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Home My WebLink About0324 Thal, in orJer mure (ully ti~ piulect the ~erurily ut ~his mongagc. ?ht mung:yii~~, I~~elher with. anJ in :afJitiun 1~~. Ihr qwnthl~ ~wy mrnt+ ~ unJer 1hc lerms af ~he nde ~ecureJ hrteby, an lhe fin1 J~y ot exA mumh until Ihe +aiJ nott i~ (ully paid. will pay to Ihr murigaget ~Ar fulluw- ins ~ums: la) An amwent suffirient to provide ~he huWer hrroot w~ih tu~x1. tu pay Ihc ncrl murt~e ~muranrr prrm~um i( ~bi. imuumrn~ and the nole securcJ herehy are insurcJ. ~u a monlAly ch:+rge lin liCU u( a murtg:y~e inwr~n~e p~emiuml if Ihey •rre htlJ b~• Ihr Sccrrta~y .?t H~wsing anJ Ufian Ikvelopmeo~ as (oltuw s: 11) It and w lung as wiJ nule of evto Jate and this imtn~mrnt are m.ureJ ot arc ~cinwrrJ wxter the ptavi.ion+ ot ~he Natiunal N~w~ing Act, an amount wfTicient to acrumulrte in the hanJ. uf Ihe hulder une 11) munM priur to it~ due date ~he an~ual mort- gage insurance premium, io ixJer to pruviJe ~uch Ix~IJer witA funJs to pay .uch ptemium to Ihe Sectetxry ot N~w+ing and Urban ikvelopmenl =?unuan~ tu the National Huu~ieg Ac1, as amtMled. anJ applicabk Itegulatiun} IherrunJer: or 1111 I( anJ so long as wiJ nwr ot even Jatc anJ this instrument are he1J b~ thc Secrelary o( Nuu.ing anJ Urb:m Ikvelopmen~, a monlhly charge lin lieu ut a mo~tYage inwranre premium? which ~hall Ix in an :unuum eyuat to unc•~wel(th I lf 121 uf one-half 11/21 per renWm of tlx avr~age out+tanding h;?lan~r due on the note cumputed witMiut taking intu ar:•uunt drlinquCnrit+ or prcpaymeotc: Ib1 A wm eyual to the ~round rents. if any, next Jua pluc Ilx prrmiums thal will nert hecome due and payahk on ~x~licits ut firr •rnJ uther hazard in,urance c~~verin~t the mortgaged property, pluc t~re. and a»r+~mrn~~ next due un the mortgage~i ptuprrty lull as e~ti- - mated by the murlg:igeel kcs aU wms alread~~ paid ~here(or divideJ hy ~he numher o( months a? elap~e beture une munth priur to the ~ Jate when such gruunJ rertts, premiums, I:,aes, rnJ ~sses~menu will become Jelinquent, such wm~ tu be hrlJ by murtgaytee in w~t W pay said gromxi rcnts, premiums, taxes, anJ .pecial a~se+~ments; and Icl /111 pryments mentioned in the two preceding subsectiuns ot lhis paragraph and all payments ~o F+e maJr LnJer Ihe notr cecured here- Ay shall be adJed logether anJ Ihe a~gregatt amuunt ~heteuf ,h:Jl t~e paiJ b}• thc mart~gor carh munth in a.inglr payment to 1+z ~p- plied by the mortga~tee !o the tolbwing items in the order set to~th: 111 premium charges unJer the contnct ot in~uranct with the Secrctary of Housing :?nd Urfian [k~•elonment, i~r munthly chargr (in lieu of mortgage insurance premium), as the cau may be: 1111 gound rents, taxes, acsessments, fue, anJ ~?ther huard incurance premiums; tlll imerest on the nae ucurcJ heteby: anA lIV1 amortizati~n ot the principal ot saiJ note: Any de6ciency in the amounl ot such aggregete monthly payment .hall, unkas maJe g.~af by the mortgagur prior ti~ the Jue datt of the oe~t wch payment, constitute an evenl ot Je(auh unde~ this m•~rtgagt. "Il~e mo~tgagee may collect a"late charge" no~ to e~czed tw•o cenlx 12c) for each dollar (SI) of each payment m~rt than fiftten ( IS) days in arrearc to cove~ thc extra expeou involved in hanJling delinquent paymenti. 3. That it the total ot the paymentc made by the mortgagur under (hi of paragraph 2 prece.ii: q shall e~ceed thr amount ot the paymente a~:waUy made by the mortgagee, (or ground rents, taxes anJ ~~sessments and insurance premiumc. :.s ~hr cati~ map tx. wch ctress at the op- tion of tlx mortgagee, shall, be credited on sutxequent payments [o bt maQe by the mortgagor. or rr[unded to the mortg:qtor. It, however. Ihe [ monthly payme~ts made by the mortgagor under (b) of paragraph 2 prcceding shall na be sufficiem to pay gr.