The URL can be used to link to this page

Home My WebLink About0680 2. "R~at. in wder mu~e tull ta ruter~ thc ~rcuril ~~f ~hi+ m~~n a t. Ihe murt ~~r. a ethe~ with. anJ in ..JJrtiun iu, tMr mun~hl mrnh Y P Y R B~?B MC Y{'r) utnlet Ihe Itrms ol the mue ~ecurcd hrreby, ~~n thr 6rcl Jay of tach monlh until Iht wiJ nute i+ fully p:?id, will pay ti? Iht mu~tb:+bre thc (ulluM - ing +ums: la? An ~muum wfTicient w pr.~vide ~he huWer htrrut v?i~h iual~ 1i~ pay ~he nr~1 muri~r inwr~n:a premium if ~hi~ inctrumtot and the nwe cecured hercby ~rc imurtd. ~u a mu~lhly charge lin licu a mung:~e inwran~e premiuml it tAey are he1J hy thc Secrelary ut H~wsing and Urt+an Ikvek?pmcnl ac fuU.~wc: ' I11 It and w k?ng as said nwe of even date anJ IAis inslrument are imured ur arc reinwred unJtr the provici~~nc o( the Nation.d Huu~ing Act. an:~muunl .ufTi~ienl to acrumulate in 1he haoJ. ut the AolJtr une 11) munth priur to ih due J~te ~he annual mon- gage insurance p~emium, in cxder to pruviJe such huldu with tundt ta pay wch premium ~o ~he Secrc~ary ot Hiwsiog and Urban Ikvrk~pmrnl purswnt 10 ~he N•rtiunal Hiw~ing Ac1, as amen~kd, anJ applicabk Regul•ation? theraunder: ur 111) I( and so kuyt as sai~l nwe o( evun Jate anJ this in~trument :ue hcW by the Secretary uf Hou+ing and UrAan ikvelopmCnt. a monthly cMrge (in lieu u! e mottgage in~urance premiuml which ~hall tK in :u? amuunt eyual w une-twrlfth l ~l12) u! ant-h:Jt ( IJ?) Qer centum ut tF~e aver:y~e outstanJine balance Jue un lhe note cumpWrJ with~wt taking into arcuum drlinyucncie+ .?r prepaymsnts; Ib) A sum equal to ~he ground renls, it any, next Jue. plus Ihe premiumc ihat M ill nexl become due end payabk oo policirs ut fire anJ utAer huard inwraoce covetin~ the murtg:~n1 pruperty, plox t:+?~es anJ auessmrntc next due un the m~•n~eJ properly Iall a~ rs~i- ~maled by Ihe mo~t~ee) kss •all sums alreaJy paid therctor JiviJeJ by the oumbe~ ut munths tu elap+e beture onr month priur tu tlx date when such gruuml rents, ptemiums. ta~es. a~d a~u~.me~Is will becume Jelioqurnt, wch ~um~ ~u be hdd by murt~ee in tru~~ to pay said grounJ rcms, premiums. taxes, and ~pecial a~se++ments; and Ic1 All paymeols memioaed in the two prereding subsecliuns ot thic patagraph and all payments ~o he maJe unJrr ~he note .ecurrJ here- hy xhall lx added togelher and Ihe aggregate amount thereot +hall t+r paid by the mi~rtgag~x each m~~nth in a eingk payment to t+e •rp- plied by Ihe mortgagee to the tollowing items in the order xt fonh: 111 p~emium chargts unJer ihe contract ot imurance with the Secretary ot Housing and Urlun Ikvelopment. or munthly charge (in lieu of murtgage inwrance premium). as tlx case.may he: IID gou~xf rents, taxes, acsessmtnts, fire, a~x1 other hazard insurance premiums: (111 intGrest on the nate securcd herehy; aod ~ lIV? amorlitation of the principal of saiJ nott. Any Jeficiency in the amount of such aggregate monthly payment shall, unless made gucxi by Ihe mortgagur prior t~~ tht due Jate o( tht rieu .uch payment, cons~itutt an event ~f default under this mortgage. "ilie mortgegee may coltect a"late charge" ~x?t to txcted two cenls 1?ci tor rach Jollar (Sl ) ot each payment more Ihan Rfter~ (15) days in arrearx to cover tht extra expenu inv~lved in handling Jrlinquent payments. 3. 71wt if the tMal ot Ihe payments made by the mortg~gor under (b) ot paragraph 2 prertding shall exceeJ ~he amount c~t the payment~ actually made by thr mortg:+gee. (or grounJ rents. taaes anJ assrs~mems and insurance premiums, ac ~he c~+e may t+e. wch e~ce+s at Ihe op- ~ tion ot the mongagee. shall, be crediteJ on cubsequent paymenls to be maJe by the mortgagur. or rcfunJed to the mong:?gor. IL M~wever, the monthly payments made by the mortp,a~gor undet 16) ot paragraph 2 preceding shall na Ix sufTiciem to pay p,round rents. ta~e~ and acse.