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Home My WebLink About2889 71ut, in o~dt~ mu~e tully ~o protecl the stcurily of lf~i~ morl~e, the murt~o~, l~ether w•~th. :uW ~n add~lae to. the mo~mry payments unJer ~he terms uf ~he note ucured hereby, on the fini J~y of each mun~h un~il ~he +:~iJ nwt is fuUy paiJ. will pyy w the mur~Y.?~et ~he fulluw- ing wms: ' ~ • ta1 An amount sutTicient to provide ~he Iwlder hueof wilh twxfs to pay the nexl monp~e insurance ptemium it ~his instrument anJ ihe note srcureJ hereby are inwred. or a monthly char~e lin lieu ot s mort~e inwrance premiuml it ~hey are held by the Secretary o( Nousin~ and Urban Dcvclopmcn~ as (ulbws: q) It anJ so long as said note ot even Jate and ~his ins~~umenl are inwred ur a~e reinwrcd un~k~ the provisions ot the National. Hwlsing /tct, ar~ amoynt wlTicient to accumulate in ~he hanJs uf the hokkr w~e 11) month prior to its due date the an~mun- ~e inwrance premium. in order to provide wch holder with funds to pay wcA promiwn to ~Ae Secre~ary ot H~w~inY and Urban Development punuaAt to the National Housing Act. as amenikd. and applicabk Re~ulstia?s ~hereunder; or 11p It and w bn~ u said nde ot even date and this inurument ue hekt by the Secrctuy of Housing and Urban [kvelopment. a monthly charge (in Geu oi a mon~ase insurpnct preiiiiGml`v~r6icli sliall be in an amount equal to one-lwelith 11l121 ot one-half (1I2) per ceotum of the ~vera~e outstandin~ balance Jue oo the note computed without taking into account delinquencies or PrcPa9meMs; , (b) A sum equal to the grounJ rcots, it any, nex~ Jut, plu~ ~he prcmiums that will next becomt due and payat+k on policies ot firc and other hazud irtwrance cove~rtt the mortYaged propeny. plus taxes and assessments next due on the mongaged propeny lall as esti- mated by the munga~eel kss YII sums already paid theretor divided by the numbe~ ot month~ to elapse before one moath prior ~o the date when wc~i ground rcnts, premiums, taxes, and assessments will become delinquent. such wms tu 6e held by mongagee in etust tu pay said ~round ~ents, prcmiums, taxes, and special assessments: and - ' (c) All payments mentiooed in the two proccvling wbsections o( this pua~raph and all payments to be madt urwler the note securcd here- by shall be added togethe~ and ~he sggregate amount the~eot shall be paid by thc mortgagor each month in a singk payment to be ap- plied by the mongagee to the folbwin~ items in the arder xt tonh: (q premium chuges unde~ the contraet ot inwrance with the Secretary ot Housing and Urban Devebpment, or monthly chauge (in deu ot mongage inwrance premiuml, as the case may be: ' 111) ground rents, taXes, uussments. fire. and wher hazard inwnnce premiums: (111 intetest on tbe note securcd he~eby: aod IIVI amonization ot [he priacipal ot said note. Any ~leficiency in the amount ot such aggregate monthly payment shall, unkss made good by the mong~gor prior to the due date ot the next • such payment, canstitute an eveot ot detault under tbis mortgagt. The mortgagee may colkct a"late chuge" not to ezceed two cents (?c) for . each ilollu (S I1 of each payment morc tAan fitteen l IS) days in urears to rnver IAe e~tre expcnse ievolved in handling deGnquent paYm~nts. 3. That it the total of the paymenis made by the mortgagar under lb) ot puagraph 2 prcceding shall exceed the amount ot tlx payments actually made by the monga~ee, for ground rents, taxes and asxssments and inwrance premiums, u the case may be, such excess at the op- tion ot the mortgagee, shall, be crcdited on subxquent payments to be made by the mortgagor, or retunded to the mongagot. If, howeve~. thc monthly payments made by the mortgagor under (b) ot paragraph 2 preceding shall not be sulGcient to pay ground rents, taxes and usessments and inwrance premiums. as the case may be, when the same shall become due and payabk. tAen itie mon~agor shall pay to the mort$agee any amount necessary to make up the deficiency. on or betore the date wheo payme~t of such ground