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Home My WebLink About0323 'IT~at, ie u~der mure (uUy to protect the security ot ~his mort~t. the mu~~~or. t~cihe~ with, m?d m~.id~twn tu, tne mon~nry paymcna unJer ~he te~ms ot the nae securzJ hereby. on the fint Jay ot each mumh u~iil the s:?iJ note is tuUy p~id. wiU p?y w thc mu~~~tc the (olluw- inq sums: i (a) An amuunt sulficient to ptuviJe ihe huidt~ hereut with tunds ta pay ~he ~txt mur~~ye iaw~.nce premium if thic inatrume~t anJ ~he . , note secured hereby are inwred. o~ a muothly cha~~r li~ lieu ot a mun~e insunnce premiuml it they arc heW bY the tiecrelary uf Hausin~ and Urban Develupmeot as follows: ' . (U It aod w bn~ ac saiJ note ot eveo date anJ this instrumeot ue inwred ur ~rc reinwred under tbe p[uvisions ot the Natiunal ~ H~Wu~ ACI. an emount sul8c~ent to accumulate in ~Ix hands ot the holder one (1) month prio~ to its due date the annual mon- y ~age inwraoce premium, in o~der to provide such holder with funds to pay wch premium to ehe Stcrotary ot Hvusing and . Urban Qevelop:neot eursuant to the National N~wan~ Act. as amended, and applicsbk Re~u{~~ions thercuoder; or t' 111? It and so bnj as said note ot eve~ date and ihis instrument aro held by the Secretary of Housing and Urban Devebpment, a ~ monthly clu~r~e li~ fieu 0~ ~~~W~ie i~r+^-n PKminml which sl~all bean an amounCequal to one-~Meitth 11112) ot one-halt ~ ( t!2! per cenwm ot the averaQe outuamli~ bsl~?noe due un the note cwnputal without tak~ng ~nto account delinquencies o~ prop;?y ments: ' . • ~ ' (b) A sum equal to ~he growai renb, it any. next due, plus the premiums that will Mxt becomC d~ a~ P~y+~ ~ Pplicies of fire and .a.~.... ~t~..w,r~o~eed eroeenv(all as esti- other hazaro mwraorr cove~i~ig iiR ~~~.,~:~.ys..: p:~v:~c~, r:~~ ::3 - - - mated by the mortBageel kss ~11 sun~s ~Iready paid theretor divided by the number of months to elapse betorc one month prior to the 1 Jate when sucA jrouna rcots, prcmiums, taxes, and assessmems will become delinquent: such wmsto be held by mortgagee ~n t~ust ~ rcw to pay said ~rcwnd rents. premiums, qxes. aod special assessments; and ~ent: to be made under the note saurcd here- (c) AU payments me6tioned ia the two Preced~o8 wbsections ot this para~raph and all Wy by shall be added togethe~ and Ihe ~ggregate amount thereot shall be paid by the mongagor each month in a siogle payment to be sp- ' ' pliaf by tlx mongagee to the tollowinQ items in the order xt fotth: ~ (p prcmium clwr~es undu the cootract of inwrance with the Secrctary oi HousinQ and U~ban Development, or monthly chu~e (in Geu of mortgage iosura~ce premiwa). u ~he cau may be: (111 ground reots, taxes, assessments. Gre. and othet huud insurancs premiums: : (Ill interest o~ the note xcured hertby: and pVf amonizatio~ o( tl~e Principal of said nWe. Any deficiency in the amounl ot such a~regate montbly payment shall, unkss made good by the mongag,or prior to the due date o[ the next wch payment, constitute an event ot de[auk under this mortga~e. The mongagee may cdket a"iate cliarge" not to exceed two cents /2c) tur cach dollar (f Il ot each payment mort than fittan ( IS) days in ~ureus to covet the extra expense invdved ia handling Oelinquent payments. 3. That if the total ot the payments made by the mong~gor under (b) of paragraph ? p~eced~nB sh~l~ exceed the amount ot the payments actually made by the mongaaee. tor grs~nd rents, taxes and asxssments and inwrance premiums, u ihe case a~ay be. such excess at the op- tion ot the mortgpgee. sl?all• be crcdited on wbsequent payments to be made by the mortgagor, or retunded to the mortg~gor• 1f. hawever, ttx monthty payments made by ttx mort8a8or under (b) of para~aph 2 Preced~e8 shaq not be wlficient to pay ground rents, taxes and assessments and insurance p~emiums, u the case maY be• vrhen tt~e same shall become due and payabk. then the mortgaEor shall pay to the mortgAgee any amount necessary to make up the deficiency. on or botore the