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Home My WebLink About2603 , : "~h~t, in urJer murr tuUy tu prutect the ~ccunly ut Ihis mutt~t. ~he murty~ur, tubdher w ith. anJ in .,JJitiun lo, thr mo~thl~ p~yment. 1 under ~he terma of ~hr mKe .ecurrJ herrby. un tbe fin~ duy ut r.ch muoth until iht w~J nu~e fully paiJ, will pay 1u ~ht mun~cr ihr (u11uM - ing .wm: . (•r) An •rmuunl cut~ient ta proviJe thr huWe~ hr~eut with tunds tu pay ~hr ne~t mun~aKe imur~ncc prrmium it 1hi> in.trumeol anJ ~he ; ' nwe ~ecurcJ hrreby s~tt inwrrJ. or a munthly ch:+rge lin litu of u morl~t inw?anct piemiuml i( ~hey are heW by ~he tiecrrlary uf Nousing and Urb~n ptvclupmtnt a. tallow~: • 111 If anJ so loq~ o~ ~aiJ nwt ut even date anJ lhis instrumenl are inu :eJ ur arc reinwrcd unJrr Ihe pruvi~iun~ ut the Na~iunal Houyng A~t ~an am}?unt yiflicie~l lo aceumulate in Ihe hands uf the holder une 111 monlh priot to ils Jue Jate the ~nnual murt- ~ _ ' gage inwrance premrum, in order tu provWe wch IwWer with (unJ. to pay such premium to Ihe Sccrciary ut Huu.ing ~nd Urban tkvelupment punuant to the Natwnal Nousiog Act. •rc •rmended. and applicabk Regul~tiun. thereunJer: u~ 1111 If anJ ~o b~ aa s~id nbte oiZvt)1 aatr ~~J lhis in~l~ument are helJ hy Ihe Secrotary ot Hcwung and Urban Ikvtlopment. a ~ • monthly ch~rYe lio Iiai of a,mc~risa~e iaw~xnce premit+m~whi~h .halt he in an amount equal tu unrtweltlh 111121 ot one-halt = 11/21 per ceotum ut the avetage uutslandina balance due un thr nWe ~umputed w~itMwt takirtg inta acc~wnt delinquencies or prepRymtMti: . , . , . ~ . ~ - . - . . + ~ Ibl A~um equal Ia the grounJ renls, if any, ne~1 due. plus the p~rmium~ Iha~ will nert t+ecome due anJ.p:+yabk on poticie+ ot fire anJ aher haz•rrJ inwrance covering the martga$ed property, plux tates and ssssssments nt~t dut on tht monga~teJ properly (all at tsta ! mated by the mei~~eel ksc all tiums ;dreaSy paiJ ~hero(or diviJeJ by the numt+er oi months to elapxe beturt une manth pri~x to the j Jata when xocA grourn) trnts: prcmiumc, 1au+, ahJ acxexsments will t?ecome Jelinpuent, such wms to bt heW by mongagte in trust ~ to pay wid ground rents, premiums, ta~es, and apecial a~xssments; at~ • - • - Ic 1 All paymenls mentioneJ in the tw•u prcceJing wbxetiuns o( thic puagrapA :u~J all payments to be made unJer tht note xcureJ here= ~ by.hall bc aJJeJ together and the aggregatt amuunt thcreuf ~hall l+e paid by the mortgagor tach munth in a,ingk payment to be ap- 5~ plied by tlx morlgagee tu Ihe totlowing items in~he orJer set forth: ` (4 prcmium ch:uges under the cuntract a( inwrance with the Secrctary ot Nuusing and lirban DevelupmeM, or monlhly chargt (in litu of morlgage inwrence premium). as Ihe case may t+e; 4~ (I4 grounJ rants, tazec. assessments, fire, and other hazarJ inwrance premiums; 1111 interest on the note secured h~reby: and , (IV) :ur:onitation of the principal ot suiJ nott. Any deficiency in the amount ot such aggregate monthly ~+aymtnt ~hsll, unkss maJe g~wd by the murlgagor prior to the Jue Jate of Ihe nest wch payment, constitWe an event o( Jctault under this mortg;ige. The morlg:+gee may wllect a"late chatge" not ro eaceed tvro cents (2c) tor each dollar ISI ) of each paymenl mo~e than fitteen 1151 days in arrear~ to cuver the ettra espenx involved in handling delinyuent payments. 3. 'Riat i(1he total ot the payments made by the mortgagor under tb) ot paragraph : preceding shall exceed the amcwnt of Ihe payments xtually maJe by the mong~gca tor grourxi renls. taxes and assessmentc rnd inwrance premiums, as the case mey be. wch eccess at the op- tion o( thc mongagee. shall, be crediteJ on subseyuent payments to be made by the mortgagor, or rcfunded to the mortgagur. If, however. the monthly payments made by the mortgagot unJt~ ! b) ot paragraph ? preceJing shall ~ot be sutTicient to pay gound rents, taxes and assessmenls and insurance premiums. as the case may be. when the same shall become due and payabk, then the murtgagor shall pay 1o the mortgagee any " amount necexsary to make