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Home My WebLink About0009 f 2. Tha1. in orde~ morc tupy tu protecl the ~ecurily uf Ihic mong:yse. Ihe mur~g:~u~, tc~elhet with. and in additiun to. the munlhly peymcnls under lhe terms of Ihe owe ttcured he~eby. on the 6nt day af each manlh untillhe caiJ n~Ke is fully {+aid. will pry to thr mi~~tg:~ee ~ht tulluw - ~ ing cums: (a) An amuunt sufficient to provide Ihe hoWtr Atreut w~ith (unJ~ tu pay thr nexl murtg:qte inwr.nce prtmium i( Ihi. in.tn~ment su?J the { note securcd herehy are inwred, or a munthly cha~ge lin lieu ot a murt~e imur~nce premiuml i( tixy are heW by ~he Secrctary ot ~ H~wsiog and Uttx+n Devebpmtnt ~s (ullows: : 111 It and w long u saiJ nde ot eveo Jate and Ihis instniment are incured or ate reinwreJ urnler the provisioos of ~he Natiunal s Housing /?c~. an :unuunt sufl'icient to accumulatt in the hanJs ut 1he hoWer une 111 month prior t~i it+ due J~te ~he annual murt- ~ g~g+e i~wrance prcmium. in order ta pruvide sucA M~Ider wilh funds to pay such p~emium 1o Ihe Secretary ot Housing and ~ Urban Developmeot {wrsuant to the Nalional Huusing Act, as amcn~itd, anJ applicabk Regulatiwn~ thereunder: o~ ; UI) It and w long ac said note ut eveo da~e and this insltumcnt :ue heW by the Secrctary o( H~wung and Ufian ikvrlopment, a i moo~hly charge lin liru ot a mortg:~ge insurance pramium) which shall t+e in an amount equal tu one-twelfth 1t112) ot one•halt ~ 1112) per centum of Ihe average out~t•anding t+:Jance due an Ihe nute computnl without taking ioto accuunt delinquenciex or ~ prepayments; ~ Ibl A wm eyual lo the grounJ rents, it any, ne~t Jue. plus the prcmiums ~hat w•ill ne+~t l+ecume due and payabk un pulicies uf firc and ~ aher hazud inwrnnce coverirbe Ihe mortgagcrl property, plus tasts and assessments next due un the mungagtd property 1a11 as es~i- mated by the mortgagee) kss all sums alrtady p:+id theretor Jivided by Ihe number ut manth+ tu elap~e betore une munth priw to tht ; Jate when such grou~xl rents, prcmiums, ~axes, and asu~sments will become delinquent, wch wms to t+e helJ by morlgagee in Irust to pay said ground rents, premiums, laxes, and spccial asussments; and - ~ (c) All payme~ts mentioned in the two preceJing wbsections ot this paragraph and alf paymerits ~o tx maJe unJer the notr cecured here- by sh~ll be aJdeJ together anJ the :?ggrtgate amount thereut shall tx paid by the mungagor each mun~h in a cingle paymen~ to be ap- ~ plicd by the mongagee to the tollowing items in the orJcr set torth: - Ih premium charges unJer Ihe contract of insurance with the Secretary ot H~wsing anJ Urban I~~dopment, or month{y charge (in licu o( mongage insurance premium?. as the rau may be; 1111 grou~ rcnts, ta.xes, assessments, fire, anJ other hazard inwrance premiumc: (111 interest on the note securcd hereby; and (IV) amorti~atioo ot the principal of caiJ nole. Any deficiency in Ihe amount of such aggregatt monthly paymen! ~hall, unkss made g~wd by the mon~gor prior to the due Jate of the nezt wch payment, constitute an event of detauh utxler Ihis mort~tage. The morigagee may collect a"late charge" not to etceed two cents 12c) for each dollar (SIl ot each payment mure lhan fifteen 1151 dayc in arrears to cover the e~tra expense inv~dved in handling delinquent payments. 3. Thal if tht total of the payments made by the mortgagor u~er Ibl ot paragraph 2 prqceding shall exceed the amount of the payments actually made by Ihe mortgagee, (or ground rents, taxes nrxt as~es~ments and insurarce premiums, as the case may tx. such excess at the ap- tiosi of Ihe morlgagee, shall, l?e credited on subxqurnt payments to be mxde by the mortgxgor. or refurxied to the mortgagor. If. however, the monthly payments made by the mortgagor urxfer 1 b1 of paragraph 2 preceding shall nd be suf5ceent to pay gound rents, taaces and assessments and inwrance premiums, as the case may be. when the same shall txc.xne due and payabk. then