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Home My WebLink About1895 2. 'I hat, in ~xder morc tully tu protect the security ot thia murt~age. ~he mun~iu, l~aher wilh, anJ in s?JJiliun to. iht munlhlY p;~f inents unJer the tcrms of ihe note secu~cJ hereby, on the firs~ J+~y ot each munth until ~he uid nwe is fully paid, will pay to 1he mottJj:~te Ihe fulluw- ing wms: v _ , la1 An am~wnt sufTicient to pruviJe lhe hulder hereof with (unds to pay ~he next muny~e insuranre premium i( IAic instrument anJ Ihe note sccurcd herrby are i~wred, or a mu~tAly char~e (in dcu of a mune:y~e insuisnce premium? if they are Achl by ~he Sccre~ary ot . Housin~ and Urban OcveMpment Ys tulk?ws: (U If anJ so IonY ac uid note ot even date arni this instrumeo~ sue inwrcd or are reinwteJ umter the proviaions ut tAe Natwnal ' Hbusin$ Act. ~n amoul~t wfficiem to accumulate in the Aa~ds ot the holder une (11 month priot to its due Jate the bnnwl mora i g~e insurance p~emium, in order to provide wch holde~ witA tunds to•pay such ~emium ~o the Secretuy ot HwsinY and : t UtbeR Devcbpmapt pur:uant to Ihe Nuional Housins Act. as amend~i:;~d appHcabk Rc~uhtwns thereunder; ot - t qll It and w IonQ u said note ot even date and Ihis i~swment are hcld by the Secrcluy of Hcusin~ and Urban Oevelopment. a 1 munthly char~e (io ~eu of a mortsa~e inwrance prc~iurtil which shsll be in an amount eQwl to one-twelt~h l 111210( one-halt ; 11121 per ceolum of the arense oulsta~lin~ bal~nce due un the note compuled without taking intu accoun~ delinquencies or ~ propaymcnts: . . . { (bl A.um equal to the ~ounJ rents, ii any, nexl Jue. plus the prea?iums that will oe!?t become due and payabk on policic'E o( fire snd ' j WAe~ hazard i~wrance coverine the mon~age~i properly. plus taxes anJ assessments nest due on Ihe mongagcJ propeny lall as esti- ' ma~ed by the monasseel kss all sums already paiJ thrretor diviJtJ by the number ot mooths to elapse betote one mc+nth prior to the date when s~kh gtounJ rents, premiums, tazes, and assessments will l+ecome deli~ue~t. such sums to be held by mongagee in trus~ ~u pay said ~round rents. premiums, txxes, nnd special assessments; and ' (cl All payments meotioned io the tw~o precalin~ wbxctiuns uf this paragrapA and all paymtnts to be made urnler the nat securcd here- by shall t+e added together and 1he aggregate am~unt thereot shall be paid by ~he mort~or each month in a singk payment to be ap- plicd by ~he mongagee to the tolbwing items in the order xt torth: ' (It premium charges under the contract ot inwrance with the Secretary ot H~wsing and Urban [kvelopment, or monthly ~lurge 1in lieu ot munga~e insurance prcmium), as the case may be: 114 ground rents, taxes, assessments. fire, aed othe~ hazard insurYnce premiums: -tHl interest on the nate sccurcd hereby: and IIV) amortizatioo ot the principal ot said note. Any deficiency in the amount ot such aggregate monthly payment shall, unkss maJc g~wd by the mortgagor prior to the due datc ot the oext wch payment, constitute an eve~t ot detault under this mongage. The mortgagee may colkcl a"late chu~e" not to cxceed two cznts l?c) tor each dotlar (SI) ot each payment morc than fitteen ( IS) days in arrears to cuver the extra expense involved in handling delinquent p~yments. 3. That it the taal of the payments made by the mortga~or unde~ (b/ of paragraph 2 precedins sball eXCeed the amount ot the payments i actually made by the mortgagee, tot ground rents, taxes and assessments and inwnncr prcmiums. as the cau may be. such e~cess at the op- ~ tion at the mortgagte. shall. be crcdited on wDsequent payments to be made by tbe monpgor, or nfunded to the mortg~gor_ It, faweve~. the + monthly payments made by the mongagor under (b) d paragraph 2 preceding shall nw be sufl'icient to pay ground ro~ts, taxos and assessments and inwnnce prcmiums, as the case may be, when the same sAaU become due and payabk, then the morigagor shall pay to the mongagee any amount necessary to m•rke up the deficiency. on or be(ore