee ot any conveyance. transfer. or change ot ownership of the ~ premises. i 12. That no waiver of any covenant herein or of 1he obligation secured hereby shall at any time thereafter tx heid to be a waiver of the ~ terfis hereot or ot Ihe nwe secured hereby. ~ . d~~ ,.,~~~s~.~' ~~..-...r z..a'~"~, - - N,~ ~3. ~ ...r,tce - ~~~u+~Y~~ v~' ~ ~,F'°-." ~ _ tdr . > ~S.r ~ . ~ sz, e- ~ ~~K'"`N~a~ ~ 4