ttx mongagor shall pay to the morigagee any amount necessary to make up Ihe deficiency. on or t+efore the date when p•ryment ot ~ucA grournl rents, ta~es, assescmenls, or inwran~e prem- iums shall fx due. I( at :u~y time the mortg:?gor shall tende~ to the murtgagee in accordance with Ihe pravisions af Ihe note stcured hercby. (ull payment of the entire i~xiebtedness represenlcd ~herehy, the morts,sgee tihell, in romputing ~he amoum ot wrh indebtedness. crcdit to !he ac- count ot tt~t mortgagor all payments made unJer the provisions ot Ia) uf paragraph 2 hereof which the mortgagee has not txcome obligate~i to pay to the Secretary of Housing and Urban [kvelopment and an~~ t~alance remaining in the turxis accumulated under the provisions of (bl ot said paragraph 2_ I[ tl~ere shatl be a detault under any ot the provisions ot this mortgage. resulting in a public sale of the premisrs covzred here- by, or it the mottgagee acquires tlx propcrty otherwise atter detault, the mortgagee shall apply. at the time of tlx commencement ut such pro- ~eedings or at the time the property is otherwise arqu'ued, ttx twlanct theo remaining in the funds accumulated under t b) ot paragraph 2 preced- ing as a credit against the amount of principal then remaining unpaid under syid rwte and shall properly adjust any payments which shall have been made under (a) of said paragraph. ' " 4_ That he will pay all lates. a+~essment~. water ratec. anJ wher govtrnmental or municipal charges. fines. or impositiuns, for which pro- vi+ion has nol besn mad~ hrrrinhefori. and io Jef~ult Iherr.?f ihe murtgagee may pay thz .ame: and that he will prumpUy Jeliver the ufficial reccipts thercfor to the mort~:?~ce. S. 71?at Ae will permit. commit. or ~ulter no w~•rcte. impairmcnt. or dcteriurati~~n of .aid pr.?perty ur any part thereo(: •rnd in the event of Ihe tailure ot the mortgagor to keep tlx buildingti on caiJ premitic~ anJ Iho~t 1o be erccted on vid prcmisec. ~x impmvtmtnt~ thercon. in g~xx1 re- pair, the mortgagee may make such repain a~ in it. diurction it may Jeem necec~ary tur the proper preservation thereo(. and 1he full amount of each xnJ every wch payment shall t?r immediately Jue and pryabk_ -rnd tihall ix ~ecured bx the lien of Ihis mor.gage. 6_ Thal he will pay all and singular the costs, charge+, and e~penus. ine{uding rea.unabk lawyer's fees, xnd evstc o( ab+tractc of titk_ in- i i curred or paid at any time by the mortgagee ixcause oi the tailure on the pan of the mortgagor prompdy and fully to perform tlx agreements j and covenants ot said promissory note anJ this morigage, and said cost~_ charges, artJ expen.es sh:ill tx immediately Jue and payabk and ~h:+ll ~ tx secureri by the lien of this morigage. ' ~ 7_ "Il~at he will keep Ihe improvements now exi+ting or hereafter rrecteJ on the mortg;~eed propeny. imurrd a~ ma; :.yuireJ (rom time : ~ tu time hy the mortp,agee :~ainst bss by firr ~~d other hazards. ca~ualties. and contingenciec in wch amw?ntti anJ fix ~ uch pe~i~xle a~ may be € required by mortgegee. an~ wil) pay prompUy, when due, any premiums on wch insur:~nce f~x paymeM o( whicb provis~ m hac not been madc ; hereintxtore. All imurance shall he carrird in companies approved by mong:qtee and the policies anJ renew alt tbereot ~h~ll be held by mortga- ° gce and have auached thereto loss payabk clauus in favor of and in form acceptsbk to the mortgaget- In evrnt of lo~. he w ill give immediate ~ nwice by mail Io mortg~gee, and mongagee may make proof ot loss if not made prompUy by mort~tor. and each insurance comp~ny con- ~ cerned is hereby authwized and directed lo make payment for such bss dirrcUy to murtgagce instead of to murtgagor and mortgagee jointly. and the insurance proceeds. or any part thertof, may be applial hy mortgagee at its optiun either to the reduction of Ihe inJtbtedne~s hereby ~ xcured or to the resio~ation or repair of the propeny damaged. In event of turecbwrc ot