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Home My WebLink About2839 2. That, io orJe~ mure (ufly w prulect tAe secumY o( this mQr~Y.~e, thc mun~ur, t~ether with. and in +dJili.x~ lo. lhe munlhly paymenls unJer thr ~erm. ot ~ht note .ecurcJ Aereby, on ~he fint Jay of cach munth un~il ~he said ~?wc ia fully paid. MIII Pdy lU (I1! IRUfIQ,.?~Ct lAt ~JIIUN• IflY SUfIN: Ia) An amuunt sufTi~isnt to p~oviJe the h~dJt: hereut wilh tunda to pay the nezt mungage in~uranre p~emium i( this in~uumcnt anJ ~he ~ nwe ser~ra! hercby arc iowreJ. or ~ munlhly cher~e lio lieu of a mortgr~¢e inwrancc p~emium3 it ~Acy arc held by ~he kcrriary u( Housin~ anJ Url+an ikvebpment as (uliows: lll If a~xi w lung a~ s:~iJ nWe uf even Jate a~xi this inatromenl are inwred or :ue reinwred under the pro~•isions uf thc N~liunal Houstn~ Act, an amou~t wfl'icie~t to accumulate in the hands ot tlx hoWer one l l) mon~h priw t~its Jue Jate the annuaf murt- ~e insurance premium, i~ orJe~ ~o provide ~uch holder wiih tunJs ~u pay wch premium tv ~he SecrNary of Housing and Utban Development pucauant to ~he Natanal Huusing Act, u amended, aod applKabk Reeula~ions ~hereunder: iu 111) (f and so bn~ ac said ~olt ot even date aod this insttumtnt ue beld by the Secreluy of Housing and U?ban Development, a " monthly char~e (in lieu of a mortgase iowrance premiuml which shall be in an amoun! equal ~o une-twel(th 111121 of une-hal( (1/?I per centum of ~he avetase outstanJin~ balance due on the nwe compWed without taking into account delinyuencies or prcp:+yments: . ~ . tb) A~um equal to the Qmurn! rents, it any, next Jue, plu~ Ih~e premiums that will next became due suwl payabk oo policinu ot firc and . other huud inwrance covtrin~ the monga~ed prope~ty, plus tazes and asxs~ments ne~?t Jue on the mortgaged property (all as exti- mated by the mortRngee) kss all sums already paid therctor divided by the numtxr oi months to ela{+u t~etore one month prior to the date when wch ground rents, prcmiums, wxes. and a~^sessments will become Jelinquent. wch sums 1o be held by mortgagee in trusl to pay said Qruund rents, premiums, taxes, ami special assessments; and ~ . . ' (c1 All payments mentio~ed in lhe two preceding wbsections ot this pa~agraph anJ all p:~ymeots tu be m~ie unJer ~he ~o~e secured here- by slwll be added together and the aggregate amount thereot shall be paid by thc murtgagor each month in a cingk payment to be ap- plied by the mongagee to the following items in the ordcr set fonh: (U premium charges under the Cpntract of insurance wilh 1he Secrctuy ot Housing and Urban Devtlupment, or monthly chargc (in lieu ot mongage insurance premiuml, as the cax may be: ll4 grounJ rents, taxes, assessments. firc, and other hazard iowrance premiums; Q11 intercst on the note secured heteby: and IIVI amonization ot the principal ot said note. • Any deficiency in the amount o( such aggregate monthly payment shall. unkss maJe good by the mortgagor p~or to the due datr ot the next wch payment, constitute an event ot defauh under thu mongage. The mortgagee m•ay collect a"late ch•rrge" not to exceed two cents i2c) for each doltar (SI) of each payment more than fi[teen i IS) days in arrear~ to cover the extra expenx involved in hanJling delinquenl payme~ts. 3. That if tht tdal ot the payments made by the mong:+gor under (61 of paragraph : preccding shall excced the amount ot the payments actually made by the mongagee. tor g~ound rents. taxes anJ assessments and inwra~x:e premiumc. as the case may tx, such excess at the up- tion ot the mongagee, shall. be crcviited on subsequent payments to be m•rde by the mortgagor, or retunded tu ~he mortgagor. I(. however, ~he monthly payments made by the mortgagor under (61 ot paragraph ? precaling shaQ not lx sufficient to pay ground rcnts, taxes and assessments and inwraoce premiums, as the case may be. when Ihe same shall become Jue and pay•rbk. then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency. on