the date when payment ot such ground rcnts, taxes. usessments, or insursnce prem- iums xhaU be due. It a~ any time the mongagor shall tender to the mong;~gee in accordance with the provisions ot the noto secured hereby. fup payment of the entire indebtedness represented thereby, the murtgagee shall. in computing the amount of such indebtedness, crcdil to the ac- ~ count o( the mongagw all payments made under 1he provisions ot (a) ot paragraph 2 hereot which the mongagee has not become obligated to pay to the Sccrctary of Housing and Urban Development and any balance remaini~ in the tuods accumulated under the pruvisions o( (b) of said paragraph 2. If thete shall be a detauh urder any of the provisions of this mortg~e, resulting in a public sak at the premius cavered Ixre- by, or if the mortgagee acquires the property aherwiu atter detauh, the mongagee sfwll apply, at the time of the comme~x-ement ot ~uch pr~~- ceedi~s or at the time the property is othe~vrise acquired, the balance then remaining in the tunds accumulated under (b) ot paragraph 2 preced- ing as a credit against the amount o( principal then remaining uopaid under said nae and shall properly adjust any payments which shall have been made under (a) of said paragrap?i. ~ 4. 'Ihat he will pay all taxes, assessmentx, watet ntes. and other governmental or municipal charges. fines, or impositans. tor which pro- ~ision h:?~ not t+een made hereintxtore, anJ in default lhcreof the mortg•rgee may pay the same: and that he v?ill promptly deliver ~he ofhcial receip~s therefur to [he mortgagee. 5. "Ihal he wiq permit, commit. or sufter no waste, impairment. or deterioration of said property or any part thertot; utd in the event of the failure of the mortgagor to keep the buikiings on said premises and those to be erected on said~premiux. w improvtmentx thereon. in good re- pair_ the mongagee may make such re~+airs as in its diuretion it may dcem necessary for tNe proper preservation thereof. and the full amount of each and every such payment shall be immediattly due and payabk. and shall be secured by tAe lien ot this morlg,~ge. 6. That he will pay all and singular the costs, charges, and expenses. including reaso~abk I~wyer s tees, and costs of absiracts of titk. in- curred or paid at any time by tlx mortgagee because of Ihe failure un the part of the mortgagor promptly and fully to pertorm Ihe agreements and covenants of said promiswry note and this morigage. and said costs. charges. and expe~xs shall tx immediately due and payabk and shall bt secureJ by Ihe litn ot Ihis mongage. ' ~ 7. That he will keep the improrements now existi~a hereafta erected on the morlgaged property. insured as may be required trom time I to lime by the mongagee against loss by fue and olher hazards. casualtie~. and contingeocies in wch amounts and tor such periods as may be ~ required by mungagc~e, anJ will pay prompUy. when due. any premiums an wch inwtanee for payment oE which provision has not been maJe ~ hcreinhetore. All insurance shall be carritd in companies approved by mongaget and 1he policies and rcnewals the~to( sha8 be held by mortga- ~ E gee and have attached thereto loss payable elauses in tavor of and in form acceptabk to the mortgagee. rn event of loss he will give immediate ~ ~ notire by mail lo mortgagce. and mongaRee may make prouf of bxs if not made promptly by mortgagor, and each insurance company con- ( cernnl i~ hereby authorizai and directed to makc payment for such bss Jirectly to mort~ee instead of to mortgagor and mortgagee jantly. ~ ~ and the inwranct proceeds, or any part ~hereof. may be applied by mongagee at its option either to the reductio~ o( the indebtnlness hereby ~ ~ securcd or to the restoration or repair of the property damaged. In event of torecbsure of this mong~e or other transfer ot titk to the mort- ~ gagai propert}~ in e~tinguishment ot the indebtedness secured hereby. all right, titk. arn1 interest of the mortgagor in and to any insurance poli- ~ ~ cies then in (orce shall pass to the purchaser or grantce. t 8. 