rcnts, taxes, usessments, or insunnce prem- iums shall be due_ It at any time the mongagor shall tender to the mortgagee in accordance with tbe provisions oi the note secured he~eby. tuR payment oi the entire indebtedness reprcsented thercby. the mongagee shall, in eomputing the amount of wch indebtedness, crcdit to the ac- count ot the mortgagor all payments made under the provisions oi (a) ot paragnph 2 hereot which the mongagee hu not become obligated to pay to the Secretary of Housing and Urban Devebpment and any balance remaining in the tunds sccumulated under the provisio~s of 16) of said paragraph 2. 1t there shall be a detault under any of the provisions ot this mortga~e, resulti~ in a public sak ot the premiuc covcred here- by, or it the mortgagee acquires the propeny otherwise atter default, the mortgagee shall apply, at the time ot the commenuement uf such pro- _ ceedings or at the time the property is otlxrwise acquired, the balance then rcmai~ting in the tunds accumulated wder ( b) ot paragraph 2 preced- ing as a credit against the amount of prindpal then rcmaining unpaid under said tale and shall propcdy adjust any p~ymeots which ahall have been made under (a) ot said puagnph. 4. Tha~ he rvill pay all taxes. assessments. water rates. anJ otF~er govunmental or municipal ch~arges. fines. or impositions. tor which pro- vision has not Ix~en made hereinbefore, and in default thereof the mortp„agee may pay the same: and that !~e will prompUy drliver the otficial rcceipts therefor to ihe mort~gee. S. That he wi11 permit, commit. or suBer no waste. impairment. or deterioration ot said property or any part thereot: and in the event ot tlx (silurs ot tFie i~wrt~oriokw~ti» buildings on said premius and those to be e~ected on said premises. or improvemeMs therton. in good re- pair. the mortgagee ma) make such ~epairs ss in its discretion it may deem necasary for the proper preservation thertot. and 1he tull amount ot ~ each and every such piyment shall be immediately due and payabk, and shall be secured by the lien o( this mortgage. 6. That he will pay all $nd singular the costs. charges. and expenses, includi~ rcasonabk lawyer's tets, and costs ot absiracts ot titk, io- . curted or paid at any time by tlx mortgagee because oi the failure on tAe part ot tF~e mortgagor promptly and fuNy lo pertorm tht agrcements and covenants of said promissory note and this mortgage. and said costs, charges. and txpenses shsll be immed'eately due and paYabb and shall be secured by Ehclien uf tMs mortgage. ~ ~ 7. That hewilllcSep tl~e improvements now existing or hereaftu ertcted un the mortgaged property. inwrcd u may be requircd trom lime f to time by the mongagee against bss by firc and other hatards. casualties. and contingencies in such amounts and for such periods as may be - rcquircd by mortgagee, and will pay prompdy, when due. any premiums on sucb insur¢nCC for payment of which provision has not been made ~ hereinbeforo_ A{I insurance shall be carricd in companies approved by mongagee and the policies and renewals thereof shall be held by monga- ~ gee,and have attached thereto bss payabk clauses in favor of apJ in (o~m acceptabk to the mortgagee. In evept ot bss he will give immediate ~ notice by mail to mortgagee. and mortgagee may enake proof ot loss if not made promptly by mongagor. and each inwranCe company con- cerned is hereby authorized and directed to make payment (or such bss direttly to mortgagee instead of to mortgagot and mortgagee jointly. ~ ~ and the inwrance prceeeds, or any patt tF~ereof, m~ly be applied by moRgagee at i[s option either to the rcductioo ot ttee indebtedness hereby ~ securcd or to ~he restoration or repair of the property damaged. [n event of foreclosure ot this mottgage or other tnnsttr of titk to the mort- , gagcd propert)- in extinguishment of the indebtedness secured hereby. all right, titk, and interest of the mortgagor in and to any inwrance poli- ~ cits tlxn in force shall pass to the purchaser or grantee. s ~ 8. That