~wxi rentc, ta~es and ascetsme~t~ ~ and insurance premiuma, ac the case may be, w~hen ~he same shall t+ecome due and payabk, ihen Ihe mortgagor ~hall pay to Ihe mong:?gee any ~ amoum necessary !o make up the deficiency. vn or t+efore Ihe date when payment uf cuch groutM rcnts, taxes_ assessmem~, or insurance prem- ' ium~ shrll he Jur. It at any time the mortgegur tihall tender to Ihe mortgagtt in xcordance with thr provi.ions o( Ihe note ~ccureJ hereby. tull payment of the entire iixlebledness represtnterf thertby. the mrrtg;:gtt shall, in compWing the rmuum ~~t such inJebledne,~, creJit to the ac- count ot the mortg~azeor all payments made urwkr Ihe provicion. o( Ia? u( paragraph ~ hereot ahich ~ht murtgagte hac nw t~omt obligated to p:ry to the Secretary af Housing anJ Urt+an Dtvelopment and any t,.lance remaining in tht fu~xis accumulated unJer the provision~ uf (bl o[ ~aid paragraph 2. If ttxre shall tx a default under :~ny of tlx provicion<uf this mortgage, rewlti~ in a put+lic ~ale of the premise~ crvered here- ' by, or if the mortgagee arquires the pruperty otherwiu after detault, the mongagee shall apply, at tlx time ut iFx commerecement o( surh pra- ' s ceedings or at 1he time ilx property is uttxrw ise acquired, the balanre then remaining in the tunds accumulated urnier 1 b) ot paragraph 2 pteceJ- ~ ing as a crcdit against 1he amount o( prin~tipal then remaining unp•rid under said n~te and shall properly adjust any payments which sha{I ha~e been made under (a1 of said paragraph. ; a. That he will ~+ay all tatec, asxcsmrnt~. water rates. and wher g~vernm~ntaf or muniripal charges. finr~. ~~r im~x~.itium. (ur which pru- ~ ~i~iun h•r~ not been made herrinbtfure. and in default thereuf tht murtg~gte may pa~ thr ~ame: anJ that he Nill prumptl} Jeliver the ufTiri~l rccriplc there[or to the mortgc~tet. ` 5. That Ix will prrmit, commit, or sufter no waclr. impairment. or deterioration ot .ai.i property or any part thsreof: :snd in the e~•em of ~he + tailure of the mortgagor to ktep tfx: twiWings cin +aid premises and those to he erccted on said premise~. or impruvements thereon, in gaxi rr- ~ pair. the mortgagee may make surh rcpairs a~ in its dic.:retion it may deem necessary for the proper preservation thercof. and the futl amoum of t e:+ch anJ every .uch payment sh~ll be immeJiat~ly ~iue and payabk. anJ shall be secured by the lien of Ihis murtga~te. ~ 6. That he will pa~~ and singular ~he costs, charges, anJ expenxx, including reasonahk lawyer's fetc. and costs of abstracls of ti~lr. in- ~ curreJ or paid at any . y the mortgagee because of the (ailure on the part of the mortgagor prompdy and fully to perfmm the a~treement~ ~ and covenunts of said prumissory note anJ this mortgage, and said rosls. charges. and rwpcox~ tihall t+e immediately Jue anJ payabk and ~hall ~ _ tx cecured by the lien of this morigage. ~ ~ 7. "fhat he will ktep 1he improvnments nuw• e~i~ting or hereafter erectrJ on thc mortg:~tJ property. inwreJ a~ may be requircJ from umr ~ t~~ timt by the mortEwgee ag•rinst k+ss by firr anJ other harardc, ce~ualties. anJ contingen.ie~ in wch amount. :~nJ tor .urh prriai. ati may he ~ reyuireJ hy morlgegee. and will pay promptly, w hen due. any premium+ un wch incur:,nce for pa} mrnt ~~f w hirh pro~ i.ion h„ not hren maJr ` ~ hereinbefore. All insurance ~hall t~ ~arrieci in companies approveJ by mongagee and ~he ~wliciec and rene~ al. thereo( .h:Jl hr heW by mortg:~- E gce and have attaehed thercto (occ payahk clause~ io f~vor ot ~nJ in (orm ~ccrptahle tu the mort~;agee. In e~ent uf lo., he wili ~ive immrJiate i ootict by mail ta mortgagee, and mongagee may make pr~wf ot loss i( not made promptly•hy mort~or, anJ each in,urance comp~ny con- f ` cemrd is hereby authorized and directed to make payment for such loss dirccdy tu mort~gee inuead ot tu mort~g~~r and mort~ee jointly. ' ~ and the insuranct rocceJs, or an rt thereof, ma be a l~ed b mort p ' ~ p y px y pp - y g:?gee at it~ o tiun either ta Ihe reduction ut Ihe indebteJnesl herehy ~ ~ uc~reJ ur to the rcstoration or repair of the proptrty damaged. In evem o( (oreclowre uf this mortgage or uther tram(er of titk to Ihe