up the deficiency, on or befure thc Jate when payment ot such groond rents, taxes. assessments, or insurance prem- iums shall be due. If at any time 1F?e morlgagor shall tender to the mort~ee io acc~xdance wilh the pravisions ot Ihe note secured hereby. full payment ot t1~e entirc indeblednecs represented thereby. lhe mortp.agee .h•rll. io romputing the amount of such indeMedness, crcdit to the ac- count ot the mortgagor all payme~ts made under the provisions ot la1 of paragraph 2 hereof which the mortgagee has not txcome obligated to pay to Iht Secretary of Housing and Urban Development and any balance remaining in tht funds accumulateJ unde~ the provisions ot !b) of said paragraph 2. If there chall be a de[ault under any ot the pruvisions of this mortgage, resulting in a public salt ot Ihe premice~ a~vereJ here- by. or it the murtg,~gee acquires the property Mherwise after detault, the mortgagee shall apply. at the time ot Ihe commencement ut wch pru- ctedings or at the time the property is othcrwise acquued, the balance then nmairerqe in the tunds accumulated under I6) of paragraph 2 preced- ing as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shalt have been made under la) of said paragraph_ , ~ ` i d. That he will pay all taaes. assessmems, water rates anJ Wher governmental or municipal charges. 6nes, or impo~itio~s. for which pro- ~ vision ha~ no1 bren madr hereint?~ti~re. anJ in dtfault thereuf the mortLeaget may pay Ihe ~ame: and that ht will pmmpUy Jeliver the ofTirial ~ receiplc Iherelor to the morl~ger_ S. Tha1 he will permit. commit, iir sulier no wrste, impairment, or deterioration of said propeny or any pen thereot: and in the event of the tailure ot tlx mongagor to keep the buiWingc on said premix~ anJ those to tx erected on s•rid premi.es. or improvementc thereon. in good re- pair. the mortgagee may make zuch repain as in its discrction it may deem necessary for the proper preservation thercof. and the tull amount of each and every such payment shall be immeJi•rtely due •rnJ payabk. anJ sfiall F+e ~ecured by ~he lien af this mortgage. 6. That he vvill pay all anJ singular the costs, charges. anJ expenses. including rea~onabk (awyer's fetx. and costs of ahstracls o( tilk. in- ~ curced or paiJ at any time hy tlx murtgagee t?ecause ot the f•rilure on tlx patt o( the mortgagor promplly and (ully to pcrform the agreements and covenants of saiJ promi~cory note arxi this murt~tage. and saiJ costs, charges. aixi expenses shall t~e immeJiately due anJ payabk and shall ~ tx secured by tfx lien o( this mon~ee. . 7. That he will keep ~he improvememc now existing or hereafter erected on the mortp,aged pro{+erty. insured as may be required (rom time 1 i to time by the m~~r~gagee :~ainst bcs by fire and other hazarJs, casualties. anJ contingencits in wch amounts and far such periais as ma~• t~e requirad by mortp,:sgte. anJ v~ill pay prumptly. when due_ any premium~ on wch inwrance for payment of which provision has not been made j hereinbefore. All incuranct shall be carrieJ in rumpanies approyed by mortg:+ge~ and Ihe policies and renewals Ihercof shall tx held by mortga- ~ gee anJ have attached the;eto {oss payabk clauses ip fpvor of and in forrp acceptabk to the murtsagee. In event of luss he will give immediate ; naice by mail to morlgagec. arid moRgagtE'tnay make proof ot~loss if not tnadt promptly by ~iiortEagot. and each insurance company con- f cerned is hereby aathorized and directed to m'ake payment for s6ch bSs directly to mortgagee instead of to mortga$or and mortgagee jointly. ! and the inwrame pr~eeJs. ur any parf thereof, may be appGed by martgagee at its uptioneither to the reJuClion of the i~xlebtedness hereby ucured or to the recroratiun ur rcpair ot the property Jamaged. Iri t~ ent of forecfosure of thii mortgage or oiher transfer of titk to the mort- gaged property in extioguishment of tht indtl~tedneits xcured hereby. aU ~isht, tilk..aadinteiest of the rhorte,~agor in and to any insurance poli- cies ~hen in torce shall pass to the purchaser or grantee. 