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Home My WebLink About0418 Thal. in orJer mure (ully 1~~ prutecl thr ~t~urity ot lhi. morlg:+ge, the mortg:~or, tuge~her witA. :~nd in ~Jdiiiun tu. tht muntAly paymc~l. wxler the terms at Ihe note +awured hereby, on tlx fir+t Jay ot earh month until the said no~e ic tully p:iid, will pay ~o ~Ar murtg.~gre thc f~~ll~~w- ing sums: la) An amoun~ sufTicient to proviJe Ihe holJer herru( w•ith funJ~ to pay the nezt mon~e insurancr prrmium it thi. im~rumrm nnJ Ihe nde secureJ hereby are tnwrcd..x a monlhly clwrge li~ (ieu uf a mongage inwr•rnre premiuml if Ihey are h~W by thr Srcrrlary i~t Housing and tlrban fkvelopment •r~ lullows: (l) It and so long ax said note ot even Jate anJ this inxtrument are inwrad or are reinsurcJ uMier !he provicions ot Ihe Natiunal Housing Act, an amuunt sulfirient to accumulate in Ihe hends ~.t 1he hoWe~ one 1 I1 munth priur tu il~ Jue date 1he annual mon- . ga¢e insurance premium, in orJer to provide such holder with tunds to pay such prcmium to the Sccretary ot Housing anJ Ufian Devclopment pursuant to the National Housin~ Act, as amenJed, and appiicabk Regulatiun~ thereunder: or UU It and su bng as said nwe ot even J:~te anJ Ihis instrumenl a~e held by 1he Sa:retary ut H~w~ing and Urt>an Development. •r ~ munthly charge (in lieu of a mungage inwraore premium) which .hall Ix in an amuunt equal to une-lwtltth 11l121 ot one-halt ~ (11?) per ceotum ot the averagt oul~tanding balance due un tht note compWCd withuui lakind into arciwm delinyuencie~ ur " prepayments; Ibl A sum equal to the ground rents, it any, ne+~t due, plus the premiumc that will next t+ecome due and payabk on policies u( fire nnJ other huard insur+nce covering the murtgageJ prupe~ty, plus taxes anJ asxssmen~s nexl Jue an the mongagcd propeny Iall as e~li- mated by the mortgagee) kss all sums already paid lheretor divideJ by tbe number ut munths tu clapu beforn one munth priur to thc date v?~hen such ~ound rents, promiums, laxes, and asse,sments will txcome delic~yuent, such sum~ w be held by mort~ee in trust to pay said ground renti, premiums, ta~es, and special ascessmenls; and (c) All payments mentioned in the two preceding wlnections oi this paragraph and all payments to be maJc under the note tiecured here- by shall be aJdeJ together and the a~egate amuunt thereof shell t?e paiJ by the mortbagor each month in e~ingk payment to be ap- plied by the m~rtgagee to the tollowing items in the order set forth: (l1 premium charges unJer the contract of inwrance with the Secrctary o( Hcwsing anJ Urban Development, ur monthly charge (in lieu ot mongage inwrance premium), as Ihe case may be: 111? ground rents, taxes, asscssments, fire, and olher hazard insurance premiums; ~ 1111 intercst on the nwe securcd hereby: and ~ A~~) amonizatio~ ot the principal of said note. Any deficitncy in the amounl of such aggregate monthly paymen! shall, unless made good by the mongagor p~ior ro the duc Jatc of !he next - wrh payment, constitute an event ot default urnler this mortgage. The mor~gagee may colltct a"late chatge" not to exceed two centc (2c) for rach Jollar (SI) ot each payment more than fitteen ( IS) dayx in arrears to cover the extra expenu involved in handling delinquent paymentc. 3. That it the total of the payments made by the mongagor urxler I6) of paragraph 2 preceding shall exceed the amount ot the payments j actually made by the mortgagee, for gruu~xl rents. laxes •rnd assessmentc anJ insurance premiums, as the c~se may 1+e. such excess at the op• s tion of Ilx mortgagee, shall. tx crediteJ on subxequent {+ayments to be made by the mortgagor. or refundeJ to ihe mortgagor. !f. however. ihe monthly paymems made by the mortgagor under (b) of paragraph 2 prec~ding shall not he sulficient to pay ground rents. taxet and assessments ? and insuranre premiums, as the cax may bt. whtn 1he same ch:+ll become dut and payabk. then the mortgagor shall puy ro the mortg:+gce any