it tF~e premixs, or any ~n lhereot. be condemned under any power o( eminent domain. or xquircd [or a public use. the damages. - ; proceeds. and the consideration tor wch xquicition. to ttrc exten~ of the full amount of indebted~ess upon this Mortgage. and the Note securcd ~ hereby remaining unpaid. are F~eroby assigned by the Mongagor to the Mongagee and shall be paid forthwith to the Mortgagee to be applied by ~ it on account o( ~he indebteness ucured hereby. whether due or not. ' 9_ That the mort ee ma at an time ndin a suit u n this mort e. a I to 1he court havin urisdictwn thereot tor the a int- r ~8 Y• Y P~ 8 Po Ba8 PP Y 8) PPo ment ot a receiver. and sucb court shall torthwith appoint a receiver of the premiscs covered hereby all and si~ular. including all and singular the income. profits, issues, and revenues from whatever source derived, each and every ot which. it bting expressly understood. is hereby mongaged as it specifically set forth and described in the granting a~ habendum clauses hereof. and such receiver shall have all Ihe broad and etTectivo-tunctions and powers in anywise entrusted by a court to a receiver. and such appointnient shall be made by wch court as an admitted equity and a matter ot absolute right to said mortgagee_ and without rejerente to the adequacy or inadequxy of the value of the property mort- gaged ar to the solvency or insolvency ot said mortp,agor or the de(endantc, and that wch rents. profits, income. issues, :md revenues shall tx applied by such rceeiver according to the lien of this mortgage and the practice of such court. In the event of any de(auh on the part ot the mort- gagor hereunder, the mongagor agrees to pay to 1he mortgagee on demand as a rcasonabk month~y rcntal tor the premises an amount at kast u equivalcnt to one-twelfth 11112) of the aggegate of the twefve monthty instaliments payabk in the then current yeu plus the actu~l amount ot Ihe annual laxes, assessments, water rates. and inwrance premiums for such year not covered by the atoresaid monthly poyments. 10. That Ia1 in the event ot any brtach of Ihis morigage or default on the pan of the mortgagor. or l6) in the event that any o( said sums ot money herein referred to be not promplly and fully paid without demand or notice. or Icl in the event that exh and every the stipulations. agreements, conditions, anJ covenants of saiJ nole and this mongage. ue not duly. promptly. and tully performed: then in either or any such event. the said aggregate sum mentioned in caid note then remaining unpaid. with interest accrutd to that 1ime. and all moneys securcd hereby. ~hall become due and payabk torthwith. or Ihereatter. at Ihe option o( said mc+rtgagee. as (ully and compktety as it all o( the said sums ot mon- ey were originally stipulated to be paid on such day, anything in said nde or in this mortgage to the contrary notwiths~anding: and thereupon or thereatter, at Ihe option ot said mortgagte. without notice or demand. wit at law ot in equity. may be prosecuted as it all moneys xcured here- by had matured prior to itx inslitution. llx mortgagee may forecbu this mongage. as to tfrc amount so declared dut and payabk. and the said premises shall be sold to satisty and pay the came together with costs. ezpenses, arat albwances. In px of panial torecbwrc ot lhis mortgage. i the mongaged premises shall be soly~ whject to the continuing lien ot this mortgage for the amount ot the debt not Ihen due and unpaid. In wch case the provisions of Ihis paragraph may again be avtikd ot thereafter trom time to ~ime by tlx mottgagee. ~ I I. That the mortgagor will give immedi~te notice by mail to the mortgagee ot any conveyance. transfer, or change of ownership of the premiu+/. - ~ ~ 12. That no waiver o( any covenant herein or of the ob{igation secured hereby shall at any time thercaftet be held to be a waiver oi the •terrhs hereof or o( the note secured hereby. ~ bD[.~[ t~ I~~~ 400~ ~ P~f . . , . /~.~tiN~+ n:,.~ ~ ~ ~ . . . . ~ , * - _ ~ ~ . . _ _m - - -