~ment~ and inwrance premiums, ac thr cace may Ae, wheo ~he same shall becomc due and payabk. then 1he mortgagor ~hall pay to the m~~rlp,agee any amount nece+sary to make up the deficiency. on or he(ure 1he date when payment ot such ~ound rentx. taxec, asses~men~c. or imurance prem- iums shall t?e Jue. If at any time the mortp,agur cha0 te~Jer to the mortgagee in:xwrdance with [he provisions o( the nwe secured hereby. full pnyment of the entire inJebteJnecs represented thercby, ~he mortg:tgee shall, in computing the amount of wch inJebtcYlne~s, credit to the ac- count ut the mongagor atl paymentc maJe unJe~ the provisium oi la) o( paragrapA 2 hertot which the mortgagee has ~ot Uecome ubligateJ to pay to the Secrctary ot Hiwsing anJ Urt+:?n (kvelupment and any hatance remaining in the tunds accumulated orxler the pruvi~ions ot Ih1 ~~t vid paragr-aph 2. It thert shall t+e a defeult urxl~r any ot the provisions ot this mortgage, resulting in a public sale of the premi.ec ro~~ered here- by, or if tlx mongagee acquues the pwperty otFxrwiu atter def~uh, the mongagee shall apply. at the time ot the commencement ut such pro- ceedings or at the time the propeny is ottxrwiu acquired, the balance then remair.ing in ihe tunds accumulated under 1 b1 of parap,raph 2 preced- ing as a credit agains: the amount ot principal then remainirqG unpaid under said note and shall properly adjust any payments w~hich chall have t+een made under Ial of said paragraph. - 4. Tha~ he will pay ah ta~ec. •rsxssmeat.. watrr rate+. -rnd uther guvernmental or municipal chargeti, fines, or impu+itium. tor which pro- vi+i~x~ has nut been m•rde hereinbe(ore, and in defbult thercot the murtgagee may pay the .ame: :?nJ tha~ hc w ill prump~ly Jeliver ~he utfici~l recriptc t6rre(or ~o the murtgage~. S. 'I~at ht will permit, cummit, ur sutTer nu waste, impairment, or Jeteriuration of ~aiJ propert~• or ~ny p:?rt therrof : and in Ihe cvent ot the (ailure o( the mungagw to keep ihe twiWings on ~aid premises and those to be ererted i~n caid premisec. or impmvements ~hereon. in ~xxi re- pair. ~ht mortgastt may make such rcpairs as in ils discretion it may deem necessary tor the proper preservatioo thera~f. :~nd the tull amount ot each and every wch payments6a11 be immediatdyJue aixl payabk. and shall be secured by the lien of this mortg:qte. 6. That he will pay gll and singiJar the costs, charges, arxi eMpenses. including reawnabk lawytr's fces, anJ costs ot abstracts ot titk. in- ' curted or paiJ at any time by the mortgagce becaux of Ihs failurc on itx part uf the mortgagor promptly and tully to perform the agreementt and covenants ot said promissory note anJ thic mortgage, and said costs. charges. :~nJ z~prnus shall tx immediately due and payahk and +hall tx cecured by the fien of this mortgage. ~ 7. That T~ewill keep tbe improvemrnts now~ etistinRor h~reaher erected on the m.xtgaged propeny, insured as may hr reyuired frum timr ~ to time by the mortgagce against loc~ by fire a~d other h:varJti. cawalties. enJ .oming~~ciec in wch amount~ :+nJ for .uch ptri~xl, may he required by mortgagee. anJ will pay promptly. when Jue. any premium~ on wch imurance tor pay~ment oi which prov~.ion ha. not heen madr hereintxtore. All imuranre shall be cartieJ in compenieti appruveJ hy mortgagee anJ the Ewlicie~ :~nJ renew ah thereof ,hall F+e helJ by mort~- gee and have altacheJ thereto losc payable clauuc in tavor of anJ ~n form acccptable to Ihe mottg~gee. In e~ tm ut lu~~ h~ w ill give immediate nwice by mail to mortgagee. and mon~eee may make pruof ot io~s if nd made promplly by mortgagor. and each imur~nce compan}• con- } gagte instrad ut to mort o ` cerned is hereby authorited aod directed to make poymtnt for ~uch los~ dKectl to mort g:+s r and mortgagee jointly. and the inwrance proceeds, or any part the~euf, may be applied by mortgagee :u its optiun tither tn the reductian of ihe indebteJness herehy secured or to the rectoration or repair ot the property damaged. In event of forerlu.ure of this mongage ar uther tramter of tiUe to the murt- gaged property in extinguishment ut Ihe inJeb~ednetis securcd herehy. aU riKht. title. and interest ot the mori~:~gur in and tu any imurar?cr M~li- cies tixn in force shall pass to the purchaser or grantee. 