i amount necessary to make up ~he deficiency. on or t+etore Iht Jate when payment of such gourxl rents, taxes. assessmrnts, or incurance prem- ~ iums shall be due. It at any time the mortgagor chall tender to the mungagee in accordance with the provisions ot the nute ucured hereby. (ull peymem ot the entire inJebtednexs represented thereby. the mort~eee shall. in computing the amount of wch indebteJne~s, credit ta the ac- coun~ of the monRagor all paymenls made urnier the provisions of la1 ot paragraph'_ hercot which the mortgagee has nw hecome ~Eli~teJ to ; pay to the Secretary o( Housing a~d Urban Ikvelopment and any balance remaining in the tunJs accumulated under the provi~iuns ot 1 b) of ~ said paragraph 2. it ttxrc shaU be a de~ault under any of the provisions of this mortgage, resulting in a public sale of the premi,es ruvcred here- £ by, or if the mortgagee acquires the property otherwise atter default, tFx mortgagee sFwll apply, at ttx time ot ttx commenrement of wch pru- c~edings or at the time the property is olherwise acquued, the Malance then rcmaining in ttx funds accumulated under 1 M ot paragraph 2 preced- ' ~ iog as a ctedit against the amount of principal tFxn remaining unpaid under said note and shall properly adjuct any payments which shall have been made under (a) of said puagraph. ' 4: That•6e wiltpay all taxes, assessments. water rates, anJ other govemmcntal or muniripal rhargr~. fines_ or impocitiun._ (or which pro- ~ ~•ision has not t?cen ~made hueinbetore. and in drfault thereuf the mort ? g:+goe may pa~ the ,:~m~: anJ Ihat he will prumptl~ Jeliver ~hr utficial receiptc theretor to the mortg:igee. ~ 5. 'i~at he will permil, commil. or sufier no waste. impairment. or deterioralion uf tiafJ pruperty or any part thereuf: anJ in the event uf the i failure of the mortgagor to keep the buildings un ,aiJ premises and those to he erzc~rd on ~aid premises. or improvemenK thereun, in g.~.xl re- ~ pair. the mortgagee may make such repairs as in its discretion it may Jcem necescary tor thz propet presen•atiun ti~ereof ;and the full amuunt of each and every xuch payment shall bt immediately ~h~t anJ payabk. and shall t~e cecurrd by the lien of this mvrt~ge. 6. That he will pay all and singular the custs, chargec, and expensec. incluJing reasonatle lawyer's tees. and costs of abstra:i~~of title, in- curred or paid at any time by the mortgagce becauu of the (ailure on the part o( the mortg:sgor pramptly and [ully to pertorm the agreements and covenants ot said promissory note and this mongage, and saiA costs. charges, and ey~x nxs shall t?e immediately dut and payable and shall tx sccured by the lien of this mongage. 7. "il~at he will ~:eep the impruvements now existing or hereafter erected on the mort~*ageJ property. imureJ a~ may i~ reyuired (rom time s ' to time by the mortg:~ee against loss by firr and ather hazards. ca~ualtiec, and contingencieti in .uch amounh :~nd for .uch ~xriixi+ ati may tx F ~ reyuireJ by mortgagee. and will pay prompUy. when Jue. any premiums on surh imur~nce for payment uf whirh pr~~vi~iun h~; not hecn maJe ? ~ hertinlxtore. All in~urance chall f~e carrieJ in companies approved by mortgagee and the Ewlicies anJ reneN ak thereot ~h:tli he hrW hy mort~:~- ~ gee and have attached Ihereto locs payabk clauses in favor oi and in form acceptabk to the murtRagre. In evrnt .~f lo,. he w ilt give immrdiste notice by mail to mortgagee, and mortgaget may make proo( of (oss if not made ~+romptly by mortg:~or. :~nJ each insur:+nce company con- ~ cerned is hercby authorized and directed to ~nake payment [or such bss direcUy ~o mortgagee instead uf tu murt~gor and mortgagee joinUy. ~ and the insutance proceeds, or any ~+an thereo(, may be applied by mortgagee ~t it. optiun either to the reJuction o( the inJebteJne~ti hereby € ucured or to the restoration or repair ot lhe property Jamaged. In event of (oreclo.ure o( thi~ mor~~e or other trans(er ot titk to the mort- ~ gaged property in extinguichment of the indebtedness secured hereby, all right. title. and intcre~t of the mortgagor in anJ to any insuranre ~x~li- cies lhen in torce shall pass to tlx purchater or grantee. 