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Home My WebLink About1440 T 2. 'fhat, in urder mu~e tully to prulec~ lhe secu~ty ot Ihia murt~age. Ihe mu~lyagw. t~ethtt with, and io:+dJitiun to. the mun~hly pa~ mrnts unJe~ ~he term. u( the nute ucurrd htrcby. on the first d+y ut tach munth until the said nwe is (uUy p:~id. vrill p~y tu tfx mu~tgaget thr (ulluw- ing ~umu • , ~ (el An ~muunt ~ufficieM to pruviJt Ihe AuWtr hereut wilh turxls to p•ry the nt?~t mungagt inwrance premium i( ~hit in,trumrnl anJ ~he nwe ucurcd heteby are inwrcd, or •r munthly cha~ge lin lieu o( a morig:+gt insur•rnce premium? i( they are helJ by tht Secre~ary u! Housir?~ amt Utbxn (kvelupment as tolluws: lp I( anJ so bn~ ac said nWe ot even ~1ate anJ this instrumtnt ~re imureJ or a~e teinsureJ unJe~ the p~uvisions ot tht Natiunal . ~ Nousing Ael; an amount sufficienl to accumulale in the hands ut Ihe AuWer one (1) month prior tu ils Jue Jate thr annual murt- ' g:~ye i~~u~ance p~emium. in urde~ to pru~iJe .uch fwlder with funJa ~o pay such premium to the Secreta~y u( Hiw+ing and Y Urban RevtloQme~tpursuan~ to ~he Nalional Nuusing Ac~. as amended, and ~pplicabk Regulation~ thereunJer: ur • 1111 If and xo bng as said nWe uf even date :~nd this inslrumenl are held by Ilx Stcretary ot Houcing aq~t Urtwn [kvek~pmenl, a 1j ~ mo~thly charge lin Neu of a mortgage in~urance premiuml which shall be in an umount equsl tu une-iwel[~h 111121 oi one-halt 11l21 per centum ot the averege outstanding balance due on 1he note computed wilMwt taking into acc~wnt Jelinquencies o~ prepayme~ts; + • + IA1 A sum equal tu Iht ground rents, it •rny, next due, pluc the prtmiums that will ntxt becume Jue and payabk on Fwlicies at fire and other hazard inwrance covering tht murt~ageJ praptny. plus ta~es aod assessments next due on t~r mortgaged proptrry tall ~s exti- matni by Ihe mortgageel ks~ all sums alrraJy paid ~hetetur divided by the number of months to elapse t+eforc ooe monlh prior to the ! d•rte when such ground ren~s, premiums, uxes, and assessments will becamt delinquent. such wms to be heM by mortgagee in trust " to pay said gruund rents, premium~, tazes, and special axsessments; and 4 Ic) All payme~ts mentioneJ in the twu preceding wbsectiw~s ut this paraQraph and all payments to t+e maJe under Ihe oote seeured here- ~ by shall be added togelher and the aggregate amount thereof shall be paid by tbe mortgago~ each monlh in a singk payment to be ap- ~ plini by the mortgey~ee to ~he tolbwing items in Ihe urder set torth: ` 11) premium ch•rrgea under the cuntract u( inwrance with 1he Secrctuy ot Housing and Urbao DEvelopment, or monthly charge ~ (en lieu ot mongage inwrarn:e premium), as the case may be; ~ 1111 gcuu~xi rcnts, taXes. 3ssessmenu, fire. and other hazud inaurance premiums; (111 intercs! on the note sccured hereby: and (IV) amortization of the principal ot said note. Any deficiency in the amount of such :~ggregate muothly pxyment shall, unkss made good by the monp,agor p~iur tu ttx due date of the next sucA payment, constitute an event of defauh under this mortgage. The murtgagee may cullect a"late charge" not to c~ceed twu crnts l2c) tor each dollar IS11 ot each payment more than fitteen ( IS) days in arrears to cover the extra expense involved in handling Jelinquent p:+yments. 3. 'Rwt i( the tdal of the payments made by the mortgagor urxler Ibl ot paragraph : preceding shall ezceed the amount uf the payments actuelly made by Ihe mortgagee, tor grounJ rents, tares and ascessmenls and insurance premiums. as the c:+se may be. ~uch excess at the op- tion of thc murtgagee, shall, be credited on sut?uquent payments to be made by the mortgagur, or retunJed lo the murtgagor. If. however. thc monthly paymants m~1e by the mortgagor under (b) of paragraph 2 preceding shall not be suflicient tu pay ground rents. txxes and assessments } and insurance premiums, as the case may be. when the same shall becumz due and payabk. then the mort~yagor shall pay tu the morigagee any amounl necessary tu make up the