mort- gageJ property in extinguishmenl of the inJebteJnecs ~ecured hereby. all right. litle. :mJ interetit u( Ihe mortg:?gor in anJ lo ~ny imurance puli- ~ cies tAen in forct shall pass to the purchaser or grantee. ~ 8. That if the premises. or any part IF~ereof. tx condtmned under any ~wer of eminent dom~in. or •rryuired fur a public use. ~he damagrs. proceeds. and the consideration for such xquisition. to Ihe extent of Ihe foll amuunt uf inJebtednes~ uEwn thi. ~1c~ngagc. and 1he Note tierured ~ hereby remaining unpaid, are hereby assigned by +he rt~utg;.gor ~o the Mor~gagte anS .hall he paid (onhwith tn the hiurtgagee to be applirJ hy ~ it on account ot the indebteness secured hert!:y. whdher Jue or no~. : ~ 9. 'Ibat the mortgagee may, at a~~ time pending a suit upon this murtgage. apply to the ccwn having juriufiction Ihereof (or Ihe appoint- a ° ment of e rcctiver, and s+_•-ti :oun sha0 (orthwith appoint a receiver at the premices co~errd hereby all anJ ,ingul~r. incluJing :~II anJ singular ° the income. profits, i~:ues_ and revenues frum whalever source deri~eJ, each and every u[ which, it t+eing e~pre~tily undento.xl, i~ herebp 5 2 ~ mortgaged as if specifically u1 forth and Jescribed in tht granting anJ habe~Jum rlauxt herruf. anJ wch recei~~er ,h.~ll havr :+11 the broad :+nJ ~ ~ efTective functions and powers in anywise enlrusted by a court to a receiver. a~d +uch ap{wintment chall he maJe hy wch ccwrt ac an admitted ; equity and a maUet o( absolule right to caiJ mortgagee. and with~wt reierencr to the aJequacy or inadeyuacy ot Ihe ~~alue uf the pruperty murt- ~ ~ gaged or to the colveney or intul~ency of ~aid mortgagur or the Jefendant.. ..nJ ~hat such rems, prufit.. inrome, i.,ur.. anJ revrnuee ,hall oe applied by such receiver according to the lien of thit mortgage and the prartice ot such court. In the event af any default on the part of the mort- gaRor hercunder. the mortp,agor agrees to pay to the mortgagee on dcmand a~ a reaconabk monthly rcntal (or the premitie~ an amount at kasl ; ~ equi~•alent to oae-twelfth 11112) of the a~rcp,ate o( the twelve monthly installmentc payabk in the then cunent year plus the artual amount of ehe annual tates. assescments. water rate4. anJ in~urance premium~ for wch year n~H co~~ered by the aforet:+iJ monthly p~ymentti. ' 10. TT~at la) in the event of any breach uf this murtg:~t or de(auh un the part of the mortgag~x. or (h) in the e~ en~ that an~ ot ~aid .um~ o( ' _ muney herein referre~ to tx n~t promptly and tully paid w~ith~wt demanJ ur notice. or Icl in Ihe event that each :md every the aipula~iom_ ! ~ :~erremeots. conditiunc. and covenantc of ~sid note and lhic monp,:+ge. :ue nol duly. promptly, and fully pertormed: thrn in either or any wrh ~ y event. the saiJ aggregate sum meolioned in saiJ note then remaining unpaid. with interest accrurJ to Ihat ~ime_ and all muney~,rrureJ herehy_ ~ ~hall txcomc Jut and payabk f~~rlhwith. ex IFxreafter. at Ihe optan of said mortgagee. as (ully and a~mpletcly a~ if all o( thr ~:+iJ wm~ o( mun- - ey werc uriginally stipulatrd to be paiJ on ~uch Jay. anything in wid nott or in Ihis murt~tage to th~ contrary nolwith~t~nJing: and thereupon or ; ~ therca(ter. at the option of caiJ mortgagee. without nW ict or demand. wit at law~ or in equity. may tx prosecuted a~ i( all money~ secureJ here- ~ .S ~ by had matured prior ro its iastitutio^. The mort~et may forcclo~e thi~ mort~e. a~ t~~ Ihe ~mounl w Jcclared Jue and payabk. and ihe said 3 ~ prsmises shalt tx sold to catitify ind px~ the • ame t~~esher with co~ls, capente~. anJ aUowance~. In case o( pattial foreclo~ure of thi~ mortga~tt. ~ ~ the morlgaged premix~ cball tx ~old tiub~c: t to the rontinuing licn ot thiti morlgage for the amount o/ the debt no1 theo due rnd unpaid. In wch z cau the provisions of thic paragraph may :~ain he availeJ i~f thereaftet (rom time to limc hy the murtgagee. ~ ; 3z4 ~ `-.~-ti~..~xJ PacE ~ ~ _ ~ ~ _ _ - _ _ . _ , ~ ~,my J o-~~'~' ~ , ? : ~ ,~.s._._ ~ _