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Home My WebLink About0258 1h:~1. in order m~ur (utly tu pr.rtecl thc .«utit~ at Ihiti m.nl~.tgC. Iht mi~tl~:a~;or, h~aclhri w~lh ~nil n, .i.f.lUw~~ b~ the n: +ntt::, •~1 u~. nh u~wltr Iht lerm..~f thc m~~a .r~urrd htrchy. an thc tir.t J.~y ta: h rnanth unlil 1hr wiJ u,=tt (ull~ paiJ. will p~~ t~~ ;?.r n~~~~ r.: /~,Ituti~ in~;.um<: I:i! ~n:~ntount ~ulh:irnl t~~ pt~~vide 1hr hulJer hrtr~~( Ni1h fu~~d~ ~a pay ihe nr~~rt~.~gr ~n.ur.~nir pirnnuns it thi. ~:~.:r~~,n~•~,~ .~nJ thr nutt ~tCUred httchp :+re inwrrd. o[ a m~~nlhly ~hargt ~~n 4ru of murl~;rgr in.urancr prrinium~ if ~hr~ ~~r hrk! i.~r~ u! Hia~.ing and l~rban Ikvrlc~pment a~ (ulluw~: 11! . If and w long a. zaid nWe u( rven datr and thi: imtrument are in~urcJ ot .?re rr~n.iued urxler Ilre pr~~~ ~,i,~n. ,~1 thr '~;~iiunal H~xi.ntF .~~t, an :~muunl .utiicrcnt to ar~umulrtr in Ihr fianJ, ut Ihe huWrt ~mc i I ~ m~~u1h pri~~r ~u it. ~uc ;I~tr th. .u~•u~.~t mun- ~-.~r io~ur:~nce premium. in orJe~ to pruviJe wch h~dJer with fun~i~ t~~ p:~y wrh prrmium lo ~hr Sr~rer.r> ot Hc~i~.inx and Ufian Ikvtlopmtnt pu~xu:mt to Ihe Nalional H~w.in~t /1ct, as amenJrd. •rnJ appla:+hk RegulaUun? thrrCunJrr, ur tll) It and u~ long as awid nae ot eve~t ~iate anU Ihic iaurument are Atld hy tAc Secrrtary ~~t H~w+ing:md l~ih~n Ik~rlua~mrnt. a monthly rharYe lin litu ot a murtg,:+Re in.uranct prrmium) whKh shali 1?r in en amuuM equal N one-iwelfih ~ UI?1 ot ~~nt-half • . 11121 per centum of the average iwtxtanJing bx{ance Jut un the note compulyd w i~h.w~ takmg into accuunt ~elinyurnrir+ ur pripaymcnts: • Ih) A~um equal lu the ~round rents, if any. next due. plus the pre~niumc that w~ill nrxt trcume dut anJ payabk on ~x~licit~ ~~t fire anJ other hazard inwrance covering tht mortgage~! pruperly. {+lus taus anJ assessmeatx ne~i dne un the murlg:qt~~J prupctly I:Ji a~ ~.Ii- mated 6y the mo~lgageel kss all wm~ already p:+iJ theretur JiviJ~1 by tht numtxr ot munths tu rlap,e tx tore one munth pn.w to tht date whrn surh gn?wx1 rents, premiums, taxes, :u~J a~xcsmentc will become Jelinquent. wch wms ~o be held hy martga~~r in tru.! ~ w pay saiJ grournl rents, premiums. t:~xes, and +pecia! a~secsments; and ~ Ic) All payments m~otioned in the twu prrceJing subsectiuns ot thix paragraph:u~d all p:~yments to be maJe umie~ Ihe nute .rcur~d fiere- ~ . by shall t~e adJed logether anJ tAe •rggregal~ amount therco[ ~hall be paid by the mortga~eor each month in a.ingk paym~ m to he ap• ~ plied by ~he mongagee to ~he falk~wing items in ~he order crt forth: 1f1 prcmium ch:uges unJer the ro~tract ot inwranre with the Secrctary of Houiing and Urt~an Ikvzlopmrnt. .~r m~?nthly rharge ~ (in 6eu ot mottp,age inwrance premiuml. as the case may be: t (11) ground rents, taxes. assessments, firc, anJ wher bazard imurance premiumc; ~ (I11 interat nn ~he note xcurcJ hereby; and ~ IIVI amoni~atiun a( the principal uf said note. Any deficiency in 1he amount of such aggregate munthly payment shall, unkss made good by the mortgagot prior ta the due date of the ne~t ~ wch paymenL constitutz an event of default urnler this murtgage. Tht murtgagee may colket a"late rharge" rat to exceed two crntc 12c1 tor ~ each Jollar ISI I ot each payment more than fifteen (15) Jays in anear~ to cover the txtra ezpenx involved io hanJling definyurnt paymenlc. ~ 3. That it the to1a1 ot the payments m•rJe by the mongagor under lb) ot paragraph ? preceJing ~h~ll rzcecd the amount nf the paymemt actuatly made by Ihe mortgagee. tor gwurxi rcnts, ta~ts am1 asses.mcnt~ anJ inwranct premiums, as the case may t•r, +uch exrec+ at thr op- ticx~ ut the mortgagee. shall, be crrditeJ on subsequent payments to lx mude by the mong-agor. or retunded to the monR:y;or. It. l~wever. the ~ munthly p:~yments made by the mort~tor urnler (6) ot paragraph ? preceding shall not he sulficient !o pay grounJ rents, taxcs and a~.ic.mentc anJ inwranre premiumt. at the casr may 1?e. w•hen the same shall