deficiency, ~ or before the da~e when payment ot such gTOCrnd rents. ~a~es_ asxssments, or insurance prem- iums shall be Jur_ It al any time the mortgagor shall tenJer to the mortgagee in xcordance with the provisions of the note secured hereby. tull payment of Ihe entire indebteJness represented thereby. the mongagee shall. in computing the amount of ~uch indebtedness. credit to the ac- ' count ot ~he mortgagor all payments made unde~ the provisions ot la? of paragreph 2 bereof which tl~e mongagee has not txcome obligated to pay to Ihe Secretary of Housing and Urban Development and any tulance remainiag in the (urxis arcumulated under ~he provisions ot Ib) of # said paragraph'_. It thtrc shall be a default under any of the pn~visions ot this mongage, resultir~t in a public sale ot the premice~ cavereJ here- _ by, or it t1x mortgagee acquires llx property otherwise atte~ de(ault, the mortgagee shall apply, at the time of the commt~~eme~it ot .uch pru- ~ ceedi~ts or at the time the propeny is othcrwise acquircd, the bala~ce then remaining in the futds accumul-ited under 16) of paragraph 2 preced- ing as a credit against tlx amount ot principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragtaph. ~i. That he will pay all ta~es. assessments. wattr rates. anJ other governmeotal or municipal charges. fines. or im{w~itions, tur which pro- visiun Iw~ no~ txen maJe hrreinhefore. and in default ~hereof the mort~gee may pay the same: anJ that ht will promp~ly Jeliver the oflicial receipts therefor to the mongagee_ S. That Frc will permit. cummit. or suHcr no waste. impairment. or deterioration o( caid property o~ any part Ihereof : and in Ihe event of the (ailurc of the mortgagor to keep the buiWings un said premises and those to tx erected on said prcmise~. or improvementc thercon. in goai re- • pair. the monp,~gee may make such rcpairs •as in its discrction it may Jcem necessary for the proper preservalan theteof _ and the full amounl of i each anJ e~ery such payment shall tx immediately due and payabk. xnd shall be xecured by Ihe lien o( this mortg:+gt. ~ 6. That he w-ill pay all and singular the costs, charges, and expenses. including reasonabk lawyer's tees, and costs of 36stracts of titk. in- ~ ' curred or paid at any time by the mongagee lxcause ot the failure oo the part of the mongagor promptly and fully to periorm the agreements 4 and covcnants of said romisso note end thix mort penus shall lx immediatel due and a~abk and shall ~ p ry gage. and said costs, charges. and ez y p y I be xcureJ by the litn of Ihis mortgage. ~ 7. That he will keep ~he improvements now exicting or hereafter erected on ~he mortg•rged properry. insured as ma~• he requireJ trom time ~ ro time by the morlgagee against bss by fire and other hazards. casualties. anJ contingencies in wch amounts and tor such peri~xls ac may be _ ~ required by mort~Fee. and will pay promptly. when due. any premiums on wch insurance far payment ot whirh provision has not been maJe s hereint+efore. All inwrance shall be c•rrried in comp:~nies approveJ by mon~tee anJ the policies and renewals thereof sh•rll tx held by mortya- ~ ; gce and have attached thereto lo~s payabk clauseti in favor df and in form acceptablt to the mortgagee. In event o( loss he will give immediate ~ € notice by mai) to mortgagee. an~ mortgagee may make proof of tuss i( not mad~ promptly by mortgagor, and each insurance company con- ' ~ cerneJ is hereby authorizcd and directed to make payment for sach bss directly to mortgagee instead of to mortgagor and mortgagee jointly. ~ , and tlx inwrance proceeds. or any part thereof. may be applied by mun~tee at its option either to the reduction of the irxiebtedness hereby ~ secured or to the restoration or repait of the property damaged. In evem ot (oreclosure ot lhis mongage orother tran~ter of titk to the mun- s ~ gaged propert~~ in extinguichment of the indeMednecs secured hereby. all rigFt. titk. and interest of the mortgagor in and to any insurance poli- ~ cies then in force shall pass to the purchaser or grantee. _ R. 