8. "fhat if the premises, ur any part lhereoL tx condemneJ wr+er any power of eminent Jomsin. or acquireJ for a puWic use. the damages_ ~ proceeJs. anJ the consider+ution (or wch xqui~ition. to 1he eti~ent oi the full amoum ut indebtedness upon this Mortp,age. anJ the Note cecured hereby remaining unpaid. are hereby assigned by ~he Nurtgagur to the Mortgagee and shall tx paid forihwith to the Mortgagee to be applied by it un acc~uunt ot the indebtcncss secured hereby. whether Jue or not. 9. 'fhal the mortgagee may. at any time pending a suit upon this mongage. apply to Ihe court having juriuiiction thereof tor Ihe appoint- ¢ ment of a rectiver, and such court chall fonhwith appoint a receiver af Ihe premisex covered hereby all and singular. including all and sinttular ~ the income. profits. issues, andrevenues from whatever source derived. each and every of which. it being expressly understood. is hereby ~ mortg:?geJ a~ if specifically xt forth a~xi describe.i in the granting and habe~dum clauses hereof. and sueh receiYei sha11 have all the txoad and ~ etTsctive functions and ~wwers in anywi~ entrusted by a court,ro a receiver, aad +uch appoimrpe~t shall be made by such court as an admitted ` equi~y and a matter of absolu~e right~fo ~said morlg.+gee. and wilhiwl refercnce fo the ~J~qvacr ot inadsquacy o( tae value of Ihe property mort- g:?ged or ro the .olvency or incolvency ot wid mortgagor or the de(endants. a~d tha( cuch tents. pro6t1: income. istiuec. a~d revenues ~hall t+e ~ applicJ by such receiver accordiog to tbe lien vt this mortgaRe and the practice of such court: fn the event oi any dtfauh on the part of the mon- ; g:~or hereunder. the mongagor agrees to pay to Ihe monga~ce on demand as a reasonabk monthly tental for the premius an amount at kast 3 cquivalent to onrtweltth 11/121 of the •rggregate of the Iwelve monthly inctallments payabk in Ihe then current year plus Ihe actual amoun~ of 3 the annual taxes. assessmcnts. water rates. and insurance premiumc for such year not covered by tlx aforesaid monthly payments. ; 10. That Ia1 in the event of any brcach of thiti mortp,age or detauh on the p:+n of Ihe mortgagor. or (b) in the event that any ot .aiJ sums of ~ money herein rcterred to be nw promptly anJ fully paid without demand ur notice. or Irl in the event that each and every the stipulations. ~ agreemenK_ conditions. and cmenant~ ot saiJ oote and Ihi~ mort~gt. are no1 duly. prompdy. anJ (ully performeJ: Ihen in either or any such ~ evem. tht saiJ aggregate sum menlioned in wiJ note then rcm•rining unpaid. with interest accrutd to lhat time. anJ all monty~ secuted hereby. 3 thall hecome Jue and payabk forthwilh. or Ihertatlt~. ai ~he uption of said mortgagee. as fully and completely as it all ot the wid sums of mon- ~ ey w~ere originally stipulateJ to t+e p•riJ on wch Jay. anything in said note or in this mortgage tu Ihe conlrary notwithxtanding: and thereupon or ~ thereaf~er. at the oplion of said mortgagee_ withawl rni~ice or Jzmand. ~uit at !aw or in equity. may tx prosecuted as if a!1 moneys secured here- by haJ matured prior to its im~itWion. The mortgagee may (oreciou this mortp.age. as to Ihe amount w declared due and payabk. and the said ~ premises shall t+e sold to catisfy and pay Ihe .ame together with casts. expenses. and allowances. In case of partial forecbsurt of Ihi~ mortp,age. ~ Ihe monpaged premixs shafl be colJ subject ~o the continuing lien ot this mortp,agt for Ihe amoum of the deM nd then Jue and unpaid. In wch ~ case the provisiuns of Ihis p:~ragraph may again be avail~d o~ I~creafter trom time ~o time by the mortgagee. ~ 1 I. That the mongagur will give immeJiate n~~~ice by mail to the martgagce o( any cemveyance. transfet. or changt of ownership of Ihe ~ premius. ~ 1?. 'il~at no waiver oi any covenanl herein or of Ihe obliFntion ucured hereby shall at any time thereafter be held to be a waiver of Ihe ~ terms hereof or of tF~e nae secured hereby. ~ ao244~~l~43 ~ ~ ~ : . _ - - _ _ - ~ . _ _ . - _