8. Tl?at if the premises, or any part thereo(. hc canJemncd under any power ot rminent domain, or acquireJ for a pubiir u+e. thc damages. ~ ptocteds, and the eonsideration for such :xquisition. to the e~tent o( ~he full amuunt uf in,febteJne~s up~n thi. ~lurtgage. and ihe Note cecured hereby remaining unpaid. are hercby assigneJ by Ihe I~lorty,agur to the Murtg:,gee and.hall tx paiJ torthwith lo the :Nortgagee to he a~splini by ~ it on xcouni of the indebteness stcured hereby. whether due or not. 9. "fhat the mongagee may, at any time pending a cuit upon this mortgagt. apply to Ihe coun having jurisdicli~~n thereof tor Ihe ap~+c~iot- ~ ment of a receiver. and such court shall forthwith appoint a rectiver of the premises ci~vered hereb~~ all and singular. incluJing all and tiingular the income. profits. issucs. and revenues from whatever suurce JeriveJ. ~ach and every ot which. it being exprcs~ly uoderst«xi. is hercby mortgaged as i( cpecifK:ally set forth and JescribeJ in tMe granting anJ hat?endum ~ lauces he~eof. :~rx1 wch receiver chall have all the brord anJ etiective functions and powtrs in anywise entrusted by a a?ur1 to a receiver. and .uch ap{?ointment shall he made b} such courl ac an admitted ° equity and a mauer ~t abcalute right to saiJ mortgagee, snJ withnut reteren:e tn thr adCquxy or in.ufeyuac~~ o( the vaiue ot the property mort- - gaged or to ~he ~olvency cx inwlvency of ~aid mortgagor or Ihe detenJ:~mc. anJ th:~t such rent~. prufih. inr~~me. i.tiue+. a~d re~ enue~ ,hall ne ~ applied by such receiver accorJing to the lien ot Ihis mortgage and the pracuce ot ~uch rouri. In the eveM ot any Jef ault on the parl of the mon- ~ gagor hereuoder. the mortgagor agrees to pay to the mottgagee un dem3oJ a~ a rcasunabk monthly rental for the premisc~ an amount at kav it ~ equivalent to one-twdith (1?121 of t}x a~treg~te of the twelve monthly imt311ments payabk in tht then cunent yenr plus the actual amount o( } ~ tlx annual taxes. acxssmentx. water ratec, an~ inwrance premium~ (or wrh ye~r not covered by the a(oresaid monthly paymenls. ~ 10. That {a? in Ihe e~•ent ot any breach ot Ihi~ morlgage or Jefault on the pan o( tbe mortgagor. or Ib) in the event that any ot wiJ sums ot ~ money herein re(erred to 1x not prompUy anJ fully p:~id witMwt JemanJ ~~r oolice. or Ic1 in the event that e:uh and every the clipul:?tiom. ~ ~greements. ronditiom_ anJ covenant~ o( ~•rid note and thi~ mnrty,:+ge. are nW duly_ prompUy. anJ fully per(ormed: then in eithrr or any wch event. the said aggregete sum mentiunrd in wid note then remaining unpaiJ. w•ith interest accrued l0 lhat time. and all.moneyti secured hereby. ~ ~hall hecome due and payabk forthwith. or thereafter. at the optwn of said rteortgagee. as tully anJ compktely a. if ~11 of the saiJ sums ot mon- ~ ey were oripnally stipulated to F+e paid on tiuch day. anything io wiJ nute or in this mortgagt to ~he comrary rwtwithstanding: and Ihereupvn or ~ Ihereafter. at the opti~~n of said morlg:utee. withcwt nolice or Jemand. .uit •rt law or in equily. may tx prosecut~d a~ i( all moneys secured here- ~ by haJ mawred prior to its imtitutiun_ The mortp,agte may (~ireclo~e thi~ mortgage_ a~ 1o the amuunt ui declared due and payabk. anJ the said premises shall be wtd lo satisfy and pay the +ame t~ether with co~ts_ expenses. anJ alli~wancec. In cace of parual foreclosure of this mortg:~e. ~ Ihe mortgaged premixes shall tx wld +ubject to the ci~ntinuing lien of Ihi~ mortgage for the amount of Ihe debt no1 then due and unpaid. In wch cax Ihe provisions ot this paragraph may again tx avaikd of thcreattcr from time to time by thc mortg:?gee. ~ - E:~~ 2~8 b7'g ~Y y - _ _ ~ ~ ~.r•., " ; _ _ ~ ~