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Home My WebLink About1044 2. That. in orJer murc (uliy to prutect the securily ot thi~ murt~e. lhe mu~l~ur. tu~ethc~ wi1h, and in aJJi~iun to. the munthly payments unJer thr trrm. ut the nute +ecureJ hrrcby. un tht fir~t day ut e:nh munth u~til the .aid nole i~ Wlly paid. w•ill pay to the murt~zr the (ulluw• t , ind,um,: . Ia1 An amount wlficien~ t.~ pro~iJe the hu{Jrr hereu( with tund~ ~a pay ~he ne~1 mang:qte inw~socr pcemium it thic instrumrnt and ths • nute ~rcurcJ hereby are inwrtd. ur a mumhly charge Iin tieu ul a mun~e imurance premiuml it ~hey arc heW by Ihe Srcrelary af ~ Nousingand Urb•an ikvrJupmrnt ~+tulluws: • (h It anJ su lung a. wid nwc o( rven Jate anJ Ihi~ imtrument are imurcJ u~ arc reinsured unJer the proviaions of ~ht N•rtiun:J Huu+ing Act. an amuunt wfficiem ~u acrumula~e in the hanJ+ uf Ihe hoWe~ one l I1 month prior tu it+ due Jate 1he an~ual mort- gage inwranct prrmium, in orJ~r tu proviJe wch h.dJer with tund~ 1o pay such premium to 1he Secrctary of Nuu+ing .nd Ufi~n Ikvelopmenl punuant tu tht Nalional Huusing Acl, as amenJed, and applicabk Regulalium thereunJer, ar IIU If :~nJ w tung ~c saiJ note of ev~n date and this instrumenl arc held by the Secretary o( Hausing and Ufian ikvelopment, a mc~nthly charge (in licu ot a mortQ:+gt iosurance ptemium) which xhall be in an amount eq~Pal ta onr-~welhh 1111210( unc-hal( (1/21 per renwm u! the everage ~wtstanJing balance Jue un lhe note cumputed wilMwt taking into accoun~ Jelioquencie+ or prepaymen4S: . Ihl A,um equai tu the grounJ rrnts, it any, nert Jue, plus thc premiums that w•ill neat txcume Jue anJ peyabk on pulirir~ o( firc and other h•rrard insurance covering the mortg:qecJ proptrry, plus taxes aod assessments nc~t due on tAe mungaged properly IYII as esti- mateJ by the mortgageel kss all .um+ rtready paid lhcre(o~ divided by 1he numtxr uf munths to elapse t+etore one month prior ta the date whln wch srounJ rents. premiums. ~a+~es. and ati~essmentc virill lxcome delinQuent, such sums to be held b~• murtgagee in trust to pay said ground rcnls, premiums, taxes. and special assessmen~s; and Irl All payments mtMiuned in the twu preceding wb.ecliuns of lhis paragreph anJ al) payments to be made under 1he nae ~nureJ herc- by sh•r!I t+e addeJ together and ~ho agy,regate amount thereo( chall tx paid by the mortgagor each month in a~ingk payment tu be ap- pliai by the mu~tg:?gee to the following item~ in the urder set torlh: (1) prcmium charges under the rontract ot inwrance with the Secretary of Niwsing and Urban Developmen~. or munthly charge tin lieu of mortgage in~urance premium), as ~he ra~t mey t+e: (III gruunJ ~ents, taxes, assessments, fire, and uther hazard insurance premiums; 1111 _ ioterest on the note secureJ hereby: and ' lIV) amurtizatiun of the principal of caiJ note. Any deficiency in the amount of such aggregate munthly pay ment ~h:ill. unkss made giwJ by Ihe mortg,agor prior to the Jue date ot the next wch payment, constitute an event ot default wxler this mortgage- The murtgagee may collect a"late charge" not to txceeJ tw•o cents ~?et for each dollar ISI) ut rach payment more Ihan fifteen 115? days in arrear~ to cover the exlre t~pense involved in hanJling delinquent payments. 3. That i(1he tutal of the payments made by the mortgagor under (61 ut paragraph ? preceJing shall exceed the amount ot the payments actually maJe by tlx mongaget. (or ground rents. taxts and a.ses,ments anJ insur•rnct ptemiums, as Ihe case may be, wch ctcess al Ihe op- tion ot the mongagee, shall. be creJite+i on subseyuen~ paymenls to tx made by the murtgagor, or rctunded to the mortgagor. If, howr~•er. thc munth!y payments madt by thr murtgagor unJer 16) ot paragraph 2 prcceding shall nw he suf6cient to pay g~ound rents, taxes anJ assessments and insurance premiums. as the case may be. when the same shall become Jue and payabk. then lhe mortgagor shall pay to the mortgagte any ~mount nece~sary to make up th¢ deficiency. un ur betore the date when