date when payment ot such ~ound rents, taxes. assessments. or inwrance prem- iums shall be due. It at aoy tim~ lhe mortga~ shall tender to the mortgagee i~ accwdance with the provisio~s ~f the note;ecured hereby. tuU ~ payment of the entire indebtedness represented thereby, the mortgagee cball, in computing the amount ot such indebtedness, credit to the x- count of the mongagor si~ PaYments made under the provisions ot (a) oi paragraph 2 be~eot which the mongagee has not becomc obligated to pay to the Secretary ot Housing and Urban Development and any halance rcmainin8 ~n the funds accumulated under the provisions of (b) ot said pangraph 2. If therc shall be a detault under any ot the provisions ot this mortgage, nsulting in a pudic sak af the premius covered here- by, or if the mongagee acquires the ProD~nY «~~`"'ise atter detault, the mortg,ag~ee shall appty. at the time of the commen~Yment uf such pru- ceedings or at the time the property is ott~errise acquircd. the balance then remaining in the funds accumu(attd under f b) ot paragraph 2 preced- ing as a crcdit against the amount of PnnciPa~ ~hen remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) gf said paragraPh• ~ 4: Thatbe will pay alt t~xqs. assessments, water rates. u~d other governmental or municipal cbarges, fiircs. or impositions. for vrhicN pro- visiot~ has ~lot been madt htteii~etore. and in default thereof the morigagee m~y pay the same: amf thai he wtll promplly delive~ the otTicial receipts thelNefor'to the mortgagte S. 'fhat Ix will permit, commil. a suHer no waste. impairment. or deterioration of s~id property or aoy part thereot: and in the event of the (aifur~ of the mortgagot to k~ep the buildings on said prcmius and those to be erected on said premises. or improvementc thereon. in good re- pair. !he mbrtgageeipay malce such repairs as in its discretion it may deem necessary for the proper pteservation thereot. and tht full amount ot tacb and every Such paymmt shall be immediuely due and payabk. at~d shall be securcd by the lien of this mortgage. 6:'IMt I~e v~fiU pay all and singular the costs. charges. and expenses, including rcasonabk lawyer's tees, and costs of abstracts of titk, in- curred or paid at any time by the mortgagee because of the failurc on tht patt ot the mortgagor prom{Nly and fuUy to perfarm thf agreements li and coveMnts ot said ptomissory note and this mortgage. and said costs, charges, and expenses shall be immediately due and payabk and shall ; be secured by the lien of this mortgage. ~ ; 7. That he will keep the improvements novv existing or hereafter erected on tlx morigaged property. inwred as may be requircd from lime ' to time by t~ie mortgagee against bss by firc and other hazards, casualties. and contingencies in such amounts and tor such periods as may tie f rcquired by mortgagee. and will paY promptlY• when due. any premiums on sucM inwrance fQr payment of which provision hu not t+een made ~ hereinbefora All insurance shall lx c~rried in companies approved by motiBaSee an~1 ~ix Po~~cies and rcnewals thereof shall be hdd by monga- gee anJ have attxhed thereto Ipss payabk chuses in tavor of aod in form acceptabk to the mortgagee. In event of bss he will give immediate notice by mail to mortgagee. and mort6agEe may ~Aake proot o( loss'if rtot-made promptly by mort8a8or. and each insurance company con- cerned is hereby authorized and directed to make paymeni tor wch bss directly w mortg~te instead of to mortgagor and mortgagee jointly. and the insurance proceeds, or any part tlrcreot. may be applied by mort~agee at its option eithe ~to the reductio4 of the indebtedness hPreby securcd or ~o the restoration or repair ot ihe pioperty darnaBed• 1n eveot of forecbwre ot tMs mortgage or dher trans[er ot titk 1o the mort- gageJ properiy~ in cxtinguishment of iht indebtedreess secured hereby. all ri~l?t. tiik. and inteast ot the mortgagor in and to any i~surance poli- cies then in force shall pass to the purchaser or grantee. - R. 