or before 1he date when payment of such gruunJ rents, taxes. assessmt~ts, or inwranct prem- iums shall be due. It a1 any time tht mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby. full payment of the entirc indebtedness represented thereby. the mortg:~ee shall, in computing 1he amount of such indebtedness. credit to the x- count o( the mortgag~ all payments mads under the provisions uf Ia1 ot paragraph 2 hereot which the m~rtgagce has not become obligated to pay to the Secretary ot Housi~ and Urban Development and any balance remaining in the funJs accumulated unde~ the provisions of l6) of said paragraph 2. If there shall be a de[ault under any of the pruvisions of this mongage, resulting in a public sak ot the premises c.~vered here- by. or it the mortgagee acquircs the property ottxnvise atter defauh, tlx mortgagee shall apply, at the time of the cummencement u( .uch pra- ceedings or at tlx time tlx propeRy is ~therwise acquired. the tmlance then remaining in the funds accumulated under 16) uf patagraph 2 preced- irqe as a credit against the amount ot prmcipal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) ot said paragraph_ 4. 'll~at he will pay all taxes. asscssments, water rates. and other governmental or municipal charge~. fines. or impositiwns, for which pro• ~•icion hac not btcn made, hereinbefore, and in default Ihereot the monp,agee may pay the wme: and thal he will promptly deliver the ufficial receipts ~heretor to the mortgagee. S_ Tlwt he will permit. commit. or sutier no waste. impairment. or deterioration ot said property or any part there~t; and in the event of the failure of the mos~tgagor to keep the twildings on said premises ~nd those to be erected on said premises, or improvementc thercon, in gooJ re- pair, the mortgagee may make such repairs as in iis Jiscrction it may dcem necessary tor Ih~ proper preservation ~iF~ftdt, and ~ht full a~fiount of each and every such payment shall be immediately due and payabk. anJ shall be secured by Ihe lien of this mongaga 6. That he will pay all anJ singular the costs, chargex, an6 expenses. including rcasonat+k lawyer's (eec, and costs o( abstracts ot ti1k, in- curted or paid at any time by the mortgaget because ot the failure on Ihe part ot the mortgagor promplly and fully to pertorm Ihe agrcements and covenants ot said promissory note und this mongage. and caid costs, charges, and etpenxs shall be immeJiately dut and payabk and shall tx secured by the lien of Ihis mortgaga 7_ That lx will keep the improvements now existing on c~reaf~er e~ected on the mongaged property. insured as may tx requircd from time ; to time by the mortg~gee against bss by firc ami other hazarJs, caaualties. and contingencits in such amoums and for such periods as may tx ; required by mortgagee. and will pay promptly. when due. any premiumx on such insurance tor payment o( which provision has nw been made ~ E hereinbetore. All inwrance shall be carried in companits approved by mortgagee and the policies anJ renewals thereof shall be heW by mortga- ~ ~ gee rnd have attached thereto bss payabk clauses in favor of and in torm accepiabk to tht mortgagee. In event of lucs he will give immediate ~ notice by mail to mortgagee. and mottgagee may make proof oE lossit not made promptly by mortga~tor, and each insurance company con- cerned is hereby authorized and directed to make payment for such k~is directly to mortgagee instead uf to mortgagor and mortgagte joinlly. ~ ~ and the insurance proceeds, or any pert ~hereot. may be applied by mortgagee at its option eiiher to the reduction of Ihe indebtedness hereby secured or to the restoration or repair of the property damaged. In event of farecbsure ot this mongaRt or oiher trans(er of titk to the mort- ~ gagni propert~~ in eztinguishment of the indebtedness secured hereby. all righl, titk. anJ interest of the mongagor in and to aoy insurance poli- cies Ihen in force shall pass to tbe purcF~aser or grantec. ~ R. 