lxcome due and payabk, then tht mortgagor sha0 pay to tht mortgagee an~• am.iunt neeessary to make up the deficiency. cx~ ur t+etore 1he date wheo payment of such gound rents, taxes, assessmentc, ~x inwrance prem- eumx shall tx due. It at any time the murtgagor shall tender to the mortp,agee in xcordance with the provieiom of the oote tccurcd hereby. (ull _ payment of the endre indebteJ~ess rcpres~ntrd Ihereby, the mongagee shall, in computing the :+muunt uf such indtbteyinesc. credit to ~he ar- ' awnt ot 1he mor?gxgor all payments made unJcr the provisions of la) of paragraph 3 hereof whyh the mungagee h•rs nw txcome ohligateJ to ~ pay to lhe Secrctary o( Housing :u~J Ufian Ikr•ebpment and any tr.?lance remaining in the (unds accumulated under the prrvi~ionti uf 1 M of ~aid paragraph 2. 1t there shall tx a detauh under any c?t Ihe provisions ot this morig~garesuiti~g ida public sak ot the premise~ ruvered here- by, or if the mortgagee acquires the propeny otherwise atter deiaull, the mortgagee shall apply. at the time of tlx commencement ot cuch pro- ~eedings ur at the time the ptoperty is atlxrvrise acquired, the t+alan~-e then remaining in the funds arcumulated urder 1 h1 of paray,raph'_ preced- " ing as a credit ayainst the amuunt ot prirx:ipal thcn remaining unE+aid urnler said note and sh:+ll properly adjust any payrnents whirh shall hu~e beon a?ade under 1 a) ot said paragraph. - 1. That he e•ill pay all laxes. acsec,ment~, water ratr,. and u~her go~ernmental or municipal rh:.rges. fine~. or imp~niti~~m. for which pro- vi.iun•has not heeo maJe hereint+etore. :+nd in Jef:mlt therrof ~hr mang:~get may p:+y Ihe tiame: enJ Ihnt he will promptly drli~~rr thr ufTicial ~ receipts theretor w the mortgagee. ~ ~ "f~at !~e will permit. eommit. cx wHer nu waste. impairment. or dc~erioration o( wid propeny ar any ~+art thereof : a~:J in IF~ e~ cnt af Ihe failurt arf~tht mprtg:~r tokeep the buiWings un said premi~es and tM~se to tx erected on wid promi.es. or impruvigment~ tt~trcon. m g.wd rr- . p~ir, the morCEwgee may make such repairs e~ in i~s discretion it may deem necessary for the proper preservation thereuf, and ~t~e full amount af rach and every wch payment chall be immeJi•rtely clue and payabk, anJ shall be .ecured by thc lien of this marigage. i 6_ That he will pay all and singular Ihe costs, cfwrges, and ex{+encea, including reasunabk lawyer's tees. and costs of abstracts of tiUe, in- ! curred or paid at any time by the mongagee t?ecause of the failure on the part of the mortp,agor promptly and tully to perform ttK agrcements ~ and covenants of said p~omissory note and Ihis mortgage. and iaid costs, charges. and ezpenses shall !~e immeJiately due and payabk and shall f tx secureJ by the lien of this mongage. 7_ That he will keep the improvements now• exisling or hereatter erccted on the m~~rtgaged propeny. insurrd a+ may t+r requirrJ Irom time j ~o ~ime t~y ti~e mortp,agee against loss by. fire and wher hu~arJs. cawaltieti. and contingencies in such amount~ anJ Sor wch perials may hr i reyuired by mortgagee, and will pay prompdy. -when due. aoy premiums on wch inwranct for payment of which provisiun has not bcen maJe ` hereinbefore. All inwrance sh:Jl be carried in cumpanies approved by mortgrgee aixl the policits and renewalc therrof shall br heW hy mortga- ~ gee and have attached thereto locc payabk clausec in favor of and in form acceptabk to the mongagee. In event ot lo,s he will gi~•e immeJi•r1e ' notice b• mxil to mort p,aget may make proof of luss if not made promptly by mortgagor. and each inwrance company con- ~ y gagee, and mort e cernai is hereby authurired and Jirectai to make paymem for wch loss direcQy to mortgagee instead of lo mortgagor and mortg,agec juintly. ~ ~ and tt~e insurance proceeJs. or any pan thercot. may tx applied by mortgagez at its optiun either to 1he reduction of the indebtedness hereby - ucured or to the rextoration or repair of Ihr propeny JamageJ. In