8. That if the ptemises, or any part thereu[. he condemned under ~•ny ~~wer of eminent J~~main. or aryuired for a puhlic u~e. tt?~ Jamages. procee~ls, and the consideration for such acquicition. tu Ihe ettent af the full amuunt of inJehteJne+~ upon ~his Afurtgage. and Ihe hote secureJ ~ hereby rcmaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee rnJ ;hall bc paid forthw ith to the titortgagec tu he applieJ hy ; it on account ot the indebteness secured herehy, whether due or not. ~ 9. 'll~at the murtgagee may. at any lime pending a suit upon thi~ mortg~ge. apply to the court ha~~ing juritiJiction thereof for the appoint- t ment of a receiver, and such court shall lurlhwith appoint a rectiver of the premise~ covereJ hereby all and ~ingu~:~r. incluJing all and ,ingular < ~ tht income, profitc. iscues. and revenues from whatever soarce deriveJ, r~ch and every o( which, it being expresslq underst~Kl. is hereby ~ ~ mortgageJ as it cpecific:ally set forth and descriFxJ in the granting ~nJ habendum ~lauses hereof. and such receiver sh~ll have :~11 1he broad anJ y ~ etiective functions and powers in anyaitie emru,leJ by a court t~~ a receiver. and wch ~ppointment chall he made by wch court ~s an aJmitted ~ ~ equity and a matter of absolute right to caid mortgagee. and withcwt reterence to the adequacy or inaJequ:~cy of the ~ alue uf Ihe property murt- ~ ~ 4 gaged or to the solvency or insolvency of caid murt~tagor or Ihe de(enJant.. and that ~uch rents, prufit~. incume. i+~ur~. anJ « ve~ue. ~hall ~e ~ applied by such receiver according to the lien ot Ihis mongage :~nJ the practice o( such coun. In Ihe event o/ any dr(ault on the part uf the mort- ~ a gagor hereunder. the mortgagor agrees to pay to tht mortgagee on demanJ a. a rea~onabk monthly rental for the premise~ an amuunt at least ~ eyuivalent to one-twel(th (1112) o( the a~tregate o( the twel~e monthly installments payahle in ~he lhen c~~rrcnt qear plus thr actual •rmuunt of ~ the annual (axes, a~tiessmrnts_ water retes. anJ in~uranre premium~ for ~uch year not covered by Ihe a(orecaid monthly p:+yments. ~ 10. That (al in the eveni of any breach ot thic mortg~ge or Jetault un the part o( the murtg:+gor. or 16) in 1he event that any ot said tium~ o( : money herein referred to be not prumptly and fully paid with~wt JemanJ or nutice. or (cl in the event that e.ich anJ e~ery the ~tipulatiun~. s ~ :+greemems. conJitions. and co~~enants ot saiJ nwe and thi~ mortgage. art ni~t July. prvmpUy. and fully performed: Ihen in either or any ,uch ~ ~ event. ihe said a~reg:+te sum mentioneJ in wid note then remaining unpaid. with interest accrueJ to that time. anJ all muney~ secured herehy. s~ ~ ~ shall Fxcome Jue and payabk torthw ilh. or thereafter, at the oplion of sdid mortg,agee, as fully and compl~tely a~ if all of the ~:~iJ wms of mon- ey were originally stipulaled to tx paiJ on such day. anylhir,g in caiJ note or in this mortgage to.the contrary n~~IwitMtanJing: and thereu~xin or f ~ thereafter. at the oplion of caiJ mortgagee. without n~~tice or demand. suit at (aw or in equity. may tx pro~ecuted r~ if all moneys secureJ here- ; ~ by had matured prior to it~ institetion. "The mortgagte may torccluse this mortgage. a~ to Ihe amount co declared due and payahle. anJ the >aid ~ premius ~hall tx sold Io ~aticty and pay tbe same ti~Nher with costs. expenses. anJ allowances. In case of parlial torcciosure ot thi~ mortg:+ge. # the mortgaged prcmiuc ~hall t+e .oW subject to Ihe continuing lien ot this mortg:sge fot Ihe amount of Ihe debt not then Jue and uopaiJ. In wch ~ case Ihe provisions of this p:~ragraph may again tx availeJ of thereaftcr (rom time ~o lime hy the mortgagee. ~ ~ i - ~ooK~`38 P~~E ~1? - ~ ~ - ~ z ~ ' _ _ - - - ~ _ - - - - i _ ~ ' , ; * ~ ~.c:: - ' ~