payment of such gruund rents.laxes, assessments, or inwrance prcm- iums shall tx due. It at any time the mortgagor shaU tenJer to the mong:~ce in xcordance with the provisions o( the note secured hereby. full L+ayment o( the entire indebtednrss represented thereby. the martg•rgee shall. in computing the amount of such i~ebtedness, credi~ ta the x- c~wnt o( the aiortp,:?go~ all payments made urtdrr tht provi~ium of 1 al ot pa~agraph 2 hereof which the mortga~Cee has not become obligatnl to pay to the Secretary ot H~w~ing anJ Urban Develupment and anp balance remaining in the funds accumulated under the provisions of Ib) of s:~id paragraph 2. If there shall be a Jttault under any of the provisions of Ihis mortgage, resulting in a public salt of ttx prtmiu~ rovertd here- by. or if the mortgagee acquires the propcrty otherwist after de(ault, the mortgagee shall apply. at the time ot the commenrrm~nt ut wch pru- ceedings or at the time the propeny is otFxrwise acquired. ttx balance then remaining in ihe tunds accumulatrd under l b) o( parageph 2 preced- ing as a credit against the amount ot qrincipal Ihen remaining unpaid under uid note and shall properly adjust any payments which shall have been made under (a) of said paragraph. - 4_ That he will {wy all ta~rs. a~sec~ments, w:~trr r;~trc :~nd other governmental or municipal chargec. fines. or impositions. (or which pro- ~ision ha~ not F~en maJe hereinbt(ure. and in default lhcreof Ihe murtgagee may pay the ~ame: and thai he will promptly Jelivrr the oificial receipt. ~her~for tu the mortgagee. 5_ Tha! he will permit, commit. or sutier no waste. impairment. or deterioration ot said propeny or any part thereof: rnd in the event vt Ihe failure of the mortp,agor to keep the building~ on v~id premiscc anJ ~ho~e to be erccteJ on wiJ premixs, or improvements thereun. in ~,~oJ re- p•rir. the mortgagee may make wch repairs a~ in its di.~reti~m it may deem nec~s~ary for the proper precervation thercof. and the (ull amount o( each and every such payment shall be immeJi•rtely Jue anJ p:~pahle. and sh•rll t?e secured by the lien of this monKage. 6_ That he will pay all and singular the rusts. rhargec. and e~?penscs. including reasunabk lawyer's feec. and cosls of abstracts ot titk. in- curred or paid at any time hy Ihe mortitegee becau+e of the (ailure on 1he part of the murtgagor prompUy and full~+ to perform the agreemenb ' and covenants ot saiJ promissory note anJ this mortp,age. and wid costs. cbarges_ and expenses shall t+e immediately due and payabk and shall ~ Ix secured by Ihe lien of thi~ morigage_ { 7. That he will keep Ihe improvemenK now e~i.ting or hercafter erected on the mortgaged property. iowred •rs may be required from time ~ to time by the mortgagee against locs by fire ~nd other hazarJs. ra+ualtie~_ and contingencies in wch amounlc and (or wrh periods as may be ~ required by mongagee. and will pay prompdy. when due. any premium, on such i~surance for payment u( which provisiun has not betn made ~ hereint?efore. All insurance shall be carried in companies appruved by mortgagce and the policie~ and renewals Ihereof shall be he1J by mortga- gee anJ have att3ched tlxreto locs payabk clauses in (avor of and in form acCcptabk to the mon~et. ln event of loss he will give immedia~e ~ notice by mail to mongagee. artd m0rtgagee may make proot of loss if not made promptly bymortp,agor. and each insurance company con- cernrd i~ herehy authurizeJ and dircctzd to make payment for +uch bss directly to murtgagee instead ot to mortg:+gor and mort~eee joindy. a and the insurance proceeds. or any part thereof. may he applied by mortgagee at it~ optio~ either to the reduction of the indebtedness hereby .ecured or to the re~toratioo ix repai~ of the property Jamaged. In evelu of torccbsurc ot this mongage or other transfer of ti~k to the mon- gaged propert~ in extinguishment of the indeMednecs SecureJ hereby. all right, tiUe. •rnd interest of the mortgagor in and to any inwrance poli- cies then in force ~hall pass to Ihe purchaser