this mortgage or other transte~ of litk to the mort- ~ gaged property in extinguichment of the indebtedness ucurcd hcreby, all right. title. and intercst of Ihe mortgagor in and to any insurance poli- cies then in torce shall pass to tF~e purchaser or grantce. ~ 8. That if the premises, or any part Ihertof. t?e condemned unJer any puw~er uf eminent Jomain. or acquired for a publi~ u.e. the damages. ~ proceeds, anJ the contideratiun for such acquisition, to the extent of the (ul{ amount of indebteJnesc upon thi.llurtg:?ge. and tht Note cecured hereby remaining unpaid. are hereby assigned by thc Mortgagur to the Mortgaget an3 ~hatl be paiJ torthwith to tht Mortgagec to tx applied by ~ it on account of the indebteness secured hereby. whether due or not. ~ 9. That the mongagee may, at any time pending a suit u~+on this mortgage. apply to Ihe court having juriufiction thertof (or tht ap{+oim- ~ ment of a receiver. and wch court ~t?all tarthwith appoint a recei~•er o( the premi~e~ covered hereby all and singular_ includinF all anJ ,ingular ~ 1he income. profits. issues. and revrnues trom whatever source deriveJ. each and every of which. it being exprcssly underttiwJ. is hereby . ~ mortgageJ as if xpecifirally u1(onh and deccribed in tht granting anJ het+endum clauus herco(. and such receiver chall have all the broaJ and ! eftective (unctior?s and ~+uwers in anywiu enwsted by a court to a receiver. anJ ~uch appointment shall tx made b}• such awrt as an admitted equity and a mauer of abcolute rigM to +aiJ mortgagee. anJ wilhcwl re(erencr to Ihe adequacy or irwdequacy of the value of the property mort- ~ ~ gageJ or to the wlvenry ur inwlvencp of said mortgagor or the Sefendant.. and Ihat ~uch reott, profil.. inc.+me. i+.ue+. anJ re~~enuec ~h•rll ne ` applied by such receiver according 1o Iht lien a( thic mortgage and Ihe practice o( such ccwrt. In the event af any default on the part ot the mon- . ~ gagur hereunJer. the mortgagor agrees to pay to the mortp,agee on demand a~ a rea~onabk monthly tental for the premises an amount at kast ~ ~ equivalent to one-twel(Ih 11/121 of Iht ap,gregate of the twelve monthl~~ imtallments payabk in tht then curtcnt year pluc thc ac(ual amouM of . ~ the annual tazes_ accts~ments, water ratec. a~J inwr•rnce premium~ for ~uch }•ear not covered by the a(oretaid monthly payments. ` 10. That (a) in the eveM of any breach o( thi+ mortp,age or def:~ult un the part of the murtgagor. or 1 b) in the event that any of tiaid sums of ~ ~ ~ muney herein rc(erred to tx nW prompdy and tully paid withuut Jemand or notice. or Ic? in the evem 1ha~ each and every 1he ~tipulatiom. : agreement~. conditions, anJ covenanix of saiJ nWe anJ Ihis mortgage. are not July. promptly. and tully ~xrformeJ: then in either or any such F ~ event. the said aggregate sum mentinned in ,aid nWe lhen remai~Fing unpaid. with interost accrued to that time. and all moneys ~ec~red hereby. ~ +hall become due a~x1 payabk fonhwith. ur therca(ter. at tlx option o( said mortgagee, as [ully and compktely a~ if all o( the ~aiJ sums ot mon- ~ ;c cy were originally ctipulateJ to tx paid on wch day. anything in said note or in thi~ murtga~te to 1he contrary notwith~taoding: and ihereupon or t ~ thereafter. at the uption of said mortpagee. wilF?~w1 notice or dem~nd. wit at law ur in equity. may tx pro~ecuted as i( all moneys secured here- f ~ by had matureJ prior to i~c instrtution. The mortgagec may torecloce this mortgage, a~ to the amoum ~o Jeclaced Jue anJ payabk. and the said ~ premius shall tx suld to salis(y and pay Ihe same to~tether with costc. expenses, and all.~wancec. ln ca~t ot partial furecbsure of this mortgagt. ~ Ihe mongaged premiseti ~hall tx wld wbject to the continuinglf~n of ~his morlgage for the amount o( tlx deM not then Jue and unpaid. In such cace Ihe provisions of thiti paragraph may :qtain hc avaited of Ihercafter from lime to time by tht mortgagee. ~ rt y ~ , ~~:s PAGf . , :