'That if tlx premius. or any part thereof. tx condemned under any power ot eminent domain. or acquired tor a public use, the damages. ~ proceeds. and the consiAeratan for such a~:quisilion. to 1ht eatent ot the full amount of indebtedness upon this Mongage. and the Note ucured ~ hereby remaining unpaid, are hereby assigned by the Alongagor to the Mortgagee and shall be paid torihwith to the Mongagee to be applied by it on account o( lhe indebteness secured he~eby. whether dut or not. 9. That the mortgagee may. at any time pending a suit upon this mongage. apply to 1he court having jurisdiction thereof tor the appoint- ment ot a receiver. and such court shall forthwith appoint a receiver of the premius covercd hereby all and si~ular. including all and singular ~he income. profits. icsues. anJ revenuts from whatever source derived. tach and every of which. it being exprcssly understood. is hereby mongaged ax it xpecifically sel torth and described_in ths ~r~ntit?~ a4d h~bendum clauses hereof, and such receiver shali have all the broad and etiective functionx and powers in anywise entrusted by a court to a rcceiver. and such appointment sfiall be made by wch coun u an admiued equity and a matter o( absolute right to saiJ mongagee. and without reference to the adequacy or inadequacy o( tbe value of Ihe property mort- ~ grged or to Ihe wlvency or inx~lvency of wid mortp,agor or the defendants. and that wch rents. pro6ts, incume. icsues, and revenues shall tx ~ applied by wch receiver according to the lien of this morigage and the practice o( such court. In the event of any default o~ the part of the mort- j ~ gagor hereunder. the mortpagor agrces to pay to Ihe mortgagee on demand as a reasonabk monthly rcntal for the premixs an amount at ka~t ~ equivalent to one-twelfth 11/12) of Ihe agluegate ot Ihe la•elve monthly instaltments payabk in the then curcent year plus the actua~ amount ot ~ the annual taxes, assessments. w•ater rates, and inwrance premiums for such ytar not covered by the aforesaid monthly payments. ~ 10. That lal in the event of any fxeach ot this mortgage or default on the pan ot the mongagor. or t 61 in the event that any of said sums a( ~ money herein reterred to tx not prompUy and (ully paid without demand or notice. or (c) ia the event Ihat each and every tht slipulation~. ~ :~reements. conditions. and covenants of caid nott and lhis mongaLte. are not duly_ prompdy, and fully pertormed: then in either or any wch ~ event. the ~aid aggregate ~um meniioned in said note Ihen remaining unpaid. with interest accrutJ to that time. ~nd all moneys tecured hereby. ,hall txcomt due anJ payabk (orthwith. or thereafter, at the option ot said monga~tee. as (ully anJ comple~ely as if all ot the said sums of mon- ey werc oriztinally xtipulated to be paid on such day, anything in said nole or in this mongage to the contrary ~wlwithslanding: and thereupon or thereafter. at Itx option of said mortgagee. without ratwe or demand. wit at law or in equity. may be prosecuted as i( all moneys xcured here- by haJ matured prior to its inuitution. The mortFagee may forecbu lhis mortgagt. as to the amount so declated due and payabk. end the said premises shaU t+e sold to satisty anJ pay the same tvgethe~ with costs, expenus, and allowances. In case o( partial forecbsure of this mortgage. the mortgagcd premiu~ shall tx wld subject to Iht continuing lien of this m~rtgage fo~ the amount ot 1he debt not then due and unpaid. ln wch cau Ilx p~ovisionc of this paragraph may again tx avaikd o( ~t~ereafter (rom Iime Io lime by the mortgagee_ 11. 'T~hat the mortp,agor will give immediate notice by mtiil tq ttle~ortgagee of any conveyance. tnnster. or ct?ange ot ownership ot 1he premixes_ ' ~ ' ~ ~ ~ 12. "Il~at no waiver ot any covenanl herein cK of tF~e ubligation ~tcured hereby shall at any time tlxreatter be held to be a waivet of the terms hereo( or of the note secured hereby. ~~~K2~~ ~A~1891 . ,A ~ ,W ~ ~ y , ~ "A ~ x ~