'il?at i( tlx premises. or any part thereof. hc condemned wuler any power ot eminent domain. or acquired (or a public u~e. the damages_ k proceeds, and ~he consideration tar such acqui.ition. to the extent of the full amount ot inJebtedness upon this M~~rtgage. and the Note securrJ ~ hereby remaining unpaid. are hercby assip,ned by Ihe Mortgagur lo tF~e Mortgaget and stwll be paid fonhwith to the Mortgagee to t?e applieJ by it un acc.wnt of the indebteness secured hereby_ whether due or not. ~ 9. That the mortgagee may. at any time pending a suit upon this mortgage, apply to thr coun Iw~~ing juriuiictiun thereof for the appoint- ~ meot of a receiver. and wch coun shall torthwith appoint a receiver oi the premises co~•ered hereby all and singular. including all and singular ~ tt?e incomr. profits. icsue~. and rcvenues from whatever source derived. eacb and every ot which. it txing expressly understood. is herrhy ~ mortgageJ as if specifxally ~et tonh and doscribed in the granting and habendum clauses here~f, and such receiver shall have aU ~he hroad aad i eHeclive functiom anJ puwers in anywiu entrusted by a court to a receiver, and such appoinrtnent shall be made by wch coun as an •rdmitteJ S equity anJ a matter ot abwlute right to said mortgagee. and witt~out rcference to the adequacy or inadequacy ot 1he va(pe of ihe property mon- ~grJ or Ii~ Ihe solvency or insolvency of wid mort~gor or thr detenJ•rM.. and that curh rent~. profits. income_ i~sue.. and revenue~ ~hall tx ~ = applied by such receiver according to the lien ot this mon~tage anJ the prac~ice ot such court. ln the event of any detault on ~he part of the mon- ` gagor hereunder. the mortgagor agree~ to pay to tht mort~gee on demanJ as a reasonabk monthly renlal tor the premises an amount at kast ~ equivaient to one-twelfth (1J12) of the aggregate of the twelce monthly installments payabk in the then currcnt year plu. lhe acwal amount of ~ the annual taxes. assessments. water rates_ and incurance prcmiums for such ytar not covered by the aforesaid monthly p~yments. ~ 10. That la1 in the event af any txeach ot thic mortgage or default on 1he pan of the murtgagor. orYb) in Ihe event that any of ~aid wms of ; ~ maney herein rcterreJ ta be na prompdy anJ fully paid wi~houl demand or notice_ or Icl io the event that each and every the stipulations. ~ r agrcements. conditions. and covenants of saiJ note :+nd this mongage. are na duly. promptly. anJ folly per(ormed: then in either or any wch 3 ~ event. the said a~regate wm mentioned in ~id note then remaining unpaid_ with interest accrued to tbat time. :+nJ all moneys ~ecured hereby. ~ ~hall txcome dut a~x1 payabk forthwith. ur thertafter. at the oplion ot said mongagee. as (ully and complelely ac if •rll of the wid ~ums o( mon- ey were ori nall ~ti ulateJ to tx aid on +ucb Ja an thin in said note or in this mort e e to the comrar nutwith.~andin ar?d thereu n or ~ P-~ Y D P" Y• Y B B' S Y R~ M? ~ thcreatter. at the option of said mortgagee. withewt notice or demand_ suit at law or in equity. may be proucuted ac if all moneys ucured here- ~ •by haJ malured prior ~o i1s iostitution. Tht mortgagte may foreclox this mongege. as to the amount so Jeclared due and payabk. :+nd Ihe wid premices sh~ll tx soW to satisfy a~xf pay the same t.~ether wilh costs. expenus. and aUowances. In case of partial toreclosurc of this mortgage. g, ~he mortgagnl premias shaU tx sold subjecl to ~he rontinuing lien ut this mortgage for the amount of tFrc deb~ not then due and unpaid- ln such ~ case the provicions of this paragraph may again bc avaikd of thereafter fr~m time to time by 1he mortgagee. ~ 11. That the mortgagor will give immediate nWice by,wail~d,the~ncxtgagee of any conveyance. transfer. or change ot uwnenhip ot the ~ premius. ~ 1'. That no waiver of any covenant hercio or of the oblig•rtion secured hereby thall at any time therea(ter be held tn 1x a waiver of the ~ terms hercot or of the note xcured hercby. ~ R t ~ ~~~9 z • BOOK ~ PAGf ~ . - 1~. _ r _ - ~~-~:~F