'iliat ii the premises, or any part tbereof. be condcmned under any power of eminent cbmain. or acquired [or a public use. the damagcs. proceeds, and the consideratiod for wch xquisition• to the exte~tf~of the full amount of indebtedoess upon this Mongage. and the Note secuted hereby remaining unpaid, ue hereby assignod by tlx Mortgagor to Ehe Mortgagee and sha8 be paid tort6with to the Mortgagee to be applied by it on account of the indebteness secured txreby. whether due or nd_ 9. That the mortgagte may. at any time peading a suit upon this mortgage,-apply to the cou~t having jurisdictiwn thereof tor the appoi~t- ment o( a receiver. and such court shall forthwith appoint a recciver of the premises covered hereby ali and singulu. including alt and singular the income. profits, issues, and rcYennes from whatever source derived. each and every of which. it being exptessly understood. is hereby mongaged as if specifically set forth and describnl in the granting and habeadum clauses hereof. and such receiver shatl have all the btoad and etiective functions and povlren in aaywise enlrusted by a couri to a rece+ver. and wcFrappo~Mment shal~ be made by wch court as an admitted equity and a matter ot absolute righl to said mortgaace. a~ without referenoe to the adequacy or inadcquxy of the valu~of the property mort- ~ged or to the colvency or insolvency ofsaiJ mortgagor or the detendants, and that such rents. pro6ts. iRcome. issues, and r4venuts shafl be applied by wch receiver xcoiding to ihe fien ot this mort6age and 1he practice of such couri- fn the event ot any detauli on the part of ttx mott- ~ gagor hereunder. the morigagor agrees to pay to the mort~aBee on demand as a reasonabk monthly rental tor the premises an amount at kast ~ equi4alent to ooe-twelith 11J12) o( the aggregate of the twelvt monthly installmems payabk in the then current yar plus the actual amount of the annual taxes. assessments. water ntes. and insurance premiums tor such year not covered by the aforesaid monthly payments. 10. That la1 in the event of anybrcach ot this murlgage or default on the part of the mortgagor. or (b) ~n Ihe event that any ot said sumc ot money herein ~eterred to tx not promptly and fully paid without demand or notice. or (e) in the event that each and every the stipulatans. _ agrtements. conditions. a~d covenants o( xaid note a~d ihis mongage. are not duly. promplly. and fully pertormed: the~ in eilher or any such event. tix said aggregate sum mentioned in ~aid note lhen remaining unpaid. with interest accrued to that time. and all mooeys secured hereby. shali become due and payabk torthwith. or thereafter. at the option ot said mortgagee. as fully and compktely as if ull of 1he said sums of mon- ey were originally uipulated to be paid on wch day. anything in said note or in this mortgage to the contrary notwithslanding: and thereupon or thereatter. al tbe option of said mortga~[a. without notice or demand. cuit at law or in cquity. may bc ptosecuted as if all muneys secured here- by had malured prior lo its instiwtion. The mortgagee may torecbse ihis mortgage. as to the amount so declued due ared payabk. and tix said p~emises shall be sold to satisfy and pay Ihe same together with costs. expenses. and albwances. In case ot partial (orecbsurc of this mortgage. Ihe mortgaged premises shall be sold wbject to the continuing lien of this mortgage tor the amount ot the debt not then due and unpaid. In wch case the provisions of thic paragraph may again t+e avaikd ot lheteafter from time to time by the morigaget- f 1. That the mongagor will ~tive immediate nolict by mail to the mortgaget o( any conveysnce. transfe~, or changc of owoership of the premises. 12. That rx+ waiver ot any covenanl herein or of the obligalion secured. hereby shall a1 any time thereafter be held to be a waiver ot the terms hereot or of the n~+te secured hereby. s°eoK 234 PacE ~~3 ~ -,r~ s ; ~ - ~ . y ~ , ~ - . _ . . _ : - . . yv