or grantee. S. "fhai if the premises, or any parl thereof. t+e condemned under any power of eminent Jomain. or acquired for a poMic uu. tht dama~es. pr~xreJs. and the cumideration for such xyuisition. to Ihe eztenl of the tuU amount of inJebtedness upon Ihis Mortgage. anJ Itx NWe cecured htreby rcmaining unpaid, are hereby assigned by Ihe Mort~tur to the Aturtg:?gec and shall be paid torthwith to Ihe Mortg:?gee to be applicd by it on c~ccount of the inJebteness srcured hereby_ whether due or not. ~ 9_ That the mortgagce may. at any time pending a wit upon Ihic mortp,age. apply to the court having jurisdiction thereo( for the appoint- ~ ment ot a receive~. and such awrt shall forlhwith •rppoint a rectiver of the premises covered hereby all and singular. including all -rnd singular the income. profits_ issuec. anJ revenues from whatever source deriveJ. each and every of which. it being expressly underst~wd. ic hereby mortgaged as if specifically cet (orth and JescribeJ in the granting and hatxnJum clauses hereof. and such rectiver shall have all Iht broaJ and ~ eHective tunclions and powers in anywix enltustal by a coun to a receiver. anJ such appointment sh•rll tx maJe by cuch coun a~ an aJmitled ~ equity anJ a m~tter of ahu~lute right to tiaiJ mortg•rgee. and without rcference to the adequacy or inadequacy of the ~alue ot the property mort- g:~grd or t~~ 1he wl~•ency or ins..lvency uf .:~id murt~gor or ttx Jefendant~. and that wch rentc. profitc. inc~~me. i~aues. and tevenue. tihall be app~ied by such rcceiver according ti. the lien of this mortgage and the practice o( such court. In the event of any default on the part ot the mort- t !~K R R R P' Y ~Rec un demand as a reasonabk monthly rental for the premises an amoum at kast i or hereundcr. Ihe mort a or a reec to a to the mort equivalent to one•twel(th 1 It121 of the a~ytregate ot the Iwelve monthly imtallments payabk in the then current year plu+ Ihe actual amouni of ~ ~ the annual tatec. atisessments. water rates. and inwrance premiums (or such year not covered by Ihe aforesaid monthly payments. { ~ lo. That Ia1 in the event o( any bre•rch u( ~hi~ mortgage or default on the part of the mortgagor_ or Ib) in the event that any of +•aid .ums of ~ monty herein referred to l~e not prompUy anJ fully paiJ withiwl demand or notice. or Icl in tht event that each anJ every the titi{wlaliuns. ' i ~ agrcement~. conditivn~. anJ rov~nantti ot ~aiJ note anJ Ihi~ mortgage. are nw duty. promptly. and (ully performed: then in either or any wch event. the +aiJ a~trrgate sum memioneJ in wiJ note then remaining unpaid. with interest accrued to thai Iime. •rnJ aH moneys secured hereby. ~ chall hecvme due and payabk forthwilh_ ur Iherea(ter_ at the option o( said mortgagte. as (ully and compl~tely as i( all of Ihe ~aid sums uf mon- ey were originally stipulated to be paiJ un wch day. anything in said note or in this mortgage to the contrary notwilhstanding: anJ Ihereu{wn ur ~r thereafter. at the option o( saiJ mortgagee. Kithuut notice or Jemand. suit at law or in equity. may Ex prosecuted as if all money~ secureJ here- ~ hy haJ matured prior to its in~tiWtiun. The mortgagce may (oreclose Ihis morlgagt. as to the amount so declared due and payable. and the said ~ premises tihall be sold lo ~atisfy and pay lhe ~ame t~ether with costs. expenus. and allovi~ances. In case of partial toreclosure ut this mortgage. ~he mortgaged premises chall ix ~oW .ubject to ~he continuing lien o( Ihic mortga~te for the amount o( the debt na then due and unpaid. ln such ~ ca~e Ihe rovi~ions ot tbix ara ra h ma a~ain be availeJ o( thereafter trom time to time b ~he mort ea ~ P P' B P Y' 6 Y Ba8 ~ I I. "thal Iht mortp,agot will give immeJiate notice hy mail to the monEngee o( any convey•rnce_ iransfer. or change of ownership ot the ~ premisea. 1?. That no wai~er of any covena~t herein or of the ubligation secured hereby shall at any time thereatter tx helJ ro F+t a waiver of the tcrmti hereof or ot the nwe ucured hereby. E:OX ~GJS PA6E 1U~ ~ _ - _ r