event of forecbsure of ~his mortgagt or Wher transter ut titk ~o the murt- ~ p,aged property in e~tinguishment of the indehtednesti secured hercby, atl right, titk. and interest of the mortp,agor in and to any inwranre puli- c cies theo in force shaU pa+s ~o the purcha~er or grantee. R. That it the premices. or any part there~~f _ tx condemned uncier any puwer o( eminent domrirt. ~x acyuireJ for a public use. the Jamages. _ proceeJs. and the consideralion for ~uch acyui+itiun_ to the e~tent of the fult amuunt of indcbtedne.s u{wn this Morlgage_ anJ the I~ We .erurrd hereby remaining unpaid. arc hereby ac,igntd by the Mortpagor to the Mortgagee and chall be paiJ tonhw•ith to the Nortp,agee to be applicJ hy it on acccwnt ot the indebteness ~ecured herehy. whether due or not. ~ 9. "Ihat the mortgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisJiction thereof for ~he appoint- ment oF a receiver. a~xf tuch coun shall forthwilh appoint a receiver of the premixs covereJ hereby all and singular. includiog all and ~ingular the income. profits. iswes. and revenues trom whatever source dtrived. exh and every of which_ it being expressly undent~wd. i~ hereby ~ ~ murtg•aged as ii specifically set forth and described in the granting and habendum clauses hereo[. and such receiver shall have all Ih~ broad and etTeclive functionc and power~ in anywice entru~teJ by a couA to a receiver. and wch appointment shall tx made by ~uch coun a~ •an aJmitted x r ~ equity and a matter ot abtolute right to said mortgagce. and witlxwt referencc to thc adequacy or inadequacy of the vatue of the pmperty mort- ~ p.ageJ or to the ~oh~eoCy or inwlvrncy of s•riJ mort~wgor or the defenJantc. anJ that wch rents. prafit.. income. iswes. anJ re.enue~ +h:~ll ae applied by such teceiver according ~o the lien of this mortgagt and the prac~ice of such court. In the event of any default on the par~ of the mort- ~ g:~or hereunder. the monp,:+gar agrees to pay to the mortc:~tee cm demand a+ a reasonabk monthly rental fix the premius ao amount at kast ~ eyui~~aknt to one-twelhh 11112) of the aggregate of the twelve munthly imtallmems payabk in the lhen currtnt year pluc the actual amount o( Q the annual taxes. assessments. water rates. and insurance premiumc for wch year not covered by the a[oresaid monthly payments. ~ 10. That Ia) in the event of any breach ot thic mort~?ge or default on ~he part of the mortp,agor. or IM in the e~~cnt th~t any at ~aiJ .um. n/ ~ moncy herein referred to tx not promptly anJ fully paid without demand or notice. ur Ir1 in the even~ that each and every the ,tipulationti. ~ :?greement~. cunJition.. •rnd covenants of tiaid note and Ihi. mortgage. are not duly. promptly. and fully perfurmed: then in either ur any wrh ~ event. Ihe .•riJ a~tregete sum menti~meJ in wid note then remaining unpaid. with interest accrucJ ~o that ~ime_ anJ all moneys ucurrJ herehy~. ~ shall txcotne Jur and payabk torthN ith. or therea(ter. at Ihe option of said moRgaget. as fully anJ completely as if all u( Ihr wid sums of mnn- ~ ey werr originally- ctipulated to be paid on wcb day, anything in said note or in this mongage ta the cuntrary nwwitbstanding: anJ thereupun or ~ ~hereafter. at the option ot said monp,agee. without notice or Jemand. wit at law or in equity_ may be prosecuted as if ail moneys ucured here- by h:+J mawreJ prior to its institulion. The mortgagee may fortcbse this mortgage. ac to the amuuM co declared due and payabk. and the said ~ premius ~hall t?e ~old to ~atist~ anJ pay the .ame ~o~etber with costs. expeaces. anJ alluw•rnces. In case of panial toreclo.ure of thic mortgage. the mor~gageJ premi~e~ tihall t+e solJ subject ta the continuing lien of thix mortgage for the amount of the debt nd then Jue and unpaid. In such ~ case Ihe provisions ot lhit paragraph may again tx availed of ~herca(ter from time to time by the mortgegee. ~ . (l fi ~ ~ ~ _ $Otll( NAGE ~ m ~x ' z s: ~ .~s~ ~ ~ r=,,' ~ . _ r«„--mar~,:_``s_ ~