'fhat if the premises. or any part thereot, be condemned unJer any pow•er uf eminent domain. or acquired for a public uu. the damagcs. ~ proceeJs. and the consideration for such acquisition, to the eate~i of the (ull amuunt of indebtedness upon this Mortg:+gt. and Ihe Note secured hereby remaining unpaid. are hereby assigneci by the [?fortgagor to the Mortgagee and shall be paid forthwith to the Mongagce to be applied by it on account of the indebteness secured hereby. whether Jue or nd. 9. Thal the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdictiewn thereof for the appoint- ment of a receiver, and such court shall forthwith appoint a receiver of Ihe premises covered hereby all and singular. including all and singular ~ ~he income, profits. issues, and revenues trom whatever source deriv~i. each and every of which, i1 being expressly underst«?d. is hereby ~ ~ mortgagai as if specifically xt tonb arxi described in the granting and habendum clauses hereof. and such receiver shall havt all the broad and etiective [unetions and powers in anywise enlrosteJ.by a court to a receiver. and such appointment shall t?e maJe by wch court as an admitted ~ equity and a matter of absolute right to said mortpaget. and wilhout reference to the aJequacy orimadequacy ot the vatue of the property mon- gagtd ar to the solvency or inwl~ency of'said mang,?gor. o~ the detendants. and that wch rents. profits. income_ icsues. anJ revenues ~ha0 tx ~ applied by wch rtceiver according to tbe lien of this mort$age and the practict of such court. In tlx event of any detault on the pan of Ihe mort- ~ gagor hereunder. the mortgagoi agrees to pay to the mortpagee on demand as a reasonabk monthly rental (or 1he prcmixs ap amount at kasl ~ eyuivalent to one-twelfth 11/121 of Ihe aggregate of the twelve monthly installmentc payabk in the then current ytar plus the actual amount of the annual taxes. asussments. water rales. and insuranct premiums for such year no1 covered by the atoresaid munlhly payments. ~ 10. That lal in the event of any breach ot this mort~e or detault on Ihe pan ot the murtgagor. or (b) in the event thal any of said cums of ~ money hcrein ~eterred to be not promptly and (ully paid witMwt demand or notice. or Ic) in the eveni thal each and every the ctipulations. ~ agreements. conditiuns, and covenantc uf said note anJ Ihis mortgage. are not duly. promptly. and tully performed: then in either or any wch ~ event. the said ap,sregate sum mentioned in saiJ note Ihen'remaining unpaid. wilh interest accrued to thal time. and alf moneys secureJ hereby. ~ sl?all txcome due and payabk forthwi(h. or thereafter. at the option ot said mongagee, u fully and completely as i( all ot Ihe said sums of mon- ~ ey were originally slipulated to tx paid on such day, anything in said note or in this mortgagt to ~he contrary ratwith~tanding: and thereupon or ~ thereafter. at the option of said mortgagee. without ratict or demand. suit at law or in equily. may be procecuted as if all money~ secured hert- ~ ~ hy had matured prior to its ins~itution. The murtgagee may foreclose this mortgage. a~ 1o the amount so declared due and payabk. and the said ~ premises ,ball be solJ to satis(y and pay the same loge~her with costs. e!~penxes. and allow~nces. (n case o( partial torecbsurc of this mortgage. ~ tlx_mortgaged premices shall be sold subject to tht coatinuing lien of Ihis mortgage for the amount of the debt not then due and unpaid- In such ~ cau the provisions ut this pa~agraph may again be avaikd of thereafter (rom time to lime by the mongagee. I I. Thal the mongagor will give immediate nMiSe by pkil to the mortgagee ~t any conveyance. transfer. or change of ownership ot Ihe premises. • ~ f ' 12. That no waiver ot any covenan~ herein or ot the obli~tation secured hereby shall at any time thereafter be held to be a waiver ot the terms hereo( or of 1he note secured hereby. ~ R B~~K~4z PA~F